Does China Control Bitcoin?

[X-ray]

Why we call Bitcoin as a decentralized crypto currency? It is not controlled by any person or government. Actually users of it are controlling it. A huge number of people are involved with Bitcoin in China but it doesn't mean that Bitcoin is maintained by China.

But if the whole capital or the miners are coming from china we could say it is controlled by china although it's far from that thing to happen. but, the fact that chinese government prohibit the use of crypto or even trying to raid some crypto companies will potentially reduce the overall posession of bitcoin in china so the centralization or even the price manipulation that are controlled by china will not happen in the future.

[binhvo1505]

In fact, this issue is quite controversial. But in my opinion the Chinese still hold a lot of bitcoins but they are not really controlling the market. The majority of bitcoin mining locations in China are owned by foreign investors. Therefore, you can see that when it is bright in European and American countries, the market is always very volatile. This proves that people in Europe hold more bitcoins. right?

[huige007]

We cannot remove the fact that China had the major contribution regards with Bitcoin mining and I admit as well that they have big impact in this industry but I don't think they have the full control on Bitcoin. Perhaps you we are all aware that no one can manipulate Bitcoin because if it does then we cannot say it as decentralized.

It is true China is one of the leading countries when it comes to bitcoin mining for once it mined almost 3/4 of the bitcoin in a month and even affected the stability of bitcoin's price. The cause of this centralized mining in China is the cheap electricity rates but these past few months China are being rude to their miners attacking then about the e-waste that bitcoin mining produced.

As far as I know, Bitcoin is not banned in the said country but rather the exchanges related with crypto. Bitcoin mining is still widely processed in China so we cannot totally say that it is prohibited. They may use their own digital currency but it won't overthrow Bitcoin in any other way.

Actually they are not against bitcoin, in fact they are handling it a good way but there are just exchanges whose being illegal that involves in various scams and fraud in the country so China decided to take it down. I guess they are initiating these matters to fully clean their country and start with a their own blockchain and digital currency.

In advance country with the best technologies is against Bitcoin or any other digital coin. Only these people understand the true power of bitcoin. However, no one can deny that decentralized crypto currencies have opened ways for common people to hide their assets from governments. This eventually threatens the control of authorities. China intended to control bitcoin but failed. It does not hate it, but just scare of it.

[Vishnu.Reang]

In fact, this issue is quite controversial. But in my opinion the Chinese still hold a lot of bitcoins but they are not really controlling the market. The majority of bitcoin mining locations in China are owned by foreign investors. Therefore, you can see that when it is bright in European and American countries, the market is always very volatile. This proves that people in Europe hold more bitcoins. right?

The mining pools are competing with each other and therefore they don't have any collective bargaining power. Else, they would have formed cabals among themselves, and started blackmailing the Bitcoin users for higher transaction fee. There were some attempts in this direction during 2017-18, when some of the mining pools refused to include those transactions which paid a lower tx fee in the blocks that they mined.

[bdivrik]

The most important thing for Bitcoin is mining. It also controls Bitcoin, which controls mining. China took over this rule years ago. Occasionally there are news of banning. However, the market no longer takes this seriously.

[cutesgirl]

The most important thing for Bitcoin is mining. It also controls Bitcoin, which controls mining. China took over this rule years ago. Occasionally there are news of banning. However, the market no longer takes this seriously.

But many people in China have save many bitcoin in their wallet when can give access how to make bitcoin with lower price or higher, they can control with bitcoin price by giving good announcement for make bitcoin with higher price and giving bad news like bitcoin hacked to make price down and many people panic for selling their bitcoin, maybe in China have big community where holding and selling bitcoin together,

[S4VV4S]

The most important thing for Bitcoin is mining. It also controls Bitcoin, which controls mining. China took over this rule years ago. Occasionally there are news of banning. However, the market no longer takes this seriously.

Is China the most mining Bitcoin country? If so then I don't think that means they can control Bitcoin. Bitcoin is decentralized, they are not controlled by anyone or any country. But we know that the Chinese people have a large stock of Bitcoin.

