China Closing Doors Equals Death of Bitcoin?

[CryptoBry]

A false news circulated that China is now on the verge of banning all Bitcoin exchanges from operating the country was sending a big chill throughout the cryptocurrency ecosystem and markets. This news came after the recent announcement banning all ICO projects.

Now, we are seeing that the market is putting some heavy weight on developments on China and the decisions coming from the government. No I am wondering what if it would really ban all Bitcoin activities within their legal territories?

Will it be the end of Bitcoin or will Bitcoin slowly ignore China?

[CircularLoGic]

A false news circulated that China is now on the verge of banning all Bitcoin exchanges from operating the country was sending a big chill throughout the cryptocurrency ecosystem and markets. This news came after the recent announcement banning all ICO projects.

Now, we are seeing that the market is putting some heavy weight on developments on China and the decisions coming from the government. No I am wondering what if it would really ban all Bitcoin activities within their legal territories?

Will it be the end of Bitcoin or will Bitcoin slowly ignore China?

Probably the price will decrease if it goes banned inside of China which is a good opportunity of all of us who are out of China to buy and hold! Most probably is that gov won't ban it and will have some kind of deal with exchanges.

[ronajon]

most of the mining of bitcoin is done in china now, there are huge farm setup just for that.
so if the ban was real, what would that mean for mining bitcoin in general ?

[TravelMug]

A false news circulated that China is now on the verge of banning all Bitcoin exchanges from operating the country was sending a big chill throughout the cryptocurrency ecosystem and markets. This news came after the recent announcement banning all ICO projects.

Now, we are seeing that the market is putting some heavy weight on developments on China and the decisions coming from the government. No I am wondering what if it would really ban all Bitcoin activities within their legal territories?

Will it be the end of Bitcoin or will Bitcoin slowly ignore China?

It will have a lot of impact in the market if even China decided to close its doors against bitcoin. 2 negative news lately have done so much in the price that it went to $3900. What more if they announce that they are completely banning bitcoin and all other crypto. But I consider this a good challenge to see if we may recover from this kind of scenario as we all know that that Chinese is a big player in terms of trading volumes and mining farms. Let us see how will this pans out in the future.

[Baofeng]

A false news circulated that China is now on the verge of banning all Bitcoin exchanges from operating the country was sending a big chill throughout the cryptocurrency ecosystem and markets. This news came after the recent announcement banning all ICO projects.

Now, we are seeing that the market is putting some heavy weight on developments on China and the decisions coming from the government. No I am wondering what if it would really ban all Bitcoin activities within their legal territories?

Will it be the end of Bitcoin or will Bitcoin slowly ignore China?

Its really hard to fathom what you are saying here. We all know for a fact that China is a big player in bitcoin ecosystem. If these chose to shuts it door, so be it. Definitely it will has a strong effect in the market and we have to endure it. However, I guess we can still recover from such devastation because there are countries like Japan and South Korea that will continue what China has left. Or we may see some countries that will take over in terms of mining bitcoin.

[CryptoBry]

most of the mining of bitcoin is done in china now, there are huge farm setup just for that.
so if the ban was real, what would that mean for mining bitcoin in general ?

These miners must be kicked out of China for them to legally do some mining business. Or maybe there can be a deal to allow the miners to operate as a business but they would not be allowed to convert their Bitcoin to the local money. I am sure there can be a big problem with that set-up.

On the other hand, if China will kick out miners or make the business for them to be difficult then there is a possibility that they can be out of the business and so the mining opportunity will be exploited by other countries and that is actually good for Bitcoin in the long run.

[Carlsen]

most of the mining of bitcoin is done in china now, there are huge farm setup just for that.
so if the ban was real, what would that mean for mining bitcoin in general ?

These miners must be kicked out of China for them to legally do some mining business. Or maybe there can be a deal to allow the miners to operate as a business but they would not be allowed to convert their Bitcoin to the local money. I am sure there can be a big problem with that set-up.

On the other hand, if China will kick out miners or make the business for them to be difficult then there is a possibility that they can be out of the business and so the mining opportunity will be exploited by other countries and that is actually good for Bitcoin in the long run.

The miners would have a real problem.
They would have to find another country with low electricity costs where they can set up their mining hardware again.
Moving the hardware into another country, that is nothing that could be made in a few days. If possible at all. With a ban of bitcoin, the hardware to do mining might get confiscated.
The missing hash power would trouble us all with much slower transaction times and higher fees.

[BUK2016]

Even if China should ban bitcoin use in there country that will not lead to death of bitcoin because the effect of one country baning bitcoin will not be significant at all.

