Bitcoin Forum

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

The moment someone manages to take control of Bitcoin, it loses all its value. That takes away the financial motivation of any would-be attackers, and also makes the attack infeasibly expensive.

The Chinese government probably does hold a certain amount of influence considering the hashrate behind their firewall, but miners are wising up by setting up farms elsewhere.

Also:

It is just a conspiracy theory so you need to you understand the reality that Bitcoin is not controlled by anyone at least with the current value 51 percentage of attack is not possible and the blockchain network of Bitcoin.

We cant really deny into this fact but doesnt mean that they do have the control over the network they might ave big impact but not totally coming

to a point that it would be monopolized considering that China isnt the only place that do mine. No one control bitcoin and if someone does then its value wont really be the same on what we are seeing now.

if that were true, do you think the Chinese government would let bitcoin exist for many years? how many years have miners in china mining bitcoin? probably over 6 years or more years... you do not think that if the Chinese government wanted to hurt bitcoin they would have done it a long time, right at the beginning when few people knew bitcoin? these theory always make me laugh


We should not pay attention to this.

This.

Still is good that everybody is aware that the miningpools are not descentralized at all, most of them are control by the same entities and it could be a problem in the long run.

I don't think they will destroy Bitcoin, they will take advantage of it to develop for the more prosperous country. You can see, on the economic front, it is now completely suppressed by the US and everything seems to be too difficult for the government and the people.
Therefore, the crypto decentralized market seems to be quite risky but if they get more and more BTC, they will be one of the market controllers and get the most profit for dump and pump.
not only China wants to own a lot of Bitcoin, it is also in many other countries.

It was true China having the majority of the mining power even after several issues that has arisen recently regarding the ban of bitcoin mining. Once China has got the increased number of users, but later due to some economic downfall they believed it is the bitcoin that is causing the economic collapse and began to restrict the use. Further citing the environmental pollution mining is restricted. If China hasn't contributed good during its early days bitcoin could've never grown this high.

Chinese mining pools still control at least 70% of the Bitcoin hashrate.  They still have the biggest Bitcoin pools over the last couple of years, so we can say that they are in control. However, I don't think that they are stupid enough to destroy Bitcoin. Even though there are reports that they government is cracking down or have thoughts of shutting down Bitcoin mining farms because it is hazardous to their environment. I doubt that they destroying it has cross their mind, so this is just probably a hearsay.

Well illegally yes
Legally no

And the government has already banned all this and therefore it is something that is not being controlled by a single authority or the government itself .

So you cannot expect all of them to make a move to destroy the Bitcoins market, because they are just scattered business man doing their work hidden from the government thus you should be sure of a fact that they are not controlling it nor they are in a control of anything that might think bad for the market , the miners would love to see it flourishing therefore they won't actually break it.

No one can control Bitcoin, no single entity or person can control it since it is a decentralized digital currency.

China is not controlling anything here except for its large mining pool which is one of the reasons why Bitcoin price grows so much before.

If i remember right wasn't there some regulations against crypto in China?

China does not control Bitcoin, but most Bitcoin investors come from China so they indirectly control Bitcoin. I've been paying attention to the country that adheres to the communist system, how does the government direct its citizens to invest in precious metals and not in cryptocurrency.

I believe you're being mistaken here as I can agree with "they control the mining pools" but the fact is not true if you say that they are in control of BTC too because many investors of different countries have bagged themselves great chunks of BTC during its doom and these countries have got very high % in terms of holding BTC against China alone and I believe Japan gives a fair competition to China in same regards.


None of them gives a damn to environment or any such thing when it comes to making money over it and they've got many sophisticated ways to mine BTC by powering their miners through solar energy. None of us would think about destroying BTC if we are a country because it helps aid many financial issues (not at a country level but) in people's lives generally and it is making a lot of difference to them while also teaching them the importance of BTC as an asset and cryptonomics.

The truth is that Bitcoin controls china.

It may look the other way around though. It is because the government of china is the one that issues regulations and policies. Unfortunately, they do not like Bitcoin and eventually issued a restriction.

But then, here's the catch, do the chinese follow the government? No. Do they continue buying and selling Bitcoin? Yes. Which is more powerful then, Bitcoin or the government? Who is in control then?

Eerm! One can't say China controls Bitcoin. Bitcoin, through the Blockchain technology isn’t built to entertain that. However, one can say China has delved a lot into major technologies in the world, including Blockchain technology.

China might have majority of miners but I don not think they have up to 51% of miners in the world. More miners will keep coming from other countries.

Plus, I don’t think one country will control bitcoin in the future. As more people in other countries get aware of Bitcoin, more miners will pop out from those countries, thereby leading to further distribution of miners around the world.

That will not be going too long because China officially banned mining and most of the huge whale miners already moved to other countries anyway so they will not be controlling the price for too long however the point of miners deciding on bitcoin price still stands because they are the ones that is making money from the new coins plus the transaction fee's which in return they sell and drop the price or at least keep the price lower, if they were to keep those coins and not sell them then we would be in a huge bull run where people would only buy and these millions of dollars wouldn't be sold on market every single day.

It doesn't matter if China controls it or someone else does as a nation, it matters how much miners can affect the price and we should look for a way to slow that down, if miners do not sell too much then we can make more profits.

Having many mining businesses does not mean that Chinese people hold a lot of Bitcoin. Miners can dig bitcoin and sell them for monthly profits and new Bitcoin collectors are market drivers.
In China, they often do not want to hold much Bitcoin because their government disagrees with crypto trading and very high taxation.

Bitcoin is decentralized and I don't think one country including China has control over it. We have a mining farm everywhere and it might just be that China has the largest farm and I don't think there control the whole thing. In my country, we have Bitcoin miners likewise other country and I don't think a single country can destroy bitcoin because it is decentralized.

Have you checked the date in which the article is published, coming up with an article that is published in October 2018 and having a debate is a bit cheesy as there were many topics here that talked about it in this forum, since you started this topic here is my opinion regarding it, the Chinese government usually likes to have a control on everything which includes foreign investment in the form of a company and they have being doing that for years and the recent Huawei issue with the US government all stemmed up from that, but to control a decentralized platform is an impossible task and they do not have any control over bitcoin.

The Chinese government can not control bitcoin. Bitcoins in China are mined by various groups of miners and the mined bitcoins remain with them, the government does not control them. Partially, bitcoin can be controlled jointly by those who now have a lot of bitcoins in their wallets. If they wish, they can periodically raise or lower its price.

With these new facts and findings i believe China really want to control Bitcoin but not to destroy it but to control foreign economics that some are benefited with Bitcoin. China want to be a superpower in both military and world economy therefore as Bitcoin is gaining supremacy in most of the economy of the countries then China wants that supremacy will depend on them by controlling Bitcoin.

Are you sure they control 70%? Wow. Good points here. If the government did shut down Chinese Bitcoin farms, what do you think would be the aftermath for BTC?

The deal is that china has a lot of bitcoin in its nation, we don't know how they can move it outside the country but the miners, the traders, the ICO participants and everyone else in that nation wants to cash out their crypto currencies and sell it to each other, they earn it from other nations and people from all around the world but then exchange it between themselves.

So, if China was smart even a bit they would have collected the crypto profits in crypto taxes in form of crypto to build a new vault for themselves and in case a country wants to apply an embargo or a trade war like USA wanted to they could just simply sell all their crypto they collected via taxes and could get dollars for it instead of yuan and then sell those dollars to drop the value of it as well. Its smart, its cunning and it would make a nation super strong in economy against others.

based on what I read in the news that most miners in the world come from China because their area has many cold highlands and cheap electricity costs, indirectly China actually helps Bitcoin price movements but does not control Bitcoin.  I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

The question must be " Does China control 3rd world countries such as Vietnam and Philippines?"

No one takes control over the resource, supply, and demand of bitcoin as its nature is purely decentralized which makes it value highly volatile compared to other investment methods available currently. Assuming that bitcoin is regulated or controlled by a third-party or by the government, it will slowly lose its value in the market. These are the reasons on why bitcoin is highly regarded as a 'double-edged sword' investment that could either make or break your profits depending on its value.


China has created a significant impact on bitcoin's price since the country compromises most of the population of miners in the cryptocurrency field but they have no full control over the regulation of its price.

The only thing governments can control is the centralized ecosystem around Bitcoin, not Bitcoin itself.

They have the ability to subject businesses to their regulations where data exchange is mandatory in order to remain compliant, and this might already be the case without people even knowing. I'm fairly sure that at one point governments will come out of hiding and penalize those who refrained from paying their taxes and whatnot.

People still put a lot of faith in Bitcoin's "anonymous" nature, while there is no such a thing as anonymity at all when you use centralized services. One day even the small fishes will pay the price for it when the amounts they initially didn't pay tax over added up to a significant enough amount years later.

How can China control the BTC? With regulation? or what? All I know, although it seems easy to manage the BTC, it is also hard.

Yes, possible changes in China affect the market, but will recover again.

I am not sure about the destruction, so the ones that need to be destroyed have already been destroyed, and the useful ones survive.

I know that china has lots of cheap labor and materials, and this is why most people assemble the mining machine in china, but it is not a must that the machine must be assembles in china, all they people need are just the parts, and it will be assembled in other crypto friendly country, as regards electricity, china is not the only country that generates and supplies constant electricity, there are so many countries that is crypto friendly and generates constant electricity, so people will just ignore china and move to other countries.

I think china has failed in this part thinking they could control bitcoin, I don’t see their ban of mining affecting cryptocurrency in any way, we might see a little side effect, but with time, everything will adjust itself and the market will continue smoothly if they eventually ban miners.

These are theories that have been ravaging the crypto industry for long and more often than not, they have been refuted. Yes the topographical location of China makes it palatable for several mining sites to be located there but that does not mean its being controlled. Its a business and businessmen would continue to look for where they can have competitive advantage at all times. Its part of the fundamentals of business if the motive is to make profit without any sinister motive.

China hasn't failed to control Bitcoin because it was never their intention. China wanted to make sure it has done just enough to make Bitcoin and crypto in general less appealing and a bit harder to dig into. I think they did well there.

What ban? China didn't impose a ban on mining. Not sure where you got that information from, but it's false/fud. I would avoid the news outlets or certain individuals contributing to this fud circus.

If you look at the hashrates of most POW coins, they have nearly all gone up to all time high levels. If China really banned mining the consequences of that would be felt in a more severe way. Mining in China thrives as ever!

All the time we claim that Bitcoin is decentralized and independent and that is one of the biggest advantages especialy compared to fiat currencies and theories appear that China or some other country controls Bitcoin. This makes no sense.
I don't believe in conspiracy theories that any country or government is controling Bitcoin as well as I don't believe that wales are so influencial as some claim to be.

First of we all know that nobody controls it Bitcoin is decentralized.
Yes this might be true that they have a huge mining in their country but that doesn't mean that they control the whole Bitcoin market.
They are going to be consider as a Whale but we already have so many Whales do you think that they would allow a one whale to destroy everything?

I sometimes thing how awesomely rich China could have gotten if they just allowed crypto stuff in their country and took the taxes in crypto and can't believe how they didn't. First of all what makes a nations currency strong? Its power versus other nations currency right?

