What is Bitcoin?


Since then, Bitcoin has been traded hundreds of millions of times, with the earliest major transactions occurring in black markets. The largest of these was Silk Road, which traded nearly 10 million Bitcoins during its existence.

Because of black market use of cryptocurrency, regulation emerged from several countries. The People’s Bank of China initiated the most impactful regulations with three separate actions:

  • In December of 2013, the bank prohibited financial institutions from using Bitcoin.
  • In September of 2017, it issued a complete ban on the use of Bitcoin
  • In June of 2021, it implemented a crackdown on major cryptocurrency miners.

After each of these instances, the price of Bitcoin halved. In spite of these regulations, however, the price of Bitcoin is still supported and trending upward thanks to institutions and countries allowing the use of cryptocurrency. The two most recent examples can be found through the Tala, Circle, and Stellar Development Foundations’ partnership with Visa, as well as El Salvador’s legislation to make Bitcoin legal tender.

News on Bitcoin and other cryptocurrencies evolves on a daily basis. In fact, El Salvador’s update on legal use of Bitcoin occurred just two weeks before this writing.

Because of the crypto market’s highly volatile nature in nearly all aspects, we recommend that you consult your advisor before investing in any virtual currency. They can help ensure correct record-keeping, decision-making and security to protect yourself and your money from sudden price fluctuations and updates to regulation.

RELATED TOPICS:

avatar Tidak diketahui

Diterbitkan oleh Suwignyo 001

Money money money

Tinggalkan Komentar