Bitcoin in China

[ChiBitCTy]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

[Vaskiy]

As China holds largest number of bitcoin users than any other country, the changes happening with bitcoin in terms of adoption, governance as well the fake volumes for business popularity affects the bitcoin users around the world. Same thing happened recently and has now been overcome with high speed bitcoin trading and other accessibilities.

[Cyndonald]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

Really, China usually cause big shocks about the bitcoin price whenever they have some bitcoin restrictions and it made the price down deeply but Nowadays some bad rumors almost did not effect with bitcoin price very much. I feel that the price is fairly stable and it's tending to increase higher.

[RoommateAgreement]

China never banned bitcoin.
China never even talked about banning bitcoin.

what you heard was called FUD, which is spread only to push the price down. and they did it because price of bitcoin went upsuddenly and they sold their positions, and wanted to buy more coins.

now that they have bought cheap coins they stopped the FUD for the time being and price is going up

[ChiBitCTy]

Ahh!  Thank you.  I've been doing more research since posting and that makes complete sense.  From what I see the Chinese government has really just been vocal about how Bitcoin should be "viewed" and "traded"...not that they are looking to ban it.  Obviously, if China's gov. were to come out tomorrow and ban the buying/selling of Bitcoin to it's citizens than it would no doubt have a detrimental impact on Bitcoin and it's price.

[SparkedDev]

I believe it was that the exchanges where currently in talks with the government and had been for a while.
And will likely be having meetings every so often with elected officials like any normal exchange would.
They handle money there is some kinda oversight that needs to happen to prevent money laundering.

[pooya87]

you are right about the fact that this is an old topic and it is getting too old talking about it. we all know it is always a fake news whenever they say "China bans bitcoin" it has always been and they never wanted to ban bitcoin.
and even if someday by a very small chance that happens, there will only be a temporary effect and long term, nothing is going to change.

[marcoman22]

If china bans bitcoin, then it would reduce the price of bitcoin to a great extent and it would be a wonderful opportunity for bitcoin holders all over the world to buy bitcoins at cheaper price and increase their holdings.But on a long term basis, there will be a steady rise in bitcoin price as bitcoin is not solely dependant only on china.Miners all over the world can mine more bitcoins.Since, bitcoin is created mainly for decentralisation, it would be helpful for bitcoin progress on long term basis.

[Juggy777]

You are right op this is a old topic, maybe you could have searched for it. Anyway if China does decides to. Ban it, people will move out of China and shift their coins, though this while process shall take a lot of time and ya you can the price of Bitcoin shall nosedive like anything. But in the long term it shall recover also. However I do not think that bitcoin will be banned as of now. But let's say worst case scenario it does, I am sure bitcoiners will figure some. Way out.

[xuan87]

China really got a lot of bitcoin user, if bitcoin being banned it will set back bitcoin price and it going to reduce the transaction rate significantly, and now we are still waiting for the investigation news, and only by this incident the price has dropped down and had a difficulty to bounce back, and if bitcoin really being banned we are going to see price drop, without China bitcoin will survive but the growth rate is going to slow down

[Wowcoin]

China is a communist country and yet there were many who uses bitcoin because of its huge value and easy to transact with using wallets. Their government still within the moderation to it as of now, but of time will come and conflict of interests happens there will be banning will and it mauy reduced the btc price due to decrease of users of that country.

[ChiBitCTy]

When I said it was an old topic, I meant more so as I know this has been brought up here a lot.  I wanted the insight and viewpoints from those who follow and collect bitcoin regularly, rather then the basic articles found online.  I also wanted fast answers rather than search through credible and non credible websites.  You can all kiss my you know what who have a problem with this post. I get SO damn annoyed by people thinking they are better than others because they have a "stronger" status here and think they are SO COOL for knowing what others do not.  I am a busy man.  I'm a financial adviser and stock trader and Bitcoin is a small part of my portfolio and interests in life.  While I do love Bitcoin, what it represents and the very cool Cold Storage devices that have been made..it's not my life.  This is in fact a very hot topic at the moment, and exactly why Bitcoin blasted up to 1,100 USD and shot down significantly after..within the last couple weeks! So no it's not old, it just may be old for someone who lives on Bitcoin blogs like this.  Thanks to those who have provided insight without the annoying comments. 

