Does China have a large part in the world of cryptocurrency?

[nightwishx]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

[pereira4]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

[HAARP]

Correct me if I'm wrong, China is the strongest country for the bitcoin trade and bitcoin mining. They have great companies that are mining bitcoin in industrial scale. Their markets has crazy trade volumes both for bitcoin and ether.

Their decissions are game changer.

[gentlemand]

It plays a large part in certain aspects such as mining. As far as I know it's never contributed to one line of Bitcoin's development.

As for trading, when it had zero fee exchanges people believed that 98% of trading volume happened there. In reality it was few bots throwing the same coins at each other thousands of times a second. When the exchanges were shut down and reopened with fees then we got a realistic impression.

It's significant but not the be all and end all.

https://coinmarketcap.com/currencies/bitcoin/#markets

[alboss]

They don't want people to be independent of the current slave system.. tax money is too good for their rich friends...
Oh yea and it's a direct competitor with that new gold backed oil securities China is bringing out.. just rig ICOs out of existence.. this is more strategic than I first thought...

[Gotottack]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Apparently they do, because it caused a lot of fear all over the world when they did it. It is not because they have so much investors in their country but more off that they can influence others because of what they did. Next thing we know, globally all ICOs are already banned because every government followed china's steps.

[Fatunad]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

Thats how it works and you are definitely right on what you have said here on which strong hands will surely remain and buy all those golds which are scattered on the street being sold off buy those weak hands.I do remember on those PBOC event which it did really affect the price but in return we do reach a new ATH which we can really presumed as of now that it would happen again. China is really a big player on cryptoworld.

[Rising Suns]

The gross domestic product (GDP) of China is $11 trillion USD. It represents almost 15% of the world's economy. US GDP is $18 trillion USD. So, yes, anything that the Chinese government does/says in regards to cryptocurrency will make a difference.

The world’s 10 biggest economies in 2017 https://www.weforum.org/agenda/2017/03/worlds-biggest-economies-in-2017/

[BrewMaster]

China has a big market and we can not deny the effect they have on everything crypto related. Chinese are also known for being big traders of everything. they are good at it too.
but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

[khaled0111]

Chinease government have huge impact on BTC value since there are many miners there, and as we all know, china is one of the biggest financial monopoles and most of hardwares used to mine are built there. Furthermore, I believe most BTC tradors are from China.
So, any act the Chinease government takes regarding Bitcoin, will immediately influence it's price. But, the real question here is if  that impact will be permanent or we will see prices rise again because what we see know is very bad.

[DylanJones]

but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

Curious why you think it's exaggerated? Data from incoming ICO traffic and funnel participation have them as a top participant in most of the sales I've heard of. Will be interesting to see if these trades drop off with the announcement.

[kram31]

china is one of the source of investors and they have  a brilliant mind in business and their strategies are really wining in come to business and development.. thats why china is around anywhere on the globe.. the abandonment of china in CRYPTO ICO is really a big impact for the dump of coins this past few days and it is really a problem for all the ICOs and investors .. i hope this will not continue as the korea send message  like thjis too

[mrcash02]

Yes, otherwise, how could they be buying Brazil as they are doing now? 

[MV7]

It's one of the biggest mining countries in the world. I think China mines somewhere around 30% of bitcoins in the world.

[BingoDog]

China has big influence on bitcoin and the last dump has shown that but not that big to crush the bitcoin like some say. So not such big importance should be given to chinese government and this whole situation is exaggerated which causes the panic selling by some users which is totaly not necessary. Don't panic and hold your bitcoins.

[JanpriX]

If we're gonna take a look at the trading volume of BTC in proportion with its geographic location, we can see that huge part of it comes from China. Heck, we can even say that most of the whale traders in crypto are in China. The flow of money that they provide to cryptoworld is so huge that any movement they make will strongly affect the price of BTC. They also monopolize the production of hardware miners for BTC. With these factors, it is very safe to say that they have a large part of pie in the world of crypto.

