The concept of decentralization in the Bitcoin [BTC] ecosystem has been a thoroughly discussed topic and a majority still believe that it is the foundation on which the cryptocurrency can be propagated. Bitcoin transactions are conducted via Bitcoin nodes and recent analysis suggests that while BTC’s price and market cap may have benefited from the recent bull run, the number of reachable BTC nodes remains unchanged from a year ago.
Gabor Gurbacs, Digital Asset Strategist at VanEck, pointed this out and tweeted,
“There are 9,623 reachable #Bitcoin nodes, 25% in the U.S., 20% in Germany, 6.5% in France, 5.3% in the Netherlands, 3.9% in China, 3.2% in the UK, 2.6% in Russia. The number of reachable nodes are roughly the same since a year ago. Run your own node! Keep Bitcoin decentralized!”
A year back, the number of Bitcoin nodes was up by 3.54 percent, clocking in an average of 9934 nodes. The analysis further showed that Asian countries were in the minority when it came to the top ten countries with reachable Bitcoin nodes, with Singapore being the only other Asian country along with China.
Another report had spoken about Germany overtaking the United States in terms of the number of nodes present. However, that title was regained by the US shortly after. Some Bitcoin supporters were aghast about the slow growth of nodes, with Conrad Hayek, a cryptocurrency enthusiast, stating,
“Why does nobody in the BTC community give a f*ck that the entire system is validated by a very very small number of mining pools? Are people genuinely okay with that?”
China’s growing dominance in the Bitcoin space was made clear after recent analysis suggested that it had overtaken Canada to settle at the 5th position on the node chart. The Red Dragon’s looming presence was also cited in Adamant Capital’s latest report which said,
“… it appears we underestimated one factor: capital flight from China. On May 5th, the Chinese Yuan started weakening against the US dollar, and 13 days later traded 2.5% lower — a huge move in Forex terms. Remarkably, that was also the week that bitcoin broke above the resistance of $6,500. In short, there’s a significant chance that in fact it was Chinese investors who pushed bitcoin in bull market territory this year.”
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