February 1, 2023
David Sandron/Shutterstock.com Bitcoin was the first mainstream cryptocurrency, but its high price has ensured it remains popular, even as the technology behind it became more outdated and inefficient. Now, Bitcoin might finally in a death spiral. One Bitcoin is still worth around $17,000, as of when this article was published, but that’s a significant drop…

David Sandron/Shutterstock.com

Bitcoin was the first mainstream cryptocurrency, but its high price has ensured it remains popular, even as the technology behind it became more outdated and inefficient. Now, Bitcoin might finally in a death spiral.

One Bitcoin is still worth around $17,000, as of when this article was published, but that’s a significant drop from where the currency was valued a year ago. The currency was at an all-time high of around $68,000 in November 2021, so if you bought some then, you would have lost over 70% of your money. Bitcoin’s value is based entirely on its algorithm of artificial scarcity (mining Bitcoin is designed to be more difficult as time goes on) and the perception of its worth to other people — the latter has certainly been damaged over the past year.

Bitcoin price graph from November 2021-2022 Coinbase

Since that all-time high in November, the United Kingdom ordered all Bitcoin ATMs to be shut down, the Bexplus crypto exchange shut…

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