effect of china on bitcoin

[hurain]

The ban on ICO gave a dip in the graph of Bitcoin but it was temporary and it clearly depicts that weather it the super-hub of Bitcoin nothing can stop it from rising again. Also, in the hard time Japan was very supportive to Bitcoin which helped it to stand again.  Moreover, the ban was temporary because in the recent news it was discovered that ICO will be back in power with proper rules and regulations because at the end China also knows the potential and value of Bitcoin and can't afford to lose that.

that is right to say that in very beginning the banning news of ICOs by China turn the bitcoin price down, but after some time the market recover its position in a very good way, in fact now the bitcoin users are increasing throughout the world who are giving more support to bitcoin and therefore even the China decision about banning ICOs could not effect the bitcoin so much. i am sure that very soon bitcoin will cross its previous position and will reach to 5000$ once again.

Ya it is true that china have banned ICO but i think they will clear this ban and make some rules and regulations that have to be followed by the ICO developers if they want the china to invest in their projects. Which is good as due to this we can slow down the scam ICO.

Yes that is a fact that they will again the ban from bitcoin with some rules fix for it, because in future China has to realize the importance of bitcoin and other crypto currencies. As we can see that japan and some other countries know the importance of bitcoin and therefore they already have turn bitcoin as legal currency.

[megynacuna]

Going after miners is the worst attack Chinese government can do against Bitcoin. If Bitcoin survives this, it can survive anything.

I couldn't agree more, their actions have proven futile and Bitcoin has defeated them once again. I strongly believe it can survive anything also including the Chinese government's threats.

[No.14]

how badly could banning of bitcoins in china affect the bitcoin market and cryptocurrency?

The answer is simple, because China is one of the largest bitcoin markets in the world. Today, however, China has reduced its influence when Japan is the largest bitcoin market.

[Redanim]

We already saw serious bitcoin collapse for two days at $ 1000 after China began blocking bitcoin and other cryptocurrencies. But after a while bitcoin grew up till $ 6000 so do not worry much, there are other countries like Japan, from which bitcoin depends more than from China.

[xebecstyx]

how badly could banning of bitcoins in china affect the bitcoin market and cryptocurrency?

I think it has an effect one way or another; however, given that bitcoin is a currency, that, as you can say, has no nationality. Then, it would still prosper in many other places. It's affect would maybe come from the fact that China is a big player in the market, whether in the currency industry or in the stock market. However, I think, in due time, China will lift that ban since the recognition of bitcoins has been increasing more than ever. Also, maybe it's China's way to let their own digital currencies to prosper in the market, because evidently, it's not getting much attention.

[trjm79]

The Chinese influence that is likely to affect the future of the crypto currency will come from China's miners, since any proposal to update the bitcoin structure requires approval of the miners.
Wang Chun operator AntPool, the world's largest mining pool, said that it is the miners who control the outcome of the vote.
One of the groups in the block size discussion, known as Bitcoin Classic, wants to increase the size of the bitlock block to ensure that transaction processing time is unchanged. Another group, Bitcoin Core, is trying to resist any major changes.
Bitcoin Core also believes that the increase in the block size will be facilitated by the miners, whose equipment is capable of processing longer calculations, which large blocks require.

[Delos]

If chinese want to use bitcoin, the use it. They have enough ways to do. Chinese people are everywhere located in the world. Chinese Tourism are booming. The travel for money cleaning in casinos and they will do same for bitcoins.

The professionals will use bitcoins. Newbies and a bigger crowd will fear and use other coins. But that is not the majority.

It will affect the bitcoin but not seriously. 

[splat44]

China hasa great economy and a sleeping giant of asia. if there's a bitcoin ban In CHina bitcoin drops rapidly and also their cryptcoins that are made in CHINA. i still believe that govenments of CHINA will embrace bitcoin.

[recklessMe]

China hasa great economy and a sleeping giant of asia. if there's a bitcoin ban In CHina bitcoin drops rapidly and also their cryptcoins that are made in CHINA. i still believe that govenments of CHINA will embrace bitcoin.

It is hardly possible. China is really tough towards bitcoin and cryptocurrency. It bans icos, mining, bitcoin exchanges...

[bjjobg55206]

how badly could banning of bitcoins in china affect the bitcoin market and cryptocurrency?

The answer is simple, because China is one of the largest bitcoin markets in the world. Today, however, China has reduced its influence when Japan is the largest bitcoin market.

Seventy percent of the world's bitcoin is dug from China, making China the world's largest bitcoin market. Bitcoin China shut down after the announcement, its trading platform bitcoin, Litecoin currency and other virtual currencies have dropped significantly.

