Bitcoin Hits its Lowest Value Since 2013

The beginning of 2015 hasn’t been good to cryptocurrencies thus far. Despite earlier predictions, the value of Bitcoin keeps hitting new lows. Following recent developments, it now stands at around $210 per coin, reported igaming.org. That's Bitcoin's lowest value since the general public first took notice of the virtual currency at the start of 2013.

The initial enthusiasm for Bitcoin has decreased considerably since the early days and those still supporting the idea behind it are playing the blame-game, trying to find the culprit for the current downfall.

What started as a nice idea of protecting the identity and privacy of users in an Internet era that made access to all sorts of information easier than ever before has quickly started to show some negativity. While individuals can certainly benefit from a higher level of anonymity, Bitcoin is (as demonstrated more than a few times) seemingly way more valuable to those with shady intentions.

Thefts, disappearances of large amounts of cryptocurrencies and different sorts of manipulations have all caused the value of Bitcoin to tumble from its peak. Along with it, the chances for the coin to ever become a mainstream method of payment are also getting slimmer.

We live in a society that values material properties (and thus money) almost more than anything else. For most people, being sure that their funds are safe and being able to know the approximate value of what they have in their bank accounts is way more important than an extra layer of privacy. An average Joe is not as concerned with giving up some of his personal info as he is about the fact that he could lose a couple thousand overnight – a scenario not at all unlikely when dealing with the volatility of Bitcoin.

One industry where Bitcoin is trying to find its place is online poker. Regulations across the globe (and especially in the USA) have made it very hard (or unprofitable) to play online poker, and Bitcoin could offer a way around those regulations. The U.S.-friendly Winning Poker Network was one of the first to offer Bitcoin as a regular method for deposits and withdrawals.

While these small breakthroughs offer a new hope for Bitcoin, it is hard to imagine many companies following in the footsteps of WPN until the situation becomes better and the cryptocurrency becomes regulated in some way. The Catch-22 here resides in the fact that if it becomes regulated, it essentially loses it primary purpose of protecting identity and offering complete anonymity.

Whether Bitcoin will bounce back or hit a stone wall has yet to be determined, but the latest happenings are not too reassuring.