Bitcoin Forum

What will happen if China bans CryptoCurrency?

Bad actors won't have mining cartel to hide behind to advance their bizzaro agenda?

Miners in a mining cartel who know little about the significance of bitcoin to humanity will no longer have any say regarding the protocol?

Bitcoin hashrate gets redistributed more evenly worldwide and bitcoin goes back to intended de-centralization?

Chinese citizens revolt in fury and bring down Great Chinese Firewall?

I think you are too exaggerated in a speculation.China I think is one of the developer of cryptocurrency and has long been in the world of cryptocurrency. it is very unlikely to me if china prohibits cryptocurrency. Just ICO alone that they forbid.

Of course it will have a huge impact since China is a big player in the Crypto world. However, I seriously doubt that the government will ban it immediately after they country is the one enjoying it. Look at the mining farms around their country and more than 50% came from China. They will just put a tighter regulations around bitcoin and other cyrpto, but I do not think that they will ban it. If ever they ban it, another country will take the opportunity that the Chinese has left. Or we may see a lot of mining farms popping out as a result of the ban in China.

they have created many new altcoins and China is also the country with the highest volume of mining in the world. so the impact would be enormous if they forbid ICO.

Well, it's a big loss for them and for us. But Bitcoin is still continue to grow even without them. As many countries are now adopting this kind of technology. Us, Russia and Japan are now serious about using bitcoin. But i don't think China will ban cryptocurrency because some altcoins came also from China. It's the citizen vs government if that happen. Also they are the biggest miner. So, think about people who will suffer if that happen. I always heard about cryptocurrency ban at China. But most of them are just FUDs to scare people. ICO are just prohibited there. But altcoins that are already established are not. But we see some cryptos are falling down a bit after the announcement of ICO ban.

I don't think they'll ban Bitcoin in China. However, if China do, it is more of their loss. Chinese people will still find ways to get a hold of it. 

This is all speculation and rumors making rounds all over the place. I'm amazed at how the market fell off just due to unconfirmed news. A wise man once said, one man's gain is another's loss so in this situation, the panic seller is the one who loses and the one who holds or buys in at this point is going to be a winner.

There is nothing like banning a cryptocurrency. Yes its open usage can be declared as illegal and its direct conversion into the local currency will be impossible. Local exchanges would not operate. But I don't really think this is practical and China is going to do it anytime soon. They are just trying to make their rules a bit strict. We should not panic. :)

We are hoping that China would not do something an unthinkable because it can affect not just us outside of China but also their own citizens who are doing a good business and living out of Bitcoin through mining. Now, in case China will really do it then we can do nothing but of course the same opportunity some of their citizens are enjoying can be passed to others who are interested. Personally, I prefer that Chinese miners should not be wielding a great influence in the direction of Bitcoin.

nothing, just one country out of ~190 countries in the world will start to fall behind the rest of the world because the rest are adopting bitcoin every day and have already started regulating bitcoin like Japan did earlier this year.

as for price, there may be some turbulence for a short time, less than 2 weeks probably and then things will be back to normal as if nothing had happened!

Exactly, though as big as their influence of the market, countries like Japan and South Korea or even Australia who have embrace bitcoin can take the reign from the Chinese. We already saw what the Japanese can do, they are crazy over bitcoin and don't mind to take it over from the Chinese, if they decided to go from bitcoin friendly, to anti-bitcoin country.

As for the price, it will dip, so the best thing to do is to buy in this situation so I guess its still a win-win for all of us. We will just have to see how deep the impact of their action to the bitcoin market. But for sure, bitcoin price will recover once again and going strong at the end of the year.

In short term, it will seriously crash, probably below $3,000. It will then recover to some new level, because Bitcoin panic is always overblown.

In long term, new miners will start emerging in places with cheap electricity, because if all Chinese mines will be forced to close, mining will become very profitable, even though the price will be lower. If other major countries won't follow China, then Bitcoin will return to growth after some period of time.