Digital currency market lost $660 billion! Bitcoin fell 79%, mills by catty sale?

[ABC] financial news: Beijing time on November 21st, according to Bitstamp data show that the recent bitcoin 24 hours fell more than $660 or 14%, the lowest reach $4060.11. As of now, bitcoin has the highest point compared with December last year hit (about $19800) fell 79%, or more other encryption currency. Even some analysts predict that bitcoin could fall to $1500.

From last week, bitcoin began to break the calm down, other mainstream digital currency fell. From January this year highs, digital currency overall market value of at least $660 billion.

A continuous decline in the price of bitcoin, allowing investors to cry again and again, and a plurality of mineral pools due to losses have been shut down. “Frontline” Tencent was informed that the distribution in domestic Xinjiang, Inner Mongolia and other parts of small mines, mining the benefit is not enough to pay the electricity charge of mining and management fees, but has been closed. A year ago the price up to twenty thousand Taiwan machine, second-hand sale price of only 1000 yuan.

The controversial bitcoin

Since bitcoin was born, people of his concern and controversy has not stopped. Bitcoin is a virtual currency, its purpose is to build trust, and promote direct trading between the global classification account, it does not require any third party. But behind bitcoin is relying on the block chain technology. In essence, the block chain is a non centralized, decentralized electronic ledger, who has tracked how many bitcoins, from all over the world all bitcoin users common record and maintenance.

Bitcoin has to the center, not under the control of the government, anonymous, difficult to track, and through bitcoin multinational large remittance cost and time are much lower than traditional banks. Bitcoin is in line with the characteristics of online gambling, the black, dark net hidden assets the need, therefore, for a large number of illegal bitcoin transactions, which is why governments ban bitcoin transactions.

However, the blockchain technology behind bitcoin can not be ignored. The Internet encryption technology, intelligent distributed books, consensus mechanism will give the future to bring innovative development.

The new trend of multinational chain application block

11 month 13 days, “2018 digital asset security summit forum held in Beijing. In the past 10 years, the rapid development of block chain technology, is considered to be the main direction of the future information storage. However, due to the lack of security infrastructure construction and protection, block chain become hackers “disaster”, the industry needs to establish strict safety standards. National Internet financial security expert committee secretary general Wu Zhen, the current “safe technical requirements” blockchain platform industry standards are being established and drafting. The standard will clear the main threats and Security Architecture Facing block chain platform, the key module proposed safety requirements, to block the chain platform provides the foundation and guarantee the safe and steady operation.

In November, according to lexology reports, the U.S. state of Ohio promulgated Uniform Electronic Transaction Act (UETA), has become one of the states in the law in the United States a few clear identification block chain technology.

In November 6th, South Korea held a foreign investment week, block chain industry association chairman Jin Jiongzhu said, the government plans to block chain technology investment of about 40 billion won, and South Korea blockchain Industry Promotion Association will enjoy government subsidies in 2019, the budget will be used for technical experiment and personnel training. He believes that the block chain is not a state, but belongs to the world of industry, cooperation to promote industrial progress.

In view of this, although the bitcoin and block chain technology might be used for the black market, contributed to the crime, and block interception, secretly mining, code vulnerabilities, key technologies such as the risk of theft, but at the same time, block chain technology has a great development prospect in many fields. Now, have applications in the securities, insurance, asset management field. For example: in the field of insurance application block chain technology, will greatly optimize the process and cost evaluation. Under the traditional mode, if farmers want to pig insurance, the insurance company must to the scene to see, and then determine whether to assess the risk of insurance. If the application block chain and artificial intelligence technology, the insurance company can be established only for each encoding can be identified with “* * head face recognition technology, real-time monitoring of action trajectory, each head * eating etc, and these data information into the chain, judge * health, disease prevention occurrence. Is it interesting?

Bitcoin current slump, a large number of investors to sell. But it is behind the block chain technology, its development prospects still look forward to, do you think bitcoin will return to the high point?

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