China currency and effects on BTC

[fiscorcle]

Everything is cheaper in China even the electricity. I don't know if there is another country with cheaper electricity though. Maybe if some rich guy invests a lot of money into renewable energy like wind turbines or solar panels and try to mine alt coins with that powering his rigs he could make more money than the Chinese. By the way Chinese Yuan is fully backed by gold apparently so people may start buying Yuan instead of USD or Bitcoin.

Due to the high inflation, the things are not cheap in China any more. The Chinese tourists buy a lot of things aboard.

[xuan87]

for me i think it is a good idea for china citizen to hold  bitcoin for investment, and with china big population its going to help bitcoin to become famous and it will help bitcoin to maintain their stable price

[Jasad]

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so?  I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them?  This would be very good news for the BTC price.  Thoughts?

i dont think china currency influencing bitcoi price,its not tottlay rght if media tell abou that,bitcoin dumping last year was not have any related with devlued of yuan,even we know china have so many miners there.

[Pab]

Not so much,chinsie miners are in charge,whan thay are joining forces than thay are able to control all network,than we have pump and dump

[Dahhi]

Everything is cheaper in China even the electricity. I don't know if there is another country with cheaper electricity though. Maybe if some rich guy invests a lot of money into renewable energy like wind turbines or solar panels and try to mine alt coins with that powering his rigs he could make more money than the Chinese. By the way Chinese Yuan is fully backed by gold apparently so people may start buying Yuan instead of USD or Bitcoin.

People are buying yuan and buying electronics and other stuff directly from China. It's cheaper that way.

[fiscorcle]

People are buying yuan and buying electronics and other stuff directly from China. It's cheaper that way.

I hope in the future the bitcoin can be accepted in China so that we can buy goods in China with it directly.

[Cyaren]

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so?  I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them?  This would be very good news for the BTC price.  Thoughts?

Yes, Chinese citizens have only $50,000 USD a year of forex limit. Many go to black markets though and source their forex from there.

BTC is quite a good option to move their funds. In doing so it also educates the public about cryptocurrencies.

If one day BTC can be used nearly everywhere in Earth, then it would be even better. Because they wouldn't need to dump their coins again to get worthless fiat. Instead, they can say, buy a house using just bitcoins.

[Dekker3D]

China is having a lot of cheap stuff, currency, services and so as the quality of living. They have way less freedom than most of us that's why some of them go to other countries to migrate.

[sishendaoye]

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so?  I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them?  This would be very good news for the BTC price.  Thoughts?

Yes I agree. The big question is what is and what will be the chinese government reaction as things progress.

Is it really true that China controls the Bitcoin and has effect on the currency. I have read some things about it but I do not know what to believe.

[fiscorcle]

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so?  I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them?  This would be very good news for the BTC price.  Thoughts?

Yes I agree. The big question is what is and what will be the chinese government reaction as things progress.

Is it really true that China controls the Bitcoin and has effect on the currency. I have read some things about it but I do not know what to believe.

I do not think the Chinese controls the bitcoin. They just control the manufacturing and the mining.

[HeroCat]

China is world second largest state by area and have ~ 1.38 billion people and they use their local currency. In China people are using mainly local shops & markets as in every very large country. BTC mining farms in China are just BTC mining for profit for mining farm owners. BTC can expand in China, but probably after many years.

[yayayo]

Everything is cheaper in China even the electricity. I don't know if there is another country with cheaper electricity though. Maybe if some rich guy invests a lot of money into renewable energy like wind turbines or solar panels and try to mine alt coins with that powering his rigs he could make more money than the Chinese. By the way Chinese Yuan is fully backed by gold apparently so people may start buying Yuan instead of USD or Bitcoin.

Where did you get that information from?

Electricity prices vary greatly in China. Mining efficiency is also (becoming increasingly) dependent on climatic factors because of the necessary cooling. It's possible that mining in a region with low temperatures all year around could be more efficient even if electricity is more expensive than in another more temperate region - especially, if excess heat from mining is utilized for heating purposes.

Regarding China I think it's important that the Chinese mining operators are a diverse group. Just because they are all Chinese does not mean that they will all act in concert.

ya.ya.yo!

[Pab]

China is not devaluating Yuan,look his rates,last year Yuan was most stable currency of the world
look westerness world with negative rates

[Marbit]

Maybe that's why bitcoin has gone up so much

I don't really think the Chinese are really trying to cash their Yuan out, nor are they as desperate as you think, at least.

But to be honest, the bitcoin price would go up if a whole country cashed out. But I don't think the Chinese are cashing out.

Due to the size of its economy, China now has an important impact on the global financial system. At the same time, the influence of China over the value of and use of bitcoin is growing rapidly.So they are thinking about their own digital recurrences to market place.

[CryptoBjorn]

Maybe that's why bitcoin has gone up so much

I don't really think the Chinese are really trying to cash their Yuan out, nor are they as desperate as you think, at least.

But to be honest, the bitcoin price would go up if a whole country cashed out. But I don't think the Chinese are cashing out.

Due to the size of its economy, China now has an important impact on the global financial system. At the same time, the influence of China over the value of and use of bitcoin is growing rapidly.So they are thinking about their own digital recurrences to market place.

Yeah China is a force to be reckoned with. Their industry is large and they managed to grow even when there was a worldy crisis. In bitcoin their power/ influence is even larger. It was 'them' only who held back the lock size increase.

So in a way you can say they are dominating the scene.

[Superways]

I think the devaluing of Chinese currency by its government is only for their products industries with that they will get more benefiting profit with their imports and exports but for bitcoin for their country people it will not help them as those people will require a big amount to spend to buy bitcoins.

[elDano]

I think the devaluing of Chinese currency by its government is only for their products industries with that they will get more benefiting profit with their imports and exports but for bitcoin for their country people it will not help them as those people will require a big amount to spend to buy bitcoins.

China is running the show big time.

Even before bitcoin they were booming. While the Oil countries used to control the US's debt. It's now China and Japan running the show.
And honestly,  I don't know if that is good.

[techgeek]

I though this debate has been going on since 2014.

Either china has influence or not, you can see somethings in the present that it does.

1. They have a chinese bitcoin exchange - take in buy/sell orders that alone should effect the price on btc
2. As for the element of effecting the price overall including other countries not their exchange alone is another thing.

[anthonydar]

I heard the reason for the recent price rise of bitcoin is due to the depreciation of the Chinese Yuan, people want protection from bitcoin.

[ibh98]

China is a big country and it has a huge bitcoin user. So i think it will surely effect on bitcoin price. That's what i am thinking