[hgkcoin]

At present, China is still the largest miner of bitcoin. If the Chinese government wants to combat bitcoin from this point, I believe there is still a small impact on bitcoin. But China is not the largest market for bitcoin. In China, Bitcoin was not banned, but it was not supported. I think China will introduce some rules and regulations for bitcoin.

[jenny399]

It will have impact on bitcoin world, most people in china use bitcoin,  but still tthey will find out a way to still mine and use bitcoin

[Argoo]

We have already been able to make sure that the restrictions and bans in China regarding the crypto currency have not affected negatively the Crypto currency. In addition, by coincidence, however, it was after China announced the introduction of such prohibitions and restrictions from the end of September that bitcoin began its price growth and ended as much as $ 20,000 in December. Such negative information if and affects bitcoin, it affects temporarily, after which it is again restored in the previous course.

[xiaohao111]

I think it's very serious.
China has the world's largest number of people mining bitcoin.
The number of bitcoin transactions in China is huge.
If bitcoin is banned in China.
That could slow the pace of bitcoin growth around the world.

[abhishek_bittu]

It will be a different story if China decides to ban mining, that would shake the foundations of Bitcoin because most of the mining is done in China and an unstable network will shake the public's faith in the bitcoin Network.

However I do not think the any ban will be permanent. Russia tried to ban bitcoin after mt. Gox collapsed back in 2014 but now they are looking at legalizing it, so my feeling is that any such ban will simply force China’s exchanges to move to places outside of the mainland, places like Hongkong, Macao and Singapore. This may have a cooling effect on the cryptocurrency market for a few years but it will not stop the revolution because it is just too big for any one government to stop.

[KingScorpio]

Lets say China created a China Coin, or the U.S. created a USA coin, what happens if their economies collapse and it's value next to nothing? Bitcoin can still reign supreme.

the economy collapses when the corporations run out of Qualified workers, something similar happened with the soviet union, people stopped working and all started trading,

you will have elites (most likely corporate communist elites) that will create a new government, and they will reward their workers with a new token, excluding everybody else in order to secure their supply of workers (no one works if he isnt getting any reliable rewards.)

in the west and in china this is very likely because the corporate elites that were capable abusing their access to their states financial system. while telling everybody to earn more sell their time, while themselves they collected and built themselves income sources.

the reaction will likely move those economies towards communism

we will then have a new world politics where you have Russia against Communism (completely vice versa than cold war we witnessed)

with the US dollar evaluation gone, you will also have a completely different value of bitcoin,  it becomes just a token.

regards

[gustaf.berg]

The ban on ICO gave a dip in the graph of Bitcoin but it was temporary and it clearly depicts that weather it the super-hub of Bitcoin nothing can stop it from rising again. Also, in the hard time Japan was very supportive to Bitcoin which helped it to stand again.  Moreover, the ban was temporary because in the recent news it was discovered that ICO will be back in power with proper rules and regulations because at the end China also knows the potential and value of Bitcoin and can't afford to lose that.

that is right to say that in very beginning the banning news of ICOs by China turn the bitcoin price down, but after some time the market recover its position in a very good way, in fact now the bitcoin users are increasing throughout the world who are giving more support to bitcoin and therefore even the China decision about banning ICOs could not effect the bitcoin so much. i am sure that very soon bitcoin will cross its previous position and will reach to 5000$ once again.

Ya it is true that china have banned ICO but i think they will clear this ban and make some rules and regulations that have to be followed by the ICO developers if they want the china to invest in their projects. Which is good as due to this we can slow down the scam ICO.

Yes that is a fact that they will again the ban from bitcoin with some rules fix for it, because in future China has to realize the importance of bitcoin and other crypto currencies. As we can see that japan and some other countries know the importance of bitcoin and therefore they already have turn bitcoin as legal currency.

Whenever China try to manipulate the market with weird news that makes me think that they really need blockchain. JUst think about it, they were looking forward an opportunity to use against US and USD. They consider finally they got it with bitcoin. So whatever they do would b just to control the market, not to destroy.

[GreatGEEK]

As far as I understand the regulation is imposed on China-based exchanges only. And as for those like cex.io (https://cex.io/)? They are still open to Chinese users?

[regista]

The Chinese Bitcoin market is virtually non-existent; its trading volumes have fallen to a point wherein the market could not possibly impact the global Bitcoin market in any way. In the upcoming months, depending on the state of the Chinese Bitcoin market, China could positively impact the price of Bitcoin by resuming cryptocurrency trading. But, it will not lead to a decline in the price of Bitcoin, as the Bitcoin market has already recovered from the ban imposed by the Chinese government. 

[Habbiton]

I dont think China could make the market to get even worse...