Well, if china managed to allow miners and ICO and crypto, basically everything related to crypto currency world and all companies, plus gave them even free electric, than just collected some % as a tax from them but in the crypto form instead of cash (probably btc since it would be hard to collect many currencies as a nation) and than put it in one wallet, send it overseas to some Chinese diplomat or someone in that nation and let them sell it for dollars and bring that dollar back to China to eventually sell it for Yuan and make Yuan super stronger, that would have been awesome for them.

I honestly would do this method as a nation whichever nation it is.

The government is fair to authorize everything that happens in its country, as well as bitcoin. maybe there must be a goal to be done, because if something happens, surely the country will be directly affected first. even though we know it is not easy to do restrictions with bitcoin because it is clear that transactions can be done because bitcoin has advantages for this.

Of course, Bitcoin can never be controlled by any country including China itself. And bitcoin was made as an independent digital money thus it is clear that no one will ever have an authority or power to Bitcoin. This theory about China controlling bitcoin is all not true. Decentralized system can not be controlled, remember that.

One of the main things reader would need to take away from this research paper is this:


This is alarming. I do not think that in the event if China would size the Bitcoin, they would use it to get more wealth. I think that at the moment his could be a fail-safe if public start using BTC more in their own country or even China could use it as leverage over other countries.

But in ordr to understand what exactly is going on, journalists and rather researchers should investigate those 5 out of 8 mining pool owners and their ties to China to understand have vulnerable they are.

This again. The only control they have is spreading FUDs or closing mines due to violations. Sure a crackdown can affect prices but it is clear by now that China don't even want to have anything to do with bitcoins as they announced they intend for the industry to be "eliminated".

And that's good for the rest of us, as mining become more spread out.

China is not the only country with cheapest electricity neither plus I doubt miners are poor people that need to get some electricity from the nation they are based in. We are not talking about small timer altcoin miner here, we are talking about the biggest miners in the world and they can afford wherever they want to go. Pick up your products, put them on a container or a truck whatever (wrapped them very well since they are very fragile) and than move to anywhere in the world.

When you reach your new base, just buy as many solar panels as you need and put them on the land you now own and use those to cover for all the electricity you need and power all the cooling you need. If the panels are not enough than get some windmills or whatever in order to sustain it, these people are literally billionaires so the solutions will never end.

Which means that on a large scale, China really supports crypto indirectly by utilizing what the crypto community needs (Mining Power) but if their government bans Crypto and Bitcoin it certainly only affects users and the company. China really know how to take an advantage of the situation and keep playing in the safe zone.

Yes, because they can’t fully control bitcoin not any country can do that. If China is serious and continues to ban bitcoin mining then we have more option now where to mine. I don’t see anyone can literally control bitcoin, they can just manipulate the price but that is not the total control we’re talking about.

Not because the mining business is mostly inside china means that they can completely controlled bitcoin price, there's already a lots of participating parties who also investing with bitcoin, the supply and demand still impacted the market, players who's willing to buy and to sell coins are the one who's
creating the value to rise or to fall.

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

I think the basis here is in the early stage of bitcoin when china were still the one who has the biggest miners, of course with that they earn a lot of bitcoins. Since now China is not pro crypto anymore, maybe the interest of the people now lessens but the fact that they started to accumulate early, I think these whales are continuing to hold and trade their bitcoins.

First I don't think that China has a power to control Bitcoin, Though they have a high contribution of one the biggest average of bitcoin in terms of Bitcoin mining farm. But not enough to say they are capable to control, however they are capable to make the price value of Bitcoin to be dump in the market, I am sure about that, and I've seen many times.

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

Agreed, although China is a country with a large number of rich people and participants investing in bitcoin very early but their strength is still limited, their sphere of influence is only at a certain level, they cannot control bitcoin. However, one thing that we should believe is that bitcoin's sudden decline or price increase is always related to them because they are where there are so many rumors, they always bring bad information and good around bitcoin, they create effects and other rich people cooperate with them to manipulate the market

In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.

there are reports on the past that china banned cryptos and crypto mining but the price of btc as well as other cryptos are not majorly affected . china maybe a big country but they are also strict and not all people can easily use cryptos on thier country  .

there are other countries that are not strict and thier governments fully support the use of cryptos but we cant say that they can control the bitcoin already  . no one controls btc actually because it is decentralized

China does not control Bitcoin completely. It is true that  China has the majority of the mining power and also some bitcoin holder. But Bitcoin is used all over the world. If China holds a big amount of bitcoin, it can make some influence. But China can not control bitcoin. Bitcoin is a decentralized altcoin and no one can control it.

Bitcoin is said to be controlled by all bitcoin users around the world including those chinese users. But if you are referring to government control, all China can do is impose regulation on cryptocurrency exchanges instead of the bitcoin. No one can control a decentralized currency and this is the reasons why people from countrol that bans bitcoin can still able to buy or sell it through the underground exchanges.

Chinese people are really holding a lot of Bitcoin and they seem to control the market.
But I think they will not destroy bitcoin, bitcoin is really a market that is very profitable for market drivers.
they will continue to hold more bitcoin and will make the price of BTC increase over time.

Bitcoin was banned always by China. I think that China just want to trap traders outside of their country. They are banning bitcoin when it goes up because they just want to capitalize the market. But look how they control the market, because of their great population, they easily manipulate the price by withdrawing their capital.

Observe how bitcoin banned in China and see how they are really wise.

Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful “51-percent attack,” on bitcoin network would not necessarily end bitcoin

China cannot control the bitcoins. Bitcoin is only controlled by the whales who hold a big amount of bitcoins. They can dump or pump the bitcoins by manipulation as they hold large amount of fund.

Could not agree more. I think Bitcoin is fully decentralized and is not controlled by anyone around. In addition, Bitcoin and activities related to crypto are not really allowed by the Chinese government so it sound a bit absurd to state that Bitcoin is controlled by Chinese government. The countries having more Bitcoin users would have a huge influence over Bitcoin.

It is true that China controls most of the Bitcoins mining power in the world. Maybe China was planning to take over the crypto coins before banning it but now they are changed. They are thinking about adopting new digital currencies into their country but of course, they will have their own rules set which will be better for their citizens. No harm was done here.
China can not control Bitcoin even if they want to, its true that one country can control Bitcoin or any other cryptocurrency with 51% attack but this coin is distributed into many people around the world. It is impossible for one individual or organization to collect that many coins.

This is just a wrong fallacy and wrong mentality, china does not control bitcoin, no one can, it is possible for an individual to have a larger portion of bitcoin, but not because of that control it entirely. Yes it is true that the greater percentage of miners were from china if they still exist though, but if the government owned it controlled it, why are they having issues with it to the extent of proposing to ban miners from china.

China is a country that is finding it very difficult to support cryptocurrency because they have their own technology and would not want to really on another external technology which is why they are giving their strength to see that crypto does not see the light in their country, so how can this type of government be the one controlling bitcoin.

Large volume holders of bitcoin has got the ability to manipulate the market to some extent, it doesn't mean those are controlling the market. China has got a large userbase of cryptocurrency users as well contributes big to the mining power. This is the reason for people having such a opinion over China. These days users were found all over the world and the every country has a fintech city. Mining of bitcoin too found around, during the early days of bitcoin China supported much.

I don't think China holds and control the flow of Bitcoin. Yes China has a vast user of cryptocurrency compared to other countries but it does not mean they control something like bitcoin though.

Today is 2019,not 2016 or 2017.This topic is old.China doesn't control bitcoin,because crypto trading is banned,according to the Chinese laws.If China really had any control over bitcoin,do you think that they will ban all crypto trading on their territory.Bitcoin was causing big problems to the Chinese goverments and the PBOC due to the massive capital export outside China.

I think the same thing as you. It is hard for China to control bitcoin because it will need big money to have bitcoin or to buy bitcoin. Although they have a big mining company in the world, they still cannot control bitcoin. They are trying to regulate bitcoin and want to buy as much bitcoin, or they want to mine bitcoin by their hardware. That will happen too with the US, which wants to regulate bitcoin. Bitcoin is free for all people, and no government can control bitcoin, I guess so they could only ban bitcoin from the people used.

I think as a nation and as a government are two totally different things. If people think of Chinese government when they think about "china controlling bitcoin" than there is really no way because government bans these crypto movements all together and they really do not want bitcoin or any other coin to get too big in order to keep their power and not give up their power to bitcoin. They even banned miners and ICO funding all together, like it is punishable if you invest into those things and you would have to pay a lot of money in penalties.

However, if you mean "china" as in the people of that country than there is still a lot of power reside there, not only in Chinese people in china but Chinese people all around the world as well, they are really working to become number one or maybe even already are.

I don’t understand man, how can they build vault for what is not physical, cryptocurrency is digital and they don’t need to build vault to have it saved or have difficulty in moving it outside the country no matter how large the amount is, I think they have been doing this easily which china itself has not been able to successfully control its technology as a result of its anonymous nature.

I believe that this is the reason why they thought of bringing the attack from the angle of miners, since they know that majority of the miners of bitcoin and other cryptocurrency are from china, so if they can limit their mining power, then they can limit the supply of cryptocurrency flowing round which will make it difficult for people to acquire crypto and them becomes difficult for them to move money out of china.

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.

I supported what you said base on the research I did which shows the US and Canada as the top countries which had the highest number of people involved in bitcoin while China has the biggest mining power due to electricity rate but that might change if Korea takes a bold huge step into the crypto mining.
Even US or Canada don't have the power to control bitcoin

Firstly the question about if China control bitcoin is a long time question which have been asked when the Chinese government havent place some restriction on crypto currencies and the answer is no organization, governments or group control bitcoin except the crypto communities.

Secondly, the ideological reason behind the destruction of an asset is done by group, companies or organization which sees bitcoin as an obstacle to their own investment or business and these are also the reason why 51% attack happened to some crypto currency..

Yeah but we were not talking about 51% on some other cryptocurrencies. Andreas Antonopoulos explains this better then i could in this short video. https://www.youtube.com/watch?v=ncPyMUfNyVM

A lot is being discussed about the 51% attack, but it is easier said than done. As per the latest stats, the Chinese mining pools contribute 74% of the hashpower. But not all of this 74% comes from mega mining farms. A significant part comes from the medium-level miners, who operate under the radar. And in case the Chinese government intends to go ahead with the 51% attack, do you really think that the Bitcoin users will just sit back and watch? They will immediately implement hard forks which would nullify any such attack.

In short, China is unlikely to attack Bitcoin. These are the reasons:

1. It is against international law
2. Low probability of success
3. It will ruin the reputation of the country
4. It will move crypto-related businesses out of China
5. The expenses will be significant.

So you mean to say that miners control the bitcoins, then this is also not true either. If china has the biggest mining farms then it does not mean that china will be controlling the bitcoins. The advantage of decentralized currency is that it cannot be controlled.

