Bitcoin slumps as China bans all cryptocurrency transactions

[Abiky]

I wouldn't go to the extent of saying that the impact would be "minimal". China is one of the largest markets for cryptocurrency and therefore any ban in that country may have an impact on the exchange rates (when the news came out, it immediately crashed the Bitcoin rates by almost 20%). And using TOR/VPN is not safe in China, because of the wide surveillance by the government. If the government finds out that an individual is using these services, then he will be at the risk of getting arrested.

Bitcoin is decentralized, right? So anything happening on a single region or country will have little to no impact over its prominence in the mainstream world. Of course, China is one of the largest markets for crypto. But a full government ban will only affect prices within a short time period. Eventually, the market will recover as people from other countries take advantage of the dip. There's strong support from developed countries (and some developing countries) into Bitcoin, so a China ban will only encourage miners and companies to move their operations there. For the average person living on China, that's another story. It'll be difficult to use Bitcoin when there's widespread surveillance by the government. The risks aren't simply worth it in the long run.

I'm afraid Bitcoin's adoption in China will decline massively, due to government restrictions. As long as there are countries with friendly legislation towards Bitcoin, nothing else matters. Just my thoughts

[impulse709]

In my opinion, if China continues to put stress on its citizens, they are trying to force their people into a dictatorship. And their people will feel free until the Chinese government comes. The country will be in great trouble. Everyone has the right to restrict freedom but if they feel that they don't have any freedom in their country and, Most of the Chinese people I know are just scammers they like to make fake news FUD to collect the cheap coins of the dumping.

[TravelMug]

In my opinion, if China continues to put stress on its citizens, they are trying to force their people into a dictatorship. And their people will feel free until the Chinese government comes. The country will be in great trouble. Everyone has the right to restrict freedom but if they feel that they don't have any freedom in their country and, Most of the Chinese people I know are just scammers they like to make fake news FUD to collect the cheap coins of the dumping.

Lol, what you do mean? They are under communist regimes since the 60's so of course it's a dictatorship or a government being run by only a few. They revered themselves so high, in the last 20 years they have made a lot of strides specially in the globally finance and economics and now being considered as superpowers. What they said are the rules and the people have no authority to question is. So it's either the Chinese miners or investors move out of the country and remain but they will be somewhat curb the the government. As far as FUD, we should be mature enough not to get affected negatively by any news coming from them.

[breathlessz]

In my opinion, if China continues to put stress on its citizens, they are trying to force their people into a dictatorship. And their people will feel free until the Chinese government comes. The country will be in great trouble. Everyone has the right to restrict freedom but if they feel that they don't have any freedom in their country and, Most of the Chinese people I know are just scammers they like to make fake news FUD to collect the cheap coins of the dumping.

Lol, what you do mean? They are under communist regimes since the 60's so of course it's a dictatorship or a government being run by only a few. They revered themselves so high, in the last 20 years they have made a lot of strides specially in the globally finance and economics and now being considered as superpowers. What they said are the rules and the people have no authority to question is. So it's either the Chinese miners or investors move out of the country and remain but they will be somewhat curb the the government. As far as FUD, we should be mature enough not to get affected negatively by any news coming from them.

The dictatorship of the Chinese government is unavoidable, because they hold a communist system, and of course the people must obey it. on the other hand, in terms of society, of course they want freedom for themselves, and indeed there are many ways they do it. By being the largest mining country, the influence is more or less in the hands of China, but what needs to be noted is that this is a decentralized area, not only those who have power, and FUD is only temporary in the end.

[Abiky]

The dictatorship of the Chinese government is unavoidable, because they hold a communist system, and of course the people must obey it. on the other hand, in terms of society, of course they want freedom for themselves, and indeed there are many ways they do it. By being the largest mining country, the influence is more or less in the hands of China, but what needs to be noted is that this is a decentralized area, not only those who have power, and FUD is only temporary in the end.

