Never has the been a currency which faced an overall dilemma of continuous criticism and support at the same time. We all have seen the similar graph in recent Bitcoin news which shows authorities trying to thrash it any moment and investors maintaining its sustenance by heavy startups.
Incepted in 2009, by an anonymous pseudo developer Satoshi Nakamoto, Bitcoin was introduced to bring stability in the financial era, which is controlled by unreliable regulatory bodies. The idea was to develop a currency which is completely owned by the people and have no alteration from the government, such as monitoring and regulation.
Bitcoin surprisingly succeeded in making waves around the financial arena, especially when its value increased with the increase in demand, from a mere$3 to $266. The credibility of Bitcoins was ensured and its acceptance was on large scale. Many investors who once bought it in the lowermost exchange prices, even called it THE FUTURE CURRENCY. Enter the mid April downfall, in which Bitcoins value was dramatically dropped to around $70 per BTC, the same investors preferred calling it as a BITCOIN BUBBLE, which was now at its end.
Many critics who have been holding themselves on commenting on this virtual currency suddenly found them in a position of winning. Many articles, blogs and press releases were written which thrashed Bitcoin and its credibility to its core. While many optimists still considered that Bitcoin is just like any other currency and it is prone to face such conditions. Even stocks fall, but that does not guarantee that the stock market will not rise again.
The recovery was astonishing which nearly shut down every critic. The dramatic story further got ignited by the entry of financial regulations.
This time it was pure politics when the US Federal Reserve called Bitcoin a threat and a great source of money laundering, drug trafficking, and means of illegal transactions. The demand on its regulation is still at large. US have seized many running accounts and transactions which were using Bitcoins. On the other hand, Canada has been much more lenient when it comes to accepting Bitcoins.
The continuous hassle between Bitcoin and government authorities is ignited each and every day. But one may have forgotten the reasons for Bitcoins inception in the first place. A currency which is for the people is now a ground of debate. The story will go on.