An establishment displays a sign showing that Bitcoin is accepted as payment. (Photo : Reuters)
Bitcoin was halved to 12.5 on Sunday, July 10, its second reward halving but for speculators, the market for the digital currency remains uncertain for speculators, Global Times reported.
Bitcoins are halved every four years based on blockchain coding or every210,000 and the total number will be capped at 21 million. The first halving of Bitcoin was in November 2012.
For Bitcoin investors, the halving is not news and industry insiders said that the price is not expected to rise in the coming days.
In November 2013, the Bitcoin's price rose to more than $1,200 but since then, it dropped and fell back to $200 in April 2015.
Early this year, the digital currency's price surged to more than 50 percent, cause by the weakening of the yuan and the latest halving as well as the potential advantage of the blockchain technology.
However, it is still unknown how long the resurgence will last and when investors will lose interest in it again.
A report released on Friday, July 8, by Bitcoin trading platform huobi.com showed that the uncertainty is risky for Chinese investors as about 80 percent of global trading of Bitcoin is in China, which also accounts for a big share of Bitcoin's mining capacity.
The report indicated that 80 percent of investors are looking for quick money and only a few trust Bitcoin's long-term value.
Bitcoin will remain unregulated unless a central authority endorses it. In addition, it has to compete with other similar currency in the market, such as Litecoin.
In the U.S., Bitcoin has been taken lightly and treated more as a money service business than a currency.
On the other hand, in China, Bitcoin trading is allowed by the central bank but cannot be used for payment.
With the potential advantage of the blockchain technology, a study on how the technology can be used in the future is being undertaken by the central bank.
