Why is China so important for Bitcoin?

[bitcoinbelieve]

Have you guys been on fiatleak. Most trading occurs in China, not USA. I should of said China dominates bitcoin trading by 4 to 1

[edmundduke]

The truth - and this will become apparent in time - is that China needs Bitcoin, not the other way around.

I couldn't agree more! And they will realise it soon!

[ljudotina]

Yes, Bitcoin does not need China. It's more or less other way aournd. Those 99% of poor Chinese need BTC as tool to own and manipulate their own assets.
So if it is like that, how can China affect BTC so much as we saw it not so long ago?
Well...it's all about numbers. World BTC exchanges are shallow waters. Once milions start buying even small amounts, price starts rising sharp, and if it lasts long enough, momentum will bring us to what we saw in December of 2013. Than again, once those milions start selling their BTC, they affect price as, i say again, BTC exchanges are really shallow and you dont need much to affect price.

[BTCisthefuture]

China is somewhat important due to it's size and bitcoins popularity amongst the people there.  It's natural that when something goes on in China it can have an affect on bitcoins exchange rate.

With that said,  Bitcoin (or something like it)  will survive and grow with or without China in the long run.  Just like companies like facebook and google do just fine without China.

[BitCoinDream]

The truth - and this will become apparent in time - is that China needs Bitcoin, not the other way around.

I couldn't agree more! And they will realise it soon!

It is long discussed that FiatLeak is inaccurate

[gentlemand]

Have you guys been on fiatleak. Most trading occurs in China, not USA. I should of said China dominates bitcoin trading by 4 to 1

Zero fee exchanges do that. It's the same coin being sold back and forth thousands of times an hour. If they had fees like everywhere else we'd see the true volume.

If Lesotho had a zero fee exchange then everyone would pile in there and we'd be fretting about them. It's a mirage.

[Lauda]

The truth - and this will become apparent in time - is that China needs Bitcoin, not the other way around.

This will happen in due time. Not yet, not in 2014 but it will. We just have to be patient. The price will slowly recover to China levels without China.

[Nerazzura]

Bitcoin does not need China. The Chinese can develop some shitty copycat altcoin, the same way they have developed copycat sites such as Baidu and Weibo. Enough of Chinese hypocrisy. 

"The financial market turmoil may feel bitcoin as a large amount of money that is being pumped by the Chinese and the rest of the world", "Maybe bitcoin will reach $ 10,000, or maybe it will be destroyed and people will start looking for a more reliable alternative."

cyber money is not as safe as before. Cyber ​​gangs are developing malware to steal individual bitcoin wallet online. This value will be higher. Thirty days have changed the price from about $ 200 to over $ 1,000. Bitcoin is a triple-levered ETFs on steroids. And security issues has grown, from virtual users, including investors, perhaps it guarantees to something else.

[bryant.coleman]

Bitcoin does not need China. The Chinese can develop some shitty copycat altcoin, the same way they have developed copycat sites such as Baidu and Weibo. Enough of Chinese hypocrisy. 

Watch your mouth!
We like to use Google, Youtube or Twitter etc but we could not.
It is Chinese Gov's decision instead of our choose!

Foreign sites are banned in China, and therefore can't earn any revenue there. On the other hand, the Chinese sites are not banned anywhere and they receive revenues from every nook and corner of the world. That's why I called it hypocrisy.

[jbrnt]

Bitcoin is a global internet currency, and it is going to succeed with or without Chinese involvement. I do agree that the Chinese has accelerated the growth of Bitcoin in the past, and will continue to do so in a much lesser degree despite Chinese government's ban, but in no way Bitcoin actually needs China.

Chinese do not need Bitcoin either but it is useful to them. They have many successful electronic payment systems in operation and Bitcoin is not to replace them as a medium of exchange. It is mainly used to store value and transfer value out of the country. Bitcoin is not the only way to transfer money out of China undetected by the Chinese government, but it is the cheapest way.

Bitcoin doesn't need China, and China doesn't need Bitcoin. What Bitcoin needs are just users anywhere around the world.

[Honeypot]

Bitcoin does not need China. The Chinese can develop some shitty copycat altcoin, the same way they have developed copycat sites such as Baidu and Weibo. Enough of Chinese hypocrisy. 