No, they don't but it's more likely that they have more than half of the current supply of bitcoin right now. The last update that I have read from their latest analysis on btc is very positive which makes me think on what I said is really true. They can't control bitcoin but it is very clear that they can control btc price to makes cash from dumping and pumping.

hard to belive this after on 2017 china goverment was banning crypto mining on china . also if we put the bitcoin after it was mined it was owned more than 1 people or 1 group so its hard to make them have one vision to control it

I  doubt if it is United states, the fact that many people use the USD to trade as pairs for BTC does not mean that they are all from United State, I trade with USD and I am never from there so as many people that you see in this forum too. If the numbers of traders or investors from united states was that much, why would Binance pick up that courage to kick them out? I even learnt that the percentage of US citizens in biance exchange is just 14% .

Therefore,   I don’t think it is United states that controls crypto market neither. We could even say that it is china, because that is where 70%  of the miners are from, and what is crypto without the miners, so these is where we may say the control comes from majorly, even though they don’t have much influence in the market.

A country having the world largest mining factory does mean the country can control Bitcoin and if you're saying this cause you think Bitcoin price will be badly affected if the Chinese shutdown their mining factory, you wrong and alot of experienced crypto price predictors confirmed that the price of bitcoin will even surge more than before.



Bitcoin was banned in some part of India and people from there still invest in it despite the jail and punishment sentence that's the influential power of Bitcoin itself.

Korea is gradually becoming cryptocurrency friendly too and it is only a little matter of time, before Korea takes over from china in term of mining, which is why I was never bothered when everyone was thinking china banning miners in china would affect bitcoin, what china does not understand is that in this life, there is no one that is irreplaceable, and this applies to country and government too.

If china pushes too hard to go against miners in their country, those miners will simply not mind migrating to Korea, because it is something that pays them more than the petty work they do in china from the sales of those low quality products that they ship worldwide, so they think because they control the large amount of products going to the world, they can control bitcoin too, it is absolute lie.

Do some diligent research about the information to clear your doubt because the US are picked not because of the USD trading pair and Binance is not the only available crypto exchange site. However,  Binance was founded in the year 2017 and you expect all crypto traders which have been trading since 2015 to leave their trusted exchange and use Binance cause most of the US base crypto traders trust much in coinbase .
Go through their ID verification and you'll see how awesome the exchange is.

Miners do not control the network. That is the first thing what people are mistakenly writing here. What miners do is confirm transactions but they cannot take control of the network just because their mining power helps secure the network. If a group of miners like the Chinese decide to go rogue then other miners can take the upper hand are remain sound in securing the network making the former attack useless.

So that said, we can assume that nobody has the power or the ability to control the blockchain. Where this topic comes from is this misconception that some people have.

Although many bitcoin investors from China and Bitcoin Miners are dominated by China, I think China cannot control the price of Bitcoin. Every exchanger sometimes has a different price even though the difference is small but this indicates that bitcoin transactions are global and cannot be dominated by certain countries

With over 51% of mining capacity, I think even Satoshi can be helpless with all that processing power, but luckily not all the 51% mining power come from the one person in China, it came from a few big mining farms, we can’t rule out they may work together for some profit as benefit, but I don’t think they will take the risk to change anything for now. And the best part is no other country can produce more processing power than the manufacturing power house, I don’t think anyone can challenge China in mining for a very long time.

There are many different hypotheses and conspiracy theories. Some of them have proofs, and some are so insane that I don’t even know how this could be thought of.

I agree with you, and I have the same opinion about Bitcoin. In my opinion, this is the most rational explanation for everything.

China has been so strict with their government system particular on bank money laundering occurrences, and I wouldn't wonder they've going to be strict with bitcoin. Probably they would have controlled the bitcoin existence due to its threat on their financial economy.

We can say that China is holding a significant amount of Bitcoin, but that doesn't mean that they can have control over the Bitcoin network. They can play all over the price of Bitcoin, but they cannot have control over its power. That is one of the best features of Bitcoin, and no one has control over it.

There are a lot of mining power from China but it comes from different companies

I think there is bit of a truth to miners controlling. I mean what do people mean when they say "control bitcoin", if it means controlling the network then yes miners are not controlling the network, we can see that clearly by miners wanting to create bitcoin cash type thing in bitcoin itself but failing so they went with their own currency. However it also means that they are mining so much and they are earning from transactions as well so it means they can actually control the price a bit.

I mean a miner that mines for 4-5 thousand dollars right now can save all of his coins for a long time since we are way above their profits, and then sell it all at once to drop the price and buy back cheaper. Hence if the control means network then no China doesn't control it, but if its price then I assume they have some sort of power.

While currently there is no evidence of direct Chinese state interference with the Bitcoin network, this could become a credible attack vector in the future.
I believe its economic value its still too low to be of real concern, becoming more so as it grows (and likewise the same for other state actors).

There will the serious possibility of covert tampering using state-own-enteprises to control miners while disrupt non-chinese miners, using the GFW for technical interference, and undermining consensus by destabilization.
There was an excellent paper on this topic published by Ben Kaiser, Mireya Jurado & Alex Ledger (circa 2018):

The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin
https://[Suspicious link removed]/2Yvlg74

Check it out if your keen  ;)

We cannot deny that most of the crypto work is indeed carried out by the China state. so is the circulation of bitcoin, but I doubt that they can manage bitcoin for certain purposes. because bitcon has become the basis of crypto movement and doesn't seem easy to do.

It is the very big mistakes features bitcoin has implemented, by giving the total control to the people who has most of the mining capacity, that’s why proof of stake are invented, POS give the people with most coin stake the power to control the network, but it’s up to personal choice to prefer POW or POS, both of them also is a form of anarchy system, we’re all but gullible and hostile when it came to power. Of course some one can challenge the system to fight the injustice, change the system? Or fix the system? I’m not a advocate to any side, I’m just here to enjoy my share of pop corn.

China definitely controls the mining game.  Most new hardware is made in china and it is used exclusively by the manufacturers before it is put on sale for the public.  Additionally, they have very cheap electricity compared to other parts of the world.  These mining farms have specialized deals or sometimes supply their own power.

Undeniably, China is becoming a real financial force in the world, They have many factors that have a big impact on the process of mining bitcoin and crypto. However, I don't think China can dominate and control bitcoin. Bitcoin is a separate and peer-to-peer autonomous system for all people around the world. Only humans are greedy enough to understand and push bitcoin to that risk.

The heart of mining farms is one that no one dares to deny about China but China cannot control bitcoin when they are not the only strong people in this area, many countries and many other individuals, they are strong enough to oppose China. So, if we speak more accurately, bitcoin is controlled by many corporations and groups around the world, they come together to make a profit from bitcoin, no one dares to admit that bitcoin is under their control, it is too dangerous when many people can cooperate and push prices down, drown the control

Is it really? How can anyone control over this platform?
I think Bitcoin is not a thing which can be controlled, Itself is a decentralized system so How they can do it? I don't think so. It may be that China is one country in which population has the largest holding of Bitcoin, In this context, they have the major collection of Bitcoin. but how can you do this calculation regarding this amount of Bitcoin? So I don't believe this equation anyone.
But I do believe that China is the new emerging and powerful country in the coming days, they are going to dominate the economic and monetary world. So they have any planning regarding any issues. but how can do you know?

It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.

At the moment, most of the pools are consolidated in China (arguably miners too)
But there is a lot at stake, for someone to want to "Control" or "Manipulate" the network.
Expensive cost, game theory mechanics, high risk all makes up the high probabilistic finality of bitcoin transactions for it to be trusted in a decentralized manner.

yeah, bitcoin is not controlled by anyone compared with altcoins. The opinion that China has a lot of miners/farm and can make a 51 percent attack is wrong. I assume that it is a conspiracy theory for making more hype only to show that bitcoin is not a good asset for buying or investment.

China has a huge number of bitcoin miners but this is not an enough reason that they can control bitcoin already. Bitcoin is not manipulated by anyone or any country and so its price keeps on fluctuating which increases or decreases its price. Once it will be controlled by anyone which i think won't happen at all, it's price will be stable already.

China is neither very interested in Bitcoin itself nor its control. They don't care much about Bitcoin because they will be developing its own digital currency. They cannot control Bitcoin even if they will buy half of the total circulating supply. Bitcoin is not owned by anyone. And if China cannot find anyone in control of Bitcoin which they probably want to take control of, they cannot control Bitcoin at all. But they can influence Bitcoin up to a certain extent with its large market.

I think Europeans now hold more bitcoins. They have many money laundering activities that we don't know behind. Do you see that China has many bitcoin billionaires because its press is free to interview bitcoin billionaires? In the United States and some European countries, bitcoin billionaires often have to remain anonymous so they won't be sought by the government.
Besides, the most typical example is the big fluctuations of bitcoin usually taking place around the morning in Europe, especially in the US.

It's a relative issue, In recent time China has announced that Blockchain has brought to us a good factor for the new invention purpose, so they are appreciating this platform, not only that but also they are taking a project for their own crypto, so it means a lot. but it doesn't mean that China has played the most influential part of this platform, many people say that the major portion of Bitcoin and cryptocurrency is holding by the Chinese people, it may be true or not but it's true that Bitcoin can't be controlled by anyone. it's a decentralized platform so there should not be any controlling issue.

China control bitcoin by means of banning and promoting bitcoin. It manipulates the price because they know that if they will create news dealing with bitcoin FOMO or FUD, they can. Since many Chinese hold bitcoin, they can easily manipulate the market. However, if ever the market ignores their news from China, they cannot control the price. Specially that most of real supporters of bitcoin came from US and Europe.

It's more like what people created because of the high population of the Chinese and the high percent of them holding Bitcoin (like you mentioned).
If people could ignore every threat and sanction the Chinese government makes regarding on Bitcoin, they will  know that the threat will reduces and see how it doesn't affect Bitcoin. Instead people panic on every little thing.

China is a very totalitarian country. And they have a great attitude to new technologies. Therefore, of course, China will control bitcoin. And I think that in the coming years they will remove the ban on cryptocurrency

That's right It is really true that the chinese citizen are playing a big role in the cryptocurrency community especially with the announcement of their president Xi that they are open to accept the blockchain technology in their country and also the rumors or the news that the China are planning to build their own cryptocurrency that will back up by the government and gold to beat up the US dollar. As usual it wouldn't be true that China will control the bitcoin because bitcoin and other cryptocurrency are decentralized meaning, no one can control them even the big whales.

Although China have banned using bitcoin as legal currency transaction payment but they still control bitcoin because they have way how to make bitcoin on higher and lower price, last week we have seen how China president can make bitcoin up on higher price, I think when China make bad issues with bitcoin price will be go down and lower.

No. China don't have any control to bitcoin because bitcoin is decentralized which no one can control bitcoin, and bitcoin is banned in China. But i heard China starts to regulate blockchain technology, that is why they are now launching their own coin just like Facebook's Libra Coin.

China hasn't banned Bitcoin at all.... you can still use it as a means of exchange locally as long as it doesn't involve their fiat currency. Don't listed to news outlets claiming that China banned Bitcoin, they are trying to spread fud.

I don't think the price move was related to China's president, but more so the technicals as usual.... news is just pointed at because people have no clue how the market works on a technical level.

