Insights on Cryptocurrencies in China
Aug 09, 2017 Posted / 1958 Views
The cryptocurrency market is gaining a huge rise on the global level. While some people are not much aware of the fact, but the banks, investors, and government are totally aware of the cryptocurrency.
The market of cryptocurrency is soaring high with its value. China is one of the countries which has revolutionized the market of digital currency. It has adopted many cryptocurrencies and developed many currencies of its own. There are many altcoins (alternative coins) to the Bitcoins, which are designed for the blockchain technique.
It is the altcoin designed for mining cheaper cryptocurrencies. It mines at a high rate and is efficient. It is a better alternative to Bitcoins. It is like a silver version of Bitcoins. It is designed on Bitcoin protocol, which can be decoded using GPU’s. It is more democratic than Bitcoins.
Peercoin is an alternative to Bitcoins, built on the same basis, but uses another procedure.
While Bitcoin uses POW (power of work) system, Peercoin uses Power of stake strategy. It doesn't have a fixed upper limit of coins. It is quite an inflationary coin. Peercoin simply means the more coins you have at present, the more you will get to mine more and get more rewards.
It is not entirely dependent on POW system.
Namecoin is basically not a currency. It is developed as an alternative to putting control over the DNS of the .bit domain. By staying out of the control of ICANN, which controls all the domains of the network, it can easily escape the controls and censorship.
Quarkcoin is for the people who have issues related to security. It is a highly secured altcoin. It goes through nine rounds of hashing. From which it chooses six different methods of hashing. Cryptocurrencies use mostly one hashing round. But Quarkcoin uses 9 rounds. That is why it is immune to many vulnerabilities.
Primecoin altcoin doesn't get mined after solving hashes. It involves rounds of Cunningham chains. It involves finding prime numbers. That is why it has been named as Primecoin. These prime numbers which are mined, are more valuable than solving other maths puzzles.It is also used in public key cryptography.
It is a fork of Peercoin. It works on POW and POS system.
It uses scrypt hashing technique for POW system. It has a difficult POS.
It is derived from Litecoin. It is mostly similar to Litecoin. But has some fewer difficulties for mining. Whereas, mining Litecoin is difficult. It is a more secure system, which saves attacks up to 51%. It saves many malicious attacks which can inflict reverse cryptocurrency transactions.
China has a major hand in promoting the use of cryptocurrencies along with Japan, as both have stepped to digitize the method of payment with virtual currency. China and Japan have made it possible for the blockchain technique to spread their feathers with such an impact.
It is due to the government’s control over the native currency - the Yuan. The wealthy investors have found investing in Cryptocurrency as a great alternative. China has a strategy to devalue their own currency for trading purposes. This is when the value of cryptocurrencies rises there.
Chinese central bank is hiring more and more blockchain experts. This is to solve all the ledger and currency related issues in the banks. This strategy is because recently Chinese government has decided to regulate Cryptocurrency and support more ICO’s in the country.
The impact of China will be for a great period. The major reason is that it holds so many numbers of Exchange systems in the country. It has supported to develop more ICO's and digitize the country with the payment system.
The Cryptocurrency market got a bit slow because of the forking issues in Bitcoin and Bitcoin cash. But in the middle of the crisis, Litecoin has been showing signs of the rising and recovering. It has shown a significant rise in one day. The reason for the push of this rise is because of the constant support it is getting from Korea and China and strong trading volume.
The Cryptocurrency network is the decentralized one. This will be a huge step towards the Cryptocurrency, because earlier it didn't have any governing body. But now with the growth of the blockchain technique, the Cryptocurrency network will get a governing body in
China, if it manages to develop its own new Cryptocurrency.
Though there has been no formal statement released for the new Cryptocurrency in China. But fraudsters have started to take advantage of the situation by putting up the fake news in their use. The government has warned people that fraudsters make scam people in the name of the new digital currency, which has not been released yet.
Cryptocurrency has been soaring high with its prices and making a huge market. With legalization, digitization facilities, it will soar more in the future. The big question is what will other countries also follow this path and develop a global digital currency, which will facilitate more smooth transactions.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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