Is it better that China just gets out of Bitcoin?

[Jating]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community

It seems that you are a novice here

And thus you likely didn't hear about the Chinese central bank (PBoC) taking steps against Bitcoin in the very beginning of this year. In fact, I don't remember quite well what was the first step the PBoC took against Bitcoin in the first half of January, 2017 (circa 11th), but Bitcoin crashed from +1,200 dollar to almost 750 dollars per coin. Regardless, Bitcoin rebounded pretty fast and with a vengeance at that. The second time they banned Chinese exchanges from allowing Bitcoin deposits as well as withdrawals. This second time should have had a more drastic effect on Bitcoin price but it hadn't. People saw that Chinese Bitcoin exchanges are mostly fake, and today people seem to have forgotten that

I never forgot all the fuzz beginning of the year the the Chinese market is manipulating the price of bitcoin with fake volumes so that PBoC has step in to stop this kind of fraudulent activities. They even suspended trading that's why the price crash ~$1000. The banned on deposits and withdrawals follow suit as well. Its around March-April when they decided to allow them to processed withdrawals/deposit but with a note that if they are caught once again. They will be suspended and subsequently closed.

[Shinpako09]

Of course not, like you have said China has a big influence. So what do you think will happen to the economy of btc if they will just get out. Wether we like it or not they really play major role on btc world and any bad news/move from China could result into fall because of influence.

[hatshepsut93]

Bitcoin was designed to work regardless if it's legal or not, so the network will be always be working. Outlawing Bitcoin in a country would hurt its adoption both in that country and to a lesser extent globally. But banning Bitcoin is also risky for governments - if other countries would be officially adopting it and benefiting from it, those who banned it would be left behind, and their options would be to keep suffering or unban it and look life fools. So, they all prefer to wait for now and see what other countries do. This also means that other countries might decide to follow China's decision. But if we've went this far without getting banned, I think the risk of it gets lower with every day.

[heppot]

Not just the only China that became the top user of cryptocurrency. many countries out there that greatly affect the development of bitcoin. but still, China is likely to remain the cornerstone of the entire bitcoin ecosystem in the short term. In order to keep the ecosystem healthy, Chinese markets, exchanges and traders will have to play by the rules set forth by the People’s Bank.

[russelluk]

We should not underestimate China. They are far more influential than people think and should be respected. They know what they are doing and you can guarantee it will be for China's best interest. We should learn from them and not let them have the market dominance that they have.

[Sasuke102001]

I don't think China getting out of Bitcoin will have any effect on the price of Bitcoin I don't know about this latest news about China and Russia stopping Bitcoin trade in their specific countries. BUt lesser the people here better it is I think cause other people will also get a chance to earn.

[Stingray1970]

Of course not, like you have said China has a big influence. So what do you think will happen to the economy of btc if they will just get out. Wether we like it or not they really play major role on btc world and any bad news/move from China could result into fall because of influence.

I would consider that a reason not to invest in BTC...

[CryptoScorpio]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

No, in any case.China is a huge market and can dump their cash into BTC heavily.As you can see just how it influenced the crypto market with ICO ban.But no problem if not China it's India now.India is getting digitalized completely and can easily implement crypto currency.India is also a huge market to get into.Also, as long as the money flows into BTC, I mean if FIAT to CRYPTO conversion is more than the CRYPTO to FIAT then there is a positive market for crypto currency.

[andthereyou]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community

It seems that you are a novice here

And thus you likely didn't hear about the Chinese central bank (PBoC) taking steps against Bitcoin in the very beginning of this year. In fact, I don't remember quite well what was the first step the PBoC took against Bitcoin in the first half of January, 2017 (circa 11th), but Bitcoin crashed from +1,200 dollar to almost 750 dollars per coin. Regardless, Bitcoin rebounded pretty fast and with a vengeance at that. The second time they banned Chinese exchanges from allowing Bitcoin deposits as well as withdrawals. This second time should have had a more drastic effect on Bitcoin price but it hadn't. People saw that Chinese Bitcoin exchanges are mostly fake, and today people seem to have forgotten that

I never forgot all the fuzz beginning of the year the the Chinese market is manipulating the price of bitcoin with fake volumes so that PBoC has step in to stop this kind of fraudulent activities. They even suspended trading that's why the price crash ~$1000. The banned on deposits and withdrawals follow suit as well. Its around March-April when they decided to allow them to processed withdrawals/deposit but with a note that if they are caught once again. They will be suspended and subsequently closed.

all we have to do is wait and see what will happen when china completely adopt or ban bitcoin. We could not do anything they are powerful.
I,hope that bitcoin will not be affected by china decision. 

