[Translation] Turbulent development! But, "Reasons to pay attention to Bitcoin"

Bitcoin had steadily risen since the latter part of last year, but when rumors spread that China would investigate exchanges as part of measures to curb capital outflow, it suddenly dropped. The price, which had topped 1100 USD, fell to the 700 USD range in just about a week.

It is no longer surprising that selling accelerates many times faster than buying, and the chart embodies the terrifying—or fascinating—nature of high volatility.



However, that does not mean the potential of Bitcoin or cryptocurrencies in general has been reduced at all.

But, fundamentally, cryptocurrencies have the strength of being decentralized, distributed; yet, that does not necessarily guarantee that they will be perfectly and evenly distributed worldwide. This is something we may need to re-recognize.

Even if the system is decentralized, it is said that 70–80% of mining and trading for Bitcoin are concentrated in China (the yuan), which means they are highly susceptible to the negative or positive “intervention” of the Chinese government, a somewhat paradoxical reality to keep in mind (and the same can be said for large exchanges as well…).

If we remain optimistic, even if the Chinese government completely blocks domestic Bitcoin trading, as long as people still see魅力 (charm) or potential in Bitcoin itself, the trend could shift its center to outside China—Africa or Europe, or across Asia as a whole beyond China—thereby enabling true decentralization to progress.

Of course, that does not mean there is only Bitcoin... however,

Now that the preface is long, let us proceed to this translation article.