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

[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 ?

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[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.