How did a currency with scarce global acceptance move from $10 to over $1000 in under a year?’That answer is quite simple: growing media interest has created a surge in demand. The more the price has moved, the more press coverage it has received and, consequently, the more people have been introduced to – and demanded – the digital currency.
But the system is now straining at the seams. Its computational underpinnings have collectively reached 100 times the performance of the world’s top 500 supercomputers combined: more than 50,000 petaflops. And it is not as secure and anonymous as it seems.
Will Bitcoin’s self-correcting mechanisms, and the enlightened self-interest of its users, be able to address these weaknesses and keep Bitcoin on the rails? Only time will tell.
