The World Economic Forum (WEF) was aflutter about bitcoin and blockchain this year, going as far as creating the Global Blockchain Business Council spearheaded by China. This is unsurprising given the fact that Shanghai is home to the largest BTC exchange by volume.

Neil Woodfine, COO of Remitsy and Beijing Bitcoin meetup organizer, however, debunks the myth of China and Bitcoin in his article, “How Chinese is Bitcoin?”. He argues that China’s 90% trade volume is completely misleading. Chinese bitcoin trade volume sure is supermassive. The three major exchanges (OKCoin, Huobi, and BTCC) report a 30-day trade volume totaling 186.3 million BTC accounting for 98.3% of all global trade volume. However, if you stop there, you’re only getting a small part of the picture.

“Basically, bitcoin old-timers have been on a long journey. We think about it every day. And our ideas of what bitcoin are changing all the time. What I thought about bitcoin and blockchain have radically changed over even the last six months,” Neil says. “Then you get all these newcomers coming in, saying that blockchain is the real innovation and it’s going to change this and that.”

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Junse Lee

Junse lives in the future. She is interested in new rules and ethics technology will bring into people's lives.