[yoonah]

Yes China have a large part of cryptocurrency as we all know they biggest mining industry is in there and most of the investors are from China too that is why when the news about banning the ICO came out all crypto went down.

[CryptoBeefy]

Since the China ban of ICO, it is no surprise to see the cryptocurrencies drop. This gives more a chance to invest though and I expect the prices to rise again in due time.

[chichidori]

Chinese traders are well known to be a great player when it come to trading whether its an asset/shares and crypto currency, they often do lead the pack. considering that large bitcoin mining facilities are in china, and mostly ICO buyers are chinese investors we might see a decline in ICO popularity as well as funds raised for the project, but they can always invest in an ICO that are not base in china

[chesegrinder]

China is one of the mining center of bitcoin and ether also other coins. I believe that about 90% of trading are happening on them. There decision in banning ICO have a large impact in the world of crypto also there actions and decisions are game changer but dont let us all fool about it remember we still have a brain. Russia is one called as the brain of blockchain.

[BitcoinsGreat]

Correct me if I'm wrong, China is the strongest country for the bitcoin trade and bitcoin mining. They have great companies that are mining bitcoin in industrial scale. Their markets has crazy trade volumes both for bitcoin and ether.

Their decissions are game changer.

No one can deny the fact that China is a super power in bitcoins but i still dont get the Chinese government decision of banning the ICO ?? What will they gain by banning the ICO and more importantly since ICO can be run online anonymously will they ever be able to make people obey they new rule ?

[Mehedi72]

Obviously there is no doubt that china have a large part in the world of cryptocurrency and plays a vital role of  Pumping or dumping of any cryptocurrency as like bitcoin. I think That's why when china banned  all ICO activities, and instantly the bitcoin price went down. But i also think that its a great chance to investment with bitcoin cause i believe  that the price of bitcoin would be raised soon...

[Kprawn]

Correct me if I'm wrong, China is the strongest country for the bitcoin trade and bitcoin mining. They have great companies that are mining bitcoin in industrial scale. Their markets has crazy trade volumes both for bitcoin and ether.

Their decissions are game changer.

The United States, Germany, China and Japan are the world's largest importers and consequently the world's largest

economies. IF they stop importing any of the commodities they used to import, it can break that countries economic sector.

China is one of the major players/influencers in the world, so it is logical that their political decisions will have a impact. The

only difference is, China is not the only user of bitcoins and it is being used globally. If they ban it, it will cause a major

collapse, but it will not die.  

[RoadToBTC]

Yes, China gives big contributions to cryptocurrency. The market mostly affected whenever something happened in China.

[heitorlinks]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

I think they should have done it a long time ago, most of the ICOs are frauds or scammer schemes.

This does not affect Bitcoin, it just fixes.

[HappyCaptain]

They have a lot of miners, traders and some investors so I say yes they made a large part in the world of crypto currency and for some reason whenever something happen in China it also affect some part of crypto currency.

[d5000]

There are multiple indicators that must be taken into account:
- mining: here China is definitively the top player, due to low electricity costs
- exchanges: as gentlemand already said, the widespread opinion that "Chinese exchanges are dominant" was falsified when they were forced to introduce fees. They're still a major player in this field, but have not really more market share than their share of world population.
- nodes / usage: Bitnodes says there are about ~560 Chinese nodes (~6% of all). That is #4 in the world. Smaller countries like the US, Germany and France have significantly more nodes. Again here: they have approximately the share one would expect for such a large country with a slightly sub-average GDP per capita.
- development: here Chinese developers, as far as I know, have a sub-average participation.

So my conclusion is that only in mining Chinese businesses are dominant. As mining is an important factor for Bitcoin's security, I would definitively consider it a major "crypto power", but in most aspects it's not dominant at all. It's simply a large country with low electricity costs.

Data from incoming ICO traffic and funnel participation have them as a top participant in most of the sales I've heard of.

That would be interesting. Can you point me to sources?

