Will Bitcoin Continue The Slide Despite Positive Data?

After breaking through the $500 mark in the downward direction, the Bitcoin (BTC-eUSD) price stumbled to the $470 and is just bouncing back. Bitcoin has made a 1.03% gain in the past 24 hours. It seems as the downward trend that started in July is going to continue in the first week of August. Nevertheless, more positive fundamental news today for Bitcoin enhances the long-term outlook. For example, a report from the Canadian press shows that a small, but growing, number of workers are demanding to be paid in Bitcoin, instead of Canadian Dollars. However, one analyst suggests that payrolls in virtual currencies will not expand beyond the technology sector as there are limited places to spend these currencies.
A Cambridge graduate is planning to protect Bitcoin users from hackers and virtual attacks by building a ‘virtual vault’. Bitcoins will be stored as coded keys in bank vaults across the UK, offline and out of reach of hackers. Furthermore, students at Switzerland’s largest university, the University of Zurich, are testing an open source software that allows Bitcoins to be used as payments in the cafeteria, for example. The touchless bitcoin payments system is known as CoinBlesk. The resulting product aims to provide an easier point of sale experience for both merchants and consumers.

This post was published at Investing on Sep 02, 2014.