Bitcoin Value Drops as Mike Hearn Says the Digital Currency Has Failed

Mike Hearn, one of the leading developers of Bitcoin currency said he is stepping away from the project as he believes it has failed. Hearn is taking a major step by selling off all his Bitcoin and is moving away from the currency altogether.

In an article Hearn said, "What was meant to be a new, decentralized form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people."

Gaming on the future of Bitcoin

Gaming on the future of BitcoinBitcoin, the digital currency that captured attention around the world, exploded. By November, it had leapt to $US1242 ($A1392), roughly the price of an ounce of gold.

It has been a wild ride for bitcoin there after. Up and down the roller coaster. Last week, Bitcoin fluctuated again as China clamped down, concerned perhaps that digital currencies could mean the end of government control over money.

Bitcoin isn't real money says Norway's government

BitcoinAll around the world governments are trying to freeze their positions on Bitcoin.

Chinese regulators banned financial institutions from using Bitcoin earlier this month, whereas Thailand's government declared the virtual currency's use illegal due to a lack of applicable laws in July.