Half-a-billion dollars of bitcoins disappear
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Almost $500 million of bitcoins disappeared in Japan. A company called Mt. Gox lost 850,000 bitcoins, worth $473 million. It was one of the world's biggest Bitcoin companies. The company's CEO said hackers stole the money. He apologised to investors. Thousands of investors are angry because they lost their money. Bitcoin is a virtual currency. People only use it online for electronic payments. Anyone can buy and use bitcoins. There is no need for a bank account. Many people believe that bitcoins will replace paper money, coins and credit cards.
The collapse of Mt. Gox did not surprise experts because there are no laws to control it. It was an accident waiting to happen. They said Bitcoin would recover from the Mt. Gox shock. There will be a better system. Companies will make their security tighter and governments might make laws to make Bitcoin safer. An expert said the currency will be stronger. He told reporters: "If you look at the short history of Bitcoin, there has been a series of bubbles, busts, hacks and thefts. After every single event, Bitcoin has emerged stronger."
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