If it was such great news, why is the price going back down again? It gave back like $2k of its $3k pump and soon it will make even lower lows.

there are up four miners in china that control over 50% in bitcoin.in china, bitcoin is one thing and in America and Europe it is another thing.the sites exchanges are controlled by usa .we can say that bitcoin is controlled by china and usa and russia . but investors of all world also have little effect

I wouldn't call it "controlling bitcoin" but I would say they do have the biggest weapon in the war of crypto currency. They are super rich, they don't care about emissions or any other pollution related stuff, they can have the biggest mines, they have cheap electricity (I don't know how) and they are basically the worlds economy leader now, sure USA is good but China seems even better lately.

In short, they are not really controlling it but they are shaping it the way they want whenever they can, not like they can, they can't for example change the 21 million maximum to 22 million maximum, that is not in their power which means they don't control it, but at the end they still can manipulate the price of bitcoin, which is not a big deal but its at least something.

these countries was super power in the world  and its not strange if they could control bitcoin price or whatever.with huge resources usa ,china , rusia could do anything they want .so market could easiky crash or pump when these countries issue positive or good news in market. We can look at last news from china that make flash pump. Its only few example that show how china has power.

Actually it depends on how much China is holding bitcoin so those who hold in a lot of it as if will have the power to set the price, and we also know the most shareholders in the crypto market is in Asia, so maybe China's one of the most holders after Korea.
Despite the Chinese president's ban on Bitcoin and other crypto, imagine that bitcoin is legal.

Isn't Bitcoin decentralized and without of control of any country or institution? So, how could then China control Bitcoin and what are actuall indicators to prove that?
For me this is another conspiracy theory and I don't pay much attention to that.
Chinese bitcoiners and chinese miners are influental in community but we can't talk on control.

China cannot control bitcoin as the coin is decentralized in nature. Due to this, it has no central authority or server. Though it tried hard to take over it because China understands the importance of this coin. However, it pathetically failed every time. Bitcoin cannot be tamed and this is one of the most cherished feature of crypto king. China is just trying to get the power from bitcoin.

You need to understand the fact that btc and other cryptocurrencies being decentralized in nature cannot be controlled by any governmemt,insititution or any other individual.Thats why they are free to operate in market and volatility depends upon on market demand and supply.Although china control network and being center of mining have influence on prices but mining farms are present in different parts of world so they do not contribute much to the market and btc have value as it is free from any political issues.

Yes, it is fully decentralized and not even a powerful country has control over it.
I also don't remember that they lift the ban on bitcoin in their country. They adopt blockchain technology but there is no news update regarding that, it is clear that they don't control it.

Bitcoin has a total supply and of course China does not control all of them, if China has 70% of the total supply of Bitcoin I can say YES,
but if not that won't happen !, I know China has an important role and a big impact for bitcoin because China is a country big after the United States,
if China is able to legalize bitcoin there, the price of Bitcoin I'm sure will go fast like a rocket

I do not think so. In my view China would only be the primary sector (the one that generates the material) because the cost is lower compared to other countries, so everything it generates there goes to more developed and rich countries.

I don't think anyone can control bitcoin even though in a country it has a holder. On the other hand, if indeed the Chinese government wants to destroy bitcoin, what do their people buy it for? I think this is just a mental game. They spread this to get bitcoin from Weakhand at the price they wanted. All of this is just a matter of buying and selling games that are wrapped up with issues of state, institutions, people, etc. or what we usually call fundamental analysis. And all lead to profits and profits, both in money and strength.

As far as I know, there is a lot of whales in cryptocurrency market and they are not just in China so it is clearly it is not China that control the Bitcoin but the whales around the world. They have a lot of money or capital to manipulate the market so bitcoin will be on their favor. It is inevitable to experience manipulation especially with this decentralized market of cryptocurrency.

No country can control bitcoin.
You say so maybe because any information (good/bad) released by China will definitely have a big impact, you are not wrong (if you think like that), just as any information (good/bad) released by America will also have a big impact too. because these 2 countries are big countries that affect global economic conditions including bitcoin itself which can be affected.
bitcoin can't be controlled but if feel the impact of the global economy, it's very clear right now.
in my opinion the current price of bitcoin is also due to slowing global economic conditions.

They are not totally banned crypto, they are just making decision to cut out bitcoin mining. but that announcement make an big trouble for them because there is a lot of miners in china. so this decision of them are very difficult. may they lost a lot and people are never trust them about blockchain legalities. but this are not totally discharged and carried out yet. so there no treat about it. they will make a big history soon about blockchain and cryptocurrency. hope for a positive out come.

I agree with every of the point you have here, when we talk of them controlling bitcoin, I am sure we would not be looking at the aspect of them being able to control the supply but the value is what they can control, and they may actually have a hand in the ways and manners for which the value of bitcoin fluctuates, but I believe that somehow, there will be a day that even china being the largest and richest country will not be able to manipulate the coin and this is where Satoshi becomes more intelligent than them.

They are able to manipulate the coin because there are still coins to be mined, and when it gets to that point where they will not have any coin to be manipulated, I am sure that their power will be reduced a little bit in the regulation of this coin.

China does not control bitcoin because bitcoin is banned in china and other cryptocurrencies that they think it is full of fraud and scams, but they regulate blockchain technology, that is why they are creating their own digital currency just Facebook Libra which it could also be centralized.

There are a lot of articles and news releases that the country china adapts the use of cryptocurrency too and it was a good idea for improvements to their country also, I guess the china is still not enough knowledgeable than the other country and crypto are supporting the use of real currency, I think most of the people in China are miners because they have a low cost of electricity than the other country

no they arent . mining maybe because china was known to have a control on btc mining and other crypto coin mining  but they dont totally control btc  . no one can controll btc except to its founder or developers because they are the ones that can make or break btc   .

  china have been up and down before but it did have a slight effect on the other country or on the crypto market however these bad effect can be slowly rebuilt and turn into a good one by other country that dont harm but only support btc and other crypto  .

Of course not, There aren't any countries that control Bitcoin, including China, even though they have the largest technology and Bitcoin mining in the world. China is a country with sophisticated technology today, they can manipulate the price of Bitcoin because Bitcoin is widely circulating there.

That's why China hated Bitcoin because they cannot control it, remember that China would like to be the number one in everything so they are banning and saying negative thing about Bitcoin because they don't hold much of it, and now they will compete with Bitcoin as they will announce soon their own coin. This maybe the reason why the banned the mining in their country, it might be the reason that they want to buy at cheap or they are cooking their own.

Yes does China control bitcoin price, when China announce for good news bitcoin price up and China give bad news bitcoin price goes down. I think China can control bitcoin because their people have much assets in bitcoin where can control to buy or sell bitcoin where make price bitcoin down or up, I want china re announce for good news to make bitcoin back to higher price.

I don't agree they have control over Bitcoin, of course not, they don't even like Bitcoin, and if you make research for country which has highest holding of Bitcoin, still USA holds the number one, it's just coincidence sometimes that if China making an announcement the price is rising.

You may refer here, according to the research https://usethebitcoin.com/10-countries-with-the-most-bitcoin-hodlers/ (https://usethebitcoin.com/10-countries-with-the-most-bitcoin-hodlers/)

There are lots of rumors and issues which involves China and cryptocurrency but all of it will always remain as theories since no one can prove all these assumptions. As for me, China isn't controlling Bitcoin and cryptocurrencies. It's actually a good thing that they have started adopting it instead of banning it. Cryptocurrency will be too hard for them to control unless they would spread FOMOs just to influence the prices.

After I saw bitcoin price was manipulated by only one person in 2017, creating that outstanding pump, I don't doubt it's possible for China to control bitcoin, but it would demand a lot of organization and cooperative work among all the miners, investors, traders...
I think if China were controlling bitcoin price, other countries like Usa would put many more restrictions and regulations over bitcoin usage or even a total ban. Then I conclude it's possible, but it's not happening.

I am unable to understand that how come this idea hit your mind but China definitely does not hold seventy percent of bitcoin or provides that much supply to the world. Bitcoin belongs to no one. If China ever had this power in hand, do you really think it would have not been the super power yet. Do not underestimate the importance of bitcoin. It is the key to become future ruler. Bitcoin will gain value anyway.

I think it's just an issue so far that no country can stop or control bitcoin. bitcoin remains free and decentralized. Strong countries like China also cannot control bitcoin. but I realize that Chinese government policies can sometimes affect the price of bitcoin. because we know that most traders and bitcoin miners come from China. but the last news I heard at this time was that the Chinese government had adopted blockchain technology and I heard the Chinese government would make its own crypto, which was named DCEP.

China has not created their own coin yet so we can't made judgement without seeing a result.
Bitcoin will survive even without china, as they make their own currency, that doesn't mean that it will compete with Bitcoin as most likely its a centralized currency where they are still in control of it.

Bitcoin is popular among investors because it has limited supply, decentralized and we know its transparent.
This is the real definition of freedom where those who are in control are those who hold the bigger portion of supply, and the good thing is they are anonymous.

Hope you are aware that the country is not behind mining of bitcoin and individual who invested are running the mining as a huge industry as you need to invest millions to run a farm if you are looking to have substantial hash power as it is a competitive field and there are business people who have invested elsewhere and anyone can run a mining farm as all you need is the money to purchase all the equipment and hence you cannot call that some country is controlling something, this is a decentralized market and mining is not a monopoly that is given to anyone.

How you think they will manipulate the coin, by inflating the price of bitcoin and if that is the case it is good for traders, other than that how they are going to manipulate as they are mining the coins to earn the profit and there is no way they will do something to harm the market.

I don't think so, but even they have banned on Bitcoin mining, but China will manipulate the price of Bitcoin because people from China have a higher number of Bitcoin and even recently their government officials announced very soon they are going to implement their public and private sector project with blockchain.

In my opinion no one can control bitcoin, because bitcoin is decentralized and does not belong to anyone. Although majority of
mining power is in China, it doesn't mean that China controls bitcoin. If to manipulate bitcoin prices Chinese often do it, one
of them when the president of China made a speech said in support of the blockchain. The price of bitcoin when suddenly rise,
because a lot a big investor from china. I think China is not about controlling bitcoin but rather wanting to defeat bitcoin, because
china is planning to make their own cryptocurrency coins in the near future to deal with bitcoin.

Not exactly controlling it in the sense that they have a say on the direction the crypto is heading but they have the ability to cripple bitcoin because they can just shutdown mines if they want to. That's why I was glad when I first heard that they are planning to gradually get rid of mining since that mean operations would be more spread out across the world but then they did a 180° recently. So, we'd be stuck with China for longer.

The main reason why China does not like Bitcoin is because it cannot control bitcoin. To be very honest, it is not like China hates or dislikes bitcoin. The truth is exact opposite. It loves this crypto currency and knows its position among digital coins. Anyone who takes over bitcoin will become the power in digital coin market too. But due to decentralized nature of bitcoin, this is impossible.

Do that mean China will dominate the adoption of bitcoin for longer terms but with their powers to influence the market, particular on mining at their own possessions? I guess that's great news if this country will now allow this to be operational in their place, because of the huge potential that their biggest population would be a nice factor to increase a good demand. We didn't see the results yet, somehow more updates will happen in the next few days before December and let's see the more upcoming events that we're about to witness soon.