China has been a dictatorship for quite a long time. The government doesn't want anything that would strip away their power from the people. Something they cannot control, would be considered as a threat to their existence. Bitcoin is decentralized, so it's normal to see opposition from a communist government like China's. The country was the largest Bitcoin mining hub, mainly because of low energy and labor costs. A full government crackdown will be a huge blow to Bitcoin's hashrate, although the effects will only be temporary. Miners will simply expand to other countries to help keep Bitcoin afloat. It would've been another story if Bitcoin was a centralized coin. Thankfully, the community has kept it decentralized making governments' efforts futile. I wouldn't worry about China as long as there are other countries supporting it every step of the way. Just my thoughts

[freedomgo]

I wouldn't worry about China as long as there are other countries supporting it every step of the way. Just my thoughts

I would agree with you in this statement, China cannot beat us if the majority of the world will adopt bitcoin, their people will continue to be under dictatorship but we bitcoin users who live in a country that is bitcoin-friendly will be able to enjoy the new technology as a payment system and most especially as a store of value for our money.

I don't anymore expect that they'll unban bitcoin, I consider their announcement to be final.

[savetheFORUM]

How show are you that the decrease in price was caused due to China ban on cryptocurrency? And moreover this news is becoming old and so annoying, I don’t know why we keep seeing this news about China banning cryptocurrency every single year.

Yeah, bitcoin has been growing ever since the time they announced that they’re going to ban cryptocurrency  from their country. Even after the announcement, we all saw Bitcoin increase till it reaches another all time high price. Right now Bitcoin is currently at $62,000 in price , and we are all looking forward to more of the increase. And also in the case of Bitcoin mining, a lot of people feared that China’s ban on Bitcoin is going to affect the mining industry, but that never happened instead a lot of money companies has now relocated to other countries such as US, Kazakhstan, and other countries where it is legal for them to mine Bitcoin.

[beerlover]

I wouldn't worry about China as long as there are other countries supporting it every step of the way. Just my thoughts

I would agree with you in this statement, China cannot beat us if the majority of the world will adopt bitcoin, their people will continue to be under dictatorship but we bitcoin users who live in a country that is bitcoin-friendly will be able to enjoy the new technology as a payment system and most especially as a store of value for our money.

I don't anymore expect that they'll unban bitcoin, I consider their announcement to be final.

I believe that China assumed if they make every manufacturing very cheap there and let other nations use them for building stuff, they would become the world power. However, just because you are "owed" money doesn't mean that you have money, those are very different things. Can you imagine how richer banks would be if all of the loans they gave out suddenly all gets paid in a single day? China can ban crypto as much as they want, and rule with dictatorship and concentration camps and torture, as long as they keep doing that then people will slowly get away from it.

Even the biggest companies who really need Chinese cheap manufacturing are moving to other nations now because they do not want their name to be associated with them. When you make your nation a stigma and people start not buying stuff just because it is from your nation and you can't get paid what you are owed, the future looks horrible for them. Meanwhile we are out here doubling and tripling our money every year in crypto .

[cryptomaniac_xxx]

In my opinion, if China continues to put stress on its citizens, they are trying to force their people into a dictatorship. And their people will feel free until the Chinese government comes. The country will be in great trouble. Everyone has the right to restrict freedom but if they feel that they don't have any freedom in their country and, Most of the Chinese people I know are just scammers they like to make fake news FUD to collect the cheap coins of the dumping.

Lol, what you do mean? They are under communist regimes since the 60's so of course it's a dictatorship or a government being run by only a few. They revered themselves so high, in the last 20 years they have made a lot of strides specially in the globally finance and economics and now being considered as superpowers. What they said are the rules and the people have no authority to question is. So it's either the Chinese miners or investors move out of the country and remain but they will be somewhat curb the the government. As far as FUD, we should be mature enough not to get affected negatively by any news coming from them.

The dictatorship of the Chinese government is unavoidable, because they hold a communist system, and of course the people must obey it. on the other hand, in terms of society, of course they want freedom for themselves, and indeed there are many ways they do it. By being the largest mining country, the influence is more or less in the hands of China, but what needs to be noted is that this is a decentralized area, not only those who have power, and FUD is only temporary in the end.

