12 Mar '13, 2pm

Technical glitch knocks Bitcoin prices down 23%, now trading at $43

Technical glitch knocks Bitcoin prices down 23%, now trading at $43

It’s hard out there for a virtual currency. Bitcoin prices collapsed 23 percent Monday night after a technical glitch forced developers called for a temporary halt to Bitcoin-related transactions, but prices have since gone back up. Bitcoin has been trading at record prices in recent weeks, likely due to a number of major deals to get more people and companies easy access to the currency. But the “miners” that create new Bitcoins from powerful computers must work on making new Bitcoins using the same rules or else it can cause havoc for all parties. First reported by Ars Technica , a Bitcoin miner running the latest version of Bitcoin-mining software (version 0.8) created a large block that was apparently incompatible with earlier versions of Bitcoin. When this happened, Bitcoin transactions stopped and prices fell. “After some emergency discussion on #bitcoin-dev, it seem...

Full article: http://venturebeat.com/2013/03/12/bitcoin-technical-glitch/

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