China Controls Bitcoin's Future

[pawanjain]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

China has more number of miners but that doesn't mean that it controls bitcoin or it leads towards bitcoin centralization.
Bitcoin is getting wider acceptance and more people are adopting it. This means the hashrate of China is getting decreased.
It will probably decrease more as many other miners from other countries hop in.
Besides that, China has a vast population and not all the miners have the same mindset.
So when the time comes the decision on consensus will depend on majority of the miners and not particularly China.

P.S : You never know when China bans cryptocurrencies now that it has electronic Yuan.

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[pinggoki]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

I don't think so that in the future, China will be the one who will control bitcoin because this is not just because the huge amount of bitcoin that is being mined is from China. Anyone can mine bitcoin and any country may mine bitcoin so if that's the case then in the near future other people can do mining in their country and might produce more bitcoins. Although China is really a huge country in which the large numbers of bitcoin are coming but still this doesn't measure that they may control bitcoin.

[skarais]

Bitcoin will remain a decentralized asset even though China appears to have the capability to mine more bitcoin within their jurisdiction. I still believe that bitcoin will remain decentralized and can't be controlled by any authority including China. I also believe that China will not always be home to the biggest bitcoin mining industry as other countries will also continue to be competitors in this industry. A shift will occur and that competition will make bitcoin a decentralized asset.

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Although China is really a huge country in which the large numbers of bitcoin are coming but still this doesn't measure that they may control bitcoin.

Just because China dominate the mining industry, I don't think bitcoin will be a centralized asset.

[aysg76]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

Most of the Bitcoin mining farms are located in china but that does means China is in control of Bitcoin network and be centerlized authority of it.How can they control decentalized currency Bitcoin?The Miners in China cannot create a situation of 51% attack on Bitcoin network so how can they manipulate the Bitcoin market? Moreover the big industries are getting interested in Mining and spending huge funds to setup mining farms at place where electricity cost is much lower to increase their profits which reduce China chances of control and Bitcoin is the coin which depicts true picture of decentralisation so we don't need to worry about it.

[bassbity]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

China always wants to control every sector that has the potential to have power in the world, economy, politics, military and all of them will try to achieve as much as possible. China has ambitions, and that target falls to bitcoin. We are worried that in the future Bitcoin will be completely controlled and we will not be able to move freely and freely in making transactions. is this today's digital colonization.

[bassbity]

Yes, majority are still being mined in China but it doesn't mean that they control Bitcoin's future. There are countries that are willing to shoulder the mining industry if their government wishes to shutdown all mining facility.

but we also have to be vigilant and not be at ease. because China has very intolerant tactics. even the United States is opposed on the economic front. remember bitcoin can unite us because it is decentralized, and if it is fully controlled by one party it will be very bad for bitcoiners in the future.

[jjdub7]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

In my opinion, the biggest threat to the crypto world and Bitcoin that comes from China is not the regulations of the miners but the plans to release a digital yuan from the government.

The digital yuan will be one of the biggest risks in the crypto world, according to most analysts.

The launch of the virtual yuan could affect cryptocurrency markets if, at the same time, the Chinese authorities tighten regulations.

The power of central banks to issue all crypto money and ban their competitors is one of the key risks for the crypto market.

[Questat]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

In my opinion, the biggest threat to the crypto world and Bitcoin that comes from China is not the regulations of the miners but the plans to release a digital yuan from the government.

The digital yuan will be one of the biggest risks in the crypto world, according to most analysts.

The launch of the virtual yuan could affect cryptocurrency markets if, at the same time, the Chinese authorities tighten regulations.

The power of central banks to issue all crypto money and ban their competitors is one of the key risks for the crypto market.

I'd never heard that or maybe I miss that information. But even it was true or just a rumor, I don't think we need to panic because it only just in China, we neither use Yuan in the other country.
What the China government thinking is that they want their people never to make use of any crypto and having any digital assets that they can't control of. This is not a threat for crypto but this was a threat to the freedom of their people. They have banned crypto several times and they will gonna do it again and again until such time that they were tired of doing it.

[posi]

Bitcoin won't be and will never be controlled by any country, not even China. The majority of people believe since the Chinese have the biggest mining farm in the world they will control Bitcoin but seized to understand that the rate of Bitcoin mining in China has reduced cause some countries have also joined the mining business. Besides, Chinese is a communism country and there rules/regulation is against decentralization and they never supported Bitcoin. Why would anyone think they have the power or they might have the power to control Bitcoin in the future.

[ivankoh]

This sounds ridiculous and bullshit.  But it is not without foundation that China has always been rumored to have a large-scale bitcoin mining facility.  Second, they are one of the two most populous Countries in the world that caused a big crash against bitcoin and crypto in early 2018. Tuesday, twice we move and hit a new ATH of $ 58k and fall.  due to such a flow is ordered with the same frequency.  China isn't quite the spotlight, but something is gaining traction.

