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Bitcoin weekly news summary, November 28th 2013

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New York Times: Bitcoin is Doomed to Fail

Edward Hadas wrote in the New York Times that Bitcoin is doomed to fail. This opinion isn’t exactly new, many analysts have been predicting the currency’s “inevitable” demise since it first came into existence. According to Hadas, Bitcoin is doomed to fail because it is “privatized” and not backed by a government. Regarding Bitcoin, Hadas says “Its value is uncertain, its legal status is unclear, and it could easily become valueless if users lose faith.”

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Bitcoin Surpasses the $1,000 Mark

Bitcoin has reached reached an all time high, selling for as much as $1,224 in trading. In the last 7 days alone, Bitcoin’s value has more than doubled (after reaching then record breaking heights.) Since the beginning of the year, Bitcoin’s value has grown by more than 4,000%. Bitcoin had previously broken the $1,000 dollar mark on BTC China, but this marks the first time it has surpassed that mark on Mt. Gox, which is generally considered the most important exchange for tracking global prices.

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Bitpay Launches Global Merchant Directory

Wondering what and where you can spend your Bitcoins? Bitpay, the world’s largest Bitcoin payment service provider, has announced that it is launching a global directory of merchants that accept Bitcoins. Bitpay believes that this directory will lead to growing acceptance of Bitcoin as people will have an easier time finding merchants that accept the currency. The directory comes at a good time with the Holiday season starting up and many merchants offering discounts for purchases made in Bitcoin.

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Travel to Space with Bitcoin

Want to travel to outer space? If so, you can now use Bitcoin to leave planet Earth and tour the cosmos with Virgin Galactic. Both BTCTrip and CheapAir now  accept Bitcoins and will allow you to book a tour in space. Richard Branson has also previously revealed that he has invested in Bitcoin, so there may come a point in the future when you can pay the company directly.

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Man Throws Away 7.5 Million Dollars Worth of Bitcoin

Sitting in a Welsh landfill is one of the most valuable buried treasures in the world. James Howells threw out an old hard drive this past summer while cleaning out his work space. Unfortunately, Mr. Howells failed to realize that his old hard drive contained his only copy of the security key needed to access his $7.5 million dollar Bitcoin fortune. He amassed that fortune back in 2009, using his laptop to mine the coins. After spilling a glass of lemonade on his computer, he junked his hard drive, forgetting that the Bitcoins were on it.

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Bitcoin Bubble Building? The Economist Says So 

Bitcoin has been gaining a lot of steam in recent months. Ben Bernanke has stated that digital currencies have long-term potential, while the German government has offered Bitcoin itself some recognition. Acceptance among retailers is growing, while Chinese investors looking to stash cash offshore have been flocking to the currency. The Economists argues, however, that the recent flood of investment into the currency is causing a Bitcoin bubble to build and that eventually it will “pop”, possibly bringing the currency down when it does.

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Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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