The Getting of Culture: A proposal for a non-linear exploration of the emergence of Bitcoin in China

My individual research project will explore the Bitcoin phenomenon in China. Introduced in 2009, Bitcoin is a peer-to-peer electronic payment system that bitcoin-mining-imageharnesses decentralised networking technologies to enable payments without the need for a central authorising agency (Bitcoin Group 2015, p.26). Bitcoin is often referred to as a form of cryptocurrency or virtual currency because it exists purely in an electronic form (Bitcoin Group 2015, p.26). Bitcoin is “mined” by supercomputers which solve difficult mathematical formulas to generate the currency (Murray 2016). As of 30 November 2015, 14.9 million Bitcoins had been mined (Bitcoin Group 2015, p.26).

In recent years, China has become a market for Bitcoin unlike anything in the West, fueling huge investments in mining farms as well as enormous speculative trading on Chinese Bitcoin exchanges (Popper 2016). Mines run by Chinese companies account for approximately 70 per cent of the world’s bitcoin processing power and Chinese exchanges…

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