Adverse financial circumstances can cause a multitude of negative consequences for businesses and consumers. For businesses, this could mean closing their doors for good. Sometimes these financial circumstances are so unbearable that Iowa companies file for bankruptcy to preserve their businesses. In one such recent case, Cointerra filed for Chapter 7 bankruptcy to liquidate its assets.
At first, Bitcoin gained popularity globally after being launched in 2008. Companies use miners to fix serious issues with software and verify transactions. Cointerra is a Bitcoin mining company, but in the last year, the dollar dropped to nearly 70 percent. In addition, the company was faced with millions of dollars in debt.