Investors in Bitcoin, the most popular and capitalised cryptocurrency are not smiling as at least $365 billion has been wiped off their investments after Tesla’s founder, Elon Musk, announced that the car maker will not be accepting Bitcoin as payment for its cars.
The price of Ethereum had declined by 13.29 to $3,728 while the price of Binance Coin and dogecoin had depreciated by 14.55 and 21.62 per cent in less than 24 hours. Bitcoin is not issued by a single entity like a central bank. Instead, it is maintained by a network of so-called “miners.” These miners use purpose-built computers that require a lot of energy to solve complex mathematical puzzles in order for bitcoin transactions to go through. Bitcoin’s energy consumption is larger than some individual countries.“Tesla has suspended vehicle purchases using Bitcoin.
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