[Flomo]

China is one of the influential countries, both economics including cryptocurrency. reasonable if the Chinese government issued a policy, it will have an impact on the value of cryptocurrency. we hope all of this does not adversely affect the development of crypto.

[xaviervilla]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Hate to admit it but we got to be honest with the fact that china is a pretty big country with a lot of population. And has cheap man power pays plus cheap electricity and a whole lot of cheap things that any miner would need. This alone would mean alot pf people there are choosing mining over anything and that would be enough reason that it can affect a lot on not just bitcoin but the whole crypto currency world.

[Fundalini]

A large portion of miners are in china which is why they are very influential in the crypto world. And now that they have banned ICO's I'm pretty sure it would have a major effect in bitcoin's price.

[gajebo]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

I think you certainly have more experience for this.
but telling me and my friends.
this becomes a debate among bitcoin / alcoin holders.
quite interestingly researched step of china country forbid ico.
but I'm sure it's just a matter of licensing and avoiding the many scams of ico backgrounds.
I think for the future China will give you a strict and rusty permit.

[darkangel11]

They have a lot of miners, traders and some investors so I say yes they made a large part in the world of crypto currency and for some reason whenever something happen in China it also affect some part of crypto currency.

That's true. A lot of money is flowing into bitcoin from China. One can argue that their exchanges were faking volume to appear bigger than they really were, but still after the regulatory actions from the government their real volume is impressive.
So, we have a large number of wealthy investors in China, we have exchanges making millions on fees, and we have mining companies that supply the market with freshly mined coins.

[Mometaskers]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

True. Considering how the gov't there is quite corrupt, it's not unlikely that people with good connections already caught wind of it several days before the announcement. Also, doesn't the Chinese government itself hold bitcoins? It seems that whatever happens, they'd always win.

I wonder when will other governments would jump the band wagon to try to get into the cryptocurrency industry. Are there even governments out there buying bitcoins?

[dragonusa9]

from the conclusion that the price falling down, china must be a big player that join the world of cryptocurrency.
because lot of miners also the whale player that hold lot of bitcoin come from china, also the electriciy on china is cheap, this encourage miner to go all out in mining.

[djsugar]

from the conclusion that the price falling down, china must be a big player that join the world of cryptocurrency.
because lot of miners also the whale player that hold lot of bitcoin come from china, also the electriciy on china is cheap, this encourage miner to go all out in mining.

China is indeed a dominant country when it comes to cryptos. But I don't think that it is the largest part. There was a dip in the market yesterday due to ICO ban in China. But that would have happened even if there was a ban in some other country. It was a negative news and such news do have short term impact on market. Market is back on track again today. The dip didn't last 24 hrs properly.

[Hui8]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Yeah surely they are great in it. China is also best miner in the world and most of the hash power is directed towards china which means most of the bitcoin is in china holdings. For sure after knowing the news about ICO projects being banned people might have sold their altcoins to bitcoin and then converted everything into fiat. Thus could be possible reason as to why the major dump occurred recently with just single announcement.

[digitalgame4life]

China is a big player in cryptomarket, but I dont think we must underestimate the western countries, there are a lot of players here investing heavily in cryptocurrency, it would not surprise me if some dirty banks allready also invested in crypto since they are the most dirtiest of people, (read government), china as a whole is a very big player but individually dont forgget the people of western countries. In crypto you never know who is the dirtiest.

[CryptoBeefy]

Rethinking the post title - Does China have a large part in the world of cryptocurrency?

It did, it won't have for much longer   

[bitorama]

yes, that's why we see bitcoins dump now, even though it's decentralized

[buwaytress]

Even based on the little information I know, I'd say yes (I'd say even 10% is at the very least a large minority!).

1. According to that first news article that surfaced about the China ICO ban, crypto funds from Chinese hands formed about a quarter of ICO funds raised this year.
2. We already know that some of the largest mining pools are based in China, thanks to cheaper costs of operations (aka cheap electricity). If in doubt, you only need to look at the Bitcoin mining hashrate distribution, let's say even a simple one from blockchain.info: https://blockchain.info/pools
3. Further proof? Take a look at the largest markets by volume on coinmarketcap.com. Three of the top 5 are Chinese exchanges.

