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The Bitcoin is very volatile, nobody is denying the fact anymore and now all Bitcoin adaptors and businesses are figuring out how to make the best possible scenario out of it being so. It was still quite a shock for most people to see the Bitcoin fall almost $80 in value over the past week, since the Bitcoin has had almost nothing but one good news article after another.
The Bitcoin became accepted with the Dish Network as one of the first major news, then Apple said that they would allow applications working with virtual currencies again and finally Expedia announced that they in partnership with Coinbase would now allow people to pay for their hotel bookings with Bitcoins and potentially even more products in the future.
So where did it go wrong? There are a few things that influenced in minor ways which will always be there such as market manipulation from traders who wants to make more money by manipulating value up and down, as well as someone selling larger amounts of coins at once like the US Marshalls are about to do.
But the thing that probably gave the final knock to the Bitcoin was GHash.io who managed to take control of 51% of the Bitcoin network. While the organization quickly announced that they would retreat from some parts and ensure that they were no longer in control, it had a massive impact on the Bitcoins value and for some people on the trust.
Most people are aware of the fact that it would be possible for a larger pool of people to take over 51% of the Bitcoin’s network, but most never thought it would happen and never bothered with the consequences of so. Now that it happened it was clear that the consequences are massive, even if it just happened briefly for a few hours.
GHash could basically control the Bitcoin, being able to control which transactions that would show up on the blockchain and who would get mining rewards as well as making the decentralized cryptocurrency a centralized one. This is something that all Bitcoin adaptors now have to consider in the future and something that needs to be found a solution for, should we have an interest in having the Bitcoin as it has always been and as it should always be.