Bitcoin has gained traction in the ever increasing global world. The initial reason for Bitcoin was for\u00a0the implementation of a decentralized currency system as well as the authenticity of the system through blockchain technology. It also allowed for the flexibility of transportation of value across borders.<\/p>\n
While this concept of currency seems ideal, there have been some unintended consequences. China has been a notable country for manipulating their currency to gain competitive advantages in trade and labor. However, this has negatively the Chinese people as it reduces the total purchasing power. As a result, China is believed to control over 95% of the total Bitcoin market. This means that Bitcoin\u00a0is controlled by speculation and price of the yuan. Bitcoin jumped to over $1,000 USD last week and fell sharply after China’s banks pledge to investigate domestic trading of the currency. To wide adoption of a global currency, Bitcoin will need to find a clever way to navigate around this solution.<\/p>\n
Reference: WSJ: Chinese Yuan Is Other Side of Bouncing Bitcoin<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin has gained traction in the ever increasing global world. The initial reason for Bitcoin was for\u00a0the implementation of a decentralized currency system as well as the authenticity of the system through blockchain technology. It also allowed for the flexibility of transportation of value across borders. While this concept of currency seems ideal, there have … Continue reading Unforeseen Bitcoin Challenges<\/span><\/a><\/p>\n","protected":false},"author":1812,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-181","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"qubely_featured_image_url":null,"qubely_author":{"display_name":"neyoung","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/neyoung\/"},"qubely_comment":0,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"Bitcoin has gained traction in the ever increasing global world. The initial reason for Bitcoin was for\u00a0the implementation of a decentralized currency system as well as the authenticity of the system through blockchain technology. It also allowed for the flexibility of transportation of value across borders. While this concept of currency seems ideal, there have…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1812"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=181"}],"version-history":[{"count":2,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/181\/revisions"}],"predecessor-version":[{"id":190,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/181\/revisions\/190"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}