Bitcoin has certainly had its ups and downs, but while it is the most well-known of the crypto-currencies, it isn’t the only one. Most people just don’t know what to make of bitcoin and its relatives, but people may grow to have a better understanding thanks to a new group focused on crypto-currency.
Coin Center focuses on crypto-currency policies
CNET reports that Coin Center made an announcement about its organization last week. The group described itself as a “new non-profit research and advocacy center focused on the public policy issues facing cryptocurrency technologies.”
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Of course the group is backed by a number of well-known people who have already spoken out in support of bitcoin. Venture capitalist Marc Andreessen has been one of the most vocal in speaking about the potential of bitcoin. Coin Center also received financial backing from other sources like bicoin exchange Coinbase, BitPay, itBit, Union Square Ventures, Hudson River Trading and RRE Ventures.
The organization’s budget will be $1 million a year to start.
In support of bitcoin
A spokesperson for Coin Center, law professor Jerry Brito, said they want to help people understand crypto-currency technologies and also “promote a regulatory climate that preserves maximum freedom of action for digital currency innovation.” To do this, they will start producing and publishing research from well-known experts and academics. They also plan to teach the media and policymakers about block chain technology and advocate for “sound public policy.”
Brito thinks bitcoins will become an “important” part of the economy. But for now, regulators are just trying to figure out how to regulate them because they aren’t backed by a central bank. As a result, Brito said there must be an organization that provides trustworthy information about the various implications of regulating crypto-currency like bitcoin.
Bitcoin prices fall
One of the big concerns for investors who have been interested in bitcoin is the rapid rise and fall of the digital currency’s value. The Wall Street Journal published a theory that suggests the decline from $1,050 to $400 may be due to an increase in bitcoin mining in China, where consumers may be trying to use it to get around the government’s control over purchases from overseas.