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

[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.

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[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.