Monday, July 10, 2017

China and Japan are largely responsible for cryptocurrency's success

China and Japan are largely responsible for cryptocurrency

The age of cryptocurrencies is upon us, and two countries in particular have been instrumental in their stratospheric rise: China and Japan.


Cryptocurrencies have become popular in China due to the government's stringent control of the yuan — a power they occasionally exercise by artificially devaluing the currency for trading purposes.


With private wealth in China growing, affluent individuals have found a more stable and accessible alternative to the yuan in cryptocurrencies.


Additionally, China has an abundance of cheap energy and hardware, which facilitates crypto mining (the process through which new blocks in the blockchainare created and transactions are verified). Chinese exchanges run mining "pools" to generate these blocks, and these efforts constitute 60 percent of Bitcoin's total hashrate (the speed at which Bitcoin operations are completed).


Full story at http://read.bi/2u75wZf


Source: Business Insider


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