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China brings Bitcoin down

bitcoin image

China banned the use of Bitcoins by financial institutions a few days ago, something that affected the currency a lot, since now Baidu (the Chinese Google) and China Telecom have stopped accepting bitcoins, collapsing their value and leaving it just over 700 dollars. unit.

Baidu announced this week that it would no longer accept digital currency as a form of payment, it did so in response to the Bank of China, reporting that the latest large fluctuations in the value of Bitcoin makes it difficult to safeguard the interests of users.

After reaching $ 1,000 per bitcoin in late November (hitting $ 1,200 at times), it seemed like there was no stopping this fever. Neither the news about the thefts of bitcoins in certain specialized sites for buying and selling the currency, nor the lack of guarantee of many of them seemed to affect those who continue to invest in the currency of 2013, the year in which it has obtained more attention on the web (bitcoin was created in 2009).

It is clear that China is a powerful enough market to affect all world currencies, including virtual ones; It is there where some of the largest infrastructures are found that mine Bitcoins, gigantic computers connected to each other with the sole objective of creating coins. Bitcoin is more than just a fad, and it needs to be understood that way for it to continue to survive independently.