Does China Control Bitcoin?

[AakZaki]

Bitcoin can never be controlled by any country and any agency.  China is indeed one of the biggest bitcoin mining countries.  doesn't mean that being the biggest mining country can destroy bitcoin as you say.

such as China trying to do that I think other countries throughout the world will also be ready to do the opposite.  considering bitcoin miners are not only China.

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[iv4n]

Bitcoin can never be controlled by any country and any agency.  China is indeed one of the biggest bitcoin mining countries.  doesn't mean that being the biggest mining country can destroy bitcoin as you say.

such as China trying to do that I think other countries throughout the world will also be ready to do the opposite.  considering bitcoin miners are not only China.

Bitcoin can't be controlled in the same way no one can't control and regulate the internet, nobody owns entire network. This question is not here for the first time, but people still come and ask stupid questions. Questions are stupid because anyone can get answers on them with the simplest research. Beauty of decentralized system, nobody controls it, everyone controls it.

[bluebit25]

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

China doesn't control the Bitcoin. Bitcoin was made on the cloud and is a decentralized system- meaning no one owns its system nor controls its price and volume in the market. It is just simple that Bitcoin only runs because its users, and even without chinese users, Bitcoin would still be alive and running. Its just a program with an excellent algorithm.

I agree with you, bitcoin is decentralized and no one can control it. We can all be part of Bitcoin. But for the price, I think they can still control the price and volume if they own a large amount of bitcoins in this market. That's why we often see quick pumping and dumping in just a few hours

[Kevondo]

Bitcoin can never be controlled by any country and any agency.  China is indeed one of the biggest bitcoin mining countries.  doesn't mean that being the biggest mining country can destroy bitcoin as you say.

such as China trying to do that I think other countries throughout the world will also be ready to do the opposite.  considering bitcoin miners are not only China.

A study reveals that nearly 66% of worldwide bitcoin power is under the control of Chinese miners. Biggest manufacturing companies are also in china. But this does not mean that they can control Bitcoin or this crypto market. It was created as a decentralized technology and it will always be decentralized. Not only china, no state can control Bitcoin even if it has huge number of miners.

[Mihaylovic]

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

it does not make sense to me. if someone would be able to control bitcoin or could destroy bitcoin; that possibility would crash the price of the bitcoin. bitcoin is valuable because it is under control of no one, no any governments.

[iram3130]

You are missing a big point here. The mining power is not under control of Chinese government, its the people, the community who mine Bitcoin and other coins. Also there are miners in other parts of the world too, if China stops, other countrymen will start making more and that may be a loss for China. They have already started implementing blockchain in the government and positive towards crypto now.

[julius caesar]

Bitcoin is controlled by no one and we all know that. The only thing that they can do is to manipulate its price buy hoarding the huge amount of bitcoin so that the value of it will become higher or lower depends on what they want. This people are called whales in the cryptocurrency scene. They are the one who holds a huge volume of bitcoin and store it as long as they can.

[ajiz138]

As is already known that China is one of the Asian countries which is a high ambitious country to control bitcoin and its circulation. Proven in China, there are 4 Bitcoin miners in a large scale, and almost control at least 45-49% of the amount of bitcoin. Apart from mining, China also has a big place for trading such as Binance, we already know how the lunge of Binance at the beginning of Biance was founded and until now binance has become one of the pioneers of IEO.
Despite the greatness of China and how their dominance in crypto world is, of course, not a strong factor in how China can control bitcoin. Still bitcoin cannot be controlled by either party. Maybe that's also why the reason to this day is still the secret identity of the inventor of bitcoin.

[Ayiranorea]

Bitcoin is controlled by no one and we all know that. The only thing that they can do is to manipulate its price buy hoarding the huge amount of bitcoin so that the value of it will become higher or lower depends on what they want. This people are called whales in the cryptocurrency scene. They are the one who holds a huge volume of bitcoin and store it as long as they can.

Yes, none controls bitcoin. Sometimes the market fluctuation happens in accordance to some special events happening around. This gives an outlook that bitcoin is controlled by that specific country. In the past the large scale users of bitcoin were Chinese. Now scenario has changed. This way there is no big change in the market due to the people's activities associated with cryptocurrency usage of specific country.

[supercanada1]

Bitcoin is controlled by no one and we all know that. The only thing that they can do is to manipulate its price buy hoarding the huge amount of bitcoin so that the value of it will become higher or lower depends on what they want. This people are called whales in the cryptocurrency scene. They are the one who holds a huge volume of bitcoin and store it as long as they can.

