China Controls Bitcoin's Future

[jerrison]

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 for long colonised everything that has to do with Bitcoin and its mining. Apart from the fact that Satoshi Nakamoto is the founder of the tech it is still in their control as the major mining pool is theirs to control.

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[Shasha80]

It's not that simple to say that China controls the future of Bitcoin,  because there are many mining farms in China that doesn't mean China is
able to control Bitcoin. After all, why did China try to ban Bitcoin if it already controlled Bitcoin. In my opinion, no country can control Bitcoin,
because if Bitcoin can be controlled, it will be quickly accepted in all countries. Because no one can control Bitcoin that's why Bitcoin is very difficult
to become legal in all countries in the world.

[emmybd]

Bitcoin is apparently increasingly vulnerable due to China being a dominant part of the mining regions, apart from other major regions like Iran and Russia, though there are many others. China’s land being used for mining doesn’t necessarily give it power just because there may be a capital discharge taking place under its wings.
China’s own cryptocurrency, the DCEP, with its blockchain technology which is well under its way to release has posed a threat to Bitcoin’s future. China, with its provincial citizens, intends on utilizing its lack of enough banking institutions to its advantage by helping them register through DCEP to a new monetary system. DCEP materializing may lead to its abuse through which its Communist party may want to benefit from achieving greater authority over its citizens by surveillance. Its system of centralization, though, may attract people and rival bitcoin which is more isolated.

[rosebrand]

Bitcoin is decentralized in nature which means it can't be controlled, it's true china possesses great amount of bitcoin mining power but that doesn't give them authority over bitcoin, there are many other countries that mine bitcoin and more and more people are gaining interest in bitcoin and so the mining power will be increasing because more people who got the required facilities would like to take part and this will reduce the percentage of mining power from china. Besides if China decides to ban bitcoin and its activities it will only affect bitcoin to some extent and after some time bitcoin will bounce back again.

[Bilgent]

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 absolutely no way that China will be able to take the control of Bitcoin in the future. It is totally against Bitcoin's nature first of all. Whatever China government tries to do, they won't be able to change this thing. When it comes to mining, I don't think most of Bitcoin will always continue to be mined in China. I actually expect the miners to choose another country to mine most of Bitcoin in the future. Because it won't be sensible for them to always continue there as China is fully against Bitcoin.