How Did China Dominate Bitcoin? - page 2.

Sirait

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Quote from: royalfestus on November 02, 2019, 02:44:10 AM

Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

You dont ask why they still do the mining as much as they do it then? I dont stay in china but the news say electricity is cheaper there. China might look greedy to most people outside Asia but they provide a platform that allows industrialization and innovation to thrive. Am disappointed with the rate of bitcoin export from china also and poverty seem to cause it. However, they still own a large portion of bitcoin.

are you sure that the cost of electricity in China is very cheap?

I read the news, China is getting interested in Bitcoin because the electricity theft rate in their country has increased sharply. their police force found that the electricity thieves built Bitcoin mining, because cases of this kind emerge continuously so their government is paying great attention to Bitcoin, this is the reason why many of the Bitcoin mining is forcibly closed.

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Quote from: Aying on November 05, 2019, 10:24:44 AM

Quote from: airdnasxela on November 04, 2019, 05:50:17 AM

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

Aside of that china will gain most popular bitcoin miners and users. government there will easily dominate it because of peoples support. they choose blockchain to control all over cryptocurrencies. their population will help them to fulfill their preference. In a short time of period they rapidly thinking the steps on making their own cryptocurrency. with this, miners on their country have the opportunity to improve more and earn more. on their move many country has motivational way to follow the footsteps of china in expanding blockchain and crypto in their country.

China can dominate with bitcoin because most popular digital currency there is bitcoin, before bitcoin raise with higher price China become first country have allowed of bitcoin as legal currency payment, there are have many big bitcoin mining project and thousand ICO investing launching there, when bitcoin banned there many investor keep trust for investing in bitcoin.

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

The fact that the whitepaper of satoshi was written in English does not mean that it cannot be translated into chines and moreover, we have so many Chinese people that speaks English very well, so they don’t even need to use goggle translator for them to interpreter it directly into another paper.

Secondly, when it comes to the mining machine, they are the ones that are producing it, and how would they not have the knowledge of what they are producing, so expect them to definitely understand the machine the more, which is why I think that is the reason why they are the main dominant of bitcoin mining. It would even be easier for them to use it more there because the cost of producing it here is what they need while other will consider several cost before even moving it out of china.

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Quote from: airdnasxela on November 04, 2019, 05:50:17 AM

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

Aside of that china will gain most popular bitcoin miners and users. government there will easily dominate it because of peoples support. they choose blockchain to control all over cryptocurrencies. their population will help them to fulfill their preference. In a short time of period they rapidly thinking the steps on making their own cryptocurrency. with this, miners on their country have the opportunity to improve more and earn more. on their move many country has motivational way to follow the footsteps of china in expanding blockchain and crypto in their country.

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Unfortunately I cannot assert and discuss global processes because I do not have enough knowledge and information as well as such processes seem to me too ambiguous. Nevertheless looking around I see many people from China working in various spheres and I may suppose that they choose BTC as a perfect mean for transferring money and making transactions cheaply and without expensive and heavy taxes.

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China is a business-minded country. They're into business so even a language is never a barrier for them to understand things about cryptocurrency. They have cheaper equipment so they could definitely do crypto mining. China has now a huge number of crypto users and it really brought a huge impact on the growth of cryptocurrency.

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China is the leading factor with Bitcoin mining. China plays a very important role in the bitcoin mining ecosystem, has always have. In the last month, China accounts for around 80% of all mined bitcoins. The country offers several advantages to bitcoin miners like centralized mining operations. There were many fears early in Bitcoins beginning that China would initiate a 51% attack which would have destroyed Bitcoin. I still don't think it has happened to this day. China also has a supply of cheap electricity, hydro-power and coal production.

Source: https://www.investopedia.com/news/china-intensifies-crackdown-bitcoin-mining/

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Very cheap electricity.

See

https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechat

Quote

China has 70 per cent of the world’s crypto-mining capacity, and over 70 per cent of that capacity is nestled in the mountains of Sichuan, where abundant hydroelectric power makes the price per kilowatt some of the cheapest anywhere in the world.

Basically, during the financial crisis, the Chinese govt poured money into infrastructure like hydroelectric plants, mainly to create work for people and prevent unemployment rising.

But the result was overcapacity - these plants are producing electricity they can't sell. Then the bitcoin miners turned up and said, we'll buy some electricty if you do us a deal so it is cheap. Faced with producing electricity that is wasted, and getting a little money for selling it to the bitcoin miners, the electricity generators chose the latter.

If the electricity plants find a better customer for their power, then the mining will move somewhere else.

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Quote from: Hamphser on November 05, 2019, 07:26:53 AM

Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

As you know that bitcoin is being used differently around the globe and since chinese had the most genius hacker on their country. It's just normal that they get the attention of bitcoin usage so they started to think on how they could make money from it. Chinese people are business-minded so if they saw some opportunity they grab it fast.