I want to believe big whale a capable of controlling this space. China was so active until regulation was imposed that controls the chinese the involvement. They seems to have the largest numbers of miners which is a massive investment but it is believed that they sell off as they mined but who they sell to matters as well. I dont trust the Chinese in their financial moves, they cant be careless with cyptocurrency especially when America can be in contention.  My fingers are crossed on Chinese move next year and am more concern on how I will benefit if Chinese come into market with bigger fund

We don't have concrete data for this, but no doubt that they could have the potential way of controlling Bitcoin if they just want, we know how powerful and how rich their country is, if they will really use their power is that they can buy a lot of Bitcoin, by spreading 'Fud' in the market, which is very easy for them, they can actually say negative or can tell the world they will banned Bitcoin for them to make panic so they can buy at lot of it.

China's strategy is indeed very cunning! Will the United States do that too? I think about that big country,
if the United States also controls bitcoin secretly now this is certainly a good thing, there will be 2 big countries fighting over the supply of Bitcoin,
moreover halving will come soon, very good to be followed of course  ;D

I think that this is just all up in our imagination and we think that china has been the one manipulating the market, but I have only seen few times that china has really had much activities around it and I think the first time I will hear china speak on cryptocurrency was when they were against mining, and the second time was when they came up to speak of their support of Blockchain and I think those are the two circumstances that I can speak of for now.

Therefore, I don't want to believe that much that they have been involved in these price manipulation, and I think if we are even to talk of any countries that does more of this manipulation, I would say that it is the United states participants and not that of china as we all think.

The Chinese, mostly ahead when it comes to technology and things that have to do with it. While others were still getting worried about whether bitcoin is a scam or not, they already know that it's good and they got in without wasting time. And another thing is that electricity is cheap in their country, unlike other places where it is expensive. So things we're really easy for them. Before others would start realizing what it's all about, they have already gone far into it and started benefiting from it. Whether the whitepaper was written in English or not, there are still Chinese people that speak English. Whatever news they see they will always translate and spread it across for those that don't understand the language.

i dont think so, but who know?
safety factor make this country prohibit about mining bitcoin or other crypto. China have big fan of bitcoin, but it doesnt mean this country control it price.
but they can speculate about it because there are many poeple mine crypto coin.

To some extent, China certainly controls part of the bitcoin market. At least because most of the bitcoins are mined there. However, as far as we all know, the market is extremely volatile, and China, in turn, is not the only giant that owns volumes sufficient for any manipulation. Therefore, China, although it has some weight, but it is far from decisive.

It might been majorly mined there but doesnt mean that they are capable on manipulating it.We have seen on how many times China do changes its
decisions towards bitcoin where it comes to a point where it do ban or restrict things related to it then later on they do reconsider it.
They can somehow affect markets price but thats just for temporal not totally influenced on overall aspect.

The same can't be done by any other country which means China has got its influence over bitcoin. They haven't come to a conclusion on the adoption of bitcoin, the recent statements of reconsidering it is truly positive and made some changes over the market. Though the influence is temporary, China has contributed big to the growth of bitcoin during the beginning when there is none to support in the growth or uplifting.

For many years they declared banning bitcoin, banning crypto but behind them they allowed many tech companies to develop their own Blockchain.  They recently announced the release of their own national cryptocurrency, claiming support for blockchain as well as cryptocurrency mining operations.

This question does not have a clear answer. The United States and China, as the largest economic powers, have their own levers of influence, but we should definitely not talk about control. I personally am not sure that China is intentionally trying to control bitcoin. I personally am not sure that China is deliberately trying to control the bitcoin, but will not completely abandon the leverage.

Although China and United State are largest economic power they can control how to make bitcoin on higher or lower price, look last three weeks later when bitcoin up after good announcement from China president want to adopt bitcoin as legal transaction and what happen after Trump president tweet bad side of bitcoin where giving bad effect with price bitcoin goes down. I think China have power to control with bitcoin and altcoin price.

I think since it was first released until now bitcoin cannot be controlled by anyone. including China even though China is a strong country and most of the traders and miners of bitcoin come from China does not mean that China can control bitcoin. bitcoin remains decentralized. until whenever I think bitcoin will still be decentralized. bitcoin price movements are only influenced by demand and supply.

indeed bitcoin should never be controlled by anyone and the Chinese government only gives a statement that makes all traders panic but it should not need to be feared, traders should be able to take advantage of this moment to try to profit from the movements made by China.

The cryptocurrency today is very popular. However, many people doubt on the use of this bitcoin and also the altcoins. In another country, they already adapt the use and benefits of the cryptocurrency, and that was an excellent way to improve the transactions and also be more efficient in the money transfer. We all know the country of China, we called the sleeping giants.  All of their products will just transact around their country. Still, by adapting to globalization and improve their country, they make a decision to adopt, especially in technology. There was a news release a few months ago that China seized the opportunity to use the cryptocurrency as their improvement. For now, they support the use of the crypto, but still, in the argument, no one can own the cryptocurrency or can control those prices, and coins are always on the market base.

We are not sure about that. For now the Communist Party is saying that they are fine with it, which could mean that they might ease up on their citizens buying bitcoins, etc. In the end though they want THEIR own cryptocurrency and when that becomes fully operational we don't know what they will do with bitcoin.

Agree, with a number of users and miners who are constantly mining and making money from bitcoin in China, Chinese control is relative to bitcoin but as you said, they can be strong and they can make an impact but other countries are not decorative products, users and miners in other countries will also not lack, and of course, they do not want to be under Chinese control, this dependence is not in the best interest. Almost large users and whales of all nations will unify and link together to control bitcoin, create balance and contentment for all

They never banned Bitcoin. And tell me how is it possible to ban Bitcoin, when it is not a physical asset? All they did was restricting the conversion of fiat to cryptocurrency (and vice-versa), but then the users quickly found a loophole by resorting to stablecoins such as Tether and Pax USD. And they never made any attempt to close down the giant mining farms.

I think the Chinese government attempted to close all mining operations nationwide. But China is a big country. There are also corrupt officials that can be bribed. They can try to minimize the loopholes but another one or even more will surface. The internet is too wide for governments to cover it all. It is also difficult to catch Chinese whales because they are everywhere in the world. They can invest, had houses, open bank accounts in foreign countries.   

Indirectly China not control of bitcoin and altcoin price but they have power how to make bitcoin can up to higher price and make down with lower price, just last few weeks ago where bitcoin have higher price after announcing bitcoin become legal currency transaction there by China government. Without have effect bitcoin support need from China to make their price on the top and keep higher price always.

They actually don't whether directly or indirectly but people are making it seems like so. It's unfortunate that people let  certain types of news to become dominate and control things, and this issue of Bitcoin and China is one of it. Whey many believe this hype is because China has a lot of population so it adoption and rejection 'may' cause Bitcoin price.

Yes it is actually true they even have mining factories to mine bitcoin 24/7 ive seen it in social media and also youtube. I wonder if their trying to take over the mining hashrate of btc so they can centralized it, in order to pump and dump the price. I guess this was the one thing every bitcoin dev, bitcoin enthusiast and btc investors didn't anticipated.

China can not control Bitcoin because it is decentralized, but there are many Chinese traders, mining companies so they can affect on Bitcoin price by selling or buying Bitcoin.
The China governments's rule on Bitcoin also affect on the market.

On whether China really controls bitcoin? Well, certainly not, I can assure you of that, everyone knows that bitcoin is a decentralized currency, it's really not controlled by anyone, even the founder. The fact that China is manipulating and holding Bitcoin much in the market is accurate news, they indirectly control Bitcoin, the Chinese government has been actively doing so for many years, through the people and run everything, things like real estate abroad, special zones, .... they're looking to build a multipolar world, a big change.

Some years ago, speculation that China was going to ban cryptocurrencies sent the value of cryptocurrencies every where going down and just a few days ago, they decided to close every crypto related exchanges and they publicly raided Binance and this has sent the value spiraling down again and I think from this trend, I will say that China have enormous power when it comes to the valuation of bitcoins.

China has a huge population and there is money. Unsurprisingly, most computing power is concentrated there. I think that China is able to influence the price of Bitcoin, but there are also many other mining pools outside of China, whose role in mining digital gold is also great. In addition, the opinion of the Chinese authorities on whether to continue to allow mining in the country or to ban mining is unstable. Therefore, there are options for redistribution of mining capacity on the planet in the future.

Luckily, bitcoin does not come under anyone's control. China has tried to take over this currency for years and when it failed in accomplishing this goal, it started making moves against Bitcoin. The launching of its very own digital currency was destined to happen since the birth of Bitcoin. All the countries will be doing the same as the time passes by. No one can hurt Bitcoin in anyway. It is decentralized in nature which makes it unreachable for enemies.

I disagree.

However, the statistics show that most Bitcoin transactions are in countries such as Russia, China, Canada, and Nigeria.

So it's hard to say that only China controls Bitcoin; of course, I base this argument on statistics.

But in my personal opinion, Satoshi Nakamoto is either a Russian or Chinese citizen or organization.

I think different from you. China is really dominating the bitcoin market because there are so many bitcoin mining factories in their country and there are many bitcoin billionaires and millionaires. They gathered there and you can see, the crypto market is always fluctuating with Chinese salt hours because the sharks are always waiting for the traders to sleep and then they act. This shows that the Chinese are really holding a lot of bitcoins and they control the market.

if majority miners in china stop their operation cryptocurrency market will crashing soon. Its still from on side , meanwhile they have many factors that could influence crypto market. China investors contribution and their money , we could not imagine if china really our from market. Trust to bitcoin and crypto market will decrease alot.

Yes, of course, but it was a different indicator that I pointed out.

By clicking on the link below, you can understand more clearly what I'm trying to say.

https://twitter.com/eljaboom/status/1187732341017448450?s=09

I remember that there was a time in the past in which any news that came from China affected the price in a significant way but I think we have left those days behind us and all of those that care about any news coming from China are worrying about something that has no effect on the markets today.

I know there are many traders that are looking for an explanation about why the market moves the way it does and sometimes they have to accept that it is impossible to tell why it happened.

We can say that China is a big country and that a fact, but we cannot say that china controls bitcoin because as far as I know the usage of cryptocurrency in china is regulated maybe there are some news that they are adopting cryptocurrency and creating their own bitcoin but as of now it is not happening. If that's gonna happen, it is actually good for the cryptocurrency community because I think the more people will know about it, the more possibility that there are investors coming to support and make a profit by investing their money.

I believe that influencing and controlling are slightly different things. It is also possible to talk about control on its territory through regulation and the issuance of bylaws but it is premature to talk about global control although a persistent struggle may unfold in the near future. The question is whether the Chinese comrades need it ;)

Coincidentally the bigger bitcoin gets the less someone would be abt to destroy it.  I think a single government understands they could not bring down bitcoin.  There are too many widespread actors on the network that would have to simultaneously collaborate which just would not happen.  People are becoming more and more reliant on crypto which in turn would make them more abt to defend it.  Crypto is here to stay, at least for years to come.

