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Bitcoin Developers Confident The Virtual Currency Will Recover

The value of the Bitcoin currency dropped significantly following a recent hack attack when Bitcoin users lost confidence in the virtual currency. But now, one of its senior developers has stepped forward to reassure worried users that Bitcoin will for bounce back to its former, healthy exchange rates.

Gavin Andersen, who has played a vital role in bringing this once obscure currency to a much wider audience, said that this recent crisis will eventually result in security for websites where Bitcoins are bought and sold, the BBC (opens in new tab)reports.

The creators and users of Bitcoin recently saw the currency hit rock bottom when its value dropped in the main exchange Mt Gox, from $17.50 (£10.80) per Bitcoin to nearly zero after a large number of stolen Bitcoins were dumped on the market.

"It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database," read a statement by Mt Gox, following the incident.

However, people who want the currency to succeed hope that Anderson’s reassurance will help win back the trust of the Bitcoin user community.

Many people have been skeptical about the currency's long-term viability, and this incident has only strengthened their criticism.