What do you think China will lose by banning Bitcoin?

[Franctoshi]

They are loosing a lot from Banning Bitcoin , depriving its citizens the investment opportunities and the trading opportunities in Bitcoin. Banning Bitcoin was the worst decision that the government of China made for its country in my own opinion. And all this was as a result of their digital yuan hegemony and fight for who will rule the world. Imagine a situation where the USA embraced Bitcoin and use Bitcoin
to Back the USD. Then China will regret their decision because Bitcoin will worth like $250k or more.

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[noormcs5]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

Do you think China ever banned crypto in reality? Yes, we hear the news that crypto currencies are banned in china but do you know that the biggest bitcoin mining farm are operating in china.
Chinese are just manipulating the market by such news while in reality people are using crypto and they will never ban bitcoin permanently. Those countries who are banning crypto will realize their mistake sooner or later.

[theskillzdatklls]

Depends on how huge Bitcoin becomes globally imo. If Bitcoin is just a luke warm fad, then China will have made the right move. If Bitcoin becomes a worldwide economic powerhouse where all economic activity, innovation and trade takes place, they will be light years behind.

They are giving up a lot of economic edge right now at the trade off of having more control over their citizens' money and directives. Overall pretty evil but if you're an evil dictator it makes sense.

[pooya87]

I think china wanted to create its own crypto currency just like it has its own version of everything from Twitter to Google. But i think that's not very possible in crypto world. So china will soon join the bandwagon again once the bear market is over. There is not much it can do.. else it will miss on lost economic growth possibilities.

Economic growth has nothing to do with whether they allow bitcoin mining or not! Not to mention that the bitcoin market is too tiny in comparison to trillion dollar economy of the biggest economy in the world.
You are also forgetting that their centralized altcoin seems very successful considering the number of users it has attracted and the number of transactions it is handling.

But I agree that they will eventually join the bandwagon. As I said earlier I believe that all the restrictions they have placed on bitcoin are because they wanted to give their govcoin a boost but eventually they too will realize that they can not stop the only existing decentralized money.

[BlackRexuz]

China is still fairly strong in economic growth in their country, they want to admit it or not, it depends on how they react to the economy they are currently running, very successful and even almost rivaling America, even that we do not know in the mission that will be carried out by the leader they are Xi Jinping, in the leadership they run their economy has greatly improved without Bitcoin interfering in it, because the industry they run is really needed by all their allied countries, so even without Bitcoin they are still super power, don't know what to do in the future whether they will implement it or not...

[Agbe]

No country can do well in this contemporary technology world. If any country ban Bitcoin in this digital economy, the economy of that country will not do well as other countries that have accepted Bitcoin as their legal tender. In this contemporary world, the youths involved massively on Bitcoin and a country adopt Bitcoin it will boost the economy massively.

[Hypnosis00]

They can lose some opportunities but we know they are ready to do that.
I know China had foreseen the future of Bitcoin but this country has been governed by a dictator leadership which gives no way to decentralized investment like this, it is absolutely been declined and the hope of the people. For some reason, they created their own digital currency Yuan just to combat the growth of cryptocurrencies but I believe that people are more interested in Bitcoin than this.

[RealMalatesta]

No country can do well in this contemporary technology world. If any country ban Bitcoin in this digital economy, the economy of that country will not do well as other countries that have accepted Bitcoin as their legal tender. In this contemporary world, the youths involved massively on Bitcoin and a country adopt Bitcoin it will boost the economy massively.

That is true, world is going more and more technological and that means if a nation bans something that is cutting edge tech (even if it's 10+ years, it’s still brand new) then they are going to be left behind. China should realize that they are forced to let bitcoin be whatever it is, they cannot just ban it, because if they do, and others don't then other nations will benefit from it whereas Chinese people will not be able to.

This is why they are going to make it legal and regulate it eventually and that will profit them a lot. Imagine just one huge government controlled crypto exchange for all Chinese people that deals between all banks, so you can turn fiat to crypto and crypto to fiat, that company could be bigger than even binance.

[dunfida]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

They have nothing to lose and besides they dont really need on adopting something which is decentralized or something that cant be controlled and anonymous and the fact we do know that they had
they had that digital Yuan.

Recent news says about controllable anonymity which is typically bullshit of being ironic.
https://cointelegraph.com/news/chinese-central-bank-exec-says-digital-yuan-will-offer-controllable-anonymity

Anything which can be controlled would be always centralized and shouldnt be called crypto in the first place.

[ChiBitCTy]

I know one thing they are most certainly losing out on is tax revenue, but I think overall, the way China is structured as a "Democratic Nation" but in realty is a dictatorship of sorts, every move they make is completely calculated to control their people and line their pockets (the elites).  The Chinese people in whole are so brainwashed in to thinking their way of life is okay, that really I'm not sure China, the nation is losing anything.  The people, on the other hand however, are losing out on another major avenue of control (hence why the government banned bitcoin).

[DanWalker]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

Of course, they are losing on this opportunity to have access to a revolutionized technology that may potentially be utilized by more countries in the future. Like what most have mentioned, China is a communist country. This means that the government has absolute control over the properties and services that businesses offer. Since BTC and cryptocurrencies introduce freedom of payment, it is nothing but obvious for them to prohibit something that cannot be controlled or regulated.

I just hope that the loss of China means the gain of other countries. For example, El Salvador has already made BTC as their legal tender; and more countries have started to integrate BTC to their economics and financials.

It is hard to say that they are losing access to the technology of the future since they are still one of the biggest countries in the world, has the fastest growing economy today. If they accept bitcoin, what they will lose is control, they will not be able to fully control their citizens. That's what they fear the most.

Currently, it can be said that bitcoin is benefiting investors, companies or organizations because of the profits it brings. As for the impact of bitcoin on the economy or development of a country, bitcoin has not yet achieved that. I think China has banned bitcoin but they are still watching what other countries will do with bitcoin, they can still change their mind when they see benefits from bitcoin.

[lepbagong]

obviously all countries will have views that can be very different from one another, as well as the policies that are carried out. China of course knows what has been done, the main thing is that as a big country they might want to be able to control it but since it can't be done they will obviously ban it. As far as I know, there are still many countries that also do it although maybe not as strictly as China has done, but they also do some prohibitions.
all will be given freedom if they already have a mechanism to be able to intervene and control broadly.