Just a few days ago we commented that Chris Larsen, co-founder of Ripple, feared that China might manipulate Bitcoin’s Blockchain. He bases his fear on the concentration of mining farms in the country. However, a BTC Times article, reported by Samson Mow in today’s Tweet, denies that China can reverse Bitcoin transactions, going against the possibility raised by Larsen.
Can China reverse transactions with Bitcoin?
China’s Power over Bitcoin
The concentration of the mining power of Bitcoin Rush Blockchain in China is a widely discussed topic in the crypto world. Well, it’s no secret that most of the world’s mining farms are located in the Asian country. This makes China, de facto, the nerve center of the Bitcoin blockchain. Accumulating within the territory enough computing power to control the cryptomoney.
This is precisely the fear expressed by Chris Larsen, who through an article in the American newspaper The Hill, raised the possibility that the Chinese government will use the farms in its territory to manipulate transactions in the Bitcoin Blockchain. This could happen if enough farms are coordinated to control 51% of BTC’s computing power.
Ripple Co-Founder: United States Loses „Cold War Technology“ to China
However, Larsen’s arguments did not convince everyone. For today, an article published in the BTC Times has brought together the opinion of two important experts, Andreas Antonopoulos and Samson Mow. They deny that there’s even a chance that China will reverse Bitcoin’s operations:
„Chris Larsen is a few blocks away from the Blockchain. The Chinese government does not subsidize the extraction of #Bitcoin or any other crypto currency.
This, of course, doesn’t close the debate about the possibility that China’s mining farms might at some point manipulate the Bitcoin chain. But it does raise several arguments that show it’s not an imminent risk as Larsen put it.