China has brought nothing but problems and great shame to Bitcoin. What more can we do to protect Bitcoin further from the ills of China and their bad behaviors? It is good that their exchanges are all now going to be shut completely. It is good that we will break up their mining monopolies which ruined decentralization as intended by Satoshi. But are are the further steps we can take to get rid of Chinese completely?
Chinese have never been loyal to bitcoin.We could not forget the obstacles created by them in activating segwit.They have manipulated bitcoin price by dumping and exchanges by creating fake trade volumes.It would be a very big relief for bitcoin itself if it gets completely out of the hands of china.Thanks to chinese government for taking such a step against bitcoin and paving the way for progress of bitcoin. |
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They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.
If china suddenly declares mining as illegal,then there will be a huge problem in confirmation of transactions since most of mining pools and mining farms are located in china.We might face a huge volume of transactions unconfirmed.It may take even week for a transaction to get confirmed.But it would not exist for a long time.New mining farms might get set up in other countries thus decentralizing the mining industry.Then,every thing would get normal but we might have to remain patience for some time.But,it would be good for bitcoin progress on a long run. |
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In last week bitcoin price because of Chines police regarding BTC and made affect for rate so here China have higher rate it's rights or not
Even if it is made clear that Chinese have higher amount of bitcoins before the dump happened, maybe it is also clear now that many bitcoin has been sold by Chinese therefore it is not that clear now whether if Chinese is still the one with more bitcoin or another country has a lot more btc now. We will know for sure if another bad news from China will be seen a week or month from now. Yes,since most of bitcoins held by chinese were sold earlier when china banned ICOs and regulated bitcoin exchanges which resulted in its price fall last week.But as most of it were bought by investors from other countries,soon its price recovered and its price reached $4,000.But now,we exactly don't know whether now china still have lion's share of bitcoin or not.Now,the only factor for which still bitcoin is depending upon china is the large number of mining farms located still in china.If we have more mining farms in other parts of world too,then bitcoin would get completely free from depending on china. |
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I was happy seening bitcoin breaking resistance level of around $4000 trading area. This is another sign that we have resume another upward movement in bitcoin pricing. This momentum should be sustain in other for us to be able to break $5000 level. For those that invest around $2,987 last week can now be happy on their investment.
yes,those who had bought at $2,987 has taken a wise decision.Once again,newbies who had sold out their bitcoins in panic would be the victims.Bitcoin has once again proved that it is an ever growing currency and even the big giant china could not stop it this time.Definitely,chinese investors are big losers.The only thing they could do is just blame their government for such actions.Most of traders have shifted their trade to japan exchanges where restrictions are low compared to china.So,we could expect bitcoin to continue in bullish trend from now. |
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As far as bitcoin is concerned,you could just hold it and don't get panic and sell.If we see the previous price history of bitcoin,after every dip,it has increased and gets settled in a price higher than its previous high price.So,don't become weaker hand by selling your bitcoins.Just hold.Regarding altcoins,since it is mostly pumped and dumped,you just wait until it is pumped again and sell it.
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No,world governments have already started to pay attention towards the marvelous technology block chain.Dubai is getting ready to soon make all of its governments sectors to be made to work on block chain technology.Governments have realized that using block chain system would reduce time,make the work ease and keep the data secure.Even the legalization of bitcoin by most governments shows that they have started realizing that bitcoin could not be avoided any more and they know very well that if they avoid it,then they would have to be left alone from the main stream of development.
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No,china's ban on ICOs just had a negative impact on bitcoin's price for only two or three days resulting in bitcoin price to reach $3,100.But soon it recovered and now its almost $3,961,.This clearly shows that bitcoin is no more dependent on china for its future.Its good that the world has now realized that bitcoin has investors world wide more than in china.Now,its time to set up more mining farms in other parts of world to make mining once again decentralized thus getting completely out of china's control.GMO,japan's leading internet company has announced the manufacturing of ASIC miners.So,in a long term basis,china banning bitcoin exchanges is only good for bitcoin.
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Legalization is good for bitcoin progress.If bitcoin gets legalized,most of retailers would start accepting bitcoin as payment.We saw in japan,just after legalization of bitcoin,now over 250,000 retailers accept bitcoin payment.Legalization would increase trust over bitcoin among people thus increasing more demand for new bitcoins.Bitcoin price also increased considerably after japan legalized bitcoin.But if bitcoin gets legalized,surely the bitcoin transactions would be regulated and bitcoin earnings would be regulated by the appropriate governments.
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Bitcoin is still younger to reach that stage.It has just crossed its primitive stage of eight years and yet a long journey has to go.Bitcoin is just now getting legalized in some countries.Most countries still have not legalized it due to its high volatility.Bitcoin could be used as a secondary currency and it is very hard for bitcoin to replace USD which is enjoying the position of global reserve currency for the past seventy years.Only if its price gets stabilized in future,it may be considered to become the strongest currency and i think its very hard for bitcoin price to get stable.
