Does China Control Bitcoin?

[b3llsf1l3s]

It was true China having the majority of the mining power even after several issues that has arisen recently regarding the ban of bitcoin mining. Once China has got the increased number of users, but later due to some economic downfall they believed it is the bitcoin that is causing the economic collapse and began to restrict the use. Further citing the environmental pollution mining is restricted. If China hasn't contributed good during its early days bitcoin could've never grown this high.

Which means that on a large scale, China really supports crypto indirectly by utilizing what the crypto community needs (Mining Power) but if their government bans Crypto and Bitcoin it certainly only affects users and the company. China really know how to take an advantage of the situation and keep playing in the safe zone.

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[samcrypto]

This again. The only control they have is spreading FUDs or closing mines due to violations. Sure a crackdown can affect prices but it is clear by now that China don't even want to have anything to do with bitcoins as they announced they intend for the industry to be "eliminated".

And that's good for the rest of us, as mining become more spread out.

Yes, because they can’t fully control bitcoin not any country can do that. If China is serious and continues to ban bitcoin mining then we have more option now where to mine. I don’t see anyone can literally control bitcoin, they can just manipulate the price but that is not the total control we’re talking about.

[Fredomago]

indeed China is a developed country and has the largest population resident in the world, but that does not mean China can control Bitcoin because no one can control Bitcoin or destroy Bitcoin. if China bans Bitcoin it will not adversely affect Bitcoin because the country is not a Bitcoin maker. don't expect China country can to control Bitcoin because that won't happen.

Not because the mining business is mostly inside china means that they can completely controlled bitcoin price, there's already a lots of participating parties who also investing with bitcoin, the supply and demand still impacted the market, players who's willing to buy and to sell coins are the one who's
creating the value to rise or to fall.

[Ronaldcoin2017]

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

[Natalim]

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

I think the basis here is in the early stage of bitcoin when china were still the one who has the biggest miners, of course with that they earn a lot of bitcoins. Since now China is not pro crypto anymore, maybe the interest of the people now lessens but the fact that they started to accumulate early, I think these whales are continuing to hold and trade their bitcoins.

[bitgoldpanther1978]

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. 

First I don't think that China has a power to control Bitcoin, Though they have a high contribution of one the biggest average of bitcoin in terms of Bitcoin mining farm. But not enough to say they are capable to control, however they are capable to make the price value of Bitcoin to be dump in the market, I am sure about that, and I've seen many times.

[Twinscoin2017]

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

[dat.ho12492]

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

Agreed, although China is a country with a large number of rich people and participants investing in bitcoin very early but their strength is still limited, their sphere of influence is only at a certain level, they cannot control bitcoin. However, one thing that we should believe is that bitcoin's sudden decline or price increase is always related to them because they are where there are so many rumors, they always bring bad information and good around bitcoin, they create effects and other rich people cooperate with them to manipulate the market

[NeverSop]

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.

[shoreno]

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.

there are reports on the past that china banned cryptos and crypto mining but the price of btc as well as other cryptos are not majorly affected . china maybe a big country but they are also strict and not all people can easily use cryptos on thier country  .

there are other countries that are not strict and thier governments fully support the use of cryptos but we cant say that they can control the bitcoin already  . no one controls btc actually because it is decentralized

[Tahsin Kabir Kollol]

China does not control Bitcoin completely. It is true that  China has the majority of the mining power and also some bitcoin holder. But Bitcoin is used all over the world. If China holds a big amount of bitcoin, it can make some influence. But China can not control bitcoin. Bitcoin is a decentralized altcoin and no one can control it.

[jonaire99]

Bitcoin is said to be controlled by all bitcoin users around the world including those chinese users. But if you are referring to government control, all China can do is impose regulation on cryptocurrency exchanges instead of the bitcoin. No one can control a decentralized currency and this is the reasons why people from countrol that bans bitcoin can still able to buy or sell it through the underground exchanges.

[silversurfer1958]

Chinese people are really holding a lot of Bitcoin and they seem to control the market.
But I think they will not destroy bitcoin, bitcoin is really a market that is very profitable for market drivers.
they will continue to hold more bitcoin and will make the price of BTC increase over time.

[Nellayar]

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. 

Bitcoin was banned always by China. I think that China just want to trap traders outside of their country. They are banning bitcoin when it goes up because they just want to capitalize the market. But look how they control the market, because of their great population, they easily manipulate the price by withdrawing their capital.

Observe how bitcoin banned in China and see how they are really wise.

[sandra_x]

Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful “51-percent attack,” on bitcoin network would not necessarily end bitcoin

[noormcs5]

How long paypal is going to you say this kind of stories, Bitcoin is not controlled by anyone but it has been manipulated in very short by the people who has very huge amount of funds.

China cannot control the bitcoins. Bitcoin is only controlled by the whales who hold a big amount of bitcoins. They can dump or pump the bitcoins by manipulation as they hold large amount of fund.

[yvesp110]

Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful “51-percent attack,” on bitcoin network would not necessarily end bitcoin

Could not agree more. I think Bitcoin is fully decentralized and is not controlled by anyone around. In addition, Bitcoin and activities related to crypto are not really allowed by the Chinese government so it sound a bit absurd to state that Bitcoin is controlled by Chinese government. The countries having more Bitcoin users would have a huge influence over Bitcoin.

[jak3]

It is true that China controls most of the Bitcoins mining power in the world. Maybe China was planning to take over the crypto coins before banning it but now they are changed. They are thinking about adopting new digital currencies into their country but of course, they will have their own rules set which will be better for their citizens. No harm was done here.
China can not control Bitcoin even if they want to, its true that one country can control Bitcoin or any other cryptocurrency with 51% attack but this coin is distributed into many people around the world. It is impossible for one individual or organization to collect that many coins.

[barbara44]

This is just a wrong fallacy and wrong mentality, china does not control bitcoin, no one can, it is possible for an individual to have a larger portion of bitcoin, but not because of that control it entirely. Yes it is true that the greater percentage of miners were from china if they still exist though, but if the government owned it controlled it, why are they having issues with it to the extent of proposing to ban miners from china.

China is a country that is finding it very difficult to support cryptocurrency because they have their own technology and would not want to really on another external technology which is why they are giving their strength to see that crypto does not see the light in their country, so how can this type of government be the one controlling bitcoin.

[romero121]

Large volume holders of bitcoin has got the ability to manipulate the market to some extent, it doesn't mean those are controlling the market. China has got a large userbase of cryptocurrency users as well contributes big to the mining power. This is the reason for people having such a opinion over China. These days users were found all over the world and the every country has a fintech city. Mining of bitcoin too found around, during the early days of bitcoin China supported much.