Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

[Golftech]

They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.

They keep playing and for sure their citizen are just observing and taking some time before dealing with crypto again,

it happened before and it will continue and repeat itself, we will see again the period that they will say that they wanted

to legalized or use the system and it will indicates interest from more chinese investors.

[conected]

They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.

- Of course, it can only be detrimental in the short term as an unexpected situation and the market does not take precautions in time but in the long run, China's crackdown will open the door for some investors from other countries, bitcoin is not a product without a buyer, very scarce and many people are always waiting to be bought. So in terms of economy and knowledge, China is creating legacy and enriching other countries, sometimes a lot of people in China are angry about this repression, a large community is working smoothly in china but having such problem is very difficult and has a strong economic impact

[CryptoStar19]

The immediate effect of China's miners going offline (or going offline temporarily as they migrate to more friendly places) is going to be that all other miners everywhere else are going to be more profitable for a while.

The long-term effect is going to be that bitcoin's hash-rate is not going to be as concentrated in China as it has been so far.

So really both short-term and long-term this is great for bitcoin, and great for everyone really other than those miners that are being displaced.

[mindrust]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

China is making shitloads of money from the bitcoin mining hardware which they manufacture. They sell the hardware, they make profit. They sell the coins they mine, they make profit. I don't think they will want to kill kill the goose that lays golden eggs. Crypto is probably one of the most money making business that China have.

[The Cryptovator]

What do you mean "Bitcoin to become worthless"? Do you believe it would happen with Bitcoin ever? Just for China to ban cryptocurrency? I don't think so. I know China is a big and powerful country, but banning Bitcoin wouldn't help to prevent using Bitcoin. That means it wouldn't become worthless anymore. Bitcoin backed by the community and it's quite impossible to break down. Dump Bitcoin for a while doesn't indicate it would be worthless.

[Shenzou]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

China banning bitcoin mining is a topic that has been popping up for years, and whenever they say they are going to crackdown on doing the price dips a bitcoin and then returns to normal, because in reality if china really wanted to ban it i would have done it the first time, but this is like the this time they say they are going to do it, and i think it is just to shut others countries and for some political propaganda, because in reality we know how china does things and i am sure that they are making a fortune out of mining bitcoin.

[Barry Mantle]

At present, China only bans mining, and does not directly ban bitcoin transactions. It is reported that some mines have only been closed for rectification and have not been shut down directly. I think the blow to bitcoin this time has little effect on the price of bitcoin. A big impact, I think this big drop is also a fluctuation within the normal range. Bitcoin may plummet, but it will not collapse due to the suppression of certain countries, but will break out again after it has plummeted to a certain level.

[nitrobetting]

I highly doubt it will affect BTC. Even if it does, there should only be little impact. The crackdown could actually be good for BTC price and with mining becoming more distributed across different regions, it will resonate to more decentralization leading to increase in price.

[FinneysTrueVision]

They have cracked down hard on Bitcoin this year and this is part of the reason why the price has declined from it's all-time high. There are still a lot of Chinese people who prefer to hold Bitcoin over their own currency so the price will not go to zero. There are still many ways in which you can use Bitcoin besides mining and trading. Bitcoin will be fine and continue to grow. Eventually, China will have to reconsider their position.

[Darker45]

China is just one country where Bitcoin could thrive. Admittedly, the country has a very large market but I don't think Bitcoin's price and fate are at the mercy of the Chinese government. Also, it has been repeatedly debunked that every single Chinese would also avoid Bitcoin only because its totalitarian government doesn't like it. I've come across a number of testimonies from Chinese individuals in China themselves that they are still more or less free to access Bitcoin online.

[FIFA worldcup]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

China already tried to manipulate the market by spreading the fud of ""China Ban Bitcoin". I am surprised that they always come up with the same fund and people get in the trap. We should learn from the past and should not be worried about such news. Bitcoin will continue to grow even though we are hearing more negative news these days.

[Ararbermas]

Of course china is the largest portion with a huge contribution on bitcoin.. But i believe bitcoin will not become worthless mate even they all banned those activities when it comes bitcoin, because indeed this isn't the worst issue from china and there's more since bitcoin wasn't high like this wherein way back 2017,  and for your information even before it didn't make bitcoin worthless if it really possible to happen..