China owns more than 80% of the hashrate in bitcoin mining. They were involved in bitcoin mining very early and it brought them a lot of profits. They recently allowed crypto mining operations to be legal. Claims related to Bitcoin or blockchain from China are making the market volatile.
https://www.buybitcoinworldwide.com/mining/pools/

China as in the government or just random people.  Because if we are talking about the government bitcoin profits are a nothing burger in terms of GDP, it doesn't even make a blip on their radar as far as profits go.  China doesnt own bitcoin, nobody does that's the beauty

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

In my honest opinion, I don't think that the Chinese people are controlling the bitcoin because if they are really controlling it then we can see different abnormal pump and dump in the market to wipe out the other people's money. One thing for sure is, bitcoin is not manipulated by the Chinese and the market is now more free than before and it is now relying on law of demand and supply.

What do you mean china doesn't control bitcoin? It has the largest population in the world. Mining bitcoin is very easier for them because they can mine a lot of bitcoin in just one snap. Their industry an economy grows faster because of their population and communist system. They know that investing in metals is much easy, the same as fiat currency. But they don't know what bitcoin can do to their economy.

China does not controlling crypto currency, there are lots of people that can afford to make investment  and control the market and those people are scattered around the world. Maybe news that came from them affects the decision of others.

i am totally agree with Chrystora123 , China doesn't control bitcoin
bitcoin controlled by network, many bitcoin user from all of the world hemisphere
i said it because news bitcoin banned in China some time ago

China cant take control of bitcoin no one can!  That is the beauty of the network.  Can someone theoretically 51% it yeah, but the economic incentive is not there to 51% it.  How do peoe think that a single government entity can take over bitcoin...I dont think you understand how bitcoin runs.

Economically it may not make much sense. But from a government point of view, it can make a lot of sense. They can spend a few billion USD and destroy the credibility and reputation of Bitcoin forever. But spending such a huge amount of money from this purpose can never be defended before the public, unless they can prove a credible link between either crime or terrorism with Bitcoin. Well... they will never get such a link, because it does not exist.

China has a big influence on Crypto, especially in Bitcoin, large miners and farms own, now there is a good trend thanks to the integration of Blockchain, the bad thing is that sometimes they speak badly about Bitcoin, but it is because they are preparing everything for the launch of its new cryptocurrency, the stablecoin China.

But the whole market is not in China, it is distributed worldwide, there are many countries that are bringing demand to Bitcoin, especially those that are in crisis, which due to inflation they see Bitcoin as a refuge, adoption is increasingly best.

Fiat also has a direct link to crime and nothing is going to stop the governments from printing at will.  Even if china bans bitcoin for the umpteenth time it doesnt mean the rest of the world will throw their hands up.  Since bitcoin has no borders, any entity with borders can only block from within their own lines.

That’s a lot of money and if they do use it to destroy Bitcoin then that would mean that 90% of that amount can only be returned to them. The thing is that it is not worth it to use that amount to destroy Bitcoin but rather they should use it to a more productive way that would help and benefit their country. They don’t need to defend this decision to the people because in the first place they would not make this decision of wasting the money of the people.

And congratulations, your opinion is correct because of China although it is a country with many advantages such as a large number of users and miners, combined with a strong economy but in general, the economy here is not based on bitcoin, it is based on many different industries. Very few people have a special interest in the value of bitcoin, the government is quite limited, if China really controls bitcoin, they have created a lot of turbulence in the market to influence the economics of other countries but fortunately, this permanent imbalance will not occur when everyone is in control of each other

It not possible to control BTC it's truly internet currency( virtual currency ) it can't be controlled by any particular country,  they can only do one thing SELL if they sell their BTC, it will be price dump 😂 Other then this they are not able to do anything

Bitcoin is independent and stay by his self, but when people said China have control with bitcoin price is not true, just lucky moment when bitcoin have higher price after announce by China president and keep down after issues China created their own coin. Bitcoin only control by investor and buyer where if many people sell their bitcoin make price will be down.

And in order to do that they need to buy bitcoin first, so they will have to become participants in that which they are trying to destroy, so governments are facing a big problem which is not easy to solve, in fact the easiest way to solve this problem will be to back their fiat currencies with gold and to stop printing it to the point that it could disappear so they could gain the confidence of people again.

But they are never going to do this because they feel too comfortable with their fiat currencies and the power that allows them to wield.

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.

   Chinese people are united, and they are working together. That kind of working power and good organization made them to be one
of the strongest nations in the world. They are playing important role almost everywhere, crypto-currencies are just one of their interests.
Together Chinese can manipulate with markets around the world, they manipulate with crypto-market too. We can't do much about it, I
don't think they control entire market, that's impossible, there are other strong players too.

Just in case, the American government goes insane and prints some insane amount of dollar, that may or may not hurt bitcoin but definitely kill dollar and it will lose its worth. Which means the coin wont remain as the super power. This is not going to happen at all. Even if dollars keeps on losing its worth, bitcoin will be surging up. USD is the standard currency used in international market.

China is a big player and holds a high status in he world of crypto coins too with regards of changing market. Even a bit of support from this country brings new spirits in investors and they stop doubting future of crypto coins overall. Still, it is unable to control bitcoin as the king of crypto currencies cannot be tamed. China has lashed bitcoin few times but failed to hurt its reputation.

as I guess and people estimated, about 40% of minned bitcoin is now in the hand of China,
they have lots of farms that mine bitcoin, setted it northside to reduce cooling invest.
I think that situation they control market could happen if goverment calling for private investors come in.

All the news I'm hearing out of china lately has been negative to say the least, but there's no denying how much power they wield economically and politically.  Part of it is just by the sheer number of their population, which is incredible.  They have a *ton* of bitcoin miners, but it isn't like those miners are part of the chinese gov't (at least as far as I know), so I doubt they have malicious intentions as regards bitcoin.  It's very much in the miners' interest to support bitcoin and hope it makes them a profit.

I don't trust them, tho.  Never have.

Totally agree with that and I base that judgement on all the chinese people I've met over the years.  I have a lot of respect for them.  It's the chinese gov't that I don't like or trust.

yeah and even more scary for us that recently eastern countries (including China) were kicking western blockchain companies out.
By kicking out I mean closing offices and etc. So that brings us to a conclusion - China wants to separate market or wants to control it completely (imo ofc)

No one has control over bitcoin,  they might try to create FUD that will dump the price but that doesn't give them the control over bitcoin because the market will react to either FUD news or bull news

The news is also not very clear and it is not convincing. Besides, I'm sure bitcoin is not controlled by the Chinese. because it has been recently announced that Coinbase cold wallets and European exchanges are holding very large amounts of Bitcoin. There, Coinbase holds the most Bitcoin and is currently worth more than $ 7 billion. followed by Bitmex, Kraken, Bitfinex, ... in China there are not many exchanges that hold a lot of Bitcoin so I think the ability of Chinese people to hold a lot of bitcoins is not really. the link to article is here : https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/

I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin

I do not know why many people are focusing in fundamental analysis than in technicals, it is better to rely on technical than fundamentals. I do not have care whether the China is controlling the bitcoin. Once again, my strategies rely on technicals only so I do not have care if there are news about bitcoin that they "said" cause the spike or the crash of the bitcoin.

But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

Price manipulation can come from anywhere.  And yeah if china drops off their are plenty of people on the sidelines waiting for diff drop and will jump right back on.  So long as their is profit there will be miners I dont care which country bans it.  I'm not worried about that aspect.  And as technological bitcoin/blockchain is, China's governmnet would be imploding the ability to keep up.  Bitcoin is here to stay like it or not.  Get on the train or get off cause she ain't stopping

China doesn't control bitcoin but that doesn't mean that they're not going to try to do precisely that, they know they are very powerful and it seems the Chinese government doesn't want to accept that bitcoin is a decentralized currency of which they cannot take control.

Honestly I do not have any problem with them doing everything they can to try to destroy bitcoin, every single time they fail they prove to the world and to anyone which may try something similar about the futility of their efforts.

China can do nothing at all. It is not like that China is the god of technology. If it was that capable then it would have already owned bitcoin and controlled the digital market but that is not the case here. Whether China becomes a part of digital currencies by accepting them or stays its enemy, nothing can stop bitcoin and altcoins from becoming the new face of money. Instead of focusing on China, grabbing these coins would be actually more beneficial.

Yes China use to do this, they most of time used to do this like they ban and unban China so many times but it used to happen with when people start using bitcoin more than fiat or their national currency so the government gets worried but I think in progress of bitcoin China use to play vital role if they keep using and people keep investing.

Yeah China can control with bitcoin price because their announcement can make many bitcoin investor around the world allow with their suggestion, maybe last month when China president make announce for legal using bitcoin price is up but waiting when bitcoin banned in China bitcoin price will down, but I miss when China want to announce again for adopting bitcoin as legal payment.

It gets old, yeah in 2015 ish it used to make waves in the price but less and less these absurd announcements go unnoticed.  There is only so many times they can ban and unban it before the wolf cry means nothing. 

A 51% attack would leave Bitcoin completely worthless and anyone who has made investments in Bitcoin (including the large-scale miners) would try their best to avoid that. So I don't think that the mining pools would come together and launch a 51% attack, because it will be self-defeating for them. Only the government agencies would try something like that.

I think more than 50% population using and holding bitcoin come from China where they can make bitcoin on higher and lower price, when China make good news with bitcoin price can up without some one can stop to make bitcoin down, but when China give negative effect for bitcoin price make low and I am still don't know how China can manipulated bitcoin price.

China will also launch a crypto currency in 2020, I hope this news is the beginning of a bitcoin bull,
but what's scary is that China is making negative news, and it has been proven that China indeed manipulates the price of bitcoin

It's a big NO because bitcoin is already banned in china due to increased of scams in ICO projects and other reasons, so it is impossible for china to control bitcoin. Other reasons why china can't control bitcoin is because bitcoin is decentralized that no one can control it, even the government in every country.

I have opposite thoughts with you. We all know bitcoin is very valuable and it is a tool used to manipulate the market to gain profit for manipulating organizations. so if Chinese people hold a lot of bitcoins, they will not be foolish to sell it to crush bitcoin's future. While they can use bitcoin to make more money than the fry like us, why should they destroy this market? they will continue to maintain this market and even make it larger market capitalization.

We cannot remove the fact that China had the major contribution regards with Bitcoin mining and I admit as well that they have big impact in this industry but I don't think they have the full control on Bitcoin. Perhaps you we are all aware that no one can manipulate Bitcoin because if it does then we cannot say it as decentralized.
As far as I know, Bitcoin is not banned in the said country but rather the exchanges related with crypto. Bitcoin mining is still widely processed in China so we cannot totally say that it is prohibited. They may use their own digital currency but it won't overthrow Bitcoin in any other way.

It is true China is one of the leading countries when it comes to bitcoin mining for once it mined almost 3/4 of the bitcoin in a month and even affected the stability of bitcoin's price. The cause of this centralized mining in China is the cheap electricity rates but these past few months China are being rude to their miners attacking then about the e-waste that bitcoin mining produced.


Actually they are not against bitcoin, in fact they are handling it a good way but there are just exchanges whose being illegal that involves in various scams and fraud in the country so China decided to take it down. I guess they are initiating these matters to fully clean their country and start with a their own blockchain and digital currency.

Bitcoin is definitely not maintained by the Chinese but you, us and myself because the reason why bitcoin still exist till now is that we all choose to use and hold a portion of it. Besides, the governments and the institutions understand this than us which the reason why they make FUD statement in other cause some kind of fear and misunderstand in the crypto community.

