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Computer Glitch Hits Two Major Bitcoin Exchanges

Price Of Currency Fell This Week For Other Reasons, Too

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An apparent computer glitch shut down one of the largest Bitcoin exchanges.

According to ZeroHedge.com, Mt.Gox halted withdrawals and then so did BitStamp. The developments reportedly caused the price of the digital currency to fall significantly.

There apparently could be a flaw within the flow of Bitcoin itself across all networks that has led to its vulnerability to cyber-attacks. The glitches could be malicious in nature.

According to CNN Money, last week, Russia’s top prosecutor said that Bitcoin and similar digital currencies are against the law. Apple also removed the last remaining Bitcoin digital wallet from its app store. And finally, JP Morgan issued some negative comments about the currency. Bitcoins went from above $900 to $618 as of Monday.

Proponents of Bitcoin maintain that the currency is as strong as ever, and that any issue is merely a hiccup along the way to it gaining even more mainstream acceptance.

Last month, Bitcoin made its debut in a Las Vegas casino.

In January, social games-maker Zynga announced it was going to test allowing some of its customers to use Bitcoins. The currency has also found a home with some online poker sites.

Another milestone for Bitcoin came last fall, when the world’s first Bitcoin ATM debuted in a Vancouver, Canada coffee shop. The machine converts Bitcoins into Canadian dollars.

The confusion, and sometimes shenanigans, surrounding Bitcoin prompted the U.S. government to hold its first ever hearing on the topic late last year.

One of the most notorious uses of Bitcoin came when the founder of Silk Road, a defunct online marketplace that facilitated transactions for illicit products such as drugs, allegedly tried to hire a hitman, offering to pay him in Bitcoins.

 
 
Tags: Bitcoin