why china used as a benchmark price of bitcoin ? why not other countries ?

[kheein]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

[Bitcoinpro]

wat are you talking about

[Pente]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

We do use other countries (as in their currency) to price bitcoins.

[foxbitcoin]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

I don't think so. Where do you get this point from? I know Chinese exchanges have the most trading volume, like huobi, btcchina, okcoin. Although bitcoin value has some spread in terms of fiat between CNY and Dollar, they tends to become the same level due to the arbitrage from traders. I never heard about bitcoin benchmark market in different countries.

[owm123]

It has biggest volume of transaction, e.g.:
https://bitcoinwisdom.com/markets/huobi/btccny

[kpitti]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

China is not a benchmark of market compared to other countries. In last time China market was driven by big volumes and then price of the Bitcoin is influenced by Chinese market.
The large mining pools are located in China too.

[tobacco123]

I though when we are talking about the price/value of bitcoin, we are using USD and not RMB... So you are talking about volume or mining power?

[7788bitcoin]

I usually check the price on bitstamp or coindesk. I am not sure if these are benchmarked to China. The title makes no sense to me at all.

[Jet Cash]

I though when we are talking about the price/value of bitcoin, we are using USD and not RMB... So you are talking about volume or mining power?

Some of us use Sterling, and I use xe.com to check values. Is that a good indication of the mid-market price?

[FlyingSaucer]

Do you trade on Chinese exchanges? Is the price higher there than the rest of the world?

[robelneo]

I thought the price of bitcoin are one do you have proof of your thread that they used different price from the price of the other exchanges and are they lower or higher from the price we are seeing here from this part of the world I have never traded in the chinese owned exchanged sites before 

[TastyChillySauce00]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

dont sure what you're talking about but so many price indexer took bitcoin data from few exchanger and mix it into one as the result (average) , and if china's bitcoin price used as benchmark to other exchanger the price should become the same

[1Referee]

China is leading as in having the highest volumes, and thus it makes people think that the prices at Chinese exchange are some kind of a benchmark as you say, and the other exchanges will try to match their prices. It's just the volume. Nothing more. I personally don't value the exchange rates and volumes of Chinese exchanges. I only follow Bitstamp and Bitfinex.

[Luqman]

Because most of their people are Bitcoiners and China is the biggest country that miners comes from.. That's is why they can benchmark the price.

[kheein]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

We do use other countries (as in their currency) to price bitcoins.

Yah but china always be lead by all countries.

[kheein]

China is leading as in having the highest volumes, and thus it makes people think that the prices at Chinese exchange are some kind of a benchmark as you say, and the other exchanges will try to match their prices. It's just the volume. Nothing more. I personally don't value the exchange rates and volumes of Chinese exchanges. I only follow Bitstamp and Bitfinex.

Yah why you prefer choose bistamp and bitfinex?

[monsanto]

hello all , I want to ask you .
why china used as a benchmark market compared to other countries ?

Because the Chinese exchanges don't have trading fees.  Therefore bots trade constantly large amounts back and forth.  The large miners work with the exchanges to fund their bots with large sums to manipulate the price up to dump their mined coins.  The Chinese exchanges/miners use their inside information about the location of stop triggers to determine the optimum times to do this.  American traders then jump around like ballerinas on the strings of their Chinese puppet masters.

[AliceWonderMiscreations]

For me personally, the value of a bitcoin in China doesn't matter because I only buy them with USD.

So for me, I don't benchmark the price of bitcoin in China.

However the price of tea in China is very interesting to me.

[Rizky Aditya]

Are you trying to tell us that China compares its currency to the US currency. That is what I am getting out of this.

[Kprawn]

I use Preev.com as my benchmark,  because it uses different sources to determine the price. { Bitfinex / Bitstamp / BTC-E / LocalBitcoins } There are too much manipulation

going on in the Chinese exchanges, to only use those sources. Just expand your sources and you will get the best of both worlds to determine the best price. Even though

exchanges like huobi, btcchina and okcoin have the biggest trading volume, it still does not mean that it's all legit.