Bitcoin Control is in China at 80%
According to our assessment, 80% of Bitcoin exchange transactions globally are BTC / Yuan parity. This ratio makes China feel markedly dominance over Bitcoin.
When the last 30-day chart of Bitcoin exchage transactions is analyzed, it is seen that BTC / USD 12.5 million, BTC / Yuan 80%, BTC / USD 16% and 4% are other currencies. The fact that some Chinese exchanges do not get commission from trading contributes to this BTC / Yuan parity of 80%. Another reason is that mining is widespread in China and equipment is produced at a lower cost than other countries.
Nevertheless, the high population of China and its interest in crypto paralysis makes it possible to have the highest volume of Bitcoin exchange sites in China. During the past year, the Chinese government has embarked on a number of prohibitions in order to perpetuate this cryptic interest in its citizens. First the Yuan currency was banned, and then the bank accounts of the exchange sites were frozen. All of these prohibitions have made crypto users uneasy, causing Bitcoin’s value to decline and an uncertain market to emerge by early 2014.
After one year passed, the Chinese government seems to have finally left Bitcoin behind. We know that all transactions are now taking place without any restrictions. Bitcoin and all other cryptos should not have such prohibitions in order to survive. Because crypts are not affiliated with any institution or country, they can not receive official and reliable support from anywhere except the Bitcoin community. It is a disadvantage, however, in a way that it brings advantages in terms of independence. As bitcoin and blockchain technology evolves and becomes widespread, I think that the prohibition acts of the countries will gradually become their support.
China was a country where Bitcoin transactions were banned only a year ago; but now it has a huge market that makes up 80% of all transactions. Though it sounds a bit ironic, it does not give a pretentious fighting impression, obviously!