Bitcoin: The Cryptocurrency That Refuses to Die... 330 ‘Deaths’ and Counting

Francisco Memoria

Bitcoin, the flagship cryptocurrency, has been “killed” over 90 times by mainstream media outlets so far this year, and over 330 times throughout its short existence.  While this year bitcoin turned 10 and saw its price plummet, last year it was declared ‘dead’ more times.

According to the ‘Bitcoin Obituaries’ page on 99Bitcoins, the cryptocurrency has been dying since 2010. Since then, mainstream media outlets have been focusing on bitcoin and declaring it dead for a number of reasons, ranging from its proof-of-work (PoW) algorithm to its distinct characteristic, including the semi-anonymity.

Although bitcoin has been ‘dying’ for eight years now, over 200 of its 3335 ‘deaths’ occurred in the last two years, as the cryptocurrency ecosystem gained more attention when BTC surged from little over $1,000 in January of 2017 to a near $20,000 in December. In 2017 alone, it ‘died 125 times.

Notably, bitcoin’s over 1,800% surge saw mainstream news outlets declare it ‘dead’ more times than this year’s over 80% decline. As CryptoGlobe has been covering, among those who criticize the flagship cryptocurrency and claim it’ll fail are various prominent financial industry personalities.

These include JP Morgan CEO Jamie Dimon, who has bashed bitcoin on various occasions, and ended up concluding investors should “just beware” of BTC, and billionaire investor and Berkshire Hathaway CEO Warren Buffett.

Buffett has notably claimed buying bitcoin is “not investing,” and along with Berkshire’s vice chairman Charlie Munger compared it to “turds” and “dementia.” This year, we’ve also seen Nouriel Roubini, a prominent economist known as Dr. Doom, claim bitcoin is the “mother of all scams.” At the time, he said:

Until now, Bitcoin’s only real use has been to facilitate illegal activities such as drug transactions, tax evasion, avoidance of capital controls, or money laundering.

Roubini has since become a well-known cryptocurrency critic, who among other things has claimed blockchain technology is no more than a “glorified spreadsheet,” that bitcoin isn’t truly decentralized,  and that central bank digital currencies will destroy BTC and other “worthless cryptocurrencies.”

Bitcoin’s critics also include financial journalists and CEOs in other areas. Bitcoin’s latest ‘death’ came in the form of an Engadget article published by Daniel Cooper, that claim “Bitcoin was never more than a vehicle for tax evaders and grifters to burn carbon in the hope of scoring a hot new Lambo.” It also adds it represents “all of our worst excesses.”

Its first one, written in 2010 when it was trading at $0.23, was published by the Underground Economist. It read:

Negative feedback loops like this are basically homeostasis. In nature, positive feedback loops like exist with Bitcoin are lethal; the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.

Since then, bitcoin has kept on growing and is currently trading at $3,900 after rising 6.7% in the last 24-hour period.

UK's Biggest Travel Company Starts Accepting Bitcoin, Bitcoin Cash Payments

Corporate Traveller, the United Kingdom’s biggest travel company, has recently started accepting bitcoin (BTC) and bitcoin cash (BCH) payments, in a move that could be followed by the Flight Centre Group, one of the world’s biggest travel firms, embracing crypto payments.

According to Australian news outlet Micky, Corporate Traveller’s move to accept both bitcoin and bitcoin cash was announced yesterday, and came due to increasing demand from its clients. The firm, with 20 locations across the UK, is the country’s largest business travel services provider.

Speaking to the news outlet, Corporate Traveller’s UK general manager Andy Hegley stated:

We identified an increasing demand from our clients for the option to pay in Bitcoin for business travel bookings made by our travel consultants.

The company is accepting cryptocurrency payments through a partnership with BitPay, which processes them for it and converts the funds to GBP it then receives within two business days. According to Hegley, BitPay was chosen as it manages the entire process, so Corporate Traveller only handles GBP.

He added the blockchain industry is “growing exponentially” and, as such, the company is “excited to be able to” gives its clients bitcoin and bitcoin cash payment options. Per Micky, the UK firm's move could be part of increasing cryptocurrency adoption, with Flight Centre looking to accept BTC and BCH as well.

An unnamed source reportedly told the news outlet the company’s executives are taking note of “increasing demand from clients for cryptocurrency payments,” and as such is “exploring options to accept bitcoin at its 1,239” retail travel agencies throughout the world.

An employee at an Australian Flight Centre travel was quoted as saying:

All the time people ask if we accept Bitcoin… Mainly international students and tourist already here trying to book more flights.

The travel agency employee reportedly added the company’s management is aware of the demand, and will “probably see how it goes at corporate Traveller, before they let customers pay with bitcoin.”

The tourism sector is notably leading in cryptocurrency adoption. Travala, a blockchain-based bookings website, recently $2.6 million through an initial coin offering (ICO) last year, and currently has bookings at over 500,000 hotels throughout the world.

In an exclusive interview with CryptoGlobe Jeff Klee, the CEO of travel booking firm CheapAir, revealed that accepting bitcoin was one of the “best decisions” he’s ever made.