[Chrystora123]

i thinks yes , because their densely popuated population , and i hear cost of eletricity there is so cheap , and that i think the reason why china have a large Bitcoin player than other country , indirectly it affects the bitcoin price in the market ,.

[poplolnman]

Even based on the little information I know, I'd say yes (I'd say even 10% is at the very least a large minority!).

1. According to that first news article that surfaced about the China ICO ban, crypto funds from Chinese hands formed about a quarter of ICO funds raised this year.
2. We already know that some of the largest mining pools are based in China, thanks to cheaper costs of operations (aka cheap electricity). If in doubt, you only need to look at the Bitcoin mining hashrate distribution, let's say even a simple one from blockchain.info: https://blockchain.info/pools
3. Further proof? Take a look at the largest markets by volume on coinmarketcap.com. Three of the top 5 are Chinese exchanges.

they are mining most bitcoin/cryto available , but only few hold it on. so yeah they have a big role on how cryptocurrency market running but due decentralized system which means noone could have fully control over the cryptocurrency world even they have everything to rule it.

[ivanst776]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

I think yes, why? Because the mining equipments are made in China and for the first time they are tested and run there.

This means that they get the most profit at that time because the hashrate is very low and they earn good money in the early mining phases!

We can see how Dash, Litecoin and Bitcoin equipments are sold immediately even in pre-order for many months, because of the ROI, now remember that they are actually earning before us!

[Vaskiy]

Even based on the little information I know, I'd say yes (I'd say even 10% is at the very least a large minority!).

1. According to that first news article that surfaced about the China ICO ban, crypto funds from Chinese hands formed about a quarter of ICO funds raised this year.
2. We already know that some of the largest mining pools are based in China, thanks to cheaper costs of operations (aka cheap electricity). If in doubt, you only need to look at the Bitcoin mining hashrate distribution, let's say even a simple one from blockchain.info: https://blockchain.info/pools
3. Further proof? Take a look at the largest markets by volume on coinmarketcap.com. Three of the top 5 are Chinese exchanges.

they are mining most bitcoin/cryto available , but only few hold it on. so yeah they have a big role on how cryptocurrency market running but due decentralized system which means noone could have fully control over the cryptocurrency world even they have everything to rule it.

Yes, China has a major role in the growth of the bitcoin and the entire cryptocurrency. This is due to the acceptance it had got soon after the existence of bitcoin as well the majority of mining taking place within the country. Recently it was China controlling the bitcoin's price and everything came to an end after an inspection conducted by the PBOC over various exchanges.

[Shamie1002]

Before I even understand bitcoin, in the research I have done, yes China is above all countries in the field of trading. I know one thread before that asked which country have the greatest trading in bitcoin and was definitely answered by many that China have a great impact in trading in the world of cryptocurrency.

[cybersofts]

Yes, the chinese people owns the higher percentage of cryptocurrency.
The number of people invested in bitcoin and cryptocurrency is very large in China.
So, what happened recently in the market was direct result of China's new law of banning ICOs.

[MAbtc]

It plays a large part in certain aspects such as mining. As far as I know it's never contributed to one line of Bitcoin's development.

"It?" I don't think any country, per se (or government) has contributed to Bitcoin's development. There are definitely Chinese Bitcoin developers. E.g. Johnson Lau is one of the most prominent Core developers.

but the size of China and its effect is greatly exaggerated in bitcoin.

A year or more ago, Okcoin and Huobi had immense effect on the markets. But with the end of no-fee trading, I'd say that is not the case anymore. Increasingly, I hear people referencing Japanese and Korean exchanges. The market leaders now seem to be Bitfinex and Bitflyer.

Also, even if you downplay the influence of Chinese exchanges on the rest of the market, there's no denying that the majority of ASIC manufacturing and mining power are located there. That's nothing to sneeze at.

