China proves Bitcoin is an unstoppable machine: Bitcoin Center founder
The internet is a big place, and bitcoin enthusiasts are pushing hard to make bitcoin more and more mainstream. But this is a race that has been going on for years: In the early days of the internet, some people were calling for the end of the world if the internet first failed. Others were trying to hype bitcoin as the silver bullet to save us all. We aren’t facing that kind of a catastrophe today, but we still see an intense battle between bitcoin and the rest of the financial system.
Bitcoin is a decentralized digital currency often associated with cybercrime and illegal activities. But in the past few months, as China’s regulators have cracked down on exchanges, more people are starting to accept the Bitcoin as an actual currency. In a move that shows how the digital currency has already become mainstream, Chinese bitcoin exchange ZhenFund announced that it has raised over $1 million in its first round of funding.
China’s central bank has announced that it will issue a virtual currency to help combat massive capital outflows. The People’s Bank of China has announced that it will issue a new digital currency, called the ‘central bank digital currency’, or ‘CBDC’, as a way of making Bitcoin more attractive to Chinese citizens.
China’s moves to curb bitcoin (BTC) mining continue to provoke strong reactions from across the crypto-ecosystem. One of the first operators of BTC exchanges and co-founder of Zap Protocol, Nick Spanos, said the crackdown only proves that bitcoin is an unstoppable machine when the world’s second-largest economy cannot suppress, devalue and manipulate bitcoin.
Mr. Spanos noted that enforcement increases the deficit as the number of miners relative to the volume of transactions decreases. He stated:
The bitcoin algorithm is updated about every two weeks, so that a block of transactions is mined every 10 minutes. This has made mining bitcoins both easier and more profitable. This is a recipe for attracting new miners.
According to Spanos, miners from China will look for a place with immediate neighbors such as Kazakhstan, Iran and Russia. Other countries in the region will also seize this opportunity, he added. Recently, one of the largest mining companies operating in China announced its intention to withdraw from the country and expand its mining operations to the United Arab Emirates, Canada, the United States, Kazakhstan and Iceland.
Spanos noted that the price of bitcoin has always risen once regulatory failures have been processed by the community.
Last week, Galaxy Digital CEO Mike Novogratz called China’s attempt to impose restrictions positive for bitcoin. According to him, the collapse of the market after an all-time high followed by high volatility was a successful test for the crypto ecosystem as a whole.In a country where the government can shut down private companies and companies can be banned from sales, Bitcoin is proving to be the exception, not the rule, in China. The country’s biggest exchange, BTC China (officially known as CAVIRTEX), which has been operating for over a year without a government license, recently announced it raised US$1.5 million in Series A funding. The company, which launched in January, has seen increasing demand for its services among the Chinese population. The announcement comes at a time when Bitcoin has seen a recent surge of interest and growth in the country.. Read more about nick spanos photography and let us know what you think.
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