Also let's not forget that on the Chinese exchanges there are no trading fees so they can essentially be trading back and forth and be raising their volumes like this.
Many times they are accused of doing this. But even without this, China is huge and their population is huge. Like someone said above, nowadays everything is coming from China.
Topic: Cryptocoinsnews: 80% of all bitcoin trades are conducted with Chinese yuan - page 2. (Read 1255 times)
October 20, 2015, 03:57:32 PM
October 20, 2015, 03:37:39 PM
This doesn't come as a surprise and is not even news worthy if you ask me. They just wanted to write just another article.
Of course it does. The majority of miners are in China and most of them probably convert most of the Bitcoin that they get into yuan.
Yes and not. Even though the majority of miners are in China, they don't make up 80% of the hashrate. This means that in addition to miners (of which some are not converting back to fiat) there are other factors involved. In other words, they aren't the ones that are causing this. 
October 20, 2015, 03:30:28 PM
Of course, just like every other thing, comes from china 
October 20, 2015, 03:28:29 PM
Of course it does. The majority of miners are in China and most of them probably convert most of the Bitcoin that they get into yuan.
October 20, 2015, 03:23:56 PM
The author uses the terms "trades" and "transactions" interchangeably, but they must be referring to just trades.
The article does contain some interesting insights into the distribution of wealth worldwide but the author fails to realize that a bitcoin transaction doesn't involve any currency other than bitcoin.
"This Country Has Fewer Poor Than America, 80% Of Bitcoin Transactions"
https://www.cryptocoinsnews.com/america-china-bitcoin-transactions/
The article does contain some interesting insights into the distribution of wealth worldwide but the author fails to realize that a bitcoin transaction doesn't involve any currency other than bitcoin.
"This Country Has Fewer Poor Than America, 80% Of Bitcoin Transactions"
https://www.cryptocoinsnews.com/america-china-bitcoin-transactions/
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