{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Does bitcoin have a future?' data-url='/boclips/videos/5c54c281d8eafeecae15a3f5' data-video-url='/boclips/videos/5c54c281d8eafeecae15a3f5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nDoes bitcoin have a future?\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eBitcoin is in the news again. Its value, which topped $1,100 in November, dropped below $630 Wednesday (12th February 2014) after the BTC-E and Bitstamp exchanges stopped customers from cashing in the digital currency.They say it's down...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eBitcoin is in the news again. Its value, which topped $1,100 in November, dropped below $630 Wednesday (12th February 2014) after the BTC-E and Bitstamp exchanges stopped customers from cashing in the digital currency.\u003cbr/\u003eThey say it's down to a technical glitch that allows fraudsters to flood exchanges with fake withdrawal requests. It's a problem that was first reported by the MtGox exchange when it announced a freeze on withdrawals last week.\u003cbr/\u003eNicolas Cary is chief executive of Blockchain.info, a site that provides users with digital wallets for Bitcoins. Speaking at the \"Inside Bitcoin\" conference in Berlin Cary explains the problem:\u003cbr/\u003e\"Right now Mt Gox has telegraphed that they are experiencing issues with transaction malleability. So basically it is kind of like someone sending a receipt and then someone coming back to the store with a photocopy of that receipt and asking for a refund. So, it is possible that they might have sent out money to users twice.\"\u003cbr/\u003eBitcoin entrepreneurs, savers and enthusiasts last suffered a blow in December 2013 when Chinese regulators banned Chinese financial institutions from handling Bitcoin.\u003cbr/\u003eBack then the currency dropped from Euro 1.135 (USD $1.54)  to a low of Euro 870 (USD $1.18)within days according to coindesk.com, a Bitcoin news website.\u003cbr/\u003eBobby Lee is the CEO of BTC China. As China's largest bitcoin exchange he was at the centre of the December crisis. Now he is taking the current situation with a certain level of calm:\u003cbr/\u003e\"There has been some fallout. The prices have come down quite a bit, 20 percent since last week. So I think we are still seeing things though. But it is not the end of the world, it is not the end of bitcoin,\" he says.\u003cbr/\u003eOliver Flaskaemper is the head of the German Bitcoin marketplace, Bitcoin.de. He says that the volatility of the currency is to be expected at this early stage of Bitcoin's development. But he warns against people investing too heavily in Bitcoin.\u003cbr/\u003e\"Bitcoin is not for those with weak nerves and not for private pension savings. You have to be careful. Before investing in bitcoin you have to know what you are doing. You should at the very least read the bitcoin entry on Wikipedia. When you have understood the whole system and decide that you think it is interesting, exciting and something that has a future and could revolutionise the monetary system, then you can take extra money that you have, money that you could lose. You should not invest your whole capital in the hope that it will double.\"\u003cbr/\u003eThe \"Inside Bitcoin\" conference has drawn more than 300 people from 14 countries to Berlin for two days of speeches, discussions and debate.\u003cbr/\u003eBrian Crain is co-hosting a podcast called \"Epicentre Bitcoin.\" He says the current issues are a major setback for the mass introduction of Bitcoin:\u003cbr/\u003e\"It certainly slows things down. I mean if you think you have money in an exchange and then you can't take it out - that is a problem if you want to go to big scale. So I think that it does show that there is still a lot of work to do until bitcoin can be widely adopted and used by many people.\"\u003cbr/\u003eBut Nicolas Cary says he's confident the issues will soon be overcome:\u003cbr/\u003e\"In reality there are many exchanges around the world and one exchange having some issues is not really a killer problem for Bitcoin. Bitcoin is very resilient, it is distributed and it can handle this.