Bitcoin is irrefutable the most discussed topic nowadays. There is a massive hype created about bitcoins in the market. A lot of news and rumors are begin heard about cryptocurrency from different parts of the world.
You can read this review to learn more about the world’s largest cryptocurrency. The past month has seen a lot of ups and downs in the Bitcoin market, and some of the latest news and updates related to it are listed below.
Bitcoin plunges after probe into Binance
Bitcoin is the world’s largest cryptocurrency, but a drastic fall was seen in its price after there was a regulatory prove in the popular cryptocurrency exchange, Binance. The bitcoin market was already shocked after Tesla’s owner, Elon Musk, announced that his company would no longer accept bitcoin as he didn’t support it. He said that bitcoin mining takes a toll on the environment, and he doesn’t want to support something that has an adverse impact on the environment.
After this, bitcoin plunged to $45700, which was its lowest figure in the last two months. However, it climbed up a bit on Friday and stood stable at $49312. A single tweet by Elon Musk made the world’s biggest cryptocurrency fell by over 17%. He said that people would no longer be able to buy Tesla cars using bitcoin as a payment method. The Environment is an important concern nowadays, and such remarks by a powerful personality like Elon Musk will force other bitcoin users to think. It may push other users too to give up bitcoin, which can reduce its price to fall further.
Bitcoin went up earlier but soon dropped too
Earlier, Tesla announced that it had purchased over $1.5 billion of bitcoin, and now its customers will be able to purchase a vehicle with bitcoin also. It boosted the price of bitcoin and took it to the sky, but as soon as it made the announcement, people all over social media started criticizing Elon Musk over the negative impact of bitcoin mining on the Environment. This pressure made Elon Musk reverse his decision and stop accepting bitcoins as a medium of exchange. Bitcoin mining is a process of solving complex mathematical problems using supercomputers that consume a lot of electricity. It has a massive adverse impact on the environment as it involves quick consumption of fossil fuels.
What are the environmental issues with bitcoin?
A single comment by Elon Musk made bitcoin drop drastically, so most people are thinking about how bitcoin causes damage to the environment as they don’t have enough knowledge about it. Bitcoin is a decentralized cryptocurrency, and it is created through a process known as bitcoin mining. It is a process in which miners solve a complex mathematical problem using a vast network of supercomputers. It is obvious that those computers consume a massive amount of electricity which speeds up the consumption of fossil fuel and increases global warming. However, most of the cryptocurrencies have found alternatives to mine with minimum impact on the environment.
So, when Elon Musk notices the backlash from the users after he purchases a massive number of bitcoins and allows customers to purchase Tesla Electric cars using bitcoins, he canceled the idea and stated that Tesla would not long be accepting bitcoins as it harms the environment, which is something I never support.
Elon Musk double bitcoins scam
After the Tweet of Elon Musk made bitcoin fall quickly, some scammer saw it as an opportunity to plan a scam. Several scammers used the name of Elon Musk to fool innocent users who don’t have enough experience and proper knowledge about the bitcoin market. A woman from Britain fell for a scam in which a scammer told her that they would double her bitcoins. She believed them, and it made her lose all her savings worth a whopping nine lakhs.
She lost all her savings that she has been collecting for buying a new house. She said that it left a huge impact on her and her life. She lost all the money she saved, and she wishes if she could go back in the past and stop herself from making those few clicks. She also advised the investors and users to be immensely careful as she is a crypto investor herself and still fell for the fraud.