Bitcoin in China

[kryptqnick]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

Not to worry, they wouldn't be able to ban bitcoin, because they have the biggest mines and people who have big income out of it won't give up easily, because thus they'll lose a lot. I think they may only try to force miners to register their activity as business (or maybe it's done alredy) and pay some taxes from the income to the government which is quite all right.

[Tanic]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

China banned Facebook and other staff not because of it's bad or something. This is just their politic to support the national producer. And I think it's smart. For now bitcoin is not banned there and developing faster than in the remain world. I think for them would be logical to create their own national crypto currency to it be accepted on the government's level. Maybe they are creating something like that already.

[deisik]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

China banned Facebook and other staff not because of it's bad or something. This is just their politic to support the national producer. And I think it's smart. For now bitcoin is not banned there and developing faster than in the remain world. I think for them would be logical to create their own national crypto currency to it be accepted on the government's level. Maybe they are creating something like that already

I don't think that would be a wise decision overall. China is trying to make Yuan the reserve currency, so why should they invent some alternative to Bitcoin and then push it into the world when they already have Bitcoin accepted across the world (sort of reserve currency and which production (mining) they just as well monopolized by now? That simply doesn't make much sense. I don't know whether they actually banned Facebook (let's assume that) but if they could monopolize it (which they obviously can't) there wouldn't be any reason to ban it...

Remember, BTC - Better Trust China

[arlinxoha]

I know it's an old issue. China is a communist country. China accepts maximum majority of Bitcoin users compared to any other country. Due to popularity, the fake volume affects Bitcoin users worldwide. China Bitcoin is not yet banned. I think that the price is fairly stable and it's going to increase higher.

[Vohoanghiep]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

China is one of the largest users of Bitcoin in the world, so if Bitcoin is banned from China, the Bitcoin trading rate will drop. So it's possible that somebody has been rumored to make Bitcoin's price drop to buy in and wait for its price to stabilize and sell out to make a profit.

[NJB18]

I think China did not impose an outright ban on bitcoin. There was no state-sponsored acknowledgement though. It was because the country did not yet understand the totality of the bitcoin invention. However, they did quite an extensive research on blockchain. Perhaps this news is worth checking out:

https://t.co/njPY84Mt95

[Kronos21]

While China thinks what he should do with bitcoins to him eyeing other countries. Chinese people very much so they will continue to lead in number of users, but the income from transactions with bitcoin will receive a Japan which already makes confident steps towards its legalization.

[masterchief001]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

Not to worry, they wouldn't be able to ban bitcoin, because they have the biggest mines and people who have big income out of it won't give up easily, because thus they'll lose a lot. I think they may only try to force miners to register their activity as business (or maybe it's done alredy) and pay some taxes from the income to the government which is quite all right.

China is a very developed country, which owns the largest trading floor in the world. This makes China's economy extremely powerful. With such an advantage, they would never forbid bitcoin.

[RamBahadur.Gurung]

China is one of the largest users of Bitcoin in the world, so if Bitcoin is banned from China, the Bitcoin trading rate will drop. So it's possible that somebody has been rumored to make Bitcoin's price drop to buy in and wait for its price to stabilize and sell out to make a profit.

China has previously attempted to ban Bitcoin, but it ended in failure. The exchanges simply moved to the neighboring countries such as Hong Kong and Taiwan. The authorities seems to have realized that it is impossible to ban BTC.