China & The Bitcoin

[mrquackquack]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

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[GreatArkansas]

China is a too powerful country, that's why it's easy for them to make some regulations about Bitcoin or cryptocurrency.
Just what likes what their recent issues about blockchain, I read on some article that China supports blockchain development but not those cryptocurrencies.
Especially in some social media website from China, which some of cryptocurrency handles or accounts are being banned or disabled since they are somehow connected with cryptocurrencies or Bitcoin.

As said in coindesk's article : Highest in 2 Years: 65% of Bitcoin Hash Power Is in China.

Quite huge hash power.

[DreamStage]

You can consider that the hasing power from China is bigger than everything else because it's the most overpopulated nation from everyone else.

Therefore you will have more people doing "stuff" for cryptocurrencies than on other place.
Not only that but their economic growth and technology involvement is way bigger than any other Country.

Based on those points you get your answer on why hash rates are bigger there.
Also making some laws against bitcoin or any other crypto doesn't relate the fact they can or not do hashing.

[betty11]

The people of China love bitcoin investment it's just the government making policies and changing policies. Chinese as a people love good investment just like every other nationals. We have lots of Chinese traders and investors in Cryptocurrency.

[kryptqnick]

You can consider that the hasing power from China is bigger than everything else because it's the most overpopulated nation from everyone else.

Therefore you will have more people doing "stuff" for cryptocurrencies than on other place.
Not only that but their economic growth and technology involvement is way bigger than any other Country.

Based on those points you get your answer on why hash rates are bigger there.
Also making some laws against bitcoin or any other crypto doesn't relate the fact they can or not do hashing.

I don't think it's just population. It's also cheap electricity at least. There are other countries which are quite populated but far behind on Bitcoin adoption. Adoption is not evenly distributed between countries based on their population. In Ukraine the adoption rate is particularly small, and in India it's quite low compared to its population.


As for the op's question, I think that China does what it has to do to maintain control. Thus it can be rival to Bitcoin, but careful not to impose such bans that would destabilise the region. Moreover, it seems to be taking "Blockchain but not Bitcoin" approach, so to speak, judging by relatively recent statements from the officials.

[DooMAD]

Seemingly in the news we hear how China is anti Bitcoin

The media are quite mistaken, as usual.  "China" is more than just its government.  If everyone in China was anti-Bitcoin, then the media can report that "China is anti Bitcoin".  But as it stands, that's clearly not the case.  Bitcoin does not require approval from governments in order to function, so it doesn't matter if the government of a particular nation don't like it.  The fact that all those Bitcoin users who are based in China are willing to act against the wishes of their government speaks volumes.  It means we clearly have something to offer if they're prepared to risk attracting attention from an authoritarian regime and the benefits must outweigh the potential ramifications for them.

[Youghoor]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

Can you please provide us with the source of the information with regards to China being an anti-bitcoin country. The speculations regarding  China being an anti-bitcoin is one of the FUDs been spread on the entire bitcoin ecosystem. There is no specific evidence to back this speculation.  For the time I have been in the crypto space, I haven't seen any truth in this.

[Edraket31]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

Can you please provide us with the source of the information with regards to China being an anti-bitcoin country. The speculations regarding  China being an anti-bitcoin is one of the FUDs been spread on the entire bitcoin ecosystem. There is no specific evidence to back this speculation.  For the time I have been in the crypto space, I haven't seen any truth in this.

Very true, I don't know why until now people still believe with this kind of FUDs, that China banned Bitcoin and now it's circulating over the crypto world that China will not banned exchanges too and one of those was IDAX so the CEO prefer to run away with the money. Hope that this speculation will really end, it's not helping the crypto world.

[killerfrost]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

Can you please provide us with the source of the information with regards to China being an anti-bitcoin country. The speculations regarding  China being an anti-bitcoin is one of the FUDs been spread on the entire bitcoin ecosystem. There is no specific evidence to back this speculation.  For the time I have been in the crypto space, I haven't seen any truth in this.