[drwhobox]

China's goverment did ban  ICO's Because it's hard to regulate and there is a lot of SCAM ICO's happening right now on the market. China has a big impact here when is regards to cryptocurrency  I personally think that China is one of the biggest investors on the market. So that's why it did affect a lot on Bitcoin's price. (Panic selling)

[MarkAvatar]

China is top 1 of known of any bitcoin or altcoin activities, 2nd is Russia. No wonder they can control bitcoin price.

[bitcoinmaniac52]

China is top 1 of known of any bitcoin or altcoin activities, 2nd is Russia. No wonder they can control bitcoin price.

This is not true! Japan is the world leader in cryptocurrency at the moment, and even Bitcoin ahead of the United States, China AND Russia.

[erickkyut]

Yes. The Sleeping Giant has a big part in the cryptomarket. Most of the mining pools are located in China because of the low cost of electricity. Aside from that, most of the crypto related activities are frok China because some of the largest exchange sites are China based and I think, some of the whales are Chinese.

[craZyLovE0916]

Yes. The Sleeping Giant has a big part in the cryptomarket. Most of the mining pools are located in China because of the low cost of electricity. Aside from that, most of the crypto related activities are frok China because some of the largest exchange sites are China based and I think, some of the whales are Chinese.

Jihan Wu controls nearly 50% of hashing power, and he comes from China. And this really sucks because he has arguable more power than anyone else in crypto right now and I doubt anyone expected this to be possible with how expensive mining equipment is these days.

[traderethereum]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

i think peoples get panic and they only want to safe their money that they invested in all ico and because of that, they makes market is panic too and many peoples seems started to sell their bitcoin to gets the money. but i think there will be many more ico in future and they will give the best for their investor.

[datodota002]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

yes i think the most part of crypto in china because there are many miner in that country, maybe 40-50% btc miners are placed in china

[Yasirmrd]

i thinks yes , because their densely popuated population , and i hear cost of eletricity there is so cheap , and that i think the reason why china have a large Bitcoin player than other country , indirectly it affects the bitcoin price in the market ,.

But bitcoin is still too strong that it is trading nearly for $4600 today as compared August 21, 2017 when it was trading at $4000. These are the factors that may shake bitcoin for a little while but it can beat bitcoin. Bitcoin is the future and its value will go high.  

[goldade]

For the mere fact that a news from China could shake the entire crypto industry is enough to know the influence the Chinese have on bitcoin and this has been happening even since time past when they ban exchange sites, the effect was equally felt until the time when bitcoin can grow out of such news, we still have a long way to go.

[sms301]

Well, when ICO was banned in USA, the market didn't get affected. But if something happens in China, Market crashes instantly. Possibly Japan will have the same influence too. 

[macartem]

China, Germany, Japan and The United States, are the world's largest importers and consequently the world's largest

[leonair]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

They have a large part of Bitcoin mining power in the whole world and no doubt with that and the recent price went down because of that ICO's banning in China and some traders really go with the flow with that but Bitcoin is bouncing back again as this will not hinder the growth of Bitcoin maybe in Ethereum because they are the one who really started this.

[figmentofmyass]

China is top 1 of known of any bitcoin or altcoin activities, 2nd is Russia. No wonder they can control bitcoin price.

This is not true! Japan is the world leader in cryptocurrency at the moment, and even Bitcoin ahead of the United States, China AND Russia.

based on what? volume? bitflyer has zero trading fees, just like chinese exchanges once did a year ago. back then, we all considered china to be the market leaders based on their volume. it turns out the volume was just fake/churned.

and indeed, russia seems to be behind much of the world in regards to BTC and blockchain technology.

also, there are lots of US traders on sites like bitstamp, bitfinex, poloniex and bittrex. determining which country is dominant in trading activities is very difficult because of international exchanges.

[d5000]

China is top 1 of known of any bitcoin or altcoin activities, 2nd is Russia. No wonder they can control bitcoin price.

