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The value of bitcoin as of 13 th september has TREMENDOUSLY DECREASED . The value of bitcoin is down to around 3800 $ compared to 4200$ a couple of dats ago and bitcoins highest price yet 5000 $ a couple of months ago . The main reason for the decrease in the value seem to bE
THE ASSUMPTION THAT CHINA WILL BAN BITCOIN EXCHANGES
JP MORGAN CEO' S NEGATIVE COMMENTS ON BITCOIN .
in my opinion, the bitcoin train isnt going to crash. Bitcoin is not a bubble , it may show clear sighs of being a bubble but infact i believe that bitcoin is STABILISING and that onece it does so , the market will recover .
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Why do i say BITCOIN WILL RECOVER ??well
1st off , even if china did ban bitcoin exchanges { which is quite illogical } , the bitcoin market will simply stabilise and be used in countries that accept btc . Countries like japan and switzerland have shown a positive incline towards bitcoin . So no matter what atleast btc will be uswd in these 2 countries and seeing the cut in costs and huge privacy , other countries might just adopt it .
Secondly on the jp morgan issue , investment bankers know jackshit about bitcoin . This isnt to say that the CEO is stupid , but his comments that btc is a FRAUD , is completely illogical and pointless. The same currwncy that is used by hackers might alsonbe used in a good way by the government to eliminate middlemen and thus bringing corruption down . So , the future is hard to predict , but yes i believe that bitcoin will do some good to the world
The Chinese mining bitcoins are not allowed to use Bitcoins as a form of payment in their own country. So, what do these miners do?
Firstly , china hasnt banned mining or has it banned btc exchanges . All of this is a rumour.
But if china DID BAN mining and the exchanges , the bigger miners would simply shift to more favourable countries and environments but the smaller ones would simply die .
The only thing china has banned are ICO , which basically raise funds for a new crypto currency venture . Miners will simply continue mining until china actually bans btc