[killerfrost]

China is the country with the most Bitcoin mining in the world and holds the most bitcoins. They can control the price of bitcoin but cannot control the number of bitcoin holders. The evidence is that in the past 2 years the Chinese government has issued many bans, but the number of bitcoin holders is still increasing in China

[JC btc]

China is the country with the most Bitcoin mining in the world and holds the most bitcoins. They can control the price of bitcoin but cannot control the number of bitcoin holders. The evidence is that in the past 2 years the Chinese government has issued many bans, but the number of bitcoin holders is still increasing in China

And because they also have the number of people in the world, so they can really easily to manipulate and control the Bitcoin,and yes correct they they do have a lot of miners there despite the news that their government is banning the mining. But we should not worry about it, although they can control and sell their Btc still we can recover from this dump if ever.

[Barbut]

China is the country with the most Bitcoin mining in the world and holds the most bitcoins. They can control the price of bitcoin but cannot control the number of bitcoin holders. The evidence is that in the past 2 years the Chinese government has issued many bans, but the number of bitcoin holders is still increasing in China

And because they also have the number of people in the world, so they can really easily to manipulate and control the Bitcoin,and yes correct they they do have a lot of miners there despite the news that their government is banning the mining. But we should not worry about it, although they can control and sell their Btc still we can recover from this dump if ever.

People from China have a huge mining power, they have a lot of Bitcoins, it's logical to assume that they can manipulate with the price but until a certain point. They can't control the entire network, their actions can affect the Bitcoin in the ways they wish, but there are other parties involved too. It would be fair to say that who owns som amount of Bitcoins, control that amount, but nothing more.

[Sithara007]

People from China have a huge mining power, they have a lot of Bitcoins, it's logical to assume that they can manipulate with the price but until a certain point. They can't control the entire network, their actions can affect the Bitcoin in the ways they wish, but there are other parties involved too. It would be fair to say that who owns som amount of Bitcoins, control that amount, but nothing more.

I don't understand why China is being given so much importance. Most of the Chinese users started using Bitcoin only after mid-2013. And even now they rank below the United States and the European Union in terms of raw volumes. It is true that most of the mining pools are located in China. The only reason for that is the availability of cheap electricity and mining hardware. And as of now mining pools don't have much bargaining power, because they haven't formed any cartels or cabals.

[suzanne5223]

Why we call Bitcoin as a decentralized crypto currency? It is not controlled by any person or government. Actually users of it are controlling it. A huge number of people are involved with Bitcoin in China but it doesn't mean that Bitcoin is maintained by China.

Bitcoin is definitely not maintained by the Chinese but you, us and myself because the reason why bitcoin still exist till now is that we all choose to use and hold a portion of it. Besides, the governments and the institutions understand this than us which the reason why they make FUD statement in other cause some kind of fear and misunderstand in the crypto community.

Before bitcoin become most popular digital currency payment China become first country have adopted bitcoin and have many bitcoin mining project in their country, although Bitcoin have been banned in China they still have good power for controlling bitcoin with higher or lower price, how ever they still have much bitcoin supply in their hands to make bitcoin price on higher or lower.

In my opinion, this is not about Bitcoin users and not about those who use and store Bitcoin in their wallets, namely Bitcoin miners, most of which are located in China.  Very often information appeared in the media, which was confirmed by many experts, that almost 70% or 75% of the Bitcoin hash rate is controlled by Chinese miners.  To some extent, this can be called the real control of Bitcoin, which is concentrated more in the hands of one country.

You both make a good point but I want you to know that the Chinese government only want to benefit from bitcoin and if the community choose not to make use of bitcoin the year the Chinese government ban exchange site and threaten to shut down mining companies do you know what will have happen by now?
@Oneandpure, we can't hold tight the past and except the future to come to manifestation and for your information in every business setting there will always be someone or a group which will make led the path for others to gain from the business. An example is apple company.

