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The digital-currency has plunged over 50 per cent in the past 13 trading days.

Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generation of units of currency.

Bitcoinis talk of town these days. On one hand, Japan consider bitcoin as a legal tender, while on the other, JP Morgan Chase CEO James Dimon calls it little more than a fraud.

Investors or traders of Bitcoin faced chaotic situation after Shanghai-based BTCChina, a major Chinese bitcoin exchange, on Thursday said it would stop trading in the crypto-currency from September 30, citing tightening regulation, while smaller bitcoin exchanges ViaBTC, YoBTC and Yunbi on Friday announced similar closures. This sent negative signal to the world in relation to Bitcoin.

Indian government also is not looking happy with Bitcoin. The Reserve Bank of India official Sudarshan Sen on September 13 said that the central bank was uncomfortable with non-fiat cryptocurrencies like Bitcoin.

The digital-currency has plunged over 50 per cent in the past 13 trading days.

Bitcoin is a cryptocurrency, or a digital currency, that uses rules ofcryptographyfor regulation and generation of units of currency. Bitcoin falls under the scope ofcryptocurrencyand was the first and most valuable among them. It is commonly called a decentralised digital currency.

Bitcoin was invented bySatoshi Nakamotoin 2009.

Hitesh Malviya, Bitcoin Expert, explains, Bitcoins are completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money.

Once you own bitcoins, they possess value and trade just as if they were nuggets ofgoldin your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years. Bitcoins are traded from one personal wallet to another.

A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud.Not making enough money in stocks? Click here for real-life stories of successful investors.Read this article in :HindiRead more onBitcoinGoldcryptocurrencySatoshi NakamotocryptographyAlso Read

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Bitcoin is posting biggest weekly decline since November

Bitcoin blows through $8,000 as traders look for next support

The worlds most-used cryptocurrency isnt bitcoin

Bitcoin tumbles as cryptocurrencys 2019 surge starts to waver

Weekends are the Wild West for bitcoin, but nobody knows why

Winklevoss twins fortune doubles as bitcoin rallies

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights:Times Syndication Service

Index funds invest trillions but rarely challenge management

White House eyes ways to limit capital flows to China

Weak US producer prices support another Fed interest rate cut

Wall Street tumbles as concerns over trade talks mount

RBI may again consider cutting rates at next MPC meet: Guv Das

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