Bitcoin breaking the $1,000 barrier is an indication of problems for the digital currency, rather than a mark of its success. Chinese miners currently dominate bitcoin, and its rise in value could be linked to the steady devaluation of the yuan. However, their centralising position could result in vetoes to much-needed technological changes aimed at increasing its capabilities from around 27 transactions a second.
Bitcoin breaking the $1,000 barrier is an indication of problems for the digital currency, rather than a mark of its success. Chinese miners currently dominate bitcoin, and its rise in value could be linked to the steady devaluation of the yuan. However, their centralising position could result in vetoes to much-needed technological changes aimed at increasing its capabilities from around seven transactions a second.