Before bitcoin become most popular digital currency payment China become first country have adopted bitcoin and have many bitcoin mining project in their country, although Bitcoin have been banned in China they still have good power for controlling bitcoin with higher or lower price, how ever they still have much bitcoin supply in their hands to make bitcoin price on higher or lower.

In my opinion, this is not about Bitcoin users and not about those who use and store Bitcoin in their wallets, namely Bitcoin miners, most of which are located in China.  Very often information appeared in the media, which was confirmed by many experts, that almost 70% or 75% of the Bitcoin hash rate is controlled by Chinese miners.  To some extent, this can be called the real control of Bitcoin, which is concentrated more in the hands of one country.

China got a big hand on the crypto currencies market because of the big population and the huge number of projects there. It has a lot of famous company who's interested on bitcoin, but it's not all about china, it's about the whole world thought.

It would be nice if the Chinese government acted as their Chinese companies want, who really do not mind using cryptocurrency for their business.  Despite the fact that cryptocurrency has a certain amount of everyday life in China, it is still under heavy pressure from the Chinese authorities, which is why many people think that the Chinese government intends to ban cryptocurrency.  I hope that along with the Chinese national cryptocurrency, the entire cryptocurrency market in this country will be legalized.

But if the whole capital or the miners are coming from china we could say it is controlled by china although it's far from that thing to happen. but, the fact that chinese government prohibit the use of crypto or even trying to raid some crypto companies will potentially reduce the overall posession of bitcoin in china so the centralization or even the price manipulation that are controlled by china will not happen in the future.

In fact, this issue is quite controversial. But in my opinion the Chinese still hold a lot of bitcoins but they are not really controlling the market. The majority of bitcoin mining locations in China are owned by foreign investors. Therefore, you can see that when it is bright in European and American countries, the market is always very volatile. This proves that people in Europe hold more bitcoins. right?

In advance country with the best technologies is against Bitcoin or any other digital coin. Only these people understand the true power of bitcoin. However, no one can deny that decentralized crypto currencies have opened ways for common people to hide their assets from governments. This eventually threatens the control of authorities. China intended to control bitcoin but failed. It does not hate it, but just scare of it.

The mining pools are competing with each other and therefore they don't have any collective bargaining power. Else, they would have formed cabals among themselves, and started blackmailing the Bitcoin users for higher transaction fee. There were some attempts in this direction during 2017-18, when some of the mining pools refused to include those transactions which paid a lower tx fee in the blocks that they mined.

The most important thing for Bitcoin is mining. It also controls Bitcoin, which controls mining. China took over this rule years ago. Occasionally there are news of banning. However, the market no longer takes this seriously.

But many people in China have save many bitcoin in their wallet when can give access how to make bitcoin with lower price or higher, they can control with bitcoin price by giving good announcement for make bitcoin with higher price and giving bad news like bitcoin hacked to make price down and many people panic for selling their bitcoin, maybe in China have big community where holding and selling bitcoin together,

Is China the most mining Bitcoin country? If so then I don't think that means they can control Bitcoin. Bitcoin is decentralized, they are not controlled by anyone or any country. But we know that the Chinese people have a large stock of Bitcoin.

China is the country with the most Bitcoin mining in the world and holds the most bitcoins. They can control the price of bitcoin but cannot control the number of bitcoin holders. The evidence is that in the past 2 years the Chinese government has issued many bans, but the number of bitcoin holders is still increasing in China

And because they also have the number of people in the world, so they can really easily to manipulate and control the Bitcoin,and yes correct they they do have a lot of miners there despite the news that their government is banning the mining. But we should not worry about it, although they can control and sell their Btc still we can recover from this dump if ever.

People from China have a huge mining power, they have a lot of Bitcoins, it's logical to assume that they can manipulate with the price but until a certain point. They can't control the entire network, their actions can affect the Bitcoin in the ways they wish, but there are other parties involved too. It would be fair to say that who owns som amount of Bitcoins, control that amount, but nothing more.

I don't understand why China is being given so much importance. Most of the Chinese users started using Bitcoin only after mid-2013. And even now they rank below the United States and the European Union in terms of raw volumes. It is true that most of the mining pools are located in China. The only reason for that is the availability of cheap electricity and mining hardware. And as of now mining pools don't have much bargaining power, because they haven't formed any cartels or cabals.

You both make a good point but I want you to know that the Chinese government only want to benefit from bitcoin and if the community choose not to make use of bitcoin the year the Chinese government ban exchange site and threaten to shut down mining companies do you know what will have happen by now?
@Oneandpure, we can't hold tight the past and except the future to come to manifestation and for your information in every business setting there will always be someone or a group which will make led the path for others to gain from the business. An example is apple company.

Interesting discussion China can control bitcoin? I think no but this country government keep banned. Basically we know more good investors people in China country so if their leave then bitcoin price dump but totally it impossible bitcoin control/stop.

the latest report from reuters, that China accounts for more than half the world's hash rate. so I think China has a big control over the movements of bitcoin. We already know, China is the biggest bitcoin mining site. thus making China play an important role in bitcoin. https://www.reuters.com/article/us-crypto-currencies-mining/chinas-bitcoin-miners-scoop-up-greater-production-power-research-idUSKBN1YF1PB

Yes it is decentralized until it got 51% attack and then we'll find what happening and I guess there'll be a solution in the future but it's undeniable fact that China is where most of the hash powers coming from. They are really all in into their business and using ASIC could spell bankruptcy for individual miners with GPU that means a more centralized hash powers. I hope this thing could be sorted out though.

China is given importance because it is an emerging superpower. China wants to rule the world but as far as bitcoin is concerned, it is clear that china is not ruling it or may be incapable of getting hands on this technology completely. In the beginning when bitcoin was new to the world and it had to be mined out but now I believe maximum numbers of bitcoin is mined out and china is losing value in crypto world.

Yes, China play an important role in bitcoin's future. They are a significant force in the crypto community since there are majority of mining farms in their country plus the overwhelming population that is into supporting bitcoin. Their population is a big advantage for the adoption and natural or organic growth of bitcoin.

Most bitcoin mining companies are in China, so I think China is controlling BTC and the crypto market. Besides, the Chinese government has also taken actions to control Bitcoin, a lot of bans have been issued since the bull run in 2017 until now. And I heard some news that the Chinese government is testing their country's cryptocurrency, which would be a big step if it actually happened.

so far they are working hard to create a blockchain-based economic order, banning cryptocurrencies only as a hammer for illegal activities outside the control of their preparations, including mining activities. But the point is I see how they are trying to get as much btc as possible towards the conversion of the currency they are preparing, and they will soon be ready in a fairly large order of movement soon.

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

This is because they have damn large population and this is not easy for them to have 60% control over the bitcoin market. As far as china’s quest for becoming super power is analyzed and understood, she will never think of disconnecting the network because she knows that cryptos in particular bitcoin is the future of the world and its demand will increase to unbelievable level in future.

China can't control bitcoins,  because thier country banned the use of bitcoin and i think some of Chinese investor forget bitoin and they obey the rule. 
I think the responsible of some bitcoin decrease and increase are just only whales. That keep controlling the price by just buying when dip and selling in increase price. 

I never read an article, a legit article where in China did ban the use of cryptocurrencies cause if they did then we should have a massive dump in bitcoin since the China is very populous. I've read only China getting harsh with the bitcoin mining since there are data that shows it consumes a high electricity rate which results to more E-waste. In fact China is going in favor with not only cryptocurrencies but also the blockchain technology.

It also controls bitcoin, which controls mining. It's my idea. Where is the vast majority of mining facilities. As far as China. For this reason, China can put pressure on bitcoin. Having a bitcoin is not enough to be strong.

The four  major miners who control the price of bitcoin are Chinese.
China is a significant player in setting bitcoin costs is as of now understood.

China is likewise home to the absolute greatest digital currency trades for exchanging bitcoin, for example, Binance. These trades clock high exchanging volumes and pull in worldwide retail financial specialists because of their modest expenses.

I've seen recently a lot of news about Chinese companies starting to develop own crypto currency for their govs.
So their plan could be much worse - they'll centralize btc, pump and dump it and reinvest in their own currency, then totally dump btc in order to place their currency on the top place.

I think Chinese miners have an undeniable advantage in mining Bitcoin. Most of the mining capacity is accounted for in China. If you also consider that they themselves produce mining equipment, you can understand that mining is very profitable for the Chinese.

Controlling the mining hash rate is not the same as controlling Bitcoin. And moreover, this 60% doesn't come from a single mining pool. There are several giant mining pools in China, and most of them are not in good terms with each other. And none of these mining pools (AFAIK) are controlled by the Chinese government. So there is no logic in saying that the Chinese government wields any noticeable influence on Bitcoin.

That's the part people misunderstood that having the highest mining rate doesn't mean China can control bitcoin and if the Chinese shut down all their mining factory as  factory once threaten, it will only lead to another rally in the bitcoin markets. However, the last time i checked their government still detest bitcoin but endorsed blockchain and with this i believe they only want to profit from bitcoin not control or endorse it.

Unless the Chinese government totally bans bitcoin mining, then they can influence the price somewhat because Chinese miners control 60% of the hash rate.

But the good thing is that Chinese bitcoin mining farms or at least the biggest of them have plans to move their mining somewhere else if their government decided for a clamp down. So the business of mining will continue somewhere else if ever the government will shut them down for good.

I don't think China can control bitcoin, even though in their country there is the biggest mining. the most difficult part to ban bitcoin is the people who are comfortable working here, they want bitcoin and blockchain to be accepted. I think people can do something to continue the life of the crypto world even if it's forbidden

Admittedly, the Chinese are holding too much bitcoins, but most will sell in the market and sharks in Europe are buying it a lot. This is only a prediction and I will say the reason. Have you noticed that bitcoin is always pump or dump at the peak time of the Americans and the rich countries nearby? I am a person from Southeast Asia, a neighboring country in China so they have a time zone that is not too different from me. That's why I think Europeans hold quite a lot of bitcoins, especially the US and Russia. what do you think ?

I think no one can know clearly which country holds a lot of bitcoins all over the world but based on your analysis, China is one of the countries that holds quite a lot of bitcoins when they own the bitcoin mines, a lot of big and reputable miners are in this country and mining bitcoin every day. Fortunately, everyone is an investor, this market is always moving in bitcoin every day, other countries still have certain big bosses, acquiring and accumulating bitcoin, this makes me feel that the forces on each side are always equal, no country can determine the price of bitcoin under their control.

China not been able to control bitcoin is not the word of thought but the total truth and if the Chinese government decide to place on bitcoin any of their citizens that use it could be penalized but chance of very crypto user who's Chinese citizens is to move to Philippines just like the gambling companies does and them continue their life to use bitcoin if their government forbidden as you said is something i dont support.

China doesn't control anything instead they are not allowing anyone to control them. Thats why still they standing alone and not a boot lickers of US and Europe.
I always love the way how they were handling the world politics and cryptocurrency efficiently.

It is not the government of China which have control on that hash rate but it is the population of China who have that much miners and they will never leave mining as it is made to profit the miners so why will a person end up his best source of income. I will suggest all other people of the world that if they want that their country also have a large number of hash rate then invite all of the citizens of your country to start mining bitcoin.

