China banning bitcoin exchages, good or bad?

[Sithara007]

China banning Bitcoin is temporarily bad. But in general, after the market calms down, Bitcoin always comes back stronger than before.

The technology is here to stay. If you don't want to give them more power, don't panic, and hold your coins.

Yes, technology is going to stay so the value of Bitcoin will increase. Don't panic for this small dip everything will be corrected once everything settles.
Now many people are panic about the market with the China news but Bitcoin price will recover the only thing we can do is hold.

We don't need to worry as long as the number of users are increasing. My guess is that it is still increasing at a rate of around 10% per month, which is massive. No other fiat currency can boast of such numbers. This increase in the user base is going to have an impact on the exchange rates sooner or later.

[Outlander]

It is not a big deal for the long term! I think it is a good measure to crack the scams OCO although there are some genuine ICO. As the adoption is increasing, many people realise the advantages of btc. It is hard to say what will happen with the policy.

[raven7886]

It is obviously bad for a mean time just like what happened these days, bitcoin price in the market has dropped because of the issue but immediately recovers for a few days.

Bad and not bad at the same time. To me, I feel it is a way for us to test the strength of bitcoin with or without a particular strong country trying to use FUD news to manipulate it. The thing is that this kind of decisions by countries and the FUDs caused by it are inevitable but the fact that the impact wasn't too much and it bounced back in no time is what will make most people believe more that the technology is here to stay.

[terbetet]

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect  bitcoin world and bitcoin price in negative way or positive way?  Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.


[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

The banning of bitcoin exchanges within the country of China has a big impact on the price rate of bitcoin which for most of the bitcoin users plays negatively since the price rate dumps into a great down fall that was really alarming because the bitcoin holdings lessen into quantities. Though it was alarming, I am still hoping that bitcoin will regain its big loss since China was just a part of the bitcoin's large community. Along with the banning of China, it also do have a good effect because the bitcoin hunters have the chance to buy their own bitcoins for great opportunity of gaining profit when the price pumps once again.

[biskitop]

the reason the Chinese government is banning bitcoin exchange, the chinese government want to provide rules on bitcoin, that is good news.
however, the immediate impact of the moment, making the bitcoin value drop dramatically, that a bad news.
we just pray, so there is a solution that benefits all parties, and make the bitcoin value continues to rise.

[bitcoindev2014]

will china ban btc miner ?

[sukamasoto]

will china ban btc miner ?

That what people frightening about but even though it got ban, China still able to produce VGA or any miner hardware for global shipping around the world
When BTC is go big, it's difficult to stop people who already enjoy bitcoin, don't it ?

[denny27]

Obviously this is very bad to hear for those of us who have been close to bitcoin and many things related to bitcoin in it. But i'm sure some other countries will not doing be same as the China state that is rumored ban this, ban that, and which looks like it keeps trying to weaken the good name of bitcoin.

[Enzo 666]

for me so good

we know can see how bitcoin has power and how can effect .

- all countries can effect with bitcoin price but can’t end bitcoin

-  prices down make many buy more 

[buxlover]

It is obviously bad for a mean time just like what happened these days, bitcoin price in the market has dropped because of the issue but immediately recovers for a few days.

Indeed it's bad for sometime but it won't last longer as we saw the price pump again within the two weeks of period. It's true that price could have been better than this but fir the instance it isn't getting changing unless and until equal investment is made which is equal to loss incurred due to china investment. What I mean is, due to ban china people got their money converted from bitcoin, that much of money must be invested back so that the price will boost to 4.5K plus price again.

[yndye]

Chinese govt has decided to ban the local bitcoin exchanges. [1] This is pretty big news considering one of large market and mining firms are located in China.
Do you think this would affect  bitcoin world and bitcoin price in negative way or positive way?  Some say china is doing so because people are bypassing the banking system and in turn the government regulation using bitcoin.


