Meaning of Bitcoin?
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.
...Is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
How's it different from normal currencies?
We can say that bitcoin can be used in buying things like electronically.
In the sense, it’s like conventional dollars, euros, or others, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is
decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Bitcoin plummeted below $10,000 this week, half what it was worth at its peak, because investors are afraid regulators might clamp down on the volatile cryptocurrency. The price of bitcoin, the world’s biggest and best-known cryptocurrency, fell to as low as $9,500 on the Luxembourg-based Bitstamp exchange, the lowest since December 1.
Bitcoin's big plunge: Here's what happened
The cyrptocurrency Bitcoin took a massive hit, trading below $10,000; losing more than $30 billion in value in just 24 hours. Here's why.
LONDON/TOKYO, Jan 17 (Reuters) - Bitcoin skidded below $10,000 on Wednesday, halving in value from its peak price, with investors gripped by fears regulators could clamp down on the volatile cryptocurrency that sky-rocketed last year.
The price of bitcoin, the world's biggest and best known cryptocurrency, fell to as low as $9,500 on the Luxembourg-based Bitstamp exchange, the lowest since Dec. 1.
Bitcoin had touched a peak of almost $20,000 in December - and indeed crossed over that threshold on some exchanges - but has since been roiled by several large selloffs.
Other cryptocurrencies plunged as well. Ethereum and Ripple were both down heavily after reports South Korea and China could ban cryptocurrency trading, sparking worries of a wider regulatory crackdown.
"There is a lot of panic in the market. People are selling to try and get the hell out of there," said Charles Hayter, founder of Cryptocompare, which owns cryptocurrencies.
According to Peter Boockvar he said;
"90% of bitcoin's value could get wiped out"
photo credit: cnbn image
Wall Street veteran Peter Boockvar predicts an epic crash will hit the cryptocurrency market.
He isn't sure if it'll come to a grinding halt or be a slow and steady drop — but he says it's coming.
Boockvar, chief investment officer at Bleakley Advisory Group, is certain crypto is in a giant bubble, and the air is already coming out.
"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's
Do you think bitcoin prices could drop by 90% or more?
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