Yup because they have a mindset for business that's why China is one of the most country who do know and a lot of business regarding crypto. They also have a huge effect in the whole crypto from banning mining or also crypto from their country because of the number of their population.

China doesn't control the Bitcoin. Bitcoin was made on the cloud and is a decentralized system- meaning no one owns its system nor controls its price and volume in the market. It is just simple that Bitcoin only runs because its users, and even without chinese users, Bitcoin would still be alive and running. Its just a program with an excellent algorithm.

I agree,  but its a big no that china control bitcoin.  Think about it,  if they can control bitcoin then it wont be decentralized now. What china have are big investor that affect somehow the price of it.  

It is said that majority is authority and we all knew the population of china is more than any country and they can control indirectly.It is claimed that after 2015 the mining farms number increased till now 2020 still growing in china.If we say china itself become a big whale country in crypto its acceptable.

China or any country or individual can not control the BTC directly but massive adoption and holding then injecting and taking from the crypt market is possible fr china.So i think its not bad it can create awareness about the crypto and the existing users will take benefit from it.

Bitcoin can never be controlled by any country and any agency.  China is indeed one of the biggest bitcoin mining countries.  doesn't mean that being the biggest mining country can destroy bitcoin as you say.

such as China trying to do that I think other countries throughout the world will also be ready to do the opposite.  considering bitcoin miners are not only China.

Bitcoin can't be controlled in the same way no one can't control and regulate the internet, nobody owns entire network. This question is not here for the first time, but people still come and ask stupid questions. Questions are stupid because anyone can get answers on them with the simplest research. Beauty of decentralized system, nobody controls it, everyone controls it.

I agree with you, bitcoin is decentralized and no one can control it. We can all be part of Bitcoin. But for the price, I think they can still control the price and volume if they own a large amount of bitcoins in this market. That's why we often see quick pumping and dumping in just a few hours

A study reveals that nearly 66% of worldwide bitcoin power is under the control of Chinese miners. Biggest manufacturing companies are also in china. But this does not mean that they can control Bitcoin or this crypto market. It was created as a decentralized technology and it will always be decentralized. Not only china, no state can control Bitcoin even if it has huge number of miners.

it does not make sense to me. if someone would be able to control bitcoin or could destroy bitcoin; that possibility would crash the price of the bitcoin. bitcoin is valuable because it is under control of no one, no any governments.

You are missing a big point here. The mining power is not under control of Chinese government, its the people, the community who mine Bitcoin and other coins. Also there are miners in other parts of the world too, if China stops, other countrymen will start making more and that may be a loss for China. They have already started implementing blockchain in the government and positive towards crypto now.

Bitcoin is controlled by no one and we all know that. The only thing that they can do is to manipulate its price buy hoarding the huge amount of bitcoin so that the value of it will become higher or lower depends on what they want. This people are called whales in the cryptocurrency scene. They are the one who holds a huge volume of bitcoin and store it as long as they can.

As is already known that China is one of the Asian countries which is a high ambitious country to control bitcoin and its circulation. Proven in China, there are 4 Bitcoin miners in a large scale, and almost control at least 45-49% of the amount of bitcoin. Apart from mining, China also has a big place for trading such as Binance, we already know how the lunge of Binance at the beginning of Biance was founded and until now binance has become one of the pioneers of IEO.
Despite the greatness of China and how their dominance in crypto world is, of course, not a strong factor in how China can control bitcoin. Still bitcoin cannot be controlled by either party. Maybe that's also why the reason to this day is still the secret identity of the inventor of bitcoin.

Yes, none controls bitcoin. Sometimes the market fluctuation happens in accordance to some special events happening around. This gives an outlook that bitcoin is controlled by that specific country. In the past the large scale users of bitcoin were Chinese. Now scenario has changed. This way there is no big change in the market due to the people's activities associated with cryptocurrency usage of specific country.

Normal activities does not affect crypto and its value but crypto related activities will surely have an influence. If, for example people will make more transactions during this lunar year holidays from this market that would affect its value and it would result in a change. In this way that change will be associated with that event. It is not because of the particular event, rather of the activities that users carry out.

this is the ironic
https://cdn0.tnwcdn.com/wp-content/blogs.dir/1/files/2018/10/Screenshot-2018-10-08-at-17.10.22.png

and if this thing will happen, we need the hardforking decentralization

we know in bitcoin, in decentralization system , we will see real deliberation, and the more vote the easier it is for you to handle the network of bitcoin, so int this case, chinese can doit, but i don't think all mining pools in chinese held by one person, and im sure this thing will not happen.

Technically, the reason why the topic have been started is because of the idea that a large part of bitcoin miners are in china obviously because of its big population. Compared to other countries that mines bitcoin, the size of china is huge that makes others think China controls it. It is true that China might control the price of bitcoin if the miners in the country are in one organization and would cooperate and plan to make change the flow in the market but, it is not the case so no, China does not control bitcoin but, the people or organizations who own a large percent of bitcoin around the world or what they called the "whales."

China has a lot of mining companies, My guess is that electricity might be cheaper there than other places. But other than that China itself is not the one controlling bitcoin network. Bitcoin has PoW and so far I don't know if there will be PoS in bitcoin code if so that will change the history of mining btc.

It all depends on who you are asking.  There are four miners in China that control over 50% of BITCOIN
Heres a breakdown by Nodes
https://thenextweb.com/hardfork/2019/02/27/3-countries-50-perecent-bitcoin-network/

And no one would slaughter their golden goose. Millions were already invested into research of 7nm asics and set up large mining facilities next to hydro thermal energy sources. And yet still highly decentralized over the mainland China. The worst thing they could do is a double spend attempt, which would cost them tons of energy and the mining reward that they would get if they would stay on the mainchain.

Very bad incentives to try to rig the system and then eliminate your mining investment at the same time. Bitcoin would immediately change its mining algorithm/consensus after the dust settles.

China is only the largest mining country, and indeed there are many who have a large amount of bitcoin, but I think they still cannot control it, maybe it can only move the market temporarily with the amount of bitcoin it has, especially if more countries legalize it, of course it will more difficult to control it

Bitcoin's decentralization at this point is way bigger than China's influence to it.
So my guess is - China can take over most of the bitcoin one day, but I've a feeling that once that day will come - bitcoin will lose it's value and so the price will crash

Well! China been one of the most powerful country in the world and of great technology status can have an influence on bitcoin, yet in the same vein, Bitcoin been decentralized is not expected to be under the control of China. But since it's human being that managing it and bitcoin is not controlling itself, I sense there may be a little influence. Considering the fact that Satoshi is a Japanese and not a Chinese I don't see the reason why it Should be China that will now control tbitcoin.

This is true that most of bitcoin mining farms are located in China but I don't think they are in any way controlling the bitcoin. Though Chinese government statements have huge influence on bitcoin price. As we saw last year Chinese president statement on blockchain spark the biggest bull run of 2019.

It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.

Depending on how this new virus will spread, in case of potential power shortages (what we believe should not take place), we may see a huge changes in Bitcoin price. This could affect as well factories which are producing minign equipment etc.

 With how many people there is in China, I doubt neither the corona thing nor the rules would really change the fact that China is a big player in the financial world no matter what we are speaking of. There are many Chinese business man who owns lands and business' outside of China as well and they are really making a dent in the world right now with the amount of money they have. Crypto is just another part of that world domination where they probably want to own as much of it as possible in case of it being tried to use against them one day.

China is one of the foremost advanced countries where the amount of Bitcoin users is high but China can never control Bitcoin China is the largest investor in bitcoin. Bitcoin may be a digital currency a rustic can never operate its own. Bitcoin does the mining work together and therefore the government cannot control it.

With the news that I read, china seem to be not a good place for bitcoin mining.

Example :
China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining

The Chinese government is smashing illegal Bitcoin mining, everyone in crypto should care about it

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However, since China miners started early, it's assume that they got a lot of bitcoin in the early stage and some maybe just keeping it for long term investment.

Although we know China is the farmland for bitcoin mining but that's information from years ago, with a market where mining has become more difficult, farms in China are decreasing, only a handful of large farms still exist, the percentage of bitcoin that China can hold right now is quite low for control. Besides, we should not forget that the policies prohibiting mining and using bitcoin in China, it has little or much influence on investors here, resources are not enough for China to control the whole market is becoming more giant

In my opinion, only the allegations without evidence if mentioning China controls the price of bitcoin, because the price of bitcoin is based
on supply and demand.It is true that many Chinese people are involved in the world of cryptocurrency, like many mining farms locating in
China and also many investors who come from china. But that does not mean that China can control bitcoin, because the reality of the
government of China was until now never admit bitcoin. So in conclusion no one has been able to control bitcoin until now.

Yeah no doubt China is well developed country and there are so many rich people who can make bitcoin high for investing but still they can not control bitcoin because there are 90 percent countries in the world are bitcoin supporters and they are making bitcoin web stronger and only china can  take hold over the growth of bitcoin.

Bitcoin is not control by any countries in the entire world dude, due to it is decentralized. But China country has the ability and capable to affect the price of bitcoin in the market, just like what happened last year 2019 when Chine decided to adopt the blockchain technology era, the price of bitcoin during its first week of November got affected by it.

Yes China is huge place for crypto users and there are so many people who daily makes thousands of transactions on daily base but still there are no chances for controlling bitcoin because bitcoin itself is an independent currency that is growing around the world then it seems silly to believe that someone can ever control bitcoin so forget it and keep investing.

I have similar thoughts, but recently I've came up with the idea of what if most of mining farms AND most of btc whales are located in China?
If its true then China is really close to be in charge of most btc's price changes

One another conspiracy theory. Bitcoin can't be controlled. 

It might be, we don't know.

China had a lot of miners and we don't what is happening behind it. All we know is that no one can control the price or Bitcoin itself. It can be manipulated by these whales but it can't be controlled, people are talking about it but these two words are different.

China has a good participation in mining bitcoin, but I think these miners are common people and not the government. And that is a good thing for BTC. China has this mining leadership on their side for their own good, which in the long term will give them even more commercial power and more value for their citizens!

China is not able to control bitcoin, it is impossible to do so. It is possible, that Chinese people can have on their wallets, the biggest amount of bitcoins, because of the population.

is there already a research about the biggest user is china ?, I think china itself will not be able to control bitcoin, indeed in 2017 china like playing bitcoin prices with news, but in 2020, China cant control with news! this is pure bullish trend and not bubble

Well no it not controls bitcoin, but many miners are from China, i don't know now wheret to find that links to show which countries mine bitcoin but as i know China have over 50% last year.

I don't think it's a collective Chinese conspiracy lol. If it's coming from China then probably because most mining devices are manufactured in China. I do think China wanna get an upperhand in crypto but that doesn't mean they are there trying to destroy crypto :P

You are right that a lot of developed countries in China come from most of our country from China but China can never control bitcoin. Nobody has the power to regulate Bitcoin  it depends on the market and costs are on the upswing  China features a good share of mining  but now the economic situation in China is far worse.

China has a good economy compared with other countries like USA, and bitcoin in China will help them to keep growing economically, cryptos will keep them out of poverty, Chinese people like gambling but also they are smart about how to generate money!