Bitcoin is a digital payment system also known as cryptography. It is used to make secure online monetary transactions. It control creation of excessive currency. It was invented by Satoshi Nakamoto and was announced in Oct. 31, 2008 and issued in 2009.
Bitcoin gained immanence popularity in China.
Bitcoin has gained popularity in China in comparison with other parts of world. In last the it has been top transaction medium in China. It has taken almost 99% of the trade that is been taken in cryptocurrency. Since the time it has been launched properly it has not faced down fall.but the price in December 2016 and January 2017 has been proved it a top currency exchange according to public bank of China. People bank of China want to drag back the price Bitcoin to $1000. The higher prices mat create unrest among the investor as well it may decrease the foreign investment in China.
Future of Bitcoin:
As per the reports of People’s Bank Of China, some black money exchange are avoiding the money regulation laws and rules. As the Bitcoin is used wildly so there is threat it can help in black marketing. The future Bitcoin is not oblique but after few regulations.
Lee responded Business Insider in an interview after the allegations has been made by PBoC he said that he is not aware, when the examination would be conducted but I know it would be administered . I have surety of that because radically I think Bitcoin exchanges need to be regulated as these are not updated according to latest government laws.
In the response of Lee’s statement PBOC launch an investigation against BTCC.BTCC is China’s largest Bitcoin exchange like Huboi and OkCoin. It may come under the large exchange policy shift after the investigation and may asked to lower down their transaction charges.
BTCC, Huboi and OKCoin written on their websites that they will charge 0.2 percent per transaction and the fee is further manipulated in market not by the companies itself.
Lee, however, says that these charges are right.The charge was slapped as he knew that government currency regulator would have forced him to do the same in near future.