Bitcoin Exchange Buttercoin is Closing Down on April 10
In the last year we have seen a lot of advancement in the bitcoin market. For instance, the first bitcoin ATM was opened in Israel, Apple reintroduced them into the App Store, and numerous services like PayPal’s BrainTree and travel site Expedia started accepting them too.
However, the news we have at hand isn’t as jolly good as those before it. People who are acquainted with the market would know of Buttercoin, the Google Ventures backed exchange; it has come to the news that the company is now being shut down.
If you visit the website of the service you will see that it is working perfectly for now but there is a message on top that reads:
So long friends. Buttercoin will be turning off April 10th at 11PM PDT. Be sure to move your bitcoins to another service and remove your dollar balances. We wish you all the best!
The good part of this is that Buttercoin is not going down like some other bitcoin exchange companies do i.e. by going broke or getting hacked. Instead, they are going to pay back all your balances.
So why are they closing down then, you might ask. Well, it is apparently related to the decreasing interest in the market which has led to scarcity of funding:
With the dip in bitcoin interest among Silicon Valley investors, we weren’t able to generate enough venture capital interest to continue funding Buttercoin.
Add to this the fact that major players like Coinbase and Bitpay are already sprawling all over the markets with huge funding, it really makes it hard for a relatively smaller start up to survive the competition.
Do you think the bitcoin market is here to stay?
Being the Managing Editor of TechFrag, Sarmad splits his time between keeping up with latest news, technology, gaming and other awesome things like unearthing the merits of staying up at night and Californication!