cryptocurrencies have plummeted after the Chinese government moved to ban their use.Bitcoin, and similar virtual currencies such as Ethereum, Cardano and Dogecoin, exist purely as software.
There’s no Bitcoin banknote, just a sting of code stored in the user’s digital “wallet”.Prices of the various cryptocurrencies have been soaring over the past few years but while one Bitcoin was worth over £42,000 in May, it’s now valued at a little over half of that.Tesla boss Elon Musk went some way towards popping the Bitcoin bubble last week when he announced that the company would no longer accept the virtual currency for vehicle purchases, citing the “rapidly increasing use of fossil fuels for bitcoin mining.” Bitcoins are created by “miners” who.
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