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What is China’s Bitcoin (the latest situation of China’s Bitcoin)

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What is China\’s Bitcoin called? It is a type of cryptocurrency that can be used

What is Chinas Bitcoin (the latest situation of Chinas Bitcoin)

What is China’s Bitcoin called? It is a type of cryptocurrency that can be used for exchange and value storage. In China’s legal definition, “legal tender” refers to a type of digital cash issued through blockchain technology. “Virtual currency,” on the other hand, refers to an electronic currency and a means of payment generated through cryptography. This new type of currency is also referred to as a decentralized network, operated or owned by an independent company.

However, all of this requires a consensus: if anyone wants to use this anonymous system, they must first apply to the government; secondly, everyone should know the ownership of their held assets; thirdly, all funds can be transferred to designated wallets; and finally, it is necessary to ensure that these funds are not stolen. (Wu on blockchain)

The latest situation of China’s Bitcoin

Editor’s note: This article is from Lianneican (ID: lianneican) and is authorized to be reproduced by the author, Inner Reference.

Since Bitcoin reached a price of $10,000 in 2017, China has taken a dominant position in the cryptocurrency market. From historical performance, China’s BTC trading volume has increased by over 400% since 2017. The Bitcoin trading volume from the beginning of 2017 to the end of 2019 was around $200 million, reaching approximately $600 million at the end of 2019. At the end of 2019, China’s total BTC trading volume was only over $300 million.

In the second half of 2018, Bitcoin purchasing activities within China significantly increased and started to transfer overseas, aligning with the demand of Chinese retail investors.

According to CoinMarketCap data, China’s total market value of Bitcoin currently exceeds $80 million, much higher than the United States and Japan, which are respectively double the amounts in November and July as well as about twice the amount 10 months ago. The first quarter of 2020 had the highest average sales volume for China’s Bitcoin.

Nevertheless, the level of activity in the Chinese Bitcoin market remains stable. According to statistics from CryptoCompare, as of mid-December, the average daily Bitcoin transactions from global digital asset exchanges reached 528,000 addresses, an increase of nearly 1,000% compared to the previous year. At the same time, the daily average trading volume of major cryptocurrencies such as Ethereum, Ripple, Litecoin, and Tezos are 1,345,000 and 1,835,000 respectively. Bitstamp, ranked 23rd among exchanges, added over 170,000 new users in the past week. Meanwhile, the price of Bitcoin has been fluctuating, with a recent 50% increase in the past month. In the second half of 2018, Bitcoin’s cumulative decline reached 30% to 35%. (Image source: Coinmarketcap)

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