The decline of Bitcoin continues as the virtual currency is now at $75, which is the lowest it’s been since April. At one stage it was valued at over $230.
Bitcoin has been heralded as the currency of the future. Anyone can start mining Bitcoin, and its usage is not governed by any central authority. Users can create a free Bitcoin account, download the client and start mining right away, and the Bitcoins they acquire are stored in a digital wallet that is tied to their account.
Bitcoin transactions are saved in ledgers that archive their data using peer-to-peer technology. New ledger updates lead to the creation of new bitcoins. While their use has not gotten mainstream till now, there are a lot of sites like Amazon, Barnes & Noble, iTunes that turn your bitcoins into gift cards. Also, there are exchanges like Mt.Gox that convert Bitcoins to regular currency.
However, a major concern with Bitcoin has been its instability, with the value of a Bitcoin hitting a high of $238 in April and then crashing down to $68 in the same month. In the last 2 months, it has been relatively stable at $100-$120, but has now tumbled to a low of $75 today.