This is not true! Japan is the world leader in cryptocurrency at the moment, and even Bitcoin ahead of the United States, China AND Russia.

Both false. Japan is currently the "zero-fee exchange utopia" like China was one year ago, and there is some speculation frenzy there, as we can not only see because of the Bitcoin price that is often higher than in other countries, but also because of (mostly Japanese) altcoin NEM, a cryptocurrency with almost empty blocks that is in the top 10 only because of bitFlyer .

But in terms of real world usage Japan continues to be one of the "lower powers": There are only 139 Japanese Bitcoin nodes. That is position #11 in the world (China is currently at #4). There was some growth from last time I checked (at the beginning of the year, Japan had about 80 nodes) but it's not near the top.

[fanbeila]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

In earlier times,whatever small changes occur in china related to crypto currencies,immediately we saw a great impact on the crypo market all over the world.This is because they had a majority of mining farms in china and had a lion's share of total number of bitcoins.So,they are easily able to manipulate the market by dumping bitcoins.But not now since bitcoin has investors universally all over the world.Just same is the case now.After the announcement of ICOs banning,immediately many sold their bitcoins due to panic and FUD started to spread making the price decrease more from ATH $5000 to nearly 20% less reaching $4000.But it was a terporary conitio and immediately,it started to recover and now it is $4495.It shows that big buy wall is there for bitcoins.So,china is losing its upper hand over the crypto world and overall,its good for the crypto world.

[Vastraint]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

They are playing a large role in the industry of cryptocurrencies (not just in cryptocurrency but also in the gadgets and gizmos and real products). Just imagine a population of roughly 1.3 billion. Ang true perfect place to mine because the climate is not that hot in the upper China and the electricity are cheap because they are relying on the alternative sources of energy. Because of the market share and the support that they are giving in mining and investments china is the main player here. (But Im hoping that russia will soon make crypto a legit currency)

[yugyug]

we may say that China economy is 2nd to the world next to US. Cheap labor and highly industrialized country put China in the edge of cryptocurrency industry. btc mining pools and some high effieciency bitcoin mining hardware are located in china but regarding to market adaption of bitcoin and cryptocurrency, china was less likely to adopt compare to US , Japan and other European countries. Based on fiatleak.com website, there are so many bitcoin mined in china but their btc distribution to the masses was less. In Japan, there are less activity in bitcoin mining the demand to the public distribution was high due to market adaption where more merchants and retailers accept bitcoin as a payment, in the event in between may to july was the first ATH of bitcoin due to the Japan's BTC market acceptance. So where does China greatly contributed to crypto world ? The answer is, in their mining hardware and mining pool.

[Roman Abraham]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is indeed one of the countries that became the centre of the world's largest bitcoin development. in China there are so many places that become centre bitcoin mining. even when the Chinese government announced banned all ICO activities, within a few days bitcoin prices have decreased significantly. this proves that China has a considerable influence on bitcoin.

[stompix]

Miners and exchanges means nothing.

Let's look at the shops accepting bitcoins, let's look at poeple spending and having coins.
How much of the real BTC economy is in China? Close to 0.

All the RL services that are supportin bitcoin are in the US and EU mainly.

Check coinmap:
https://coinmap.org/#/world/53.12040528/74.53125000/2

Pretty obvious where BTC thrives

[crismass1225]

Yes , China have a large part in the world of crypto as it is on of the mining cetral of bitcoin and other cryptocurrency. One part is the cheap electricity that china have so they have alot of active miners and traders. the announcement of china banning ICO in their country also have a huge effect in bitcoin and other crypto price. after that announcement cryptos are down up to 15% but right now they back on its high price again. 

[Victorycoin]

China has a big market and we can not deny the effect they have on everything crypto related. Chinese are also known for being big traders of everything. they are good at it too.
but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

The name of the game as far as China is concerned is control, control and control. It has been their lifelong prospect to be the ones calling the shots in global affairs and looks like they finally got a break with cryptocurrency. Now see what they are doing with it, twice this year, they have had to puncture the flow of Bitcoin, just so they would pick them up at cheaper rates.

