Bitcoin – Bitcoin Price

China’s Bitcoin Mining Ban Harms Its Crypto Industry

Harry Dotson — Tue, 29 Jun 2021 11:20:29 +0000

Hailing as a crucial hub for the cryptocurrency sector, Beijing, China, has given a major blow to the industry by imposing a ban on mining-related operations in the state, citing the environmental risks and complications associated with them. The unwelcoming decision by the Chinese financial watchdogs is seen as a prominent cause for the downfall of Bitcoin price value recently. To support this step, China has urged banks and payment institutions to pull strings for crypto trading in the country.

It is quite evident that cryptocurrency mining is an energy-driven process. Each mining plant is packed with high-powered computer systems that solve complex mathematical operations to add a new currency to the blockchain network. The energy and emissions released here are becoming a potential cause of global warming and thus posing risks for our planet. Interestingly, China supports a majority section of crypto production, and so the ban imposed in the country has affected the overall industry.

According to the statements by climate experts, there is a probability of increased environmental stress due to crypto mining in the future. This will be a direct impact of the ban imposed by China. The conditions are likely to worsen if other countries do not follow the path adopted by China to save the environment from crypto mining emissions. The decision taken by China is applauded by environmentalists from across the world as it will help to put control on the fast-emerging, energy-demanding crypto cluster.

However, as per Pete Howson, a senior lecturer at Northumbria University in Britain, the recent ban by China is likely to push miners to more intense energy sources in the future. He revealed that the Sichuan province in China is a good source of affordable hydroelectric energy. Miners will likely switch their operations to such renewable sources. Other experts from the industry have predicted that the local miners might sell their equipment or shift abroad to continue their mining tasks. This will increase the release of harmful emissions, posing a risk to our environment.

The authorities in China are not only concerned about the environmental impact of cryptocurrencies but are looking towards other loopholes too. They fear that crypto can be easily used for money laundering, terror financing, and other illicit transactions. Some analysts have stated that Beijing is tensed about its forthcoming digital yuan project and its competition with other tokens. The global crypto industry is likely to face a downfall with the recent ban as it will directly impact the price value of Bitcoin and other top-tier tokens.

Points to Remember Before Investing in Bitcoin

Harry Dotson — Tue, 18 Aug 2020 13:38:47 +0000

The world is slowly and surely becoming reliant on the internet. So, it is not a surprise that Bitcoin, a global digital currency, has gained investors’ attention. It is open to everyone and provides an excellent opportunity to dwell in a new asset class. However, for a newcomer, investing in bitcoin can be very scary as he would need considerable time and effort to understand how the concept of Bitcoin works. One should also keep in mind that regulations on Bitcoin vary from one country to another. But before you jump into the world of cryptocurrency, here are a few tips to get you started in the crypto world and to calm your nerves.

Bitcoins are scarce

We all know that there is a limited amount of gold on this planet. As new gold is mined, it becomes harder to find new mines, and we have less gold left. For this reason, gold has always been considered as a hedge against monetary inflation. Similar is the case with Bitcoin. There will be only 21 million Bitcoins as time passes it will become harder to mine.

Bitcoin is the Undisputed Leader

There are thousands of cryptocurrency tokens, but each one of them is modeled after Bitcoin. The other coins are collectively known as Altcoins, and Bitcoins serve as the benchmark for their price. It has been around for a decade now, and with a market cap of USD 226 billion, it is here to stay for a long time.

Bitcoins are Useful

We all know that Bitcoins are scarce, but they are useful too. Bitcoin or BTC has a predictable monetary policy that is verifiable by anyone. It is the monetary policy that constitutes its most important feature. It is straightforward to find out the number of new Bitcoins created, the creation of a transaction, or the amount of BTC in circulation. BTC can be sent to anyone in the world, and no bank can block your payment or close your account. In a nutshell, it is a kind of money that resists censorship. Bitcoin is a sound and global currency, and it has the same impact on the global economy and finance.

Know the Crypto Exchange

One needs to move the cryptocurrency to an exchange. However, before one opens an account and loads funds, it is good to conduct comprehensive research on the exchange. Believe it or not, where you carry out the trade will largely determine how successful you are in the crypto world. Coinmarketcap maintains an exchange ranking system that is very useful.

Canada’s Weatherman Frankie MacDonald has Bitcoin Advice

Harry Dotson — Mon, 10 Aug 2020 13:06:33 +0000

Canada’s favorite weatherman, Frankie MacDonald, is famous for his amateur broadcasting weather reports. Frankie, who has autism, is best known for making weather news exciting in his layman ways, In 2020, the Canadian rookie weather news reporter has some advice for people, and it is not on how cloudy this week is going to be.

The amateur meteorologist has some advice on the volatile financial domain of cryptocurrency. According to reports, MacDonald shared his thoughts on Bitcoin (BTC) in the first week of August. MacDonald, who covers the weather news in Whitney Pier, Sydney, and Nova Scotia, showcased his interest in bitcoin cryptocurrency.

He suggested some points on how bitcoin is valuable, in his latest video, MacDonald talks about the current price of bitcoin in US dollars and how these prices are slated to grow exponentially in the coming years. This video has gone viral on YouTube, Twitter, and other social media platforms and within a couple of days it garnered MacDonald over 100,000 followers on Twitter and more than 250,000 subscribers to his YouTube channel.

In the video, he reiterates how bitcoin is becoming worth far more than fiat currencies, particularly US dollars. For explaining his bitcoin theory, he runs up some conversions and compares the price of bitcoins against their equivalent value in US dollars. He starts by specifying how 1 BTC is worth over $11,683.9 at the time this video was released. Then, he mentions the US dollar value of ten BTCs to millions of BTCs, and concludes his video on how 10 million BTCs are worth nearly 117 billion dollars.

The video does not specify whether or not MacDonald has invested in bitcoins himself. With cryptocurrency investment being his latest recommendation, this video is undoubtedly expected to boost the Canadian digital money markets to some extent.