Cryptocoinsnews: 80% of all bitcoin trades are conducted with Chinese yuan

[nutildah]

The author uses the terms "trades" and "transactions" interchangeably, but they must be referring to just trades.

The article does contain some interesting insights into the distribution of wealth worldwide but the author fails to realize that a bitcoin transaction doesn't involve any currency other than bitcoin.

"This Country Has Fewer Poor Than America, 80% Of Bitcoin Transactions"

https://www.cryptocoinsnews.com/america-china-bitcoin-transactions/

[saturn643]

Of course it does. The majority of miners are in China and most of them probably convert most of the Bitcoin that they get into yuan.

[bearex]

Of course, just like every other thing, comes from china

[Lauda]

This doesn't come as a surprise and is not even news worthy if you ask me. They just wanted to write just another article.

Of course it does. The majority of miners are in China and most of them probably convert most of the Bitcoin that they get into yuan.

Yes and not. Even though the majority of miners are in China, they don't make up 80% of the hashrate. This means that in addition to miners (of which some are not converting back to fiat) there are other factors involved. In other words, they aren't the ones that are causing this.

[Mickeyb]

Also let's not forget that on the Chinese exchanges there are no trading fees so they can essentially be trading back and forth and be raising their volumes like this.

Many times they are accused of doing this. But even without this, China is huge and their population is huge. Like someone said above, nowadays everything is coming from China.

[unamis76]

Also let's not forget that on the Chinese exchanges there are no trading fees so they can essentially be trading back and forth and be raising their volumes like this.

Many times they are accused of doing this. But even without this, China is huge and their population is huge. Like someone said above, nowadays everything is coming from China.

My thoughts exactly. How can one be sure this isn't affecting the article's results?

[countryfree]

The author uses the terms "trades" and "transactions" interchangeably, but they must be referring to just trades.

The article does contain some interesting insights into the distribution of wealth worldwide but the author fails to realize that a bitcoin transaction doesn't involve any currency other than bitcoin.

"This Country Has Fewer Poor Than America, 80% Of Bitcoin Transactions"

https://www.cryptocoinsnews.com/america-china-bitcoin-transactions/

I didn't know that website, but I now know I'll never read again anything from it.

Pure disinformation. There are way more poor in China than in the US, and there's hardly any poor in the US. The poor, the real poor, those living with less than 2$ a day, there are millions of them in Africa, I have yet to see one in America.

North America is home to some of the 10% poorest in the world and 30% of the richest. cryptocoinsnews says! Sorry but that's all wrong. The guy who wrote that doesn't anything poverty, nor the world.

[maokoto]

There is just too much population in China, which, in addition, is tied with higher than average Bitcoin awareness.... the result is self-explanatory

[Blawpaw]

The author uses the terms "trades" and "transactions" interchangeably, but they must be referring to just trades.

The article does contain some interesting insights into the distribution of wealth worldwide but the author fails to realize that a bitcoin transaction doesn't involve any currency other than bitcoin.

"This Country Has Fewer Poor Than America, 80% Of Bitcoin Transactions"

https://www.cryptocoinsnews.com/america-china-bitcoin-transactions/

No secret at all. We all know that Chinese exchanges have the biggest trading volumes in the industry, Besides, the major mining companies are Chinese as well, so this explains why there are many more transactions in China than in the rest of the world.

[nutildah]

Pure disinformation. There are way more poor in China than in the US, and there's hardly any poor in the US. The poor, the real poor, those living with less than 2$ a day, there are millions of them in Africa, I have yet to see one in America.

North America is home to some of the 10% poorest in the world and 30% of the richest. cryptocoinsnews says! Sorry but that's all wrong. The guy who wrote that doesn't anything poverty, nor the world.

True. The main points they are trying to make are terrible but I think its more based on misinformation than propaganda. I mean if there's over 1.1 billion people in China, how could they possibly have fewer poor people than a country less than 1/3 their size?