Most of the news is FUD and there is no exact link. Since 2017, I've seen a lot of exchanges have left China and moved to another country, like Binance because they can't meet the laws in China, so I think China may be restricting cryptocurrencies but they are not banning it. And recently they are claiming that blockchain is the future and they will do research on it to put it into use. It is hard to know what is happening in China

[Hamphser]

China don't want to get involved in a crypto where they can't control nor is being created by them. That's why they plan to make one of their own cryptocurrency that they can control. A centralized cryptocurrency and a centralized exchanges existed just for the likes.

[Tipstar]

China is an export centric economy. There are no complete transparency in the ways the government(s) and economy works.
There are many corrupt people who secure their fund by sending them overseas and bitcoin has helped them for it. It won't outright ban crypto because even the seniors of party members are doing that.

[fiulpro]

I don't really think they are anti bitcoins.
I think more or so the government wants to control bitcoins and in that attempt they have done all the things in the recent year , they banned it , removed the ban , created problems for people doing mining and other stuff , they just want to control what their people uses , therefore I don't think it's quite as equal to the hating part.
Also the Chinese government would do anything until and unless it's fetching them money , so I think it will continue to fluorish in China despite the time to time government backlash.

[xZork]

In China, cryptocurrencies do not receive a positive view from the government, they worry that cryptocurrencies will disrupt the old financial system as well as help criminals. Besides, the Chinese authorities believe that mining cryptocurrencies only wastes national resources without yielding anything.
However, as far as I know China does not prohibit its people from owning cryptocurrencies, China only prohibits the use of cryptocurrencies as a payment currency.

[YuginKadoya]

The Government is likely the one that doesn't want cryptocurrency and Bitcoin but the population of Chain however still keep on mining Bitcoin even though the government is anti Bitcoin and I have seen in the news that the Hash rate on China hits another all-time high so I guess the government can not stop the widespread popularity on Bitcoin in their country and I guess that the Bitcoin enthusiast civilian of China is still using this currency in their own anonymous way.

[cutesgirl]

Although China want created their own cryptocurrency I hope China want to adopt and legal using bitcoin as legal currency payment, many impact getting by bitcoin if re accepting by China because will make on higher price, before bitcoin have higher price China become first country adopted bitcoin as legal currency in their country and have many new ICO coin launching in China.

[Bitcoinislife09]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

I think China is starting to accept bitcoin since their are so many bitcoin mining companies in China I think China slowly adopting since bitcoin still a great asset for their country. They don't want to be part of the cryptocurrency community in my opinion because of the different system like decentralized system which is doesn't like by China because it has risk in their economy but I think this is the reason why China is trying to banned cryptocurrency in their country by also they realized that it could still be a great help in their economy.

[kro55]

My friend there is no pro-bitcoin government in the world including china. With growing adoption central governments are introducing strict regulations related to bitcoin and other associated crypto. china has banned crypto exchnages and ICOs while they have largest share in bitcoin mining.

[nannu968]

The Government of china Banned BTC but you can see that they dominates mining bitcoin more than any other countries in 2019.
on the behalf of "coinsharesgroup" around 65 percent of Bitcoin hash power is in china. Can you imagine what will happen with hashrate if china stopped mining...

https://coinsharesgroup.com/assets/resources/Research/bitcoin-mining-network-december-2019.pdf

[tungaqhd]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

China has banned many crypto mining companies due to electricity problems, however i think the governments want to take affect on Bitcoin, keep it far from their country.

[adzino]

Seemingly in the news we hear how China is anti Bitcoin and anti cryptocurrency and well that may be all well and true but for an anti Bitcoin Country they sure do have lots of hash. In the Top 10 mining Pools in the world China has around 4 maybe even more. Which comes to the question what is really going on in China & The Bitcoin. As usual thoughts and comments are more than welcome. Thanks.

Didn't hear or know that China was anti cryptocurrency.  Any reference to back up your claim? As far as i know China is against bitcoin and other "decentralized" currency but they do support the blockchain technology.  I remember hearing stories about China trying to make their own centralized cryptocurrency to more easily regulate and track people's finances.