What could be more terrifying than making a lot of money and then losing it the next instant?Markets offer investors the opportunity to make money in both bull and bearish phases but to many, a market bubble is something appalling or frightening.What would happen if all their ‘hard earned’ profits just vanish as the bubble goes bust?Yet, we see somewhat of a resilience when it comes to Bitcoin investors, who have chosen to repose their faith in the world’s first every cryptocurrency.Recently, Bryan Rich a contributor at Forbes wrote an article titled, “Is Bitcoin a Bubble.” Rich writes, “If you're looking for a warning signal on why the Bitcoin move might not be sustainable, just look at the behavior across global markets.It's not exactly an environment that would inspire confidence.” He goes on the propound the theory about Chinese stocks and how they took down the global markets.New York Post quoted Fidelity Investments Chief Executive Abigail Johnson as saying, “It’s no accident that I’m one of the few standing before you today from a large financial services company that hasn’t given up on digital currencies.” Just like Abigail, there are many who choose to see Bitcoin as a currency that has real world application and usefulness.

They also notice that just like any other currency, Bitcoin has come out of nowhere and its value is derived from the belief that its users hold in it.The currency has stood the test of time since it was founded in 2008 even though it has been accused of being a Ponzi scheme, a currency of criminals and other unsubstantiated and baseless things.Bitcoin has become a foundation of a new economic system that is changing the way the world looks at finance internationally.The technology behind the currency has led to the birth of other cryptocurrencies, commonly known as altcoins that have their own user-base and applications.Bitcoin has also become the currency of choice for troubled parts of the world where national currencies have come under pressure due to governmental mismanagement or other reasons.Whether it was Venezuela or Nigeria or the demonetization fiasco in India.Other than that there is now also a wider acceptance of Bitcoin even among governments, with Japan leading the pack by giving Bitcoin the status of Money.

Explaining the importance of Bitcoin Tim Draper, Founder and Managing Director of Draper Fisher Jurvetson tells Cointelegraph: “Long term, Bitcoin is so important to the world economy that I suspect the price will continue to rise overall.download dogecoinAlthough, I expect to see fits and starts.litecoin mine blockThe importance revolves around global liquidity and simplified and lower cost, lower friction cross-border transactions.” When it comes to Bitcoin, China and Japan are way ahead of everyone else.ethereum rig setupChina is already the mining capital when it comes to Bitcoin and Japan has already taken lead in adoption of digital currencies including Bitcoin.litecoin mining 2 different cards

Yet Bitcoin can not be relegated to just one geography as Tim Draper says: “I think Bitcoin is now a global phenomenon, so demand for Bitcoin is coming from all over the world.wie entstehen bitcoinI know that China is using Bitcoin to more easily send money to other countries, and the people of challenged countries like Argentina and Cypress flee to Bitcoin when their own currencies are no longer viable or if they are inflationary.best bitcoin ptc sitesThroughout Africa, Bitpesa makes it easier to buy and sell goods with Bitcoin.” When it comes to East Asia though, Bitcoin has already made its mark in Japan and other cryptocurrencies are also on the rise.777 bitcoin hackKagayaki Kawabata of Coincheck adds, “I think Japan is greatly contributing to the overall price increase of cryptocurrency.bitcoin paypal ceo

At Coincheck user can buy and sell 12 different cryptocurrencies.As well as Bitcoin we are seeing a volume increase in all other cryptos as well.run bitcoin ubuntuPeople is looking for next big thing after Bitcoin.”Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system.The collapse caps a tumultuous few weeks in which the company has remained virtually silent after halting trades of the crypto-currency, shaking the nascent but burgeoning bitcoin community.Wearing a suit instead of his customary T-shirt, Mt.Gox's French CEO Mark Karpeles bowed in contrition and apologized in Japanese at a news conference at the Tokyo District Court, blaming his firm's collapse on a "weakness in our system", but predicting that bitcoin would continue to grow."First

of all, I'm very sorry," he said."The bitcoin industry is healthy and it is growing.It will continue, and reducing the impact is the most important point."Angryinvestors have been seeking answers for what happened to their holdings of cash and bitcoins on the unregulated Tokyo-based exchange.Gregory Greene, who estimated his bitcoin stake at $25,000, filed a lawsuit in the U.S.District Court in Chicago late on Thursday, saying Mt.Gox had failed "to provide its users with the level of security protection for which they paid.Baker & McKenzie, a Chicago-based law firm that represents Mt.Gox, declined to comment.It is not yet clear if the firm is representing the exchange in this lawsuit.Mt.Gox said the exchange, used overwhelmingly by foreigners, had lost 750,000 of its users' bitcoins and 100,000 of its own.At the current bitcoin price of about $565, that would total some $480 million - representing about 7 percent of the estimated global total of bitcoins."This may be telling for the level of traceability of the transactions.

Bitcoin has been telling us that it is more traceable than cash.The question is, how much more and is there the potential for real recourse in the case of theft," said Moshe Cohen, assistant professor at Columbia Business School in New York.Mt.Gox said there was a discrepancy of 2.8 billion yen ($27.4 million) in its bank accounts when it checked on Monday.Junko Suetomi, a lawyer with Baker & MacKenzie, said she could not comment on the balances of foreign bank accounts held by the company.PROBLEM WITH EXCHANGE, NOT BITCOIN Many bitcoin market participants have said Mt.Gox's problems were specific to the company and were caused by what they said was a lax attitude by Karpeles, while bitcoin itself - free of any central bank control - was still a noble venture."If we could agree on legal regulation, we should let (bitcoin and regulators) co-exist," said Keiichi Hida, a bitcoin investor and member of the Japan Digital Money Association.He lost about 100,000 yen worth of bitcoins, but seemed unconcerned as he became interested in the virtual currency as a form of "study"."We

should make it a national project to have bitcoin used nationwide at the time of the 2020 Tokyo Olympics," he said.Mt.Gox shut its website on Tuesday after freezing withdrawals earlier this month in the wake of a series of technical difficulties.The exchange had liabilities of 6.5 billion yen ($63.67 million), dwarfing its total assets of 3.84 billion yen, the company said.It had 127,000 creditors in bankruptcy, just over 1,000 of whom are Japanese.The company and Karpeles have said little in the days before Friday's court filing, which is similar to Chapter 11 bankruptcy in the United States, except that they were working with others to resolve their problems.Another lawyer, Akio Shinomiya at Yodoyabashi and Yamagami, said Mt.Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so."Bitcoinhas always been volatile and speculative, said bitcoin user Ken Shishido, who had about a tenth of his bitcoin holdings at Mt.Gox, but has seen the rest of his bitcoins soar tenfold since he began trading 18 months ago."It's