Also, "North America" technically includes Central America, which in general is a very impoverished area of the world. And then the author goes out of their way to change the meaning of North America to the United States... The only reason I think its just stupidity and not propaganda is because the website is based out of Arizona and not China.

[Amph]

This doesn't come as a surprise and is not even news worthy if you ask me. They just wanted to write just another article.

Of course it does. The majority of miners are in China and most of them probably convert most of the Bitcoin that they get into yuan.

Yes and not. Even though the majority of miners are in China, they don't make up 80% of the hashrate. This means that in addition to miners (of which some are not converting back to fiat) there are other factors involved. In other words, they aren't the ones that are causing this.

well it can be caused by two, things

vast majority of buyer are using their exchange, or there are many bot running on their exchange used by the miners themselves, to compete with other miners in trading

[okae]

Of course it does. The majority of miners are in China and most of them probably convert most of the Bitcoin that they get into yuan.

yep, obviously this is one of the reasons about it, we just need to check how houbi exchange is doing everyday to confirm that, i mean not only by miners, traders too.

btw i really hope that this will change in the next years, we need more "movement" out of china

[countryfree]

Pure disinformation. There are way more poor in China than in the US, and there's hardly any poor in the US. The poor, the real poor, those living with less than 2$ a day, there are millions of them in Africa, I have yet to see one in America.

North America is home to some of the 10% poorest in the world and 30% of the richest. cryptocoinsnews says! Sorry but that's all wrong. The guy who wrote that doesn't anything poverty, nor the world.

True. The main points they are trying to make are terrible but I think its more based on misinformation than propaganda. I mean if there's over 1.1 billion people in China, how could they possibly have fewer poor people than a country less than 1/3 their size?

Size and poverty are not always related. Ethiopia has about one quarter of the population of the US, and yet, it has way more poor people than the US. And believe me, the poor Ethiopians are much, much poorer than anyone in the US. In most of rural Ethiopia to be rich means to have electricity. There are entire villages where running water is a luxury.

[Pab]

Sure ,1,4 bln people,more real will be number of transaction on citzen,but there is much  more btc exchanges in China than in USA and biggest pumping groups are from China

[gentlemand]

Absolutely no way it's transactions, gotta be trades. I don't really know why China is still thought of as the daddy. Plenty of mining of course, but the trading is a fucking joke by now and they bring absolutely zero to the table in terms of development or innovation.

[knowhow]

We all know the big farms are located at china and some owned by them,buyt 80% sounds a bit unreal the total hashrate shows others informations,sure its good to buy and sell bitcoin without fee soo i supose some users are exchanging their money into yen to be able to trade.

[isvicre]

As always, Chinese people have the biggest interest over bitcoin for sure, they have biggest farms etc.
So they have biggest population, it is clear.

[NorrisK]

Pure disinformation. There are way more poor in China than in the US, and there's hardly any poor in the US. The poor, the real poor, those living with less than 2$ a day, there are millions of them in Africa, I have yet to see one in America.

North America is home to some of the 10% poorest in the world and 30% of the richest. cryptocoinsnews says! Sorry but that's all wrong. The guy who wrote that doesn't anything poverty, nor the world.

True. The main points they are trying to make are terrible but I think its more based on misinformation than propaganda. I mean if there's over 1.1 billion people in China, how could they possibly have fewer poor people than a country less than 1/3 their size?

Also, "North America" technically includes Central America, which in general is a very impoverished area of the world. And then the author goes out of their way to change the meaning of North America to the United States... The only reason I think its just stupidity and not propaganda is because the website is based out of Arizona and not China.

That was one of my first thoughts when I read this.. It is complete nonsense that China has less poor people than the US.. In absolute and relative terms I cannot accept a statement like that.

Maybe they have some chinese authors working for them? Of they are owned by chinese? Could explain the location base.

[Tookie Tower]

I think that just because China has a large population and cheap electricity.

[Amph]

I think that just because China has a large population and cheap electricity.

and because they can actually produce there their chipset, because arabia, have also cheap electricity and not a small population, but there are no farms there