[smartbitcoininvestor]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Sounds pretty good to me. Most ICO's are scams and not a good use of time, so this could be a good thing for Bitcoin itself and the economy of China as a whole. I think they are on to something because they are, after all, the main exporter for the rest of the world, including USA, so I'm sure they know a thing or two about the state of the economy.

IMO it seems like a ploy to drive the price down, scare off some people and ultimately obtain more Bitcoins.

[Shinpako09]

They have indeed a large part in the crypto world. As we all know a lot of miners came from China. They do have a group of whale that others believe they can manipulate or pump the price if they want. Anyway, some ICO are good but most of them are not.

[Sileni]

Honestly they stand to dominate it unless the US starts acting like they know how to create infrastructure. Yo, securities department, get your shit together.

[Qastessa]

A large portion of miners are in china which is why they are very influential in the crypto world. And now that they have banned ICO's I'm pretty sure it would have a major effect in bitcoin's price.

indeed the price of the bitcoin can affect the value and the demand of the bitcoin if it will be legalize in china then it will be more popular and important than other currencies for sure, in china the legalization of the bitcoin was raised as an issue but now the government of the china has announced the legalization of the bitcoin and the other currencies such as Japan and new York does

[S A KHAIR]

CHINA is one of the king of Crypto world.
They can influence Crypto market.

[d5000]

All the RL services that are supportin bitcoin are in the US and EU mainly.

Check coinmap:
https://coinmap.org/#/world/53.12040528/74.53125000/2

Overall I agree, the node list I linked above leads to the same conclusion. About 80% of the Bitcoin nodes seems to be in the EU and the US/Canada, so it's logical to think that there the majority of the Bitcoin commerce is concentred.

But Coinmap is also a bit biased, because as far as I know it has only an English interface. It looks also a bit outdated, for example, a shop appears near my house that doesn't exist anymore.

I think the Bitcoin commerce in non-Firstworld countries is still on a low level, but is growing. An interesting find: Bitpay is surprisingly highly ranked in India and Nigeria, according to Alexa.

[naidray]

China is top 1 of known of any bitcoin or altcoin activities, 2nd is Russia. No wonder they can control bitcoin price.

This is not true! Japan is the world leader in cryptocurrency at the moment, and even Bitcoin ahead of the United States, China AND Russia.

Both false. Japan is currently the "zero-fee exchange utopia" like China was one year ago, and there is some speculation frenzy there, as we can not only see because of the Bitcoin price that is often higher than in other countries, but also because of (mostly Japanese) altcoin NEM, a cryptocurrency with almost empty blocks that is in the top 10 only because of bitFlyer .

But in terms of real world usage Japan continues to be one of the "lower powers": There are only 139 Japanese Bitcoin nodes. That is position #11 in the world (China is currently at #4). There was some growth from last time I checked (at the beginning of the year, Japan had about 80 nodes) but it's not near the top.

Yep, I’ve always thought of the same thing. Though I saw some articles/news contents online, claiming that Japan is the world leader in crypto currency; It really got me confused, because I thought at first it was China. By the way, I didn’t even see much drop down on the Bitcoin price after China banned ICO; so that means they don’t have a large part in the world of crypto currency.

[Reid]

I believe they do have a large part in the crypto world specially bitcoin but that doesn't say they are the one pulling it down because of their recent news.
Maybe it is the other holders who doubts the power of bitcoin and believed the FUD's that have been scattered.
One news and many panics. Or they could be going with the flow and will try to buy back after the FUD's is successful.

[pitiflin]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China has one of the biggest contribution in the bitcoin as well as the whole crypto currency community and now that China has banned icos it's going to be a bit difficult for the crypto currency community not to get affected by this. I don't know what exactly will happen in the future but  come what may bitcoin will survive and will recover as soon as possible.

[nightwishx]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

I hope this does not happen again to countries like China. yesterday even China had made a statement that they will also ban bitcoin, and the result bitcoin price yesterday to dump. I hope everything will improve and return to normal.

