Bitcoin fell to its lowest level in five months on Tuesday evening.
Bitcoin Crash: Bitcoin fell to its lowest level in five months on Tuesday evening. This has happened in the midst of a major crackdown against cryptocurrency mining in the country of China. The largest cryptocurrency had fallen to $29,511 at the time of filing the report, falling below $29,773 for the first time since January 22. This data is obtained from CoinMarketCap. Unocoin co-founder and CEO Satwik Vishwanath told Financial Express Online that China used to be a big market for both trading and mining.
He said that because it has suffered a setback due to the new strict rules in China, it is affecting the market around the world. China always had different and confusing rules before, and this time after the reforms, the global market must adapt to the uncertainties in China. Vishwanath said that this will go down in history as one and the other case towards decentralization of cryptocurrencies.
What is bitcoin?
Bitcoin is a virtual currency. It can also be used like other currency like dollar, rupee or pound. Apart from online payment, it can also be exchanged in dollars and other currencies. This currency came into circulation in the year 2009 in the form of bitcoin. Today it is being used for global payments. There are also exchanges for buying and selling bitcoin. Big businessmen and many big companies around the world, the world’s most expensive currency in financial transactions, bitcoin has become the world’s most expensive currency.
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How does this currency work
You can install bitcoin as a bitcoin wallet on your computer or mobile phone. This will create your first bitcoin address and you can also create more than one address if needed. Now you can give your bitcoin address to friends also. After this you can take payment from them or make payment.
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