Bitcoin Is A Big Threat According To China

[J Gambler]

Bitcoin is meant to disrupt the many traditional institutions works as it can be carrying innovations leading to changes in the way we usually do things. This can be the big factor why central banks and many government authorities are all wary of how to treat Bitcoin. In the case of China, they the easiest way out which is the banning of Bitcoin exchanges and ICOs to curtail participation from their "protected" citizens. Soon they may come up with regulation making ownership of Bitcoin illegal...that is if they are not just buying time before allowing Bitcoin operation under a very strict atmosphere.

China's central bank admits Bitcoin and cryptocurrencies can be carrying threats to central banks and existing banking systems. And this is actually just stating the obvious as the Chinese government is afraid of anything they can not control. This is a society where controls in almost all facets of their lives remain to be strong...though we are hoping that next generation of Chinese leaders would be gradually changing this kind of situation.

Nevertheless, this may not be the right time for China to have a good love affair with Bitcoin but I know that sometime China will be back loving Bitcoin too.

Almost all of the countries have these concerns over bitcoin and it is all understandable as this is all valid and correct in some degree. However they ate being threatened as they have not fully studied it yet and such is the strength of bitcoin that it scares the companies and bank

[Gotottack]

Well I agree with you, mate.

This does not only apply to China but with the rest of the world because all governments across nations desire one thing: CONTROL. In the world of Bitcoins, there is not an inch of control. In fact, only those who have Bitcoins are the ones who have ABSOLUTE CONTROL over their Bitcoins. They can do whatever with their Bitcoins without fear of being held by law. They are free to manage their own affairs in the world of Bitcoins, hence, Bitcoins' continuous growth! That is why it has been said that Bitcoins can be a very effective way to achieve illegal affairs through online Bitcoin transactions because of its value for anonymity across borders, around the globe!

[procryptoguy]

Yes actually this denationalization of wealth is a big threat for every government.
Here the main problem is the more the oppose the idea the more it will grow.
Better instead of opposing i think government should make some regulations on bitcoin and that will be the best step for future.

[AicecreaME]

Well I agree with you, mate.

This does not only apply to China but with the rest of the world because all governments across nations desire one thing: CONTROL. In the world of Bitcoins, there is not an inch of control. In fact, only those who have Bitcoins are the ones who have ABSOLUTE CONTROL over their Bitcoins. They can do whatever with their Bitcoins without fear of being held by law. They are free to manage their own affairs in the world of Bitcoins, hence, Bitcoins' continuous growth! That is why it has been said that Bitcoins can be a very effective way to achieve illegal affairs through online Bitcoin transactions because of its value for anonymity across borders, around the globe!

An absolute control for government on bitcoin would be a disaster for bitcoin itself since corruption is an easy thing to happen after that just like how they control fiat money and the prices of each goods. I really do hope it never happen or else some people would be leaving bitcoin but government would still not care about it since they're in control of it and will easily control it's price.

[Bolt Brownie]

I don't think China is an example for anything. They are well known for their extreme pursuit for control, so bitcoin is obviously a thread to them. It's not just something they cannot control, is something they cannot control and that directly affects their financial system. I don't really think they will find an easy way to deal with it, and this ICO ban and exchange suspension, was their best way to buy some time and try to figure out what to do. I think they know that if they go for the complete ban, and make bitcoin and all crypto illegal, they will probably create their worst nightmare, since bitcoin was made to completely bypass governments and banks altogether. I think their best chance is to try to regulate it a bit, and hope its citizens agree with those regulations and choose to obey and accept them.