15 Mar '13, 4pm

A Flash Crash In The Bitcoin Market This Week Revealed The Currency's Biggest Problem

Bitcoin has been on a tear this year. The virtual currency, which is exchanged anonymously via an online peer-to-peer network, might be starting to go mainstream , as the recent announcement that Silicon Valley Bank will hold Bitcoin deposits suggests. And while there has been a lot of increased interest in Bitcoin as of late, given its meteoric rise, there's still one big problem, as this week illustrates. On Monday, a technical glitch caused a "flash crash," causing Bitcoin to tumble 23 percent. Bitcoincharts.com Click to enlarge Prices have, as the chart shows, mostly recovered from the incident. What exactly happened, though? The glitch that sent Bitcoin tumbling Monday is the result of the unique structure of the Bitcoin exchange. Timothy Lee wrote a good explanation of what caused the incident at Ars Technica: The core of the Bitcoin network is a shared transaction r...

Full article: http://www.businessinsider.com/crash-belies-confidence-in...

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