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China Makes Bitcoin Bigger Than Ever

Bitcoin China featured

Bitcoin, as we all know by now, is doing rather well for itself, and that seems to show no signs of stopping as investment from two venture capital firms blew the currency to its highest value ever.

Having invested $5 million in BTC China, bitcoin value climbed to a new high of $608 per bitcoin this afternoon (Nov. 18th).

Because of this gargantuan investment, along with general demand for the currency within the nation, China now makes up for more than 50 per cent of the world’s daily bitcoin turnover. It’s home to a huge amount of bitcoin nodes, which serve as hubs for the tracking and exchange of the currency.

The strong interest and investment also means that it could well be made easier to access and spend in China when the next expected financial reforms roll out.

Of course, there are other advantages to China’s interest in bitcoin – largely its potential to slowly chip away at the value of the USD.

This isn’t too surprising to believe either when China is also at the centre of a rather tricky issue surrounding $4.1 million worth of bitcoins disappearing.

 

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[Image: The Hacker News]

Comments

  1. Alex

    How can anyone be sure that the bitcoin can preserve in value for the future? If so, how can a company such as our hotel chain can accept the bitcoin and then later can spend them. Can anyone give me some concrete answer? Alex

    1. Author
      Vaughn Highfield

      Hi Alex, while I’m no expert in the way that bitcoin works, and I’m sure someone will come along to explain and refute my explanation, I’d say your hotel chain would be able to accept bitcoin through the various new methods of bitcoin payment devices surfacing in the market.

      As a company, you’d be able to spend them as a separate reserve fun online, using it to buy products or pay workers (obviously this is in a more ideal bitcoin accepted world). You’d also be able to trade them online, cashing out for USD if you had no interest in keeping them as bitcoin.

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