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

[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.