[ChiBitCTy]

@Juggy777  first off people (or any amount that is significant) aren't going to move out of China if bitcoin is banned hahaha, what a ridiculous statement.  China has already banned many investments and things such as facebook that is much more cared about globally than Bitcoin and people aren't leaving.  Second, anyone who ever states Bitcoin "will bounce back" is full of it.  As a financial adviser the first thing about any investment (stock, ETF, Bond,currency,commodity  etc) people should know is there is never any full certainty, no matter the size of the company or government backing it.  Especially a very volatile, speculative, new and widely unknown, and seldom used investment/commodity/currency/digital currency like Bitcoin.  I can easily speak for the United States and most people have no clue what Bitcoin is or how to use it. I work for a very large brokerage firm around many financial advisers, stock traders etc who mostly as whole know little to nothing about Bitcoin.  

[Hallum]

When I said it was an old topic, I meant more so as I know this has been brought up here a lot.  I wanted the insight and viewpoints from those who follow and collect bitcoin regularly, rather then the basic articles found online.  I also wanted fast answers rather than search through credible and non credible websites.  You can all kiss my you know what who have a problem with this post. I get SO damn annoyed by people thinking they are better than others because they have a "stronger" status here and think they are SO COOL for knowing what others do not.  I am a busy man.  I'm a financial adviser and stock trader and Bitcoin is a small part of my portfolio and interests in life.  While I do love Bitcoin, what it represents and the very cool Cold Storage devices that have been made..it's not my life.  This is in fact a very hot topic at the moment, and exactly why Bitcoin blasted up to 1,100 USD and shot down significantly after..within the last couple weeks! So no it's not old, it just may be old for someone who lives on Bitcoin blogs like this.  Thanks to those who have provided insight without the annoying comments. 

it seems those bad rumors about banning bitcoins in china have not effected to this bitcoin price now. the price is still rising up higher and it is quite closer to 1,000$ in next 24 hours. The investors who sold nearly 2 weeks will feel regretful if the price can pass 1,100$ in this month.

[qiman]

Chinese mainly use bitcoin for speculations purposes and mainly they mine it, in other countries it is used more for adoption and for growing businesses, so each has a different way of using bitcoin. If China dumps BTC or just mines to dump, of course that will affect the price, but eventually other countries will adopt it and find other uses for it.

[Amph]

if china will ban it they will ban the mining activity too, which mean that the diff will decrease dramatically, and miners will have an easy time making profit for a long time

you can't simply replenish 70'% of the network in a short time, the price i think it will not tank so much, because panic buyers will be all over the price when the value will tank

[Herbert2020]

I know this is going to be an older topic to many of you, but I've been quite busy lately!

you are right on that. this news is one of the oldest ones around. and a while back i found out that the news about China banning bitcoin dates back to 2013, it may even be older than that but i could find this much

After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly

every rise and fall should be think of as a relative rise and fall.
this so called knock down was not significant when you compare it with the amount that of the rise.

I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

there is lots of arguments to be had on this!!
China is not the only place using bitcoin, there are many other countries that are using bitcoin more than you imagine.

[~Bitcoin~]

No any government have enough power to shut down bitcoin network/transactions so even if china ban bitcoin exchanges in their local platform that can't stop chinese people from sending and receiving bitcoin as payments. Chinese government is actually positive towards both bitcoin mining and trading they are only worried about possible money laundering using bitcoin and fake trading volume those chinese trading platforms are making to lure chinese traders.

If they will stop both of the above, it is good for bitcoin's growth. PBOC investigation was just a big FUD so that whales can buy cheap coins, you can see now price have already started to surge again.  

[pinkflower]

How many times have we heard this news before? Many times. Have China banned it? No. Why? Because they know they dont have a chance to do so and cant risk looking like stupid people. Think of a scenario that they actually did the ban. Then BTC in China is still business as usual. How would that make them look.

[NorrisK]

if china will ban it they will ban the mining activity too, which mean that the diff will decrease dramatically, and miners will have an easy time making profit for a long time

you can't simply replenish 70'% of the network in a short time, the price i think it will not tank so much, because panic buyers will be all over the price when the value will tank

Panic buyers did not manage to keep the price up when the price started tanking to 200 after the last rally.

If there is real blood on the street, those buyers will rather be panic sellers. Smart money will still buy though.