Not All Bad News For Bitcoin Before Christmas
It will not be one of the best Christmas for many who have invested substantially in Bitcoin. The digital currency’s drop in price over the past 5 days has been monumental, and despite some recovery today many still have a gloomy outlook. But while some of the skeptics are rejoicing that the digital currency has proven to be as volatile as predicted, there is still some headway in Bitcoin acceptance across the globe.
From banks and government officials to major retailers and cellular networks, the doors to Bitcoin seems to be opening albeit rather slowly. It is positive news for Bitcoiners and newbies to the Bitcoin scene in a week marred with uncertainty over the future of Bitcoin. The fact is that Bitcoin is not just getting some airtime in the media. It is now being more widely accepted which further strengthens its position.
Good News The Week Before Festivities
Major online retailer, Overstock.com, has finally indicated approximately when it will start accepting Bitcoin payments. In October 2013, the CEO of Overstock.com had mentioned in the media that the company will be accepting Bitcoin at some point in time. Now it has been reported that Bitcoin payments will be allowed as of the second half of 2014. Not a definitive date but a promising timeline nevertheless.
Then there was the news from Belgian cellular network provider, Mobile Vikings, that it now accepts Bitcoin payments. A short while back, China Telecom had already made waves when it announced that it will accept Bitcoin payments for pre-orders for Android phones to be available in 2014. However, the uncertainty over Bitcoin transactions in China has made such announcements less reliable for devout Bitcoiners.
Adding to the positive sentiment this festive season, a Polish finance official has stated that Bitcoin is not illegal. The statements were made at one of Poland’s leading business schools, the Warsaw School of Economics. While the official from the finance ministry was quick to add that Bitcoin is not considered to be a legal currency, it has not at least faced as harsh a treatment by government as it had to endure in China this week.
But what many would see as the most positive news of the week, is that one of Australia’s major banks seems to have opened its doors and facilities to Bitcoin. In a report titled ‘Bitcoin to replace AUD (Australian dollar)?’, the bank acknowledges the Bitcoin revolution. It also seems open to Bitcoin transactions which is in stark contrast to some of its competitors.
Shaking Off The China Debacle
It seems an overall positive end to what many see as the last full working week of the year. Bitcoin has faced a major hammering this week as Chinese authorities essentially shut down exchanges by banning third party providers from allowing Bitcoin transactions. This followed in the wake of recent announcements by Chinese authorities disallowing banks from having anything to do with Bitcoin.
Within a few days the Bitcoin price halved, and was dangerously close to falling below $500. There was doom and gloom surrounding the digital currency and some were talking about the possible end of the cryptocurrency revolution. But China aside, it was not the worst that Bitcoin had to face. The wheels are turning and the world seems more open to Bitcoin this week although the price has not fared as well.