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

CEX.IO has listed Governance ZIL (gZIL)

CEX.IO is now an exclusive place where you can trade gZIL/USDT. Besides, the maker fee for this market is negative (-0,05%)!

Dec 15, 2020 | 3 min read
CEX.IO News Education

Scam Warning and Disclaimer

Recently, we have noticed the unauthorized use of the Company’s name by the scammers on the internet. Some of our customers have found a so-called CEX.IO сall center number. They were said to provide support service to our clients. After the call, our users got the information that the

Nov 17, 2017 | 3 min read
CEX.IO News

CEX.IO strongly recommends Two-Factor Authentication

On February 11th, 2014, CEX.IO Bitcoin Exchange implemented a phone verification feature with the Two-Factor Authentication. The decision to introduce this system aims to strengthen CEX.IO security system in general and increase safety of each member of CEX.IO continuously growing user base. CEX.IO team believes that 2FA would significantly

Feb 11, 2014 | 2 min read