\"\u003cbr/\u003eSome investors may well be put off by the volatility of Bitcoin, but others such as Sebastian Couture, see it as an advantage. \u003cbr/\u003e\"If the price goes down, for me it is an opportunity to buy. Which I will be doing obviously in the next few days,\" he says.\u003cbr/\u003eBerlin also sees the launch of the Global Bitcoin Alliance, an umbrella group for organisations that promote the cyber currency.\u003cbr/\u003eAP Television \u003cbr/\u003eBerlin - 12 February 2014\u003cbr/\u003e1. Various close of physical bitcoin (bitcoin key code engrained in coin)\u003cbr/\u003e2. Various close of Mt Gox bitcoin exchange website which has lately experienced problems, causing bitcoin to drop in price\u003cbr/\u003e3. Close of chart showing price of bitcoin over the last month on bitcoin news site coindesk.com\u003cbr/\u003e4. Close of current price ( 12 February 2014) \u003cbr/\u003e5. Wide of people at \"Inside Bitcoin\" conference in Berlin\u003cbr/\u003e6. Close of Nicolas Cary, CEO of Blockchain speaking to group\u003cbr/\u003e7. Close of Inside Bitcoin logo\u003cbr/\u003e8. SOUNDBITE: (English) Nicolas Cary, CEO of Blockchain:\u003cbr/\u003e\"Right now MtGox has telegraphed that they are experiencing issues with transaction malleability. So basically it is kind of like someone sending a receipt and then someone coming back to the store with a photocopy of that receipt and asking for a refund. So, it is possible that they might have sent out money to users twice.\"\u003cbr/\u003e9. Close of Mt Gox website\u003cbr/\u003e10. Wide pan of conference\u003cbr/\u003e11. People applauding\u003cbr/\u003e12. Bobby Lee, CEO of BTC China, speaking\u003cbr/\u003e13. Close of man taking photo\u003cbr/\u003e14. SOUNDBITE: (English), Bobby Lee, CEO of BTC China:\u003cbr/\u003e\"There has been some fallout. The prices have come down quite a bit, 20 percent since last week. So I think we are still seeing things through. But it is not the end of the world, it is not the end of bitcoin.\"\u003cbr/\u003e15. Close of bitcoin wallet\u003cbr/\u003e16. Man using smartphone\u003cbr/\u003e17. Bitcoin.de logo\u003cbr/\u003e18. SOUNDBITE: (German), Oliver Flaskaemper, head of Germany-based website Bitcoin.de:\u003cbr/\u003e\"Bitcoin is not for those with weak nerves and not for private pension savings. You have to be careful. Before investing in bitcoin you have to know what you are doing. You should at the very least read the bitcoin entry on Wikipedia. When you have understood the whole system and decide that you think it is interesting, exciting and something that has a future and could revolutionise the monetary system, then you can take extra money that you have, money that you could lose. You should not invest your whole capital in the hope that it will double.\"\u003cbr/\u003e19. Close of physical bitcoin\u003cbr/\u003e20. Wide of conference\u003cbr/\u003e21. Close of Inside Bitcoin logo\u003cbr/\u003e22. SOUNDBITE: (English), Brian Crain, bitcoin journalist for \"Epicentre Bitcoin\" podcast:\u003cbr/\u003e\"For the mass adoption this is a big problem and it certainly slows things down. I mean if you think you have money in an exchange and then you can't take it out - that is a problem if you want to go to big scale. So I think that it does show that there is still a lot of work to do until bitcoin can be widely adopted and used by many people.\"\u003cbr/\u003e23. Close of Blockchain website showing update of transactions made\u003cbr/\u003e24. Close of bitcoin transactions taking place\u003cbr/\u003e25. Tilt of major transactions that have taken place\u003cbr/\u003e26. Close of Mt Gox website\u003cbr/\u003e27. SOUNDBITE. Nicolas Cary, CEO of Blockchain:\u003cbr/\u003e\"In reality there are many exchanges around the world and one exchange having some issues is not really  a killer problem for bitcoin. Bitcoin is very resilient, it is distributed and it can handle this.\"\u003cbr/\u003e28. Close of mobile bitcoin wallet\u003cbr/\u003e29. Wide of conference\u003cbr/\u003e30. SOUNDBITE: (English), Sebastian Couture, bitcoin journalist for \"Epicentre Bitcoin\" podcast:\u003cbr/\u003e\"If the price goes down, for me it is an opportunity to buy. Which I will be doing obviously in the next few days.\"\u003cbr/\u003e31. Mid of physical bitcoins\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci 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