[Idrisu]

A false news circulated that China is now on the verge of banning all Bitcoin exchanges from operating the country was sending a big chill throughout the cryptocurrency ecosystem and markets. This news came after the recent announcement banning all ICO projects.

Now, we are seeing that the market is putting some heavy weight on developments on China and the decisions coming from the government. No I am wondering what if it would really ban all Bitcoin activities within their legal territories?

Will it be the end of Bitcoin or will Bitcoin slowly ignore China?

This is actually a proved that bitcoin and others cryptocurrency is being controlled by Chinese and they agency. Bad and fake news created this great dump yesterday and when find out that the news is fake today the price is now raising again. I think Chinese hold over 65% of the coins in circulation because the price of all the coins was push down Yesterday because of the fake news.

[talkbitcoin]

what's up with that title man?

first of all China is not closing any doors. they are just regulating bitcoin and other cryptocurrencies like any other country has done and will do.

secondly in worse case scenario only China goes out of the picture if they really "close some doors". and you seem to have forgotten that bitcoin does not belong to a "country" it is a peer to peer cryptocurrency and as long as these "peers" are alive bitcoin remains alive.

[Vivlore]

most of the mining of bitcoin is done in china now, there are huge farm setup just for that.
so if the ban was real, what would that mean for mining bitcoin in general ?

If the mining is also forbidden, the miners will be shifted overseas. That is not a problem.

[Basmic]

In any building there is always a lot of other doors. I was such a prospect did not frighten. It will be an additional stimulus to the modernization of bitcoin and will lead to the fact that China will cease to dominate in the mining business.

[YuginKadoya]

In any building there is always a lot of other doors. I was such a prospect did not frighten. It will be an additional stimulus to the modernization of bitcoin and will lead to the fact that China will cease to dominate in the mining business.

I really think if one country would ban bitcoin there will still other countries that more likely to accept it even if the sure thing for the value of bitcoin to go down is because of this news I really think that there would some other county that will keep on innovating the use of bitcoin and japan is highly that kind of country I really think there would some other countries out there that will surely let bitcoin continue in a transaction towards their economy.

[cakravothy]

china baned and close china exchanger only issue
until now huobi okcoin and btcc still run and work

and bitcoin not only china

[Ilegendph]

most of the mining of bitcoin is done in china now, there are huge farm setup just for that.
so if the ban was real, what would that mean for mining bitcoin in general ?

It will result to lower hashpower for blockchain, meaning transactions would be slower after banning if it is true. But I think in general, bitcoin would still operate and and many investors will still trusr bitcoin despite of what happenned. The price will also go down but will recover after a couple of months or years.

[alyssa85]

most of the mining of bitcoin is done in china now, there are huge farm setup just for that.
so if the ban was real, what would that mean for mining bitcoin in general ?

If the mining is also forbidden, the miners will be shifted overseas. That is not a problem.

Some Chinese miners have already pre-emptively opened overseas operations. See

https://www.cryptocoinsnews.com/chinese-bitcoin-mining-firm-canaan-to-open-10-mw-facility-at-node-pole-sweden/

China-based Canaan Creative, a bitcoin mining firm commonly known by Avalon, its bitcoin mining chip brand, will open a data center powered by hydroelectric power at the ‘Node Pole’. Owned by power companies, the technology infrastructure hub is situated in the Boden region near the Arctic Circle n in Sweden.

Canaan, which manufacturers ASIC microprocessors, claims to be the first Chinese bitcoin company to open a data center in Europe. The facility will operate at 10 MW at its initial stage, leaving room for expansion in the future.

I expect if China bans mining, these businesses will just open operations in other parts of the world, they have the cash to do it.

[tdeannova]

if this news is true there will be an impact on the world of crypto, but I do not think it will last long. because we know that crypto users not only come from China alone, this condition will gradually recover and will leave the user or investor from china.

[Ayiranorea]

Whether the particular info regarding the closure of trading exchange is true or not, but such activities will surely affect the cryptocurrency network on a whole. Such a situation prevailed in the past when the inspection over bitcoin exchanges of China was done by People's Bank of China.

[mobnepal]

Will it be the end of Bitcoin or will Bitcoin slowly ignore China?

We should start to neglect china and all those chinese fuds we used to have on every next month whenever market is bullish. These all hoax are to create panic on market where all those chinese bankers can load their bags with cheap coins.

I am expecting another round of fud news from china when market will recover from this current dump. Soon china will loss its grip in bitcoin market, no any chinese news will affect crypto economy.

We have to hold tight our holdings and should neglect chinese fuds.

[reliable]

Well I do not feel the death of the bitcoin will happen or for that matter the altcoins too will die but yes that means the prices are set to dip in coming days and this means that even the other couturiers may rethink and if they too decide to go the China way then its going to be tough time in future