Another threat on Bitcoin? Two big news came from China
In the last 1 year, more than 50 countries have tested their digital currency
The threat to the future of Bitcoin continues to grow. Many countries have already expressed their intention to ban cryptocurrency. Now two big news has emerged from China. Let's understand what happened after all and what effect it can have on the future of bitcoin?
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Another threat on Bitcoin? Two big news came from China
In the last 1 year, more than 50 countries have tested their digital currency.
QUINT HINDI
Published : 03 Mar 2021, 8:50 AM IST
BUSINESS NEWS
3 min read
Bitcoin mining banned in Inner Mangolia, China speeds up its digital currency & nbsp;
i
The threat to the future of Bitcoin continues to grow. Many countries have already expressed their intention to ban cryptocurrency. Now two big news has emerged from China. Let's understand what happened after all and what effect it can have on the future of bitcoin?
Snapshot
It has been proposed to ban the mining of cryptocurrencies including bitcoin in the Inner Mongolia region of China.
China has accelerated the work on its digital currency. Trial of this currency is also being done in cities like Shanghai and Beijing.
What is bitcoin mining?
Bitcoin is a kind of digital currency or currency. Bitcoin or any other cryptocurrency is not concentrated in the hands of any government, institution or individual. In such a situation, the question arises that from where do these cryptocurrencies come again? The answer is mining. Experts in some computers and mathematics are needed to verify every bitcoin transaction. In order to verify any transaction, complex problems of mathematics and programming have to be solved. In lieu of this work, some bitcoins are issued to these minors as a reward. In this way, bitcoin mining is the process of getting bitcoins into the market.