Bitconi: Why is this cryptovatlu dropping scary after its previous rise?

The value of the most popular crypto-valuter has dropped nearly 30% after a massive increase in value. Here's what you need to know, translated by Periscope from The Guardian.

What is bitumen?

Bitcoin is the world's most popular digital currency. It allows people to bypass traditional banks and methods of payment and is not controlled by any single entity, state or central bank. There are more than 18 million bit-coias actually.

What did her supporters say about her?

Some of the supporters believe Bitcoin can replace government-backed currency due to increased popularity of digital payments. Others also say it is protected from manipulating central governments and banks, offering a more democratic payment system.

Meanwhile, investors believe it can provide protection against inflation, and JP Morgan analysts have linked it to assets such as gold.

What did her critics say about her?

Skeptics claim that Bitcoin has no internal value and poses danger to investors, which are not protected by regulators or financial protection schemes if assets fall.

Critics also warn that investors can expose themselves to fraud, since cryptovalus like bitumen have been linked to money laundering and various deals on the black market. There are also concerns about the bitcoin environmental impact, requiring <x0 root” as miners, which requires high energy computers that generate Koines.

Finally, there have been concerns that the current in northern Kosovo paid back by the Government, this time led by Albin Kurti, was being used to produce bitumen.

How has this currency recently performed?

Bitconi has made considerable increases in early 2021. In mid - April, it went to $64,000 per unit, increasing to more than 450 percent in just six months.

But the meteoric growth in value has moved interest to be shared by institutional investors and major banks like Goldman Sachs.

But why is it falling today?

Bitcoin's value has dropped to nearly 30 percent on Wednesday after the Chinese regulator announced that they would ban the panga and payment firms from using cryptovalus.

But, the decline began last week when Tesla's founder, Elon Musk, announced that he would suspend plans to allow consumers to pay with bitumen. /Periscope