Cryptocurrency statistics site Bitnodes recently released the global Bitcoin nodes distribution list. At the forefront of the list is the US, with a concentration of 2,433 reachable nodes, accounting for 24% of the total 10,164 BTC nodes in the world.
In the US, the state of California harbors most of the nodes, which is apparent because it serves as a global center of high-end tech and innovation. Above all, it is also the home to Silicon Valley.
Germany held the second position, with 1,930 BTC nodes, tallying a volume of 19.12%. The country has a greatly developed social market economy. A highly competent workforce coupled with a thriving startup work culture and low-cost workspaces has attributed to the economy of the nation. Berlin is often dubbed as the Silicon Valley of Europe. Germany is the largest national economy in Europe and levies no tax on Bitcoin [BTC] as it views the digital currency as a legitimate tender.
Germany is followed by France with 679 nodes and Netherlands with 485.
The list is dominated by the western countries, which maintained the top number of Bitcoin nodes, with only three Asian countries making it to the top-10 list. China stood at number five with 401 reachable nodes; Singapore held the eighth position with 309 nodes and Japan, with 241 nodes, held the tenth position.
China has the highest concentration of BTC nodes in Asia despite stringent laws and lack of infrastructure. A recent survey conducted by a crypto-dedicated news outlet revealed that a majority of Bitcoin holders were millennials between the ages of 19-28.
Singapore is known for its dynamic, innovative and business-friendly economy in the world. According to the Inland Revenue Authority [IRA] of the southeast Asian island, Bitcoin [BTC] is not considered as a legal tender, but are viewed as goods. Hence, the country levies a GST of 7% from any firm involved with the crypto dealings.
Japan is often touted as the hub for cryptocurrencies, as the first Bitcoin software was created by a programmer [or a group of programmers] under the pseudonym of Satoshi Nakamoto. It is the first country in the world to have officially recognized the leading digital asset as legal tender. After suffering two tremendous exchange hacks – Mt Gox and Coincheck – the country has accommodated regulations directed to improve security at its crypto exchanges.