The Death of Bitcoin: 3 Reasons Why Cryptocurrency is Failing
3 Reasons Why Cryptocurrency is Failing The rise of cryptocurrency was a game changer for the financial world. After its launch in 2009, Bitcoin became the frontrunner in digital currency as it gained worldwide attention and investment. However, after reaching an all-time high of nearly $20,000 per coin in late 2017, Bitcoin has since gone into a downward spiral. In this blog, we examine the three main reasons why the cryptocurrency industry has been heading for its own ultimate demise. Security Breaches: As Bitcoin and other cryptocurrencies rose in popularity, cybercriminals followed suit. The first major issue was that of the Mt. Gox exchange in 2014, when hackers infiltrated its system and stole nearly 850,000 Bitcoin coins—the largest security breach in cryptocurrency history. Since then, several other exchanges have been hacked, leading to the theft of millions more worth of digital currency. This has led to mistrust in the industry and a lack of confidence from investors. Lack o...