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Definitely,bitcoin is no more in need of china for its progress.Now,the losers are only the chinese investors.They could do nothing except blaming their government for taking actions against bitcoin.This would be a great chance for setting more mining farms in other parts of world to once again decentralize mining.Japan's great internet giant GMO haSIC miners for mining bitcoin.It would be a great competition to bitmain in mining industry.Bitcoin getting completely out of china is good for the progress of bitcoin.
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Even if the banks issue their own crypto currency,i think that it will not get much popular because people would not want once again to deliberately get caught in the hands of banks.Such currency would not be a decentralized currency like bitcoin.It would not gain support globally and in no way,it could replace bitcoin which has been the ultimate choice of investors world wide since it has given them the true financial freedom.Such currency issued by banks may be only bought by people who don't know the true potential of bitcoin.
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I am using Electrum wallet for the past two years.Its user friendly.A seed of twelve words is generated during opening a new wallet.It should be saved and could be used to recover our wallet in case of system failure.Transaction fee is reasonable and could also be set manually as per the prevailing market situations.But care should be taken to download the wallet from the official website Electrum.org. and avoid fake websites.
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What do you think how long will it take to spread around the neighbouring countries ? This is bad move and could affect bitcoin in the long run.
I can confirm that India and Pakistan won't be affected my China's views on Bitcoins. India, with the second most population, favours online currency to play an important role in the market. What bugs me is how is mining being affected vastly by China's withdrawal from the Bitcoin network. Around the world, Bitcoin has influenced itself over the last 7 months with its rising price from 800 to 4k$. It's a progress leap of 500%. In the future, it will only keep rising more. On a side note, could you summarise in a few words as to why China has started withdrawing from the Bitcoin market? Indian will be the first country to ban bitcoin after China.The government is already implementing heavy tax schemes and they don't appreciate cryptos.There are no laws governing the scene at the moment but if one country starts banning it,certainly it will spread the word around. Absolutely not.India has already formed a committee to give recommendations in favor of legalizing crypto currencies within six months.So india would not follow china blindly.It was earlier when india was thinking of banning virtual currencies but later took a U-turn in its decision.So,if india legalizes bitcoin,then it would increase the demand of bitcoins more. |
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Investment has low risks when compared to trading.But,the profit margin will also be less.Once invested,we would have to wait until the maturity period to withdraw our investment.Its not affected by the short term fluctuations in the market.Low risk,low return.
Trading could be started even with a very small amount.Here,we have full control over our money.We could change our decision any time depending upon the market situation and withdraw our investment by selling the coins and investing in another.Short time fluctuations in price affect the market.Higher risks,higher returns.
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Unless you're selling you're not losing volume, people are just panic selling. Like Warren Buffet said,
"Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
It's time to be greedy.
Absolutely,buy as much bitcoins as you can because this situation seems to change very soon since china has not planned to ban bitcoin exchanges completely any more and the price would soon start rising.Th price and volume of trading of crypto coins would increase substancialy very high within a small period from now.So,don't sell your coins.Even if you are able to buy more,start buying immediately as golden chances does not come every time. |
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So,china has only the idea of regulating bitcoin exchanges with strict rules and to temporarily suspend the licenses of those exchanges which do not have AML and KYC strictly implemented.Surely,it would be a great relief for bitcoin from the price fall and price would once again soon recover.It seems that the three big exchanges OKCOIN,HUOBI and BTCC would be granted licence to trade bitcoin continuously.So,buy as much bitcoins as you can before the price skyrockets.
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Earlier,bitcoin has been termed as ponzi scheme by many people.Some said that it would soon die.Some others said that its a dangerous investment.Bitcoin has made many of their mouths shut by performing well.It has not disappointed its investors.Bitcoin has proved itself that its a profitable investment many times and it has travelled far ahead of the stage where it required good tweets from big investors,business enterpreneurs,etc.So,it would be better to just turn a deaf ear to such statements.
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Its true that bitcoin price has fallen down to $3808 today as a result of china's actions against bitcoin.Also,lots of FUD were responsible for such fall since newbies have once again started to sell their bitcoins in panic.But its just a temporary situation.Its a good chance for buying cheap bitcoins.We could also see that there is a huge buy wall which is resisting bitcoin price from falling more.Soon,we could expect bitcoin price to recover.
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Until now,no other coin has the potential to replace bitcoin.Once Ethereum and Monero were expected more to do so since they were fully anonymous,but they failed to deliver.Bitcoin has gained trust among investors all over the world and its hard for any other coin to gain such trust being a decentralized currency.But in future,when quantum computers would be introduced and bitcoin security may get compromised.At that time,there is a possibility for some other coin to replace bitcoin.
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Bitcoin being a decentralized currency,volatility is its basic nature.As there is no central authority to control the bitcoin price,its price usually fluctuates.Bitcoin exhibits its original value.Bitcoin's price increases or decreases with increase or decrease in demand for bitcoin.Its the biggest issue for which retailers do not come forward to accept bitcoin as payment.But we saw in japan after bitcoin legalization,retailers just left the volatility issue and came forward to accept bitcoin.So,in future,if bitcoin gets legalized,volatility would not be an issue for retailers.
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