Chinese Miners’ Influence on the Future of Bitcoin

As the bitcoin community seeks consensus on how to address bitcoin transaction time, a meeting this month in Silicon Valley could indicate how likely the chances are for consensus, according to Bloomberg. The proceedings will likely reflect the impact of China’s miners, who are estimated to control 70 percent of all bitcoin mining.
Consensus on what to do to improve transaction time is considered to be important to bitcoin’s future. Failure to address this challenge could undermine the 4,475% bitcoin growth over the past five years.
Worries Of China’s Influence
Some bitcoin enthusiasts worry that Chinese influence could undermine bitcoin’s decentralized nature, which they see as its main advantage over other currencies.
Peter Todd, a bitcoin developer, cites China’s mining dominance as problematic. He thinks China’s influence in bitcoin could make it easy for the Chinese government to exert control.

This post was published at Crypto Coins News on 09/07/2016.