Why does China hate Bitcoin?

[rahul10948]

china does not note actually hate bitcoin..its the ICO due to which lots of economy of the china has fallen...so that's why all this thing like banning going on

[micher143]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

China have a communist government, so they want to take control all the aspect of economical state inside their country. And we all know that Bitcoin is a form of crypto-currency which is likely to happened to be a unreachable, uncontrollable form of currecny. Meaning that the government or their government will no longer have a control on investments , property and transaction of their people.

[TiffanyLien23]

China doesn't hate bitcoin. As a matter of fact, China has the world's largest trading market. The Bitcoin there was banned because of the Bank of the China who strictly engaging bitcoin through banking. So in a result the government of China decided to banned bitcoin in their country.

[brickafterbrickwalldpt]

Taboo subject for a lot of older generations, not to mention it's untraceable. China may not hate bitcoin or cryptocurrencies, but as for probably many more governments around the world it's a really confusing sight, and it doesn't bode with them well that they can't control it. China is just playing what everybody is playing, they want to become part of and possibly the centre of a future cryptocurrency based sector of the market, and it's highly plausible the influence of bitcoin is on a path of domination or more likely an important player in the commodity market. They know that the earlier they'll start becoming prominent in the whole ordeal the better they'll come out in the future. Threatening to ban bitcoin is just a move in their political chess game, it redirects the attention of the big fish in cryptocurrency trade to their country.

[elizabethfund]

Of course that the ordinary people from China like bitcoin but the politicians have its own battles against each others. The political conflict influenced and restricted the development of cryptocurrencies. But there’s nobody who can really stop this development 

[Jombrangs]

why china hate bitcoin i think china not hate bitcoin they want to buy bitcoin lower price of bitcoin

[azril fauzan]

not true if china hates bitcoin, the evidence is often china btc banned, but in fact it is not consistent. china had freeze one of the exchange in china but in reality its now the exchange is active again. in two months trinal china had announced banned btc, and now announces china btc banned again, as a strategy of investors in china to cause panic for btc owners to sell it, when prices start low investors in china buy it with a large amount

[xBitHodler]

China hates Bitcoin because they can't control it. It would be interesting to see a cryptocurrency in China because a lot of people are using their smartphones to pay for something (especially in big cities). Why did China banned exchanges? Weren't they earning a lot of money on income tax from miners? Now miners are moving to Russia and other close countries.

[Disconnecting]

China hates Bitcoin because they can't control it. It would be interesting to see a cryptocurrency in China because a lot of people are using their smartphones to pay for something (especially in big cities). Why did China banned exchanges? Weren't they earning a lot of money on income tax from miners? Now miners are moving to Russia and other close countries.

I think china hates the bitcoin because they already know that bitcoin is a scam.

[ihsanskanzaone]

I do not think china hates bitcoin but its government because of too many chinese who do transaction with bitcoin so in worried that native country china currency weaken and make society more often use bitcoin as easy transaction tool so that bank in china become very less serving transactions thereby reducing government revenue.

[ekoice]

We all know that china is a communist country having lots of regulations and restrictions.it always wants to keep its people under its strict control.Bitcoin is a currency which has been created to give financial freedom to people.Just we could understand that both are contrast.China does not want to loose its control over its people,either due to bitcoin or other.It does not want its country's wealth to be transacted via bitcoin outside its boundary and get invested in other countries.Also,it does not want its own currency yuan losing its value due to bitcoin.So,it has started to take severe actions against bitcoin.

[MonaLeeTracy]

I do not think china hates bitcoin but its government because of too many chinese who do transaction with bitcoin so in worried that native country china currency weaken and make society more often use bitcoin as easy transaction tool so that bank in china become very less serving transactions thereby reducing government revenue.

china may have been rivaled with bitcoin, because the bitcoin will soar so long that no one can compete with bitcoin prices.
or other than that china feel harmed by bitcoin, chances are you want to make your own coin that can benefit china country.

[yusupjatigumilar]

I think chinese do not hate bitcoin, it's just their strategy to make bitcoin prices down then they buy massively in order to control and control bitcoin prices.

[ennovy22]

Chinese people doesn't hate bitcoin but its government. It's because they can't track where the money goes and we all know that China is communist. Their money were revolving only in their country. They don't want to be involved that much especially China had a lot of contibutions in BTC.

[salinizm]

I believe the Chinese government is trying to find a way to stop their citizens on money laundering from trading of bitcoins, I believe there might be a small group of wealthy Chinese citizens who are trying to evade paying taxes to the Chinese government and they are using bitcoins to send money overseas, that is one of the main reason for China to enforce tighter laws and regulations on bitcoin.

You are totally right about this situation . Chinese rich people are using bitcoin to pay great amount of taxes to chinese government. Because of this reality, chinese government hate bitcoin.

[Komandor8957]

Another half-communist country that yearns to monitor all monetary transactions. How can they not understand that this is a dead end for the development of the economy. Then comes Russia, then Ukraine. Place your bets gentlemen!

[sicparvismagna]

The reason why they hate it because they can't do something about it or their not gaining something from untraceable transaction remember that Chinese people tend to act if their not gaining something from it, also they want every transaction noticeable and traceable so they could study and analyze maybe that is one of the biggest reasons why they hate it.

[deppil]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

China have a communist government, so they want to take control all the aspect of economical state inside their country. And we all know that Bitcoin is a form of crypto-currency which is likely to happened to be a unreachable, uncontrollable form of currecny. Meaning that the government or their government will no longer have a control on investments , property and transaction of their people.

i think it's not just communist countries that want to control all the financial activities of their country but all countries also want to do that, but bitcoin offers a different thing where everyone is free to do anything and control their own money without any intervention from anyone including government and that's why many countries do not like bitcoin, not just china only,,

[Denilatm]

I do not think that China hate bitcoin. Only the Government does not like bitcoin because most of the rich people in this country tend to invest their money in cryptocurrency. Therefore, the government can not control their property and collect tax. As you can see,  China was the biggest country which involve in the bitcoin society.

[chuoinguyen227]

I really do not understand what China is thinking, but why do they hate Bitcoin, there is a profound cause? Or they simply do not want Bitcoin to "invade" their market...