China currency and effects on BTC

[romero121]

China has got large number of miners than users. So they will be having big volume in circulation. Also china is planning to generate their own country digital currency. In my opinion the circulation might have impact on bitcoin but the china currency don't make price variation on bitcoin.

[bladeandsoulguide]

china can change RMB YUAN to BTC already

many people buy btc in china already




World of Warcraft is a massively multiplayer online role-playing game released in 2004 by Blizzard Entertainment. It is the fourth released game set in the fantasy Warcraft universe, which was first introduced by Warcraft: Orcs & Humans in 1994. playermall.com is no.1 world of warcraft marketplace.

[fiscorcle]

china can change RMB YUAN to BTC already

many people buy btc in china already

The recent price rise of the bitcoin is led by the exchanges in China. People think the Yuan will devalue.

[anthonydar]

china can change RMB YUAN to BTC already

many people buy btc in china already

The recent price rise of the bitcoin is led by the exchanges in China. People think the Yuan will devalue.

Today's rise started in the west. Do people in the west think the British exit will cause financial problems?

[ngesotcoy]

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.

China is a massive market for bitcoin, so any negative things happening to their currency will make some percentage of investors sell and diversify to bitcoin. Contrary, postive domestic news hurts bitcoin.

[praprata]

china can change RMB YUAN to BTC already

many people buy btc in china already

The recent price rise of the bitcoin is led by the exchanges in China. People think the Yuan will devalue.

Today's rise started in the west. Do people in the west think the British exit will cause financial problems?

I am not sure it was the fast.
Some claim it was the chinese yuan's devaluation, others claim it was the having effect.
Now i hear it is fear for a brexit. Perhaps it's a combination of all three and the fear that it is causing it.

[noormcs5]

I'm not sold on the premise that Chinese citizens are "looking to get their money out of the Yuan." The Chinese government is actively pumping the Chinese stock market and attempting to entice people to invest in it. It seems more likely that people will chase the bubble there than look to get their money out of the Yuan all together.

Second, if people are looking to get their money out of the Yuan, bitcoin is only a temporary transfer method, at best. They're not looking to convert to bitcoin and hold, they're looking to convert to bitcoin, move their money outside of the country, and convert to something more stable like the Euro or USD. In that case, any purchasing pressure this activity causes would be canceled by the selling pressure, with a net of zero. But this still seems unlikely to be happening on a scale large enough to matter.

If think if  this is the  case that they will after converting the Yuan in bitcoins, move the bitcoins back to USD or Euro then i think we should take advantage of the ever increase price of bitcoins and sell them at a maximum price to gain profits from this.

[Jmild1]

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?

Its true, we see many chinese investors dumping their coins and converting it too bitcoin thats why china is now experience a price drop on yuan, you can also see this analysis that china has one of the most held bitcoin market capacity.
https://www.cryptocompare.com/coins/btc/analysis/USD

[bit1]

china can change RMB YUAN to BTC already

many people buy btc in china already

The recent price rise of the bitcoin is led by the exchanges in China. People think the Yuan will devalue.

Today's rise started in the west. Do people in the west think the British exit will cause financial problems?

I am not sure it was the fast.
Some claim it was the chinese yuan's devaluation, others claim it was the having effect.
Now i hear it is fear for a brexit. Perhaps it's a combination of all three and the fear that it is causing it.

I agree with you. Chinese yuan's devaluation caused some pumping power in bitcoin, in addition to that was the halving fever which halving fanatics tend to buy when this period come, and the fear of brexit. That three combined and resulted to what we see now.

Probably you are right, But I am inclined more to think that price now is a product of halving only.

[NUFCrichard]

I can't see an entire country relying on bitcoin at the moment, especially a country as large as China.
That is an immense under taking if they are suggesting getting rid of their currency so to make way for a new all digital currency. They have the infrastructure in place, at least in the large metropolitan cities, to incorporate this endeavour but the smaller cities will not be ready technological wise. That would take decades to make the whole country bitcoin friendly and accessible to everyone, even the farmers and the elderly people.

No sane person thinks that China is planning on getting rid of the Yuan in favour of Bitcoin!
Much like gold/silver or foreign properties and companies, they will try to diversify so that the weaking Yuan is less of a problem.

I do think that that explains the rise somewhat, but it also shows that only a small amount of ths money is involved, otherwise the price would be much much higher.

[Raimonn]

I read on cnLegger twitter, that today chinese tv news explained the last bitcoin price rally, that could get more chinese interested on bitcoin: https://twitter.com/cnLedger/status/744528738113642499
Going to see if that gives another pump to bitcoin price.

[AndySt]

I read on cnLegger twitter, that today chinese tv news explained the last bitcoin price rally, that could get more chinese interested on bitcoin: https://twitter.com/cnLedger/status/744528738113642499
Going to see if that gives another pump to bitcoin price.

As if all this was not resulted in inflation and a collapse of the bubble given the gambling nature of our Chinese friends.