I agree. Language is not an obstacle if the product is truly profitable. The Chinese catch every opportunity to earn money, they are very tenacious people in business, Bitcoin was no exception

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

As you know that bitcoin is being used differently around the globe and since chinese had the most genius hacker on their country. It's just normal that they get the attention of bitcoin usage so they started to think on how they could make money from it. Chinese people are business-minded so if they saw some opportunity they grab it fast.

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

It wasn't china that dominates bitcoin mining, it was just the location where most of the mining company setup their mining activities because of both cheap labors and cheap electricity. Aside from that, chinese can read english language too so do not think that only english people can understand the white paper of Bitcoin. Aside from that there are also a chinese translation of Bitcoin whitepaper

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Chinese are known to be business-minded and if they've seen opportunities they will grab it right away. It's been mentioned that they have a big advantage due to the cost of electricity and with manpower they also manage to build more mining devices, we remember before that they've banning
bitcoin farms but now with the president's statement about interest with blockchain, there's a chance that they've realized that with this new technology, the advancement towards future system can be develop by them, to build up much stronger and competitive system globally.

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Two reasons really.

1) there is a lot of new money in China. Hundreds of millions lifted out of poverty, more millionaires than in the USA. Tight capital controls mean it is difficult to diversify and move your money out of the country. Bitcoin helps with this. Unlike Korea, it is not your average middle class who is holding bitcoin, it is the richer folk.

2) cheap electricity from hydropower. They have more electricity than they can use themselves.

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Quote from: airdnasxela on November 04, 2019, 05:50:17 AM

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

For me, the sole reason why China "Should" dominate bitcoin is because they have enough human resources to adopt the crypto and pump it. As well as they have the capability to create a massive infrastructure that will support cryptocurrency and bitcoin mining, which will surely harvest most of the hash power of the cryptocurrency. In this case, if China will be aware of it and they will surely make their move to take advantage of it to lead the cryptocurrency innovation.

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Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

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the problem with people nowadays is that they believe any kind of crap that the internet feeds them. so if some random dude told them sky is brown they believe it without even looking at the sky and see what color it really is!
the fact is that only because during 2012 to 2016 they spread a lot of FUD about China and them banning bitcoin, having 100% of hashrate,... certain people are still programmed to believe that. the fact is that it was all FUD. not only China doesn't dominate bitcoin, it doesn't even dominate mining. hashrate is distributed well around the world.
if you look at Chinese trading volume it practically is non existent.
if you look at Chinese number of full nodes it is not the highest.
if you look at Chinese merchants, services, real adoption,... it is the smallest.
so how the hell are they dominating bitcoin? just becuas the internet said it and Bitmain is Chinese?!!!

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Quote from: Pearls Before Swine on November 02, 2019, 02:42:32 AM

Quote from: Deathwing on November 02, 2019, 02:38:02 AM

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.

That, plus by sheer percentage they represent a large proportion of the world's population. That, combined with their early interest in bitcoin and its mining, probably best explains why they're so dominant. And good for them, too. It would be a bad thing indeed if China didn't have such an interest in crypto. If you think about it, it's amazing that crypto in general has achieved such a worldwide appeal, even among the poorest of countries.

Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Not all Chinese citizens can read english, but I'm sure a *lot* of them can and they're known for producing some very smart scientists/engineers/computer geeks.

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this should sum everything up regarding behind the china bitcoin domination.

repetitive comments would come endless after this, the topic itself has really short issue to discuss further. China is on the way to even dominate the world economic, not even russia or USA can stop them right now.
i am pretty sure that it is because of how they have maximized every advantage they have into something proggressive like we are watching it now , chinese products has been spread around the world , just look at the stuff you are using now , where it made in? laptop, cellphone, camera, even a spoon is made in china now.

so it was not something taboo , especially in cryptocurrency where the enthusiasts is so high despite the controversy and bitcoin ban in china.

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I think the name "Satoshi Nakamoto" peaked the interest of a lot of the Asian people in those countries, because it is a common name there. Cheesy

So they started to investigate and people were curious to know who it was and how it worked.

The Chinese people have some of the most remarkable "hackers" in the world and they are very smart people. They also like to be at the forefront of new technologies, so they quickly spotted Bitcoin's potential. Grin

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Quote from: Newchanka on November 02, 2019, 02:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Simply because they had manpower, China always dominate everything whether manufacturing of different products and services so there's no doubt they will dominate Bitcoin mining and even the market. As a matter of fact every move China made makes a big impact on the market just like what happended recently where president Xi announced about Blockchain technology. Anyway, this big country had enough technology to conduct these activities.

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Quote from: Deathwing on November 02, 2019, 02:38:02 AM

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.

Cheap mining operating, lower price of mining tool and lower payment fees electric in China make they always dominate with bitcoin transaction, they have big investor want to adopt bitcoin and altcoin as currency investing. When make announce about positive side of bitcoin just awhile bitcoin price can fly to higher price, and they are very easy how to make bitcoin down with negative news.

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