Yes, none controls bitcoin. Sometimes the market fluctuation happens in accordance to some special events happening around. This gives an outlook that bitcoin is controlled by that specific country. In the past the large scale users of bitcoin were Chinese. Now scenario has changed. This way there is no big change in the market due to the people's activities associated with cryptocurrency usage of specific country.

Normal activities does not affect crypto and its value but crypto related activities will surely have an influence. If, for example people will make more transactions during this lunar year holidays from this market that would affect its value and it would result in a change. In this way that change will be associated with that event. It is not because of the particular event, rather of the activities that users carry out.

[hendra147]

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

this is the ironic


and if this thing will happen, we need the hardforking decentralization

“If the Chinese government assumed control of domestic hash power, this property would grant them an advantage in selecting blocks for the ledger, which is important for some types of attacks.”

we know in bitcoin, in decentralization system , we will see real deliberation, and the more vote the easier it is for you to handle the network of bitcoin, so int this case, chinese can doit, but i don't think all mining pools in chinese held by one person, and im sure this thing will not happen.

[criza]

You are missing a big point here. The mining power is not under control of Chinese government, its the people, the community who mine Bitcoin and other coins

Technically, the reason why the topic have been started is because of the idea that a large part of bitcoin miners are in china obviously because of its big population. Compared to other countries that mines bitcoin, the size of china is huge that makes others think China controls it. It is true that China might control the price of bitcoin if the miners in the country are in one organization and would cooperate and plan to make change the flow in the market but, it is not the case so no, China does not control bitcoin but, the people or organizations who own a large percent of bitcoin around the world or what they called the "whales."

[USBitcoinServices.Com]

China has a lot of mining companies, My guess is that electricity might be cheaper there than other places. But other than that China itself is not the one controlling bitcoin network. Bitcoin has PoW and so far I don't know if there will be PoS in bitcoin code if so that will change the history of mining btc.

[mich]

It all depends on who you are asking.  There are four miners in China that control over 50% of BITCOIN
Heres a breakdown by Nodes
https://thenextweb.com/hardfork/2019/02/27/3-countries-50-perecent-bitcoin-network/

[Wexlike]

It all depends on who you are asking.  There are four miners in China that control over 50% of BITCOIN
Heres a breakdown by Nodes
https://thenextweb.com/hardfork/2019/02/27/3-countries-50-perecent-bitcoin-network/

And no one would slaughter their golden goose. Millions were already invested into research of 7nm asics and set up large mining facilities next to hydro thermal energy sources. And yet still highly decentralized over the mainland China. The worst thing they could do is a double spend attempt, which would cost them tons of energy and the mining reward that they would get if they would stay on the mainchain.

Very bad incentives to try to rig the system and then eliminate your mining investment at the same time. Bitcoin would immediately change its mining algorithm/consensus after the dust settles.

[awik p]

China has a lot of mining companies, My guess is that electricity might be cheaper there than other places. But other than that China itself is not the one controlling bitcoin network. Bitcoin has PoW and so far I don't know if there will be PoS in bitcoin code if so that will change the history of mining btc.

China is only the largest mining country, and indeed there are many who have a large amount of bitcoin, but I think they still cannot control it, maybe it can only move the market temporarily with the amount of bitcoin it has, especially if more countries legalize it, of course it will more difficult to control it

[srcarreira]

China has a lot of mining companies, My guess is that electricity might be cheaper there than other places. But other than that China itself is not the one controlling bitcoin network. Bitcoin has PoW and so far I don't know if there will be PoS in bitcoin code if so that will change the history of mining btc.

China is only the largest mining country, and indeed there are many who have a large amount of bitcoin, but I think they still cannot control it, maybe it can only move the market temporarily with the amount of bitcoin it has, especially if more countries legalize it, of course it will more difficult to control it

Bitcoin's decentralization at this point is way bigger than China's influence to it.
So my guess is - China can take over most of the bitcoin one day, but I've a feeling that once that day will come - bitcoin will lose it's value and so the price will crash

[TIDOVEE]

Well! China been one of the most powerful country in the world and of great technology status can have an influence on bitcoin, yet in the same vein, Bitcoin been decentralized is not expected to be under the control of China. But since it's human being that managing it and bitcoin is not controlling itself, I sense there may be a little influence. Considering the fact that Satoshi is a Japanese and not a Chinese I don't see the reason why it Should be China that will now control tbitcoin.

[kro55]

This is true that most of bitcoin mining farms are located in China but I don't think they are in any way controlling the bitcoin. Though Chinese government statements have huge influence on bitcoin price. As we saw last year Chinese president statement on blockchain spark the biggest bull run of 2019.

[yslyv]

It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.