Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several policies that block access to foreign exchanges. Also, it has banned ICO (Initial Coin Offerings) and implemented several other policies for them to gain control over the cryptocurrency market while keeping the foreign players out.
Ripple to the Rescue
According to some recent reports, there is an interest in Ripple from the U.S. administration to thwart China’s Bitcoin dominance. That’s utterly fake news, as per our research and knowledge US government isn’t considering an alliance with the blockchain company.
But Ripple doesn’t need Trump to grow its adoption (yeah, that will be huge if it gets official US support, but it’s not the only way), and can be an excellent weapon to tackle the Bitcoin dominance issue if one thinks about it. Ripple, unlike Bitcoin, is a private blockchain which potentially makes it attractive more to banks where a lot of them are expected to be using the XRP technology by next year.
However, for several occasions, Ripple has been under fire for the fact that it’s more centralized as compared to other cryptocurrencies. For instance, Ripple Labs is in control of 60 billion XRP, which translates to 60% of the total supply.
Last month XRP did well as compared to the rest, and currently, it is trading at $0.455 that is still not even half of its all-time high value, $3.84 that the crypto had in January this year.
During the recent Swell conference in San Francisco which had former President Bill Clinton among the key speakers, Ripple labs announced signing up three companies (payment providers Caullix, Catalyst Corporate Credit Union, and MercuryFX) for the new xRapid service (that uses XRP token).
Several banks, as well as financial institutions, have an interest in the blockchain technology along with digital assets like Ripple. For instance, Santander, a banking giant, had introduced Ripple Labs’ blockchain-powered application to enable cheap and speedy cross-border foreign exchange. For now, it seems Ripple is the best way forward for the banks and may counter China’s Bitcoin dominance.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Why BlocPal Is the Easiest Way to Accept Cryptocurrency
The face of the retail industry is always changing.
E-commerce is one of the fastest growing trends worldwide, and for good reasons.
It’s convenient, secure, and is effective at connecting merchants with interested shoppers from across the world.
For this reason, it’s no surprise that online shipping is expected to overtake brick-and-mortar stores globally by 2021, making it the world’s largest medium for retail. As the industry changes, it’s important for retailers to keep up with the latest technology so they’re able to accommodate more customers at once. This is where BlocPal comes in.
BlocPal offers business owners an easier way to process payments
BlocPal understands that not every business owner adapts to technology at the same rate. As such, BlocPal has been designed to optimize transactions for both online and brick-and-mortar companies so that every retailer can enjoy the benefits that come with the world’s first true multi-currency payment solution.
With BlocPal, business owners can enjoy the following benefits:
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Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.
At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.
Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.
The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.
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Only two weeks before the end of 2018, BTC was in a desperate position, with the value of its coin being at $3,200, threating to drop even lower. However, a sudden surge occurred on December 17th, which returned $1,000 to its value. And, since it lost approximately $400 since then, the final days of 2018 have still seen BTC well-above its lowest point of that year.
Now, 2019 has arrived, with traders and investors wondering what will happen next? Is BTC going to drop to $2,000? Will it rise back to $5,000? Will the bear market expand to this year as well, or is the market ready for a proper bull run this time?
The answer, once again, remains uncertain. The problems with scalability may be reduced significantly soon, but high volatility remains an issue. Even the slightest shift can have enormous consequences for the entire market, and any news can impact the BTC price, no matter how big or small, or if positive or negative. To stop its further drop, BTC had to find a balance. However, this balance is more fragile than ever, and the price is expected to move very soon.
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