Price of Bitcoin Still Dropping, Falls Below the Price of Mining

The price of Bitcoin continues to drop by about a dollar every week to ten days, currently settling at about $2.80 USD, and Bitcoin enthusiasts are starting to get worried. “I am not trying to cause a panic here, but the value of Bitcoin has dropped very low today with huge spikes,” one user wrote on the Bitcoin forum on Reddit. “I do suspect it will hit 1 USD mark this week maybe even lower.We need to be discussing thoroughly on promoting Bitcoin and actively putting more effort to spread the message to newer users as I do suspect the popularity is dropping very steeply too.”

Betabeat has recently noticed more Bitcoin businesses for sale, including Forbitcoin ( and ( “When the mtgox hack happened, it totally screwed up as we used them for our merchant services…it was such a frustrating thing I just gave up on it and started to focus on finishing a film I had been working on for 3 years,” writes the owner of the sites to the Bitcoin People Google group.

Check out the second installment of Betabeat’s new web: The Pitch.

It now appears the $3 to $33 prices for Bitcoin were due to speculation. “At the moment there is no need to use Bitcoin, as anything that can be bought for BTC can be bought for ‘real money’ elsewhere,” a Redditor writers. “Love it or hate it, Silkroad is the one example of Bitcoin actually being used as it was designed.”

UPDATE: Bitcoin Mining Still Profitable for Some.