[abjgd1008]

This is what I saw today in news. This CEO guy put a tweet.
ViaBTC stopped USD funding to their account from yday.
ViaBTC CEO: China Will Ban Bitcoin Exchanges
https://www.cryptocoinsnews.com/viabtc-ceo-china-will-ban-bitcoin-exchanges/

[South Park]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

I remember that when I joined the forum almost everything was about China, and now while China still plays a central role, that role is getting smaller and smaller, I will not be surprised if Japan is able to take that spot of influence from China as Japan opens to bitcoin while China closes itself to bitcoin.

[Netnox]

No. I don't think that it will be a good thing if the Chinese dump Bitcoin. The market in China is very promising, and it constitute somewhere between 10% and 20% of the global crypto-volumes. If the Chinese stop using Bitcoin, then the exchange rates will be negatively affected. But more than Bitcoin, the altcoins such as Ethereum and Dash will face more trouble, as China constitutes for a lot of users for these currencies.

[Carlsen]

Doesn't China already lose influence on bitcoin?
I have somewhere read that mining power is only at about 40% located in China. In the past it was much more I think.
And Exchanges are growing everywhere in the world.
All those developements reduce the effects that FUD news about bitcoin in China have.
I think bitcoin works best if we have no nation that plays a dominant role. But every nation should participate.

[Jombrangs]

It is also possible if they cause the downturn of altcoins because of the fact that china is the cause of such works
so if it is better for the crypto world the china will be banned on using crypto coins it is better for crypto users

[BitcoinExpart]

China, they do what they want. They are strategic propaganda. And the price did drop really hard when China temporarily banned Bitcoin back in 2014.

[VeeraS]

it could happen. like the reviews you say.
in crypto all can happen.
but I am not afraid of the Chinese ban for ico and bitcoin.
I think the Chinese people involved with bitcoin will not just sit there. and of course for ico organizers will file a complaint.
this is debatable. although a country's decision is absolute.
but I believe that without chinese any bitcoin will still succeed only a small scale decrease only if chinese true to do prohibition.
I am sure bitcoin will rise and become more valuable.

[South Park]

No. I don't think that it will be a good thing if the Chinese dump Bitcoin. The market in China is very promising, and it constitute somewhere between 10% and 20% of the global crypto-volumes. If the Chinese stop using Bitcoin, then the exchange rates will be negatively affected. But more than Bitcoin, the altcoins such as Ethereum and Dash will face more trouble, as China constitutes for a lot of users for these currencies.

It will not be a good thing for us, but I do not think that the Chinese government cares at all about the consequences of their actions, so if they really want to do it then I do not see a reason of why they will stop their intentions, but while this will damage bitcoin on the short term, I think the net effect could be positive.

[Catmony]

All the fuds and negative news for crypto is coming only from china in last few years and it is being worst lately. I am also fed of all this bullshit chinese media sites are publishing without any official confirmation. I will hold all my coins tightly and filling my bag with more cheap coins.

[grermezter]

Members of this community should know that is not bitcoins or other cryptocurrencies that have been banned but rather ICOs where people exchange their cryptocurrencies for tokens. The Chinese are all about control and they don't like things that they can't control and for the whole world to suffer I think I will like for Chinese to get out of the game.

[GoodLuck2]

All the fuds and negative news for crypto is coming only from china in last few years and it is being worst lately. I am also fed of all this bullshit chinese media sites are publishing without any official confirmation. I will hold all my coins tightly and filling my bag with more cheap coins.

You are doing indeed a great job. This is what every smart person would be doing. I think we should be least bothered about what is going on in China. Instead, we should take this as a golden opportunity for more investment in order to have more profit and more earning in the future.