China & The Bitcoin

[rodskee]

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 give some links about News that says China is anti Cryptocurrency?seems like this is New to my eye mate.

because Yeah china at some point show that they are anti Bitcoin but they have not say hating Cryptocurrency because there are altcoins that has been growing in their country like EOS in which Bitcoin only ranked  more than 10 when EOS is the ranked Number 1.so in that sense no they are not anti the whole crypto thing but only bitcoin,and also they are adopting blockchain technology so in the end?they will also adopt crypto as well.

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[Johnyz]

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.

They secretly support bitcoin and cryptocurrency but their government only said they want blockchain technology and I really think there’s a goal beyond that. This is my theory on this one, every country already realize and recognize bitcoin, but since big businesses prevent them from accepting it, they still make pressure to us. China and bitcoin will be good in time, we need huge market.

[arimamib]

If I am not wrong Google, Facebook and Youtube all are banned in china ( Why Are Google Facebook And Youtube Blocked In China - Decode China ). One of the main reason apart from censorship is that china don't want its capital to go out of the country. How can China allows a decentralized currency thats not in there control and with which capital can be very easily moved out of the country?

I think the reason is also that the social media apps are threat with their security. Just like what America did in Huawei, they thought that it was a spy.
Maybe, it is a political issue but banning of bitcoin would be a big mistake for every country. If they think that bitcoin gives only a harm to the people then they are wrong. Bitcoin is a new type of currency and it will be a trend in whole world soon.

basically China will not accept much technology that is made from outside the country, because they are more encouraged to use technology made by researchers in their countries. so it is very difficult to accept bitcoin as the currency in the country, maybe only crypto-producing industries can still survive, and certainly people who use bitcoin will be anonymous there.

[hotmom]

It is difficult to say how crypto will affect China. But China will definitely affect crypto.

[Polar91]

It is difficult to say how crypto will affect China. But China will definitely affect crypto.

It will definitely be a vise versa action, but with the intervention of the Government, making it impossible for cryptocurrency to affect China while China is affecting cryptocurrency. How? Spreading news concerning banning crypto or banning mining will affect the market because people believe in the capability of the population of China, and its impact to the market, most importantly because China holds huge hash rate through their mining facilities.
Though, if the barrier will be broken and Government will allow people to freely adopt crypto, then more positive effect will come in place.

[finaleshot2016]

All I know is, China plays a big part in cryptocurrency now due to BTC mining. China is the main producer of hardware that is being used in the mining of BTC, the other countries are just buying it to them.

If I am not wrong Google, Facebook and Youtube all are banned in china ( Why Are Google Facebook And Youtube Blocked In China - Decode China ). One of the main reason apart from censorship is that china don't want its capital to go out of the country. How can China allows a decentralized currency thats not in there control and with which capital can be very easily moved out of the country?

It's due to trade war. China's products are also banned in US, it's not just a one-sided scenario.

• Google Is Moving More Hardware Production Out of China
• Server hardware makers shift production out of China
• HP, Dell, Microsoft, and Amazon look to move some hardware production out of China

[Lauren Smith]

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.

They secretly support bitcoin and cryptocurrency but their government only said they want blockchain technology and I really think there’s a goal beyond that. This is my theory on this one, every country already realize and recognize bitcoin, but since big businesses prevent them from accepting it, they still make pressure to us. China and bitcoin will be good in time, we need a huge market.

I think they want control more than anything or rather not to lose it. That is what China is like. They know the blockchain and crypto won't go away the best thing they can do it allow the use of crypto but make sure they use government crypto and make sure people know the difference between the blockchain and crypto so people understand that bitcoin is not supported but another crypto on the blockchain might be.

[Bitcoincc]

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.

If I will have to say the truth, China likes to take but do not like to give. They accept mining because they know it will do their country good and generate money into their country. They do not want their citizens to be buying cryptocurrencies because they do not want inflation in their country. They know mining can not result to inflation buy buying crypto could result to it. That is why they accept mining but ban any other aspect of crypto.

[Tary12]

various countries do not agree to the existence of bitcoin, crypto is very bad luck right now. the selling value of bitcoin is now dropping from 2018.

[karanggatak]

in my opinion, China is only anti-bitcoin, not cryptocurrency because we know the Chinese president stated that he supports blockchain technology and plans to create its own crypto. and if I'm not mistaken this year they will launch their own crypto. and in my opinion China banned bitcoin because bitcoin cannot be controlled and is afraid that it could threaten the sovereignty of the yuan. but they still allow bitcoin mining because it can benefit China.