[1] http://www.marketwatch.com/story/bye-bitcoin-china-to-ban-trading-of-virtual-currencies-2017-09-11

In the short term it affects bitcoin in a negative way. Many people panic when it was announced thus a drastic decrease in the price but then if they would do it to ban the exchanges forever then it would be good I think in the long run because they would not be able to cause panic anymore to the bitcoin holders because every time they have bad news, the bitcoin price also react negatively. There is a rumor that they will not totally ban it forever but just temporary because they will regulate it and eventually reopen it in October. If China would totally ban it then its good for the bitcoin ecosystem because they cannot harm it anymore by announcing some unverified news again.

[oegarod]

Obviously this is very bad to hear for those of us who have been close to bitcoin and many things related to bitcoin in it. But i'm sure some other countries will not doing be same as the China state that is rumored ban this, ban that, and which looks like it keeps trying to weaken the good name of bitcoin.

Being into bitcoin is successful, from the beginning China have been making a big difference in the entire growth of the digital currency. Rumours were quite common with bitcoin, so China is not an exception. Maybe in the future such issues won't be considered big when people understand better.

[Pleione527]

I guess China has great affect the value of bitcoin because up to this moment the value does not increase and remains at $3800 its because the demand decreases and if many countries will banned bitcoin the value will tremendously decrease

[joshki]

will china ban btc miner ?

They haven't so far.

There's been discussion about them possibly making it difficult or illegal to transfer coins, which has a side effect of making mining very difficult as it would be hard to recoup expenses without being able to sell coins. 

In the long run, it seems unlikely. 

[Sadnu]

This may be damaging as the price of bitcoins falls. Because many of their countries have big investments here. And if it will turn off there may be a rapid drop in bitcoins. But I think it's just a moment because people do not allow it here. And the only thing that happens is that it is banned but people are still free to use it. They should not show up to the police because they are likely to fall into jail. And the bitcoins will climb up again so it will bring good bitcoins to it. And as I know, here are illegal activities in china like Manupulations, Scam investment and so on. It is said in poetry. The storm is dangerous but when it's done there is a good rainbow after the rain

[JL421]

It is bad banning of exchanges would mean people will sell their so that they don't face any issues in the future and the problem with this market is bitcoin is main so no matter what the reason is if bitcoin falls altcoins also falls which gives too many losses for me which spoils everything i researched

[左]

will china ban btc miner ?

They haven't so far.

There's been discussion about them possibly making it difficult or illegal to transfer coins, which has a side effect of making mining very difficult as it would be hard to recoup expenses without being able to sell coins. 

In the long run, it seems unlikely. 

The only action they have taken against the miners as of yet was on the energy subsidy some of those mining farms were getting.

[jvdp]

It is bad banning of exchanges would mean people will sell their so that they don't face any issues in the future and the problem with this market is bitcoin is main so no matter what the reason is if bitcoin falls altcoins also falls which gives too many losses for me which spoils everything i researched

Ya Upto now, the China ban of bitcoin is affected the price of bitcoin. Because of this the price is below 3600$.After that Many miners migrates to Japan and many miners are start to mine in Japan.Even Japanese start to create new mining based projects to get into mining.

[deisik]

It is bad banning of exchanges would mean people will sell their so that they don't face any issues in the future and the problem with this market is bitcoin is main so no matter what the reason is if bitcoin falls altcoins also falls which gives too many losses for me which spoils everything i researched

Ya Upto now, the China ban of bitcoin is affected the price of bitcoin. Because of this the price is below 3600$.After that Many miners migrates to Japan and many miners are start to mine in Japan.Even Japanese start to create new mining based projects to get into mining

That's what we should all hope for

But it will take some time before the effect of the Japanese mining kicks in. Further, I'm not certain that they have a thoroughly polished technology to compete with the miners from China. Anyway, if mining in China goes down the toilet (which seems to be the case in the nearest possible future), this won't matter a lot. But I'm still utterly curious how the Chinese miners are going to move to Japan or South Korea if they can't take their mining equipment (those huge mining farms) with them. They will likely have money but no equipment and no technology

[planfox]

It would affect bitcoin price slightly in a negative way in a short term basis but,it would be good for the progress of bitcoin in a long term basis.Due to this action by china,bitcoin would get complete freedom from the hands of chinese gamblers.

We probably never get this freedom. The Chinese government is bluffing. It does not play quite honestly and wants to reduce the cost of bitcoin. But soon the bitcoin community will understand this