Fate Of Bitcoin Depends On Huge Chinese Miners After Surge Of 4,400%
Out of total trade, there is around 90% portion of the bitcoin and 70% of the mining are traded in China. A computer geek fresh out of the top university of China Wu Jihar try to find out everything he can about the mysterious founder of the digital currency and the ambitions of its users to transform the global financial system.
To launch a bitcoin startup, he quit his job at a private equity firm and today he is the owner of the company of one of the biggest players in the bitcoin mining, which is computer process through the transactions can be processed with the cryptocurrency. The transaction times of the bitcoin advances to more than 4,475 percent over the last five years.
There is a simple fix in the theory: the transactions could continue apace with some coding tweaks, but the main issue to address here is that any change in the architecture of the bitcoin will create losers. The enthusiast will try once try once again after the five attempts at a conference in the Silicon Valley in the present month. There is a requirement of support from the Chinese attendees to reach to any solution.
In China, the concentration of the bitcoin activity has some tension that the system could become vulnerable by the ruling communist party, who put restrictions over the cross-border capital flows. They will also have a tight control over the internet.
An active bitcoin code contributor Peter Todd states that having so much mining power in China is a negative effect. He further states this power will make the Chinese government to do lots of harm easily. The Chinese central bank says that it is a digital currency, not a real one.
Plus, they have taken many steps to prevent it from becoming indulge in the domestic financial system. So, it states that the makers of the policy are trying to have control over its development across the globe.