[best123]

The main feature of blockchain technology (Bitcoin/cryptocurrency) is decentralization. I do not think China will be able to control it, if America and some European countries could not do it till now.
Blockchain technology (Satoshi N.) came to give humanity freedom from centralized financial system and high cost on financial transactions coupled with scalability, immutability, security etc.
Blockchain technology is the real deal.

[Wisbrown]

Is a decentralized digital currency, it can never be control by any country so any body can go into bitcoin mining

[Matimtim]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

There is a little possibilities that things will happen, like if the big amount of bitcoin is in there country then they can make a big changes in the bitcoin price but its doesn't mean they can fully controlled bitcoin or centralized it because they are not the owner of this new generation of money. In terms of digital product according to my former professor in college the only one who can stop computer program or machine based product is the one who made it, thus only satoshi who make bitcoin can centralize bitcoin in his country.

[Leviathan.007]

China and chines companies and organizations are already invested a lot to bitcoin and crypto. Also, the blockchain technology is used there more often. But, bitcoin is not centralized and it's not going to be centralized in the future. It's decentralized and can not be controlled by any government including china. Back in 2018-2019 many of bitcoin miners were from china but time after time more countries are entering this industry and china is getting less share than before.

[Spaffin]

China and chines companies and organizations are already invested a lot to bitcoin and crypto. Also, the blockchain technology is used there more often. But, bitcoin is not centralized and it's not going to be centralized in the future. It's decentralized and can not be controlled by any government including china. Back in 2018-2019 many of bitcoin miners were from china but time after time more countries are entering this industry and china is getting less share than before.

I think that in the future we will witness a very serious confrontation between Bitcoin, that is, the owners of the cryptocurrency, and the government. The fact is that the government always does everything to control people, as well as their income and expenses, but even today Bitcoin is very strong against this. But since today very large capitals are included in Bitcoin, this suggests that in the future Bitcoin will be a reliable storage and will replace banks with great success. Of course, the government will not agree with this, but they have no other choice. Proceeding from this, until such time as they understand and realize this, they will create problems in all sorts of ways.

[Dutchyyy]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

The Chinese government will consult with people on whether to ban cryptocurrency farms in Inner Mongolia province due to excessive electricity costs. It is not yet known whether the ban will take effect. If approved, the authorities will implement the regulation by the end of April this year.

Inner Mongolia is not the province with the highest yield in China, and this is not the first time that local authorities have tried to restrict cryptocurrency mining in the region. Last August, they undertook policy changes that repealed electricity discounts on 21 farms digging for bitcoins. But these regulations are not expected to affect cryptocurrency mining.

[bassbity]

This sounds ridiculous and bullshit.  But it is not without foundation that China has always been rumored to have a large-scale bitcoin mining facility.  Second, they are one of the two most populous Countries in the world that caused a big crash against bitcoin and crypto in early 2018. Tuesday, twice we move and hit a new ATH of $ 58k and fall.  due to such a flow is ordered with the same frequency.  China isn't quite the spotlight, but something is gaining traction.

Therefore, we don't like all the Chinese activities that try to indiscriminately control bitcoin mining. maybe this is something to be worried about for future generations. that technology-based ones can easily be manipulated. Likewise with China.
Bitcoin needs to be saved from those trying to centrally control it. the impact will be very dangerous, besides being no longer purely a bitcoin, China can manipulate prices as they wish. hope this doesn't happen. we have to stay alert ..

[Rasel5209]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

I think it's not only possible today running this way. If you find why fall down bitcoin you saw main reason China banned on crypto but after time cina come back and it price go to moon. So i think bitcoin mainly depend on China's energy.

[Hamphser]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

We cant deny that China does possess some considerable amount of Bitcoin but it wont really be enough on controlling bitcoin.If they do sell then they give out effect on crash down the market
but doesnt mean that it will really be remaining just like that because recovery would be inevitable.

If Bitcoin is controllable in the first place then it wont really be gaining much of interest and trust up with the community into this extent which does signify that
everybody is confident that this isnt something that had been monopolized on.

Recently China does make out some actions on banning Bitcoin once again which is really a bit contradictory and they've been doing this kind of behavior
for how many times already.

[verita1]

According to the following article, China banned bitcoin because it tries to reduce the operation due to energy consumption. China's Inner Mongolia region will cease the existing bitcoin mining works and will not accept a new crypto mining project by April 2021.

Apparently the cause is due to not meeting the objectives in 2019 in the use of energy consumption. If the goals were not met in 2019, what to expect in 2020 and 2021? The amount of power consumption will be higher.

https://www.cnbc.com/amp/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html