China banning bitcoin exchages, good or bad?

[xyzone]

Many use bitcoin or crypto in china. if it happens it is a bad thing. crypto users will be reduced and prices will drop with the loss of investors from there.

[Cinemo]

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

For me it is bad for those chinese who depends on bitcoin and other cryptocurrency cause we all know that china has a biggest population in the world so they really need a work providing companies including bitcoin and other cryptocurrencies they are big help for they unemployed no.s of people.

[ucingucingan]

These are some of the reasons China forbids bitcoin
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

[ucingucingan]

These are some of the reasons China forbids bitcoin
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities

So I think the Chinese government wants to keep the economy in their country stable by banning bitcoin, but this is a bad thing for bitcoin traders because it will affect the price of bitcoin

[agiskasep]

absolutely bad,there is investor from china make volume of cryptocurrency good. so it's bad news for us,i hope it not happen in other country

[barabarian1]

such conditions will adversely affect crypto development and will have a direct impact on bitcoin prices. all countries are afraid of crypto because local banks will lose customers, due to migration of investments to crypto. crypto does not need a system like a local bank so investors can manage their own finances without involving others. this is what all nations feared if crypto legalized. so China forbids crypto.

[Tirexico]

this is very bad and will have a direct impact on the price of bitcoin or altcoin. but we have to keep calm because the money exchange market is very much not only in china. Chinese investors can use the coin market outside their country so they can still trade with any country.

[Xising]

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

Although it may have an impact, I doubt if it will be profound and lasting. The Chinese market is big and is one of the main players in the cryptocurrency market, no doubt. But, I think that this market has risen up to a status that it can overcome and adjust at any bad thing thrown at it. Hopefully though that they lift it up soon because the mere size of China's market helps cryptocurrency to steadily grow.

[yazman]

Certainly bad news, China is the country's largest users of cryptocurrencies so if the Chinese government banned bitcoin, exchanges and ICO it will have a major impact on the declining number of users.

[boynamnhi]

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 market in recent days has been volatile and difficult to predict, as you can see that market capitalization is continuously adjusting and decreasing, which suggests that cash flow from crypto is moving elsewhere. invest. On the other hand you can also see that gold has been rising over the last few days and is peaking in the last four weeks.

[buttonmc]

China is a special country in the world. I think they have very good economic system, developed and effective. People work a lot and get good money, so they simply will not have time to invest in Bitcoin. And of course, the policy of the state, too, is not for Bitcoin.

[embargo]

The People's Republic of China is an eastern country where the concepts of wealth and money differ from the representation of these values in the Western world. In China, it is encouraged that everyone owns physical jewelry, not virtual jewelry. The ban to deal with the crypto currency is perhaps an attempt at total control. Or the protection of their citizens from a huge soap bubble. 

[nur rochid]

China is a special country in the world. I think they have very good economic system, developed and effective. People work a lot and get good money, so they simply will not have time to invest in Bitcoin. And of course, the policy of the state, too, is not for Bitcoin.

i think China seems to want to set its own digital currency. they seem not like to be monopolized by other countries, in this case is japan. so they will mimic bitcoin products and developed themselves

[Sled]

China is a special country in the world. I think they have very good economic system, developed and effective. People work a lot and get good money, so they simply will not have time to invest in Bitcoin. And of course, the policy of the state, too, is not for Bitcoin.

i think China seems to want to set its own digital currency. they seem not like to be monopolized by other countries, in this case is japan. so they will mimic bitcoin products and developed themselves

I think that is what really the china is trying to do right now, they are trying to make their own digital currency so they can take control of it and that will become the key for them to make a lot of profit through managing and controlling their own digital currency and that is the reason why they banned bitcoin exchanges because they want to start for themselves which is bad because they are not helping the possibilities that crypto can provide them which is an already tried and test tech.

[ivrynx]

China is a special country in the world. I think they have very good economic system, developed and effective. People work a lot and get good money, so they simply will not have time to invest in Bitcoin. And of course, the policy of the state, too, is not for Bitcoin.

I have to disagree with this, china is one of the countries that has the most number of bitcoin users, their policy may not be in favor of ceypto currency, but so is thw rest of world, since they have a lot of exchanges before and are producing a lot ICOs, they are more inclined to block chain technology than the rest of us, and also they have the technology to mine, they used to be one of the biggesr miners around, side by side russia.

[FiveReels]

We all know, China is a huge country, Banning bitcoin exchanges in China will surely create a huge downfall of bitcoin value,  China has a large volume of bitcoin investor, We presume the value of bitcoin followed by alt-coin will turns bloody in coin market cap. Big trouble to crypto investors.

[gabmen]

We all know, China is a huge country, Banning bitcoin exchanges in China will surely create a huge downfall of bitcoin value,  China has a large volume of bitcoin investor, We presume the value of bitcoin followed by alt-coin will turns bloody in coin market cap. Big trouble to crypto investors.

Well any ban from any country would of course be a hard hit for btc whichever way ypu look at it. But the effects would eventually wear off in time and btc will recover. China has always been against this market but remember that bitcoin's all time high last year happened with an active chinese ban on exchanges.

[kenlyresuello08]

In banning bitcoin on china there was a good effect and bad effect. The bad effect is many individuals in China that using BTC will lost thier profit. And the good effect was many people in china will take their responsibility to pay their tax.

[Soneo]

It has resulted in the downfall of the bitcoin market value but now it is recovering as the user has changed their exchanges to other foreign . I feel it as a loss only for that nation as they tried put an end for the thing which has given them lot of profits as we all know there are lot of miners from china who are active users of bitcoins as they used have the lowest electric charge.

I think the problem is, that China, despite having many users with BTC, does not really control them, and does not even ban them. So BTC will continue to be a good way to maintain value. So the price will go down a bit, and they will only recover, because people who know the true value of BTC, will only hold them all over the world.
I do not think this is anything new. If I am not mistaken China has done that in the past. I think that of course will affect the price of BTC, because all sellers are panicking, and all that just use BTC to trade.

[Bakemat]

We all know, China is a huge country, Banning bitcoin exchanges in China will surely create a huge downfall of bitcoin value,  China has a large volume of bitcoin investor, We presume the value of bitcoin followed by alt-coin will turns bloody in coin market cap. Big trouble to crypto investors.

Well any ban from any country would of course be a hard hit for btc whichever way ypu look at it. But the effects would eventually wear off in time and btc will recover. China has always been against this market but remember that bitcoin's all time high last year happened with an active chinese ban on exchanges.

Just like when china banned all the icos on their country, the prices of cryptocurrency in the market has decreased so much last year but still it does not matter because bitcoins managed to reach $19k dollar before the year ends so keep on holding your coins today in order to become wealthy in the future.