[philipma1957]

China can not crack Bitcoin down and the real things behind mining ban news are only small part of mining farms in China will be stop their operations. They will have to change to other locations if the news is real but is the ban real.

China can change flip their bans anytime. Bitcoin will not be worthless because of China.

But China could lose a lot of value for itself by fucking with BTC

So in the long term I would not worry about BTC getting crushed

It is more likely China's government will alter to some new style than China alters BTC

[semobo]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

China is being a huge part of miners but it doesn't mean they can stop the bitcoin, any individual who have enough hardware can start mining and they can still make rewards due to the lack of miners and miners are also not going to stop, they will move to somewhere if cryptocurrency mining will be banned in their current location.

[Natalim]

Bitcoin is a global currency, China would never make bitcoin worthless even if they will ban everything related to bitcoin. The world is big, we have different miners from all over the world and no regulation could stop bitcoin because it's decentralized. Bitcoin maybe affected with the bad news pertaining to China's regulatory action, but it should never affect the future growth of bitcoin.

[rhomelmabini]

As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.

Business will be business and they'll surely make some way how they can continue their business. No one can predict the future but I think this gonna be sorted out and no worries this has been done in ages by China and still these days they are still working for it, total FUD. Bitcoin will never be worthless just take note on that.

[YOSHIE]

What do you think?

I think you don't have to worry about China, you just do what you have to do with Bitcoin.

To solve your problem with China's actions against Bitcoin, you must study the history of China's treatment of Bitcoin since 2013 ago and until now.
You need to read china do scenario against Bitcoin below.
China's History of Bitcoin Bans

"While [a ban would be] disruptive for miners in China, its [sic] a nothing for bitcoin and miners outside," Back, generally skeptical of the idea of a ban, further noted on Twitter.



Bitcoin appears to be on its way to recovery from its latest drop to the $33,000 range. At press time, Bitcoin is trading just below $38,000.

With the information above, at least it can make you a little relieved China and Bitcoin.

[hugeblack]

I don't know what blockade you are talking about, but there has been no real change in China's policy towards Bitcoin during the past three years, and I also do not think that they can affect the price except by tightening the mining or manufacturing mining equipment, which will lead to temporary changes until the miners move to other regions In the world.

Stop listening to news channels or social media analysis.

[el kaka22]

China can not crack Bitcoin down and the real things behind mining ban news are only small part of mining farms in China will be stop their operations. They will have to change to other locations if the news is real but is the ban real.

China can change flip their bans anytime. Bitcoin will not be worthless because of China.

But China could lose a lot of value for itself by fucking with BTC

So in the long term I would not worry about BTC getting crushed

It is more likely China's government will alter to some new style than China alters BTC

I feel like they are way too use to making something of their own that is exact copy. You have facebook? We will create our own and ban facebook. You have whatsapp? We will make a copy of it and ban whatsapp. But the moment they made tiktok and it was considered to be banned they created a whole deal like it is freedom that is being taken away when instead it was just a revenge, I would say it would be awesome if we banned every single native Chinese products, all those phones, companies, apps etc etc everything that china owns should be banned, hell ban tencent games while you are at it, and do not allow them to buy any non-Chinese companies as well.

This is not to piss them off, this is just to ask to be fairly treated, if you ban us then we ban you, if you allow us then we will allow you. Anyway I just wanted to say they are probably trying to ban bitcoin and make their own "bitcoin" as well but it certainly will not work for sure because it is not an app.

[terrorJR]

China is just one country where Bitcoin could thrive. Admittedly, the country has a very large market but I don't think Bitcoin's price and fate are at the mercy of the Chinese government. Also, it has been repeatedly debunked that every single Chinese would also avoid Bitcoin only because its totalitarian government doesn't like it. I've come across a number of testimonies from Chinese individuals in China themselves that they are still more or less free to access Bitcoin online.

Isn't that the impact we have seen when the Chinese rules blocked Bitcoin. although this policy has been around for a long time and has had a big impact this year. we don't know for sure whether bitcoin will be valuable or not. but what is our current belief is that Bitcoin is still in a stable state despite being hit by China's decision.