CEX.IO News Education

CNY vs. USD or How is Bitcoin Traded?

, October 6, 2014

Many of you may wonder about the currency distribution within the Bitcoin ecosystem. In order to answer this question we should analyse statistical data and compare the distribution rate of various fiat currencies. Currently, there are two different resources available for our research — bitcoinity.org and coinometrics.com — both equally reputable and trustworthy. Even though these websites do their best to provide the crypto-community with up-to-date information, in this case we see that their stats are very different. 

The pie chart from coinometrics.com obviously shows significant prevalence of the US dollar, whereas the graph of bitcoinity.org reveals extensiveness of the Chinese yuan. The question, “Why are the results different?”, automatically comes to mind. The reason for such opposite result lies in the different sources of the data. coinometrics.com, for instance, uses stats of 82 exchanges around the world, whereas, bitcoinity.org surveys a narrower number of exchanges, and therefore, not only do the numbers differ, but the results appear to be absolutely opposite.

This short analysis of the currency distribution serves as solid evidence of the necessity to continue developing the Bitcoin industry in terms of data collection. We need more precise and error-free statistics in order to make accurate analyses and predictions.

Screenshot-2014-10-02-16.24.57

Source: coinometrics.com

Screenshot-2014-10-02-17.00.18

Source: bitcoinity.org

By Kateryna Iesypenko for CEX.IO

 

Related

CEX.IO News

Bitcoin Withdrawal Fee Increased

Dear users, please be informed that the fee for Bitcoin withdrawals has been increased to 0.001 BTC per transaction. This surge is connected with the growing amount of Bitcoin transactions on the blockchain, processing of which requires an increase of transaction fee. The update will allow to smoothly process

May 19, 2017 | 1 min read
CEX.IO News Education

Bitcoin Trading Platform and Sites

An Introduction to Bitcoin Trading: Risks, Advantages, and Bitcoin Trading Sites Trading Bitcoin is becoming popular, as the cryptocurrency is seen both as a profitable investment and a viable source of income. This trend within the cryptocurrency ecosystem is mostly caused by the increasing difficulty of Bitcoin mining and

Jan 15, 2015 | 12 min read
CEX.IO News

Update: CEX.IO Position on Bitcoin Gold and SegWit2x

Earlier this week, we revealed our position on SegWit2x and announced possible platform arrangements. As the split approaches, we want to update you on how the future changes would impact your operations on CEX.IO. First and foremost, we are convinced that technologies have to develop as advancements are a part of

Oct 20, 2017 | 3 min read