Nov 18, · The largest Bitcoin exchange in the world is located securely inside China, and one of the world's largest Internet companies, Baidu (BIDU), is integrating and using Bitcoin. It seems highly. Apr 08, · From claims of Bitcoin mining being traced all the way back to Japan, to the Chinese cryptocurrency market fueling 90% of global trading in , one could almost not do without mentioning Bitcoin and the Asian market in the same breath. Jan 29, · One of the new black markets that have become popular over the last year, Empire Market, has several pages of listings for fentanyl in various forms, from 12 grams for $1, in Bitcoin .
Bitcoin chinese marketChina's bitcoin market alive and well as traders defy crackdown | Reuters
Within months of the chop on QQ, the Bitcoin algorithm was released anonymously online. Bitcoin is difficult to trace. And as the open source aspects of Bitcoin grew and strong demand began to push up prices, China took notice, perhaps having been more aware than others of how quickly and completely these things can take off. In terms of geopolitics, the implications of Chinese support for Bitcoin are clear and complicated for the U.
The more bitcoins a person or entity control, the higher their influence in all things Bitcoin. In the meantime, Bitcoin presents a marvelous gift for China, a country anxious to exert financial influence on a global scale, but nervous to overtly undercut the U. It could also help China exert more economic influence over commodity-rich Africa. Digital currencies like Bitcoin are already set to take off there and bring financial inclusion to 2. Related: Donate to typhoon victims As Bitcoin infrastructure matures, it has the potential to be used as a currency in commodity markets and other areas of trade with lightning quickness, from gold to wheat to cotton and, yes, oil.
In Africa, this could mean the destruction of weak country currencies, large scale consumer adoption via mobile payments, and a new era for Chinese financial supremacy in Africa at large. That's why next year will be key for the future of Bitcoin. Ironically, it is the United States, the "free market" financial heavyweight in the world, that finds itself moving slowly to figure out how to adopt Bitcoin.
Meanwhile, China is proving to be a leading player in this 21st century currency. If the U. The message to Congress is clear. Bitcoin is here to stay and lawmakers would do well to make sure that the U. The race is on, and Bitcoin doesn't care about national borders. Stan Stalnaker is Founding Director of Hub Culture and the Ven , an asset-backed Internet reserve currency that along with Bitcoin and Ripple, is leading the digital asset market. We're no longer maintaining this page.
China is quickly moving to become one of the leading players in the Bitcoin market. CNNMoney Sponsors. Please carry out your own research before investing in any of the various cryptocurrencies available.