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Supporters concerned mainstream bitcoin interest now stalling

The bitcoin cryptocurrency has suffered from declining value, and supporters are concerned interest is beginning to drop further.

Published Wed, Feb 18 2015 9:20 AM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The number of stores and services now accepting bitcoins may top 100,000 worldwide, but it appears actual purchases using the volatile cryptocurrency remains low. There also is increased skepticism because of a continued drop in bitcoin value in recent months, frightening away potential investors and customers.

Supporters concerned mainstream bitcoin interest now stalling | TweakTown.com

Bitcoin supporters say the cryptocurrency is far from dead - and urge owners to show patience during a rough time - especially as there are potential uses for bitcoin technology besides just finance.

"There are some breakthroughs in technology that are going to endure whether bitcoin survives or not," said David Yermack, professor of finance at the New York University Stern School of Business, in a statement published by the Boston Globe.

Bitcoin exchanges and other companies have recently shut down, including another reported case of bitcoins going missing, which is rather troubling. But if the cryptocurrency begin a recovery process, and bitcoin wallets become more common, there is hope for the bitcoin and its unique blockchain.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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