Does Bitcoin depend on China?

[Saboor 511]

3 hours ago, CrimBit2020 said:

I will say cryptocurrencies do not depend on a single country, cryptocurrencies will be adopted if there is no China and the price will be as this. Cryptocurrencies does not depend on China. 

If you can sense it by looking at the Corona virus that was found in china since last year, it has no effect on cryptocurrency, untill it has become pandemic that we were able to experience a major dropped of all currency value

[Saboor 511]

17 hours ago, Dguy said:

Bitcoin is not even accepted in China and and that shows that it did not depends on china but there creator is from China's

Definitely it won't be dependent on China because they just want to implement the blockchain not the cryptocurrency itself, so we can't said that china will have much effect on it

[Raven 7817]

On 11/23/2019 at 2:44 PM, 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?

No, bitcoin is not depend on china. Bitcoin depends on supply and demands if the demands for bitcoin decreased it means the price of bitcoin will go down as well. Bitcoin never depends in any country. Correct me if i'm wrong. 

[Ayush Singh 1175]

According to me i don't think that bitcoin totally depend on china but yes china is the big trading market which effects the whole prices of the Cryptocurrencies with any of its activities,  bitcoin only depends on its demand and supply and investments.

[Maroua 1159]

From where did you hear this news, my dear brother, sometimes there are those who say that China prohibits bitcoin and who deals with it, and sometimes we find something like the words that you wrote here, from where do we know that the news is true or false?.

[bentayebsalah 2280]

Bitcoin does not depend on any country, but it is affected by the entry and exit of any country. This is why it was affected by China, but it soon regained its strength again.

[BitcryptoHan 2557]

China can depend on bitcoin but bitcoin cannot depend on them. They are the one that ban bitcoin but still mine bitcoin, bitcoin has really helped them. 

[Trader21 1199]

Maybe cause of corona China can not make more mining. That can be reason of some problems, but really it doesn't mean BTC depend on China or other country. 

[Sara20201 1]

Думаю вряд ли, не смотря на то, что правительство Китая уже давно ведет свою завуалированную борьбу против цифровых денег и они пытается давно  с этим бороться и  вводят свой цифровой Юань,  но полностью обрушить систему,  у них на мой взгляд точно не получиться, так как по словам экспертов, поддержка блокчейна  ляжет на другие страны.

[tienda 8776]

I don't agree with you. Bitcoin doesn't depend about any countries, China, USA or any Europe countries, Bitcoin depended about their supply and demand, but  when there are a global crisis affect i.

[betelihem 4766]

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?

To be honest bitcoin price is depends on investors and trading persons demand, and if they sell the coin the price drops and if they buy the price increase you can check that in yobit sites, and if china have so meany users of bitcoin more than other country that means yeah it depends on the country.

[Zaino34 0]

Bitcoin does not depend on a specific country. It only depends on supply, demand and control of whales who have a large amount of currency. There are also some countries that support encryption more than other countries.

[magd 5231]

I noticed that the price was greatly affected by the Corona crisis in China, as the price returned to rise after China recovered from this epidemic, which indicates that it affects the price. In addition, there is the largest percentage of mining in China.

[Saboor 511]

10 hours ago, CnapmaK said:

A lot of chinesse people are working in crypto. There are millions Bitcoin invesotrs from China. And such great exchanges like Binance and Bibix are chinese exchanges too. That is why BTC price can depends from China.

But this won't have any effect on the cryptocurrency, they all work for their benefits and cryptocurrency has been standing when it was banned in china, so nothing can control bitcoin for now

[SuperCrypto 7193]

On 11/23/2019 at 8:44 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?

China is considering banning digital currency mining, and it appears that China has again started to consider converting the Chinese renminbi into a cryptocurrency, as the government has a serious attitude towards cryptocurrency downsizing.

[Mcd0d0 5882]

Well, china didn't accept bitcoin to their country it's because they are creating their own coin to be compete with bitcoin to become a greater coin in cryptocurrency, happy posting everyone.

[MCSGlegend 2210]

Yes, I think that this drop is directly related to China as they have a larger number of miners than anywhere else, and therefore they can sell their bitcoins on exchanges because of such news.

[Saj555 2250]

Bitcoin is a totally decentralised currency. And also it doesn't depend on anyone. But it is also true that sometimes it gets influenced by some people who are holding a good number of bitcoins. But It is not totally dependable on China or something else. But pumps and dumps are actually happening in China. They are trying to create a own digital currency for their tradings. Cryptocurrencies have a lot of influencer so they can sometimes move a little bit of buy and sell rate or the coins. 

[Calvinpriva 17296]

Am not sure about this because there is a bitcoin top holders chart which shows those people who have the big number of bitcoins and i think bitcoins depends on them. I don't remember well, but the first person in the chart is Satoshi Nakamoto himself, second is FBI i think, i don't remember the third one but the forth is Bulgaria country. That means those giants who are holding bitcoin, in countries Bulgaria is the leading because its the only country in that chart.

[Solex 2262]

We all know that china is the top bitcoin miners in the Cryptocurrency world but that doesn't mean that they can control the price of bitcoin and I have to say that bitcoin price only depends on demand and supply of the coin in the market but there is certain time when the whales control the price since they have huge capital by increasing the value so that panic sellers can sell to them and they will accumulate more in there wallet for future rise.

[Moaz 7239]

I do not think that Bitcoin relies entirely on China, but certainly China has an important role in the Bitcoin industry and its spread, and it is one of the important countries in the field of crypto

[Whited35 15285]

So many biggest Bitcoin mining farms are located in China. You have clearly seen, last time price of Bitcoin was affected when China has the so many cases due to COVID-19 pandemic.Clearly, China is playing vital roles in the cryptoworld however there are still so many restrictions in using cryptocurrencies. In the case of BTC price manipulations, it is up to biggest whales and potential investors and I believe China has so many such investors and whales,sometime decide to make movements.

Edited August 8, 2020 by Whited35

[Dorjoy12 8962]

Bitcoin is not get control by anyone you need to know THIs..yah its true that lot of mining company of btc are in china.. But its not mean that btc get control by china..btc price depend on stock market trading volume.. If the trading rate increase then btc price increase too      

[BTC Future 3946]

On 7/14/2020 at 4:58 PM, Whited35 said:

So many biggest Bitcoin mining farms are located in China.

It seems that more than 60% of the hash rate originates from China right now. (source)

This is a probable danger for Bitcoin as mining should not be centralized in just one country, without even talking about the politic side. Another country that is observing rising mining activity backed by their government is Iran.

There are reasons for this though as their government is trying to find ways to bypass certain sanctions. Iran is now accountable for 4% of Bitcoin's hashrate and this figure is expected to rise. Also there are many restrictions and mining Bitcoin can be considered under government control in Iran.

Edited August 7, 2020 by BTC Future
Added source link.

[Whited35 15285]

13 hours ago, BTC Future said:

Another country that is observing rising mining activity backed by their government is Iran.

@BTC Future Thanks for mentioning everything so nicely. I was not familiar with the case of Iran. I believe there is cheap; electricity charge and mining resources available in China. I can still see most of the Chinese companies are offering mining equipment at the cheapest possible rates. Some of the famous China homeland based companies like Bitmain, F2Pool, and Canaan are are responsible for a large portion of Bitcoin network's hashrate. More than 65% Bitcoin's network hashrate is belonging to a single country China which is looking dangerous because if Chinese government decides to ban every cryptocurrency related activities, rest of the world would have no option except to look the chaos  in the crypto community.