[PizzaBTC]

Correct me if I'm wrong, China is the strongest country for the bitcoin trade and bitcoin mining. They have great companies that are mining bitcoin in industrial scale. Their markets has crazy trade volumes both for bitcoin and ether.

Their decissions are game changer.

No one can deny the fact that China is a super power in bitcoins but i still dont get the Chinese government decision of banning the ICO ?? What will they gain by banning the ICO and more importantly since ICO can be run online anonymously will they ever be able to make people obey they new rule ?

Yes of course china is the most bitcoin holder’s country. And they have already accepted and legalize bitcoin to buy and sell bitcoin and also to use it in the open markets to buy everything of daily routine.

It is because china has created many crypto currencies. The other reason is that they want to prevail one digital currency all over the world, because china is also the market holder of almost everything.

[carrie_white]

I think this is certainly shaking the world of cryptocurrencies, because as we know China is the country with the densest population number 1 in the world, of course the percentage of the population involved in the world of crypto currencies is very much.

[yishak]

Yeah China is definitely the huge cryptocurrency currency impactor. Many miners are from there due to the super cheap electricity fees there. Also the government decisions on cryptos has greatly affected the price of some cryptocurrencies.

[vit05]

Miners would still be able to operate.

[StrongHandsProfit]

China accounts for about 20% of the cryptocurrency volume in the world to date. They just sold off a majority of that in irrational panic so the impact they can have on BTC now isn't that much. Litecoin is different. They own most of that.

Read this article about their volume in crypto. It settles the mind considerably

https://www.c[Suspicious link removed]m/2017/09/11/bitcoin-price-falls-on-reports-that-china-is-closing-local-exchanges.html

[ObscurePen]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Why did China do that? Was there some reason behind it? No wonder, I have seen many ICOs and other companies selling themselves in the Auctions section as of late. So that is why the price has gone down. But I don’t think that Bitcoin went down nearly 1000$ just because China banned ICO activities. Don’t get me wrong, China has a massive amount of influence in the cryptoworld. I am pretty sure that China has the largest amount of total mining hash - power. So China does have some influence in the price of Bitcoin, but will it really cause a price drop of around 1000$? I think there are more factors to this price drop. Anyways, at the moment, the price seems to be rising back.

[Qunenin]

China is a game changer of bitcoin price. when China like to ban the bitcoin then sure bitcoin will be ban. But now china will never down anything wrong. Because we accept China has a large part in all crypto currencies, and now all over the world's people want to use crypto and also trust on them, then suddenly it will be hard if China ban them. It is a talk of trust.

[kamikadze69]

Of course. for example at this time. they made little statements about the prohibition of ICO in China. and instantly the bitcoin price is directly dumped. so China must have great power in the world of cryptocurrency.

[Fancyax]

If you do a little search you can notice that biggest wallets and biggest exchangers are Chinese. Biggest mining farms are located also in China. So China have a strong impact on bitcoin future.

[Mike Mayor]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

I think it is just the movement of assets. Wait until the currencies from the exchanges and other places come back. Then the price will go back. Not then though the price would have increased a bit so we might see $6000 soon. Also most of these people making these outrageous statements like Bitcoin being fraud, these people are protecting their I interests. Why is this bad anyway ? A good trader can work both ways. A good trader knows how to take advantage of these situations both up and down. People focus so much on going up they forget that going down can make you profit too.

[cyberpitstop]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

This is the smartest post I have read in days!! This is the same "cycle" that constantly repeats itself over and over again in the crypto space always has always will.

[youdacapt]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

This is the smartest post I have read in days!! This is the same "cycle" that constantly repeats itself over and over again in the crypto space always has always will.

I do not understand why the China government continues to spread negative news and does not keep trying to make strong rules. they must understand that a large crypto currency market exists in their country, if they prohibit it will automatically affect the economic structure of society explicitly. China has everything for bitcoin especially for traders and miners.