Watch your mouth!
We like to use Google, Youtube or Twitter etc but we could not.
It is Chinese Gov's decision instead of our choose!

Fuck you boy watch your lip before saying sht you can't back up.

Lippy chnk.

[Honeypot]

Why?
Because, 1/4 of world is China.

All big countries are important, India, Brazil, Russia, USA, Japan. IF BitCoin ignore them all, will not grow as fast as it will without that.

Haha.

Last time i checked, india has same if not possibly more population than china, and china certainly is not a quarter of the world seeing as ther are over 7 billion closing in on 8 billion people, and chinese are under 1/6th of that. Big difference, but squinty chinese eyes make it 1/4.

Fuck off.

[r3animation]

Bitcoin does not need China. The Chinese can develop some shitty copycat altcoin, the same way they have developed copycat sites such as Baidu and Weibo. Enough of Chinese hypocrisy. 

Watch your mouth!
We like to use Google, Youtube or Twitter etc but we could not.
It is Chinese Gov's decision instead of our choose!

Fuck you boy watch your lip before saying sht you can't back up.

Lippy chnk.

Not sure you're going on about but it's common knowledge the China Govt blocks those sites. Hence the "great firewall" of China.

[r3animation]

Why?
Because, 1/4 of world is China.

All big countries are important, India, Brazil, Russia, USA, Japan. IF BitCoin ignore them all, will not grow as fast as it will without that.

Haha.

Last time i checked, india has same if not possibly more population than china, and china certainly is not a quarter of the world seeing as ther are over 7 billion closing in on 8 billion people, and chinese are under 1/6th of that. Big difference, but squinty chinese eyes make it 1/4.

Fuck off.

http://en.wikipedia.org/wiki/List_of_countries_by_population

Chinese are 1/5 of the world and that's just in China. Again not sure what you're going with these racist remarks. Are you indian hence the reference?

[Bit_Happy]

Bitcoin will thrive with or without China. I am glad they no longer dominate our daily discussions. 

[MICRO]

Why i saw title of this topic i had to read it . I was so anxious to see why is China so important .

Good that i did not find the answer LOL. Coz it rly isn't , China is not important for btc AT ALL .
Yes they maybe can cause some price ups and downs but that is nothing, and bitcoin doesn't need any country to succeed , it only needs US , people that use it, and mine it, and nobody else . That is the beauty of bitcoin.

[FattyMcButterpants]

what's with this "we don't need China!" attitude? just hope it takes off there -- it will add so much value to the network.

i think western speculators are confused and nervous about the legal/potential legal issues surrounding bitcoin in China. it's a cloud hanging over our heads. so we continue to follow the Chinese exchanges.

[doldgigger]

The Chinese have their own online ecosystem that is mostly separate from the rest of the world. Google, Twitter, YouTube, and Facebook aren't very popular in China and the Chinese people seem to prefer their own homegrown alternatives like Baidu instead of Google or Weibo instead of Twitter, etc. So how did Bitcoin buck this trend to become popular in China? I'm guessing it must be very popular there because China seems to be very important for Bitcoin. After all, why else would prices drop whenever news come out about their government regulating Bitcoin?

For China, BTC played a comparatively large role since it has been used in order to get past their restrictions of the monetary system. So, any regulation attempts there could be expected to create some movement.

[MICRO]

what's with this "we don't need China!" attitude? just hope it takes off there -- it will add so much value to the network.

i think western speculators are confused and nervous about the legal/potential legal issues surrounding bitcoin in China. it's a cloud hanging over our heads. so we continue to follow the Chinese exchanges.

Hehe, coz its true , bitcoin doesn't need any county it needs only people that live in it.

That is whole point of it, it doesnt need any county, government, bank or whatsoever , it only need US .

[beetcoin]

i dont think bitcoin NEEDS china, but that china's adoption of it could provide a big boon, as it has in the past. chinese people have a lot of money and their options of where to put it are limited.. compound that with its hyperbubble real estate market, and you'd see why. plus there's a reason why they hold on to so much gold. bitcoin could potentially be a blessing to china, but i guess they don't want to have anything to do with it. maybe that's why they are so wishy washy.