Bitcoin bubble burst one anniversary is to judge Bitcoin development

Technica, an American renowned technology blogger, wrote the first article on the Peer-to-peer anonymous digital currency bitcoin (Bitcoin) on June 8, 2011, the same day that the Bitcoin value reached a record high of $32 trillion. At 2 months ago, Bitcoin's value was less than 1 dollars, a day that proved to be the pinnacle of the Bitcoin bubble. The value of Bitcoin fell below $20 trillion in a week, and its value fell to $2 last November.

But since Bitcoin's share price bottomed out at the end of last year, Bitcoin has responded to sceptics who predict that Bitcoin is only a flash in the pan. The value of Bitcoin has risen again, and its price has begun to stabilise in recent months. The value of Bitcoin has fluctuated between 4.5 and 5.5 dollars over the past 3 months. As of now, Bitcoin has reached a new high of three months, to $5.6 trillion.

The first anniversary of the bursting of the Bitcoin bubble is a good chance to gauge the development of bitcoin and explore its future. The steady price of bitcoin this year has not been as much of a concern as its last year's volatility, and innovation and experimentation have been rare.

The work of the Bitcoin flagship client continues under the leadership of developer Gavin Andresen (Gavin Andresen), Andresen says consolidating the defense capabilities of Bitcoin networks is a high priority for the development team. Andresen points out that most attacks focus on taking advantage of unexpected edges, and that the core protocol of Bitcoin needs no change. Andresen says this is a good sign that the core concept is supported. No one has found that it cannot provide a theoretical reason for the scale, continued handling of transactions and security.

Andresen also says his work has become increasingly complex as Bitcoin networks become more diverse. Despite the new challenges, Andresen sees it as a real health signal from the standpoint of network stability and security. If we have a wide variety of execution processes, a single client vulnerability does not mean that the entire network is affected.

Android Bitcoin mobile apps are now online. Unfortunately, Andresen says: "iOS apps are also being fought for, because for some reason, Apple shows that it doesn't like Bitcoin appearing on their platform." "The main concern in the next few months is to support the certification of multiple devices." Stealing Bitcoin viruses is a common problem. Future Bitcoin clients will support multiple signature transactions, in which the user's private key will be dispersed across a variety of devices. By supporting this feature, any single device can be compromised and the hacker will not be able to use Bitcoin.

In the past year, a large number of new bit-currency services have emerged. Andresen mentions the start-up company BitInstant,

BitInstant, which provides a fast and easy transfer of money between the dollar and Bitcoin, bitinstant a seed fund last December.

Other use of Bitcoin is not beneficial. Senator Schumer (Chuck Schumer) criticized the latter a year ago for using bitcoin services at the Silk M.I. website. Silk M.I. provides anonymous purchase services for illegal drugs.

Bitcoin's most recent source of trading has been the virtual Bitcoin casino Satoshi Dice. Players can place bets by sending Bitcoin to a fixed bitcoin address that corresponds to a different game. For example, if you send Bitcoin to the 1DICE2ZDOXQHPGRNAAWIQBK82FQHR4FB5 address, they promise you a 0.0977% chance to get 1003 times times the sent Bitcoin.

There is also the American Gone bitcoin service, where a woman publishes nude photos with a Bitcoin address in the hope of getting tips.

Jerry Brito, Fellow of the American market Research Center at George Mason University (Mercatus Center at George Mason University), was not surprised by this development. Brito points out that the dollar is more convenient for most uses, so it's hard to get momentum for Bitcoin. But Brito that the relative anonymity of bitcoin and the lack of intermediary media have made Bitcoin a key advantage in the illicit fields of drugs, gambling and pornography, the first area it will build.

There are, of course, many difficult questions to answer about the legality of Bitcoin itself. A bitcoin exchange was closed this February due to regulatory problems. An FBI report raises concerns about the possibility of using Bitcoin to launder money.

While bitcoin may comply with legal restrictions in some jurisdictions, Andresen and Brito agree that governments around the world are unlikely to take steps to shut down the bitcoin system altogether.

Brito said: "Regulators should not intervene, Bitcoin may become a very useful tool, when it is still in the cradle, do not kill it." ”