Drop comes as virtual currency sees high number of transactions

Bitcoin value plummets 47% in one month

Bitcoin transactions may be climbing to the highest numbers yet, but its value has dropped, with a single Bitcoin now costing about $185.

The currency has dipped around eight per cent in an hour, and 46.7 per cent over the last month.

It may seem strange that a record number of transactions comes at the same time as the decline, but if coins are getting cheaper then more will be sold off to cover costs, and less will be bought back.

Those that use the currency don’t seem to be too worried, in fact many seem quite jovial.

One person said on Reddit: “Give me your Bitcoins! I’ll hold them and hide them for you, so they won’t lose worth. And once this has all blown over, I’ll give them back to you.”

Another commented: “I’m a BTC (Bitcoin) veteran… When you’ve seen the stuff I’ve seen, you get the mile long stare.”

Presumably this means that this news isn’t as catastrophic as it sounds, and the more it appears in the headlines with stories such as this, the more people will be aware of it, garnering interest and potentially more Bitcoin buyers.

In other Bitcoin-related news, Microsoft has recently started accepting it for Windows and Xbox store.

For everything you need to know about Bitcoin when it first emerged, click here.

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