What the hell is going on with bitcoin

Why do the banks and governments hate Bitcoin?

Because Bitcoin takes power away from the banks. Because Bitcoin regulates their criminal activities and puts them in check. It decentralizes money and makes it fair for all. Countries such as Russia and Thailand have gone as far as banning it. There’s talk of our own government taxing it. The US government, in their words, were "deeply concerned" over the growing popularity of BTC. As though the matter at hand needs to be taken care of, shall we say?

Is it too early to hail the death of Bitcoin?

Max Keiser from Russia Today’s Keiser Report spoke to Dazed and was adamant that Bitcoin is going nowhere. “This is completely predictable,” he says. “BTC is highly disruptive. Either change to accommodate BTC or perish is the way I look at it. Mt Gox was an accident waiting to happen. It was not fit for purpose and everyone knew this - if you lost money there you have only yourself to blame.”

Why is Bitcoin blowing up with this much bad PR?

Marc Warne from Bittylicious, a crypto exchange where you can buy different kinds of cryptocurrency for cash, says business is a “strangely, very good!” According to him, the PR storm is just like how people freaked out over the internet at its start, so there's nothing too much to worry about.

“We all know the media loves negative stories about any kind of new tech,” he says. “As the Internet was in its infancy, you probably would have struggled to get a bank account for a business selling stuff on the internet.”

So, should I buy Bitcoin or not? 

Keiser agrees with Swedish Pirate Party founder Rick Falkvinge, who’s quite the Bitcoin buff: “BTC will capture one to ten per cent of global forex (foreign exchange market),” he says. “This implies a price per bitcoin of $, to $1 million.”

One million dollars for a Bitcoin. Imagine that. Then again, we all scoffed at the mere notion of a single BTC being worth a mere $