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Bitcoin crowned best-performing currency of 2015

By Shawn Knight
Dec 31, 2015
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  1. Investing in Bitcoin can be an emotional rollercoaster as it's one of the most unstable currencies around. Yet despite all of the negativity associated with the cryptocurrency this year, it was Bitcoin that finished 2015 as the top-performing currency.

    Last year wasn't kind to the hot-topic cryptocurrency. After peaking at around $1,130 in 2013, Bitcoin's value plummeted 56 percent in 2014 and finished as the worst-performing currency of the year. A year later, the tide has turned in Bitcoin's favor.

    In 2015, Bitcoin gained close to 40 percent - far outpacing its closest competition.

    In true Bitcoin volatile fashion, the gains didn't take place steadily over the course of the year but rather, in the past couple of months. From January through mid-October, the currency remained at or below the $300 mark. In the last month alone, its value shot up well past the $450 mark and is sitting at $423.64 as of writing.

    Likely helping to drive up the value late in the year is growing interest in the blockchain technology that powers Bitcoin and the alleged discovery of its creator, Satoshi Nakamoto.

    Earlier this month, both Gizmodo and Wired published stories on the same day claiming to have uncovered the identity of Bitcoin's founder. The two publications honed in on Craig Steven Wright, a 44-year-old Australian that they claim fit nearly every facet of the mysterious Satoshi Nakamoto.

    Authorities raided Wright's home shortly after the story broke yet since that time, several publications have poked holes in the accuracy of the reporting, suggesting a hoax either on Wright's behalf or someone else.

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  2. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,558   +2,900

    OMG - Who payed the voters? The only reason it won is because it is not stable enough to even consider as a currency.
     
  3. Big Steve

    Big Steve TS Rookie

    Bitcoin enables the Crypo-virus authors to go undetected as they steal money.
     
  4. DaveBG

    DaveBG TS Addict Posts: 231   +75

    My bitcoins are happy to see this price increase :)
     
  5. treetops

    treetops TS Evangelist Posts: 1,953   +162

    In 2015, Bitcoin gained close to 40 percent - far outpacing its closest competition.

    What vote?
     
  6. captaincranky

    captaincranky TechSpot Addict Posts: 11,702   +1,886

    That's all well and good, but isn't a "currency" to be lauded more for its stability than for it's volatility? I mean, aren't US dollars, or Euros are going to be worth close to their respective values tomorrow or a few months from now?

    In spite of the fact that you obviously feel that you're quite slick owning bitcoin now, you would have lost around $700.00 USD if you were in the market last year. would your, "bitcoins have liked that"?

    A "currency" isn't supposed to fluctuate the way that bitcoin does. If people can fantasize to themselves that bitcoin is something more than some s*** penny stock in a company which never existed, then more power to them. But, it seems to me, retailers who take this a payment, are involved in a risky business maneuver. You might just be shipping a $1000.00 computer one night, and find out the bitcoin that paid for it, is only worth $300.00 tomorrow.
     
  7. Camikazi

    Camikazi TS Maniac Posts: 817   +231

    The companies aren't that stupid, the second they get the bitcoin they most likely convert it to actual money that has some stability. It's mostly individuals and the bitcoin traders who actually keep them as bitcoins and the traders will convert if they feel any problems coming on.
     
  8. captaincranky

    captaincranky TechSpot Addict Posts: 11,702   +1,886

    Yes, but do you see the huge contradiction there is in calling bitcoin, "the best performing currency of the year"?. If it's so good, why do you have to get rid of it right away?
    Some organization, group, or bureau, had to make that announcement. Therefore,an opinion or belief was formed by a group of individuals. The term "vote" may not be entirely appropriate, but a "consensus of opinion", is tantamount to having the effect of a vote. I realize this is semantics, but still.
     
    Last edited: Jan 2, 2016
    cliffordcooley likes this.
  9. DaveBG

    DaveBG TS Addict Posts: 231   +75

    Most of the bitcoins I get from "thin air" and are spent on "donations" which grant me access and permissions on some sites I would not give my CC to. Do not worry for me :)
     
  10. Camikazi

    Camikazi TS Maniac Posts: 817   +231

    I do see it and while I wish I had bought 1,000 bitcoins years ago when it was like $5 for them I don't see it as a viable currency as long as it can drop dramatically without any notice (yeah, $5 is a lot dammit).
     
  11. treetops

    treetops TS Evangelist Posts: 1,953   +162

    At least new coins are produced in exchange for something. That is why they will always hold weight. They are not just spammed out with arbitrary interest on the elites whim. Crashing the economy when they decide it is time to sell their stocks and real estate. Banks are given new currency with a interest rate which trickles down to the rest of us. Banks set loans based on this fluctuating interest. It is a giant economic lever.

    If the bit coin creator knows his history, he is going to scam everyone just like the US gov. Just when bitcoins are very strong and everyone relies on them he will get rid of the computer powered gold standard. He will spam his new currency on an interest rate like our fed government and create his own money making economic lever.

    The peasants have invested all their money on housing, sell everything, raise the interest, pop the bubble. Hell it even seemed like gas prices went up at the same time during this last crisis, but I there is no concrete evidence they are working hand in hand.
     
    SNGX1275 likes this.

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