[pawanjain]

May be China must be having a grudge against bitcoin since bitcoin is a threat to banking system.
Since China was the first country to introduce fiat currencies, it is a direct challenge to them and their invention.
May be this is why China is against cryptocurrencies. But China is also well equipped with technology since their people are so involved with technology.
This is why the people from China are still mining bitcoin for they know it's a revolutionary tech while their country is going against it.

[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.

The Chinese governments want to control the economic while Bitcoin is famous for anonymous so they banned many mining company because of electricity problem.

[Mike Mayor]

If I am not wrong Google, Facebook and Youtube all are banned in china ( Why Are Google Facebook And Youtube Blocked In China - Decode China ). One of the main reason apart from censorship is that china don't want its capital to go out of the country. How can China allows a decentralized currency thats not in there control and with which capital can be very easily moved out of the country?

Yes, China do not want to lose control. They at the throats of their people and squeezing down hard. (never good to oppress or control your people) The banning of the social media networks you talk of has not even been effective. Most people that use the internet more than a few hours a day already have a VPN which is only a few $$ a month to bypass all this shit. They can try control the currencies but they cannot. You cannot stop money leaving the country in the form of crypto. It's too free and open to be stopped so easily. If they can't stop FB google and youtube they will never stop crypto.

[Onuohakk]

China main motives is to have their own crypto that will be more unique than bitcoin. In their last year article about top crypto, the placed bitcoin at 7th position. That's to say they are not in full support of something they can't control

[Kratti0]

Is the China only country that is investing Bitcoin a lot, or are there other countries on the race?

[LUCKMCFLY]

~snip~

Undoubtedly, China is the protagonist in terms of Bitcoin, it is one of the largest miners in the world, its importance is very much thanks to it, some countries like the USA some people have been preparing to be the biggest competition.

For now, China is of great interest in the topic of Blockchain and its cryptocurrency that recently has a great direct opponent that is Libra that has not yet been launched, in China they have used marketing to exalt Blockchain and its Stablecoin, they make FUD towards Bitcoin In some newspapers, just to encourage their population of preference towards stablecoin, it should be said that it is a business model that they are defending so that their local economy is not affected. In economic terms, it is a fact that China is fighting against the hegemony of the dollar and the best way is through Crypto and its stablecoin, having full control of it.

[vintages]

Asians generally love the latest innovations and technologies. I believe that prior the restrictions placed on Bitcoin many of the Chinese citizens must have purchased lots of Bitcoin. While some might have sold theirs when the announcement are made, some of them might have still held on hoping for some kind of change of mind from their government.

[Eugenar]

Asians generally love the latest innovations and technologies. I believe that prior the restrictions placed on Bitcoin many of the Chinese citizens must have purchased lots of Bitcoin. While some might have sold theirs when the announcement are made, some of them might have still held on hoping for some kind of change of mind from their government.

Well, hoping for that to happen will much likely to be nonsense as government will not pursue risk for their people unless, these hope will be replaced by actions of the people to push their government upon realizing postive impacts of cryptocurrency especially bitcoin to their nation. One of the ways I see it could be possible is if we take advantage of situations where crypto could help allot. Such as in calamities, we could donate money but instead, try to donate bitcoin or altcoins.

[Meowth05]

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.

Exactly. Probably the one who hate Bitcoin and the rest of cryptocurrencies are the just their government the fact that these kind of currencies are decentralize that would make for them to monitor. Besides, they might not totally hate the fact
that they got the higest position of Bitcoin mining pool. And if they totally hate it they can ban it and any related transaction regards with it but instead they only banned the exchanges as I remember.

[gundala]

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Exactly. Probably the one who hate Bitcoin and the rest of cryptocurrencies are the just their government the fact that these kind of currencies are decentralize that would make for them to monitor. Besides, they might not totally hate the fact
that they got the higest position of Bitcoin mining pool. And if they totally hate it they can ban it and any related transaction regards with it but instead they only banned the exchanges as I remember.
[/quote]However, the Chinese government is very open to the development of the blockchain and plans to create their own cryptocurrency. And it is true, the fact is that cryptocurrency cannot be denied completely because there are some advantages which are the evolution of technological and financial developments. That is why the government is trying to make its own cryptocurrency that they can monitor.