This is a strong contrast to the fiat money system, which through inflation is designed in a way that money loses its value. This has been the case with mobile phones, cameras, and even social networks. We want to hear from you. Although these payment methods all perform the same function—exchanging traditional currency for bitcoin—they each carry their own set of fees. Gox, once the largest exchange, shut down in after losing hundreds of millions of dollars worth of bitcoin after a hack. Transactions made using a bank account can take days to process on Coinbase, but are generally recommended for first-time investors. Even though at the time of writing there are well over 2, cryptocurrencies out there, none of them has ever surpassed Bitcoin in total value market capitalization or in hash power the computing power that keeps the network secure.