Is Blockchain’s Trajectory Tied to Chinese Money?
Though blockchain is a distributed, democratic framework that establishes collective worldwide services, it’s still subject to outside influence. It’s resistant to hackers, middlemen, and entrenched intermediaries yet remains susceptible to the sway of government. Regardless of how anonymous, encrypted or far-reaching any single blockchain solution is, the fact remains that a government can simply set up roadblocks preventing its proliferation within specific geographic borders.
Wishy-Washy Stance on Blockchain
China’s historically wishy-washy stance on blockchain has caused some market hiccups and been the cause of much worry in the cryptocurrency industry, but the contrast between the government’s position and the opinion of its citizens is black and white. Chinese bitcoin mining operations represent over 80% of bitcoins mined today, largely due to cheap state-subsidized energy. Despite a string of bans, it remains popular among urban residents and in regions like Hong Kong, where Western-style laws complement the general obsession over crypto. ..Read More..