[Jocuserious]

Interesting discussion China can control bitcoin? I think no but this country government keep banned. Basically we know more good investors people in China country so if their leave then bitcoin price dump but totally it impossible bitcoin control/stop.

[crossabdd]

the latest report from reuters, that China accounts for more than half the world's hash rate. so I think China has a big control over the movements of bitcoin. We already know, China is the biggest bitcoin mining site. thus making China play an important role in bitcoin. https://www.reuters.com/article/us-crypto-currencies-mining/chinas-bitcoin-miners-scoop-up-greater-production-power-research-idUSKBN1YF1PB

[X-ray]

The most important thing for Bitcoin is mining. It also controls Bitcoin, which controls mining. China took over this rule years ago. Occasionally there are news of banning. However, the market no longer takes this seriously.

Is China the most mining Bitcoin country? If so then I don't think that means they can control Bitcoin. Bitcoin is decentralized, they are not controlled by anyone or any country. But we know that the Chinese people have a large stock of Bitcoin.

Yes it is decentralized until it got 51% attack and then we'll find what happening and I guess there'll be a solution in the future but it's undeniable fact that China is where most of the hash powers coming from. They are really all in into their business and using ASIC could spell bankruptcy for individual miners with GPU that means a more centralized hash powers. I hope this thing could be sorted out though.

[supercanada1]

People from China have a huge mining power, they have a lot of Bitcoins, it's logical to assume that they can manipulate with the price but until a certain point. They can't control the entire network, their actions can affect the Bitcoin in the ways they wish, but there are other parties involved too. It would be fair to say that who owns som amount of Bitcoins, control that amount, but nothing more.

I don't understand why China is being given so much importance. Most of the Chinese users started using Bitcoin only after mid-2013. And even now they rank below the United States and the European Union in terms of raw volumes. It is true that most of the mining pools are located in China. The only reason for that is the availability of cheap electricity and mining hardware. And as of now mining pools don't have much bargaining power, because they haven't formed any cartels or cabals.

China is given importance because it is an emerging superpower. China wants to rule the world but as far as bitcoin is concerned, it is clear that china is not ruling it or may be incapable of getting hands on this technology completely. In the beginning when bitcoin was new to the world and it had to be mined out but now I believe maximum numbers of bitcoin is mined out and china is losing value in crypto world.

[clickerz]

the latest report from reuters, that China accounts for more than half the world's hash rate. so I think China has a big control over the movements of bitcoin. We already know, China is the biggest bitcoin mining site. thus making China play an important role in bitcoin. https://www.reuters.com/article/us-crypto-currencies-mining/chinas-bitcoin-miners-scoop-up-greater-production-power-research-idUSKBN1YF1PB

Yes, China play an important role in bitcoin's future. They are a significant force in the crypto community since there are majority of mining farms in their country plus the overwhelming population that is into supporting bitcoin. Their population is a big advantage for the adoption and natural or organic growth of bitcoin.

[FairUser]

Most bitcoin mining companies are in China, so I think China is controlling BTC and the crypto market. Besides, the Chinese government has also taken actions to control Bitcoin, a lot of bans have been issued since the bull run in 2017 until now. And I heard some news that the Chinese government is testing their country's cryptocurrency, which would be a big step if it actually happened.

[youdacapt]

Most bitcoin mining companies are in China, so I think China is controlling BTC and the crypto market. Besides, the Chinese government has also taken actions to control Bitcoin, a lot of bans have been issued since the bull run in 2017 until now. And I heard some news that the Chinese government is testing their country's cryptocurrency, which would be a big step if it actually happened.

so far they are working hard to create a blockchain-based economic order, banning cryptocurrencies only as a hammer for illegal activities outside the control of their preparations, including mining activities. But the point is I see how they are trying to get as much btc as possible towards the conversion of the currency they are preparing, and they will soon be ready in a fairly large order of movement soon.

[kotik085]

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.