Bitcoin in China

[Blockgraham]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent. After the government took measures the share dropped to 10-15 per cent. However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

[Pursuer]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent.

there is a big difference between real market share of some country and what they report. in case of China it was clearly fake volume that they were reporting. you can not compare mostly fake numbers with normal numbers with possibility of some fake reports in them.
you can clearly see when PBoC started looking into these exchanges they immediately stopped reporting fake volumes and their stats became like any other exchange out there!

After the government took measures the share dropped to 10-15 per cent.

no it did not drop 10-15. it dropped back to real levels, something around 80-90% drop.

here is a funny chart:
this is the bitcoin trading volume for the past 2 years. wait for it.... without Chinese exchanges.



now the same period with Chinese exchanges:


you can see they had 0 effect on bitcoin and you can clearly see how it was all fake! of course the 0 fee for trading helped a lot too.

However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

I don't know, you saw those articles not me

[12tribes]

China, in whatever economic platform cannot be ignored. Its population alone is about 1 person in 7 on the earth and this is no news. China has got the energy to mine, farm and store bitcoins. Its energy and population gift it as a resource and profitable country. However in order to protect its citizens and economy from a scam, it had to put up conditions which seriously hampered the growth of the crypto world. With the rapid increase in price of bitcoin and acceptability, China has had rethink and softened its stand. Its good to see this.

[tuniscu]

china is a big market and the laws from government influence not so great to all bitcoiner. In fact, the amount of bitcoin that China owns is sufficient to change the current market.

[talkbitcoin]

nah, it was not like that at all. 95% suggests that the rest of the world meaning all of us here who have been buying with USD meant nothing! which doesn't make any sense.

from what i have seen, China's share of the market before 2017 was something about 30-40% tops and that is only if i am generous in my calculations. then after the bans, it dropped down to 10% or so. and that is because most of their traders never stopped trading bitcoin, they just switched platform and continued doing it over the counter.

[Dendy69]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent. After the government took measures the share dropped to 10-15 per cent. However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

I can suppose that chinese officials are just developing legal base for cryptocurrency. As far as I know mining is not under pressure there. Exchanges were pressed hard. And ICO. I bet officials are just thinking how to take it everything under control, how to take taxes and so on. Once they solve that, they will allow to trade and China will retern its possitions.

[valta4065]

It is possible because...

You know, China!

Well, more seriously, China is a huge country with many people and many situations. It is hard to make a law that is suitable for both rich people leaving on the East coast, in large wealthy cities and those who are working in the field just to make a decent living.

China has a complex geopolitical situation, which is also true for its bitcoin community. Still, whatever the la, I don't see how it could vanish!

[HasHe]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent.

there is a big difference between real market share of some country and what they report. in case of China it was clearly fake volume that they were reporting. you can not compare mostly fake numbers with normal numbers with possibility of some fake reports in them.
you can clearly see when PBoC started looking into these exchanges they immediately stopped reporting fake volumes and their stats became like any other exchange out there!

After the government took measures the share dropped to 10-15 per cent.

no it did not drop 10-15. it dropped back to real levels, something around 80-90% drop.

True.Chinese exchanges were famous for creating fake trade volumes.More over,with zero fee trading,traders easily manipulated bitcoin price by fake buy and sell orders.it was also said that those exchanges allowed wash trading which is illegal.All these happenings came to an end when PBOC started regulating exchanges.

If china really had that huge share in bitcoin trading,then there would had been a great impact on bitcoin price when chinese exchanges were shut down.But reversely,bitcoin price started to increase high.It clearly shows that china had never had such huge volumes.

From the time PBOC cancelled zero fee trading,bitcoin market started to get free from chinese domination.But now,we could clearly say that china does not hold the lion's share in bitcoin market.

[Kemarit]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent. After the government took measures the share dropped to 10-15 per cent. However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

I don't know what articles have you read, but I seriously doubt that China is still the leader. As you have said it significantly dropped. And with the government crackdown there's no way that there's still the leader as of today. Japan and South Korea has taken the lead already. And if you still thinks that China is still on top. Just read this:

https://www.coindesk.com/closing-cryptocurrency-exchanges-was-the-right-move-says-pboc-official/

The only way for China to remain on top is if the Chinese government would allow or at least be lenient with their local exchanges. Unfortunately, they have spoken so there's no doubt that they can't go back anytime soon. Also I've been speculating that bitcoin mining farms would be the next, but I maybe wrong.

[gameK]

Bitcoin is being exploited and stored most in China. Major Chinese investors are holding a lot of bitcoin. I also know that China is about to launch a kind of altcoin of their own.

[supermine]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent. After the government took measures the share dropped to 10-15 per cent. However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

Everrything written on the articles are no need to be true the writers are just writing their assumptions but there is possibility for China is top in the bitcoin list due to its population amount we all knows that bitcoin is fully anonymous so no one can trace our transactions,so chinese still using bitcoins because it is giving huge profits.And most of the miners are from China,there article might be due to this causes.

[Bakemat]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent. After the government took measures the share dropped to 10-15 per cent. However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

its really happen . its don't doubt that the china is really predicting to be a leader in the bitcoin we know that in past months the china can't allowed the bitcoin in their country or in short word they banned bitcoin. because they think that the bitcoin is like an obstacle to the industry but i think they realize the true value of the bitcoin that's why they pushed the bitcoin to them

[mOgliE]

Hi,

You know why China cannot be ignored? Because China is big. Because China's market is huge.

In many countries, bitcoin is either illegal or ignored by law. Yet, this does not prevent people from investing, trading, bettng, gambling, and so on. In the same idea, the prohibition period in the US didn't stop people from drinking, they just did it illegaly. So Chinese "bitcoiners" are not going to disappear and since the population is quite impressive in number... Well, they will remain major players!

[Best Dreams]

Till January, 2017 China's share of bitcoin market equaled to almost 95 per cent. After the government took measures the share dropped to 10-15 per cent. However, right now a lot of articles are being issued predicting China to remain the leader. How's it possible?

I have a lot of Chinese friends and I’m talking with them every day and we are discussing about bitcoin Chinese people like bitcoin and they want to use it there is no doubt that bitcoin is very popular in china and in some parts of china bitcoin is working there and they wish that bitcoin will be accepted in china soon because bitcoin can play a very big role in china there are still places in china where bitcoin is very important to be.