[Jmild1]

china can change RMB YUAN to BTC already

many people buy btc in china already

The recent price rise of the bitcoin is led by the exchanges in China. People think the Yuan will devalue.

Today's rise started in the west. Do people in the west think the British exit will cause financial problems?

I am not sure it was the fast.
Some claim it was the chinese yuan's devaluation, others claim it was the having effect.
Now i hear it is fear for a brexit. Perhaps it's a combination of all three and the fear that it is causing it.

I agree with you. Chinese yuan's devaluation caused some pumping power in bitcoin, in addition to that was the halving fever which halving fanatics tend to buy when this period come, and the fear of brexit. That three combined and resulted to what we see now.

Im sorry if im sort of ignorant but what would be the impact of brexit to west people? Isn't the affair is only in EU and Britain?

[anthonydar]

china can change RMB YUAN to BTC already

many people buy btc in china already

The recent price rise of the bitcoin is led by the exchanges in China. People think the Yuan will devalue.

Today's rise started in the west. Do people in the west think the British exit will cause financial problems?

I am not sure it was the fast.
Some claim it was the chinese yuan's devaluation, others claim it was the having effect.
Now i hear it is fear for a brexit. Perhaps it's a combination of all three and the fear that it is causing it.

I agree with you. Chinese yuan's devaluation caused some pumping power in bitcoin, in addition to that was the halving fever which halving fanatics tend to buy when this period come, and the fear of brexit. That three combined and resulted to what we see now.

Im sorry if im sort of ignorant but what would be the impact of brexit to west people? Isn't the affair is only in EU and Britain?

There will be no brexit. That was just a way to negotiate with the European Union, to bargain with EU.

[Enotche]

Any significant price increase of Bitcoin always seems to come from China, and this time is no exception. Chinese kriptovalyutnye exchange set the pace for new highs in 2016, and demand for cryptocurrency not reduced. Some experts believe that this is due to the outflow of capital from the country.
In China has become increasingly difficult to withdraw funds from the country through traditional means or precious metals such as gold bullion or cash. There are few options for legal withdrawal of funds and Bitcoin is a good alternative to all the old methods.

[bitcoinisfurture]

Yes to an extent China's currency has being a major role in playing btc rates shooting up and down. But majorly its China that dominates the world btc prices . If they decide to sell prices will crash within no time ,

[ASHLIUSZ]

Yes to an extent China's currency has being a major role in playing btc rates shooting up and down. But majorly its China that dominates the world btc prices . If they decide to sell prices will crash within no time ,

The bitcoin price took off when many Chinese citizens rushed to the Bitcoin markets to shore up their wealth.

And so many Bitcoiners strongly believe that the next global downturn will be the seminal turning point in Bitcoin’s history.

[CryptoBjorn]

Yes to an extent China's currency has being a major role in playing btc rates shooting up and down. But majorly its China that dominates the world btc prices . If they decide to sell prices will crash within no time ,

It's not good that so much of bitcoin's potential, future and even price depends of 1 entity. Wasn't that exactly what we didn't want? Centralization?
With china so dominant in the bitcoin scene, too much control is in the hands of 1 entity which we should avoid at all time. The only possible solution is another mining manufacturer stepping up. Along with new (non-chinese) investors.

[bit1]

Yes to an extent China's currency has being a major role in playing btc rates shooting up and down. But majorly its China that dominates the world btc prices . If they decide to sell prices will crash within no time ,

It's not good that so much of bitcoin's potential, future and even price depends of 1 entity. Wasn't that exactly what we didn't want? Centralization?
With china so dominant in the bitcoin scene, too much control is in the hands of 1 entity which we should avoid at all time. The only possible solution is another mining manufacturer stepping up. Along with new (non-chinese) investors.

Yes, however Chinese carry the entire front, only 3 Chinesse pools  control 67% hashrate,   if another mining manufacturer emerge it takes years and years to recover their investment, they carry a lot of front and took advantage, besides most BTC were mined, so to a new big investor is better only to buy BTC instead of invest on mining.

[Bitcoinbro]

Yes to an extent China's currency has being a major role in playing btc rates shooting up and down. But majorly its China that dominates the world btc prices . If they decide to sell prices will crash within no time ,

It's not good that so much of bitcoin's potential, future and even price depends of 1 entity. Wasn't that exactly what we didn't want? Centralization?
With china so dominant in the bitcoin scene, too much control is in the hands of 1 entity which we should avoid at all time. The only possible solution is another mining manufacturer stepping up. Along with new (non-chinese) investors.

Yes, however Chinese carry the entire front, only 3 Chinesse pools  control 67% hashrate,   if another mining manufacturer emerge it takes years and years to recover their investment, they carry a lot of front and took advantage, besides most BTC were mined, so to a new big investor is better only to buy BTC instead of invest on mining.

China controlling both mining and the amount of bitcoin is very dangerous indeed. The pools but also the miners make them untouchable. Which is why I don't put a lot of money in bitcoin.
1 bad law from the chinese government and the price will crash.