why China goverment allergic to bitcoin?

[farhaan]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

As we all know that China is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests.

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[Tramle091296]

China is one of the business country in the world they have many investor. the reason that's why we don't agree or accept the bitcoin because of the unstable price ration of bitcoin that gives them a high transaction fee when they have to invest on something or buy something.

The way the china communicates to others having transaction they always pick the cheaper transaction.

[rodskee]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

china are the biggest mining community of bitcoin have an big effect to bitcoin community because china goverment decide to banned bitcoin and cryptocurrency the main reason is cryptocurrency use of the terrorist for the illegal activity.
way back 2014 china government support the world conspirnacy will unite against bitcoin its because  bitcoin doesn't reality as decentralized cryptocurrency. now january 2018 bitcoin or initial coin offering and any related connection in crpyto totaly banned.

[denzkilim]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

As we all know that China is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests.

They just want to protect their people from scam ICO's that is sprouting all over and they don't want their people's money to get scammed by those rouges. I think they'll regulate the use of bitcoin and other crypto currencies instead of totally banning it on their country just like in japan, the use of crypto currencies are legalized with policies to follow on. 

[prabhu]

Most Chinese people invested in Bitcoin.More from Bitcoin to them. When Bitcoin gets more profits, Taxes are caused by the government when it is local money.Bitcoin is spread around the world.Bitcoin trading takesplace worldwide. Bitcoin investors invested by doing bitcoin. So loose they country companies and Overseas companies invested in chinna. Hear by their own economy Decreases.All companies productions affect exited in China. so china government allergic to bitcoin.

[k@suy]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

As we all know that China is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests.

They just want to protect their people from scam ICO's that is sprouting all over and they don't want their people's money to get scammed by those rouges. I think they'll regulate the use of bitcoin and other crypto currencies instead of totally banning it on their country just like in japan, the use of crypto currencies are legalized with policies to follow on. 

Hmm aside from protecting their own people in scams , I think the main reason is "control". They do not want a currency which they cant control and will harm their economy  and revenue in the future. Bitcoin is decentralized and China government has no control over it.

[gambitcoin53]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

i think china is not open with bitcoin because of bitcoin's nature as being decentralized, people in china has limited rights over their own finances, because china is a non-democratic country, they could not let their people to generate huge income on their own, because the very nature of having bitcoin is having the power over your own money and we should remember, bitcoin holders are anonymous which contradicts the essence of a communist country, it is against their law we all have to accept it and respect it. but if chinese are residing outside china, i think that is an exemption, almost every country has a chinatown, for sure many of them are into bitcoin and millionaires because of bitcoin.

[datodota002]

that happened because china know the potential of bitcoin and they want to use that potential to make more profit for his country, but as we now right know there are no way to take tax from bitcoin user and control the flow of money  of bitcoin.

and there is a rumor china want to make an own versoin of cryptocurrency to rival bitcoin. so maybe that other reason why china allergic to bitcoin.

[hgkcoin]

The technology of bitcoin is worth supporting, but the appearance of bitcoin is not under the control of governments.
They think they can not control bitcoin or cryptocurrencies. And too many people use bitcoin for illegal transactions, which is not recognized by governments.

[laguseklik]

China is not alone,

some countries think that bitcoin can be used as negative things like money laundering, terorism, etc

[serizawax]

The reason for china to ban bitcoin is very much, but here I can only mention only one, the Chinese government is very unhappy about something that can not be arranged, for example is bitcoin, bitcoin is a currency that no one set it and bitcoin it indeed can not be arranged, either from the side of price, supply and so on.

[bunsd]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

Because of the nature of Bitcoin, which led to his lack of compliance with China's national conditions, China has a lot of gray industries, a large number of officials who are corrupt, money laundering and too much underground work. The access to Bitcoin will exacerbate these activities

[novhitadaloma]

China is a country that holds the largest share of the world's stock market. If that's true, investors will be afraid of losing their funds.

[maxj57634]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

First of all bitcoin is decentralized which means chinese government cant manipulate it, their citizen who is involved in bitcoin are hard to trace likewise demand them for taxes. The money that the government would collect from its citizen will be huge and can help their economy to be much more greater than other first world country. I think this is why chinese government are against bitcoin.

[Argoo]

Back in September last year, the Chinese government announced that it is imposing its restrictions and prohibitions because it considers bitcoin a threat to its economy due to the fact that the crypto currency does not know the borders of states and considerable amounts of capital can be uncontrolled from the country. The government was frightened by the uncontrolled outflow of capital. In addition, bitcoin contributed to various risks, including the growth of crime, money laundering and others. How to solve these problems, they do not seem to have come up until now.

[supermine]

First of all I want to know that China is already banned bitcoin?

If someone say yes give me the proof

Many governments are trying to regulate the crypto currency usage,but we are talking here that they banned bitcoin and it is a crime if Chinese use bitcoin.I don't think they banned bitcoin,they just shut down the local exchanges and ICOs because it will affect the revenue of their country due to no taxes for crypto usage.

[oppasong]

China is a country that holds the largest share of the world's stock market. If that's true, investors will be afraid of losing their funds.

The Chinese government started to ban ico if I think we know that all China is the world's largest shareholder in the world, hopefully it does not happen.

[xsudo23]

It's not just China that doesn't want Bitcoins to be legal, many other countries don't want it to be legal either as it is decentralised, it possesses risk to them as it's difficult to impose taxes on them, etc. The reason other countries don't ban it immediately is because of their democracy, if it wasn't for democracy of other countries, the Governments would have banned any crypto currency possible.

[sugihe]

I guess you should have heard about being authoritarian and totalitarian, guess there might be a slight difference between these two, but comes down to one puppet deciding the outcome of millions and these authoritarians and totalitarians obviously get allergic when they can't decide the outcome, that's decentralization, Bitcoin. Strong economy, well-developed country, Bitcoin doesn't serve it's purpose for them, that's why they could simply outlaw it. Bring a repressed economy, you see how Bitcoin is a good medication for allergy.

Yes, its true. I took 1 point from your explanation, thats the decentralize of bitcoin.
I think the main reason is because china can not overcome the decentralize bitcoin

[Ranger4R]

it might be the way the want to take control of it and tax it.
but governments for sure know more about the creators and targets of Bitcoins, and hence they act.
maybe we don't know something important..