Does Bitcoin depend on China?

[pax166 0]

It does not actually depend on china. However china has a large protion of invesyment into cryptocurrency and are at the forefront of trading these currencies. I believe they play a major role in influencing and determining how the market goes. But there is been  increasing concern by its government about the effect of cryptocurrency on its local currency which led them to place some restrictions on the use of bitcoin. So i dont know if these laws and restrictions might affect their dominance in crypto world.

[Goyaa 2414]

I think that's untrue news, Bitcoin price is not influenced by a country, bitcoin price is influenced by demand and stock. It could be true that if there are many Bitcoin users in China, it can affect the bitcoin price. As only in India, which has many bitcoin users, it will have an effect if there are restrictions on bitcoin there, considering that China and India have the largest populations in the world.

[Jacks52 351]

China has crypto-currency mining businesses. Bitcoin miners in China have embodied a contradiction for a long time.China its just rumour now Bitcoin is spreading very quickly and opening new markets itself so its never been depend on any one country its could be currency of world for common peoples.

[Nila2020 393]

I don't think Bitcoin is dependent on China, because Bitcoin has a lot of power, the more you know about Bitcoin, the more experience you experience, I think Bitcoin depends on different markets. Bitcoin prices have gone up rapidly. A Bitcoin can be a great benefit.

[Jidson 252]

Well i don't have much knowledge on this but actually I don't think so.  Bitcoin may just be partially depended on china because China has the largest percentage of cryptocurrency investors but nevertheless Bitcoin has spread largely having many investors across different countries for we to say Bitcoin depends on China.

[Amr90 1064]

China is one of the largest players in the crypto market and Bitcoin in particular,
Therefore, most of the news about China and Crypto affects the market greatly.
We should follow China's movements regarding the cryptocurrency market, as well as what they say that China may create its own cryptocurrency.

[Obliv0n 333]

The Chinese government is committed to a staunch control over institutions and the economy, we all know that, so hearing news where btc is supposedly legalized in Chinese territory is pure falsehood, in fact they are programming their own currency and regulations against them. miners are on the rise.

[JesusFries 1958]

Well, the reason that china affects the price of bitcoin it's because there's a lot of miners in that country, it's good to have a mining rig in china because it has a small amount of electricity bill so all of your earnings in mining will be used properly.

[JanBomCrypto 494]

17 hours ago, JesusFries said:

Well, the reason that china affects the price of bitcoin it's because there's a lot of miners in that country, it's good to have a mining rig in china because it has a small amount of electricity bill so all of your earnings in mining will be used properly.

@JesusFries China is not controlling the price of bitcoin, buying and selling of bitcoin control the price, if bitcoin is more bought the price will increase while if more sold will decrease the price. China can only have effect on the blockchain but with what is happening the mining power in China is great but gradually reducing. While is will be very difficult for China to even affect bitcoin blockchain as the mining pools are not centralized and also not controlled by central bodies. 

Edited January 19, 2021 by JanBomCrypto

[JesusFries 1958]

3 hours ago, JanBomCrypto said:

JesusFries China is not controlling the price of bitcoin

I know that mate, i didn't say that china controlled the price of bitcoin, I'm just saying that china "affects" the price of bitcoin by having a lot of people buying some of it, next time try to understand the reply or post to avoid misunderstanding.

[kenan975 54]

In my own opinion, I see that Bitcoin depends in one way or another on the economic activities of the great countries such as China, Britain and others

[jackycrypto485 1055]

I think this news is false to influence the market movement, when whales want to buy bitcoin they spread false news to cause panic selling and buy bitcoin at cheap rates. You should not believe fake news.

[Irfan Bukhari 9]

Dear friends, I do not know the exact knowledge about bitcoin.Bitcoin from my point of you is not a dependent on China. According to my point of you, bitcoin coin is self independant coin. According to my point of you, bitcoin is a digital coin at international level

[guatazoo 7150]

On 11/23/2019 at 9:44 AM, cryptosix said:

I have been hearing a lot about China is making pump and dump of Bitcoin, but does this is a real or fake? When Bitcoin raised from $7k to $10k People started to tell this is about China made legal for Bitcoin, now the price gone down to $7k. At this time news is spreading china doesn't want Crypto.

https://www.deccanherald.com/business/business-news/bitcoin-plummets-to-a-6-month-low-on-china-crackdown-778905.html

 

Guys and girls is this a real news or an prediction?

Bitcoin doesn't depend on China because China is the country thats are working to decrease the demand on bitcoin while they are working to create their coin similar to bitcoin. 

[Rozy 1918]

No , I do not think that there is a special country that is able to control Bitcoin, if you say that there are some whales who do control the price, i will agree with you , and some of these whales might be Chinese , I cannot argue with that, But Bitcoin is beyond the control and authority of any country, it is a decentralized system that is up to offer and demand and the price is determined by them. 

[Jacks52 351]

the only fact i know is, whales are the one who can control the bitcoin.  The top holders always live in anonymous mode so anyone cannot track them.Indeed most of the holders of bitcoin, if I'm not mistaken, are china.

[maarcoferrer 1096]

The truth is that I do not believe at all that it depends on China, since this cryptocurrency is decentralized and does not depend on anyone to overcome and create new maximums, many people focus on what they can not control and therefore do not reach the results easily, it is best to focus on what you understand and get the most out of it along with proper education.

[Ola22 197]

One of the elements of the strength of the digital currency technology and Bitcoin in particular is that it is not based on any country or on any nationality. It is a decentralized currency based on electronic transactions and thus it is independent in itself.

[huesca123 946]

I think you have a good point that China might be controlling or influencing the price of BTC. It might be influencing the price of BTC but I dont think they are controlling the price. There has been Whales that have dumped BTC at crucial moments, to take profits. I also think that there used to be many Whales, but I think many Whales have taken their profits. But its hard to tell for sure.

 

Here is an interesting web page called ( link below ) - Whale Alert. It follows many big daily transaction of any crypto currency.

 

https://whale-alert.io/

[teebasas 3018]

Bitcoin has major Chinese investors and whales, but that doesn't mean it depends solely on China because the capitalization of bitcoin is more than USD 1.20 billion. This means that not just one nation owns this bitcoin capitalization, so China is not liable for bitcoin rise or fall.

[Khuram 4]

I think not Because Chaina Is also a powerful Country And there are many Other currency which are used in Chaina . Bit Coin Is also a sutibale for every Human 

 

[Zoiakhan 85]

Yes my friend .It is factually correct to say that Chinese bitcoin mining pools control a large amount of the hash rate that powers bitcoin, for example. A study in 2019 estimated that there was about 65% of the hash rate within China itself. 

[RoyalHouse01 9]

the cryptocurrency is not depending on any country or any person if some one is not using it there is no difference to the currency so it is not dependent on anyone.

[RomanRaj2020 9]

In particular, the feature of digital currency, including Bitcoin, is that it is not associated with any particular country or nationality.  Transactions in digital currency are completely unknown and confidential and I don't think they are associated with any country

[David84 1191]

I think things came out of hand , it is not up to China to decide whether to use Bitcoin or not , Bitcoin has spread all over the world and people will use it regardless of china's opinion and I thin k that the Chinese people will not miss a chance to trade and earn some cryptos but they will find some illegal ways to so it .