They no longer has the control and power of bitcoin mining, as they obviously ban it.

And many countries would love to take over of it, and some has started it's own in the US and other parts fo the globe like in Russia. FUD will be part of the ecosystem, no matter if we are in a bearish or bullish scenario. There will be individuals who will come will negative news to cause chaos. But I do agree that we have been maturing now as compare to like 4 years ago.

[darewaller]

So, has that done anything  to stop the cryptocurrency market? As long as there are countries where cryptocurrency is still legal to make use of and also for the companies to operate, there's always going to be a way out.

Immediately the Chinese government issued a statement to ban cryptocurrency in the country, there were news that crypto mining companies in China quickly relocated to other countries and continued their mining business. so I don’t think that this is a heavy blow at all to the market, because it never stopped the market , rather the market kept going strong. Did I mention that analysis has proven that the market will still increase in value before the year runs out?

[milewilda]

In my opinion, if China continues to put stress on its citizens, they are trying to force their people into a dictatorship. And their people will feel free until the Chinese government comes. The country will be in great trouble. Everyone has the right to restrict freedom but if they feel that they don't have any freedom in their country and, Most of the Chinese people I know are just scammers they like to make fake news FUD to collect the cheap coins of the dumping.

Lol, what you do mean? They are under communist regimes since the 60's so of course it's a dictatorship or a government being run by only a few. They revered themselves so high, in the last 20 years they have made a lot of strides specially in the globally finance and economics and now being considered as superpowers. What they said are the rules and the people have no authority to question is. So it's either the Chinese miners or investors move out of the country and remain but they will be somewhat curb the the government. As far as FUD, we should be mature enough not to get affected negatively by any news coming from them.

The dictatorship of the Chinese government is unavoidable, because they hold a communist system, and of course the people must obey it. on the other hand, in terms of society, of course they want freedom for themselves, and indeed there are many ways they do it. By being the largest mining country, the influence is more or less in the hands of China, but what needs to be noted is that this is a decentralized area, not only those who have power, and FUD is only temporary in the end.

They no longer has the control and power of bitcoin mining, as they obviously ban it.

And many countries would love to take over of it, and some has started it's own in the US and other parts fo the globe like in Russia. FUD will be part of the ecosystem, no matter if we are in a bearish or bullish scenario. There will be individuals who will come will negative news to cause chaos. But I do agree that we have been maturing now as compare to like 4 years ago.

Market wasnt really similar into those previous years on where a small news or events/sentiments could really make out some big effect in the market but now we are seeing on it that it does have strong support which the price couldnt really crash down  despite of these hacking,banning, regulation news it do able to withstand and able to handle it out.
Recovery was really fast which is really much saying that we arent the same into those years where crash could really happen specially if China do make
out some move.

[Abiky]

So, has that done anything  to stop the cryptocurrency market? As long as there are countries where cryptocurrency is still legal to make use of and also for the companies to operate, there's always going to be a way out.

Immediately the Chinese government issued a statement to ban cryptocurrency in the country, there were news that crypto mining companies in China quickly relocated to other countries and continued their mining business. so I don’t think that this is a heavy blow at all to the market, because it never stopped the market , rather the market kept going strong. Did I mention that analysis has proven that the market will still increase in value before the year runs out?

It seems that China has added fuel to Bitcoin's growth rather than destroying it completely. You just can't beat something that it's decentralized and censorship-resistant. Miners will eventually flock to other countries with a friendly stance towards Bitcoin. It looks like El Salvador will become the next Bitcoin mining hub, leaving China and other oppressive countries behind in the dust. Russia is also joining the game, so there's that.

I think China's decision to "ban" Bitcoin is nothing more than a move to promote the use of its own digital currency. There's no need for Chinese people to worry about this, since there are other means to get access to Bitcoin. What matters is that Bitcoin remains decentralized and censorship-resistant in order to stand the test of time. As long as it stays that way, no government will be able to curb its growth in the mainstream world. Just my thoughts