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Does Bitcoin depend on China?

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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?

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It seems to me that bitcoin does not depend on China, but depends on a couple of influential people from Japan, because it is still not clear whether there is such a person as Sattoshi Nakamoto or not. So most likely they do not control bitcoin in any way.

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17 hours ago, yupi84goro said:

It's true that many Chinese bitcoin investors and mining farms are mostly from China. But that doesn't mean that China is in control bitcoin market. This is a wrong view, because bitcoin price movements do not depend on china. Just a coincidence when the president China made a speech saying that it supports bitcoin, then the price of bitcoin rises. The most influential in the movement of bitcoin prices is whales.

I agree with you all, then why does this news comes where they say China banned and Bitcoin dropped.

China adopted Bitcoin price pumped, I was seeing these stories from long time in blogs and got tired from their FUD. I think these people are trying to put Bitcoin on ahead so people can't sell their BTC for dump.

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Bitcoin dont depend on china, yes we all know that china is one of the world bitcoin top miners, but that doesnt define them to who'm control the bitcoin price, the only fact i know is, whales are the one who can control the bitcoin. 

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18 minutes ago, ibtismanipun said:

I don't think so bitcoin depends on china. I saw a chart today which was showing Bulgaria owns most of the bitcoin over 100K bitcoins.

Can you post the chart here for a look at it since I have never tried to look which countries own how many Bitcoins, but what I can say so many are anonymous.

The top holders always live in anonymous mode so anyone cannot track them.

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Of course not, that's just bad news so whales can get cheap prices. Indeed most of the holders of bitcoin, if I'm not mistaken, are china.

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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?

Bitcoin has been used by more progressive countries like Japan,Canada, Australia,United States and European countries and bitcoins price doesn't only depend on China though it has a huge population and contributed on the rising and lowering of price but that was some years ago and still not the reason why the value of Bitcoin depends on the said country.

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There is a lot of things where bitcoin is depended just like news or some countries' status like the ban. So, the movement about bitcoin in china's some effect on the price of bitcoin.

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it doesn't depend on china but its those bulls who control the market knows that good news make more people come in so they pumped it to insane levels even before china seriously started buying crypto, because we saw the Chinese markets buying their own currencies like NEO ELA ONT IOST. now it went down to 7k because of the FUD.

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Bitcoin is not dependent on china not even to any other country. recently china is adopting btc for their banking. bitcoin is the king of the market. in 2020 the price will go high and now it is the good tiem to invest on btc.

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Well, it’s true that for china there some effect on the price of bitcoin but bitcoin is not fully depend on china due to there other things which also bitcoin depend.

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On 11/23/2019 at 6:55 PM, TubigWater said:

No,  china are not the reason why bitcoin price are drop now.  Maybe some whales are the realy the true manipulating the price and they do this when China give some annoucement or do some not good to bitcoin. 

This what I was going to say, I guess the big whales who are behind bitcoin price, and about China I don't think that this country has any thing with this

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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?

I think it was just a coincident. Bitcoin does not depend on any country or people or any authority, it depends on supplies and demands.

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14 hours ago, Muphin said:

I think it was just a coincident. Bitcoin does not depend on any country or people or any authority, it depends on supplies and demands.

Yes, Bitcoin Doesn't depend upon any country, but when it comes to make legal people start to use and more will follow. If the country tries to ban, Bitcoin will struggle and people start to leave from that country.

As per our country we are just kept it aside neither to hold in large ot trade.

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I guess so, you know many Chinese investors who like to invest in bitcoin. When some good news about bitcoin in China the price will increase just like Xi Jinping speech about the blockchain, unexpectedly the price of bitcoin pumped. 


 

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As we know mate, China was the biggest and the first that making Bitcoin famous and helping the development like Jihan Wu who making ASIC Miner (Bitmain) And many more, Sometimes crypto news especially on china it's really affecting crypto market but today not really i think since now bitcoin community it's global and spreading around the world.

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The only reason people can say that is because in China there are many bitcoin miners, but bitcoin is getting well know and mined every where and been used also everywhere!


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Demand for bitcoin is high and it needs big supply. Even if Chinese government has banned bitcoin, still a large volume of crypto trades are done by Chinese's cryptocurrency exchanges. China plays a big role in mining operations and it is said that about two thirds of all bitcoin mining operations is done by China which is a huge percentage. One of major companies involved is Bitmain. This company runs two of the largest mining pools in the world and they handle 39% of all mining activities. Bitcoin supply is controlled by mining so mining operations have a direct effect on bitcoin price. Therefore, if Chinese government bans bitcoin mining, it can have a direct effect on bitcoin price because supply can't keep up with demand. But bitcoin is not dependent on any country and can continue to live without China.

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The only reason this might be possible is because in China electricity is cheaper than other places, other than that bitcoin do not depends on China or from government of China, bitcoin is decentralized and used by people worldwide!


Earn bitcoin Satoshis every hour, by doing click on the roll button. Make sure to enter your own bitcoin address! Register here:

http://bit.ly/2nYanIq

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Bitcoin is still banned in china, maybe that's true about dumps and pumps because the biggest number of development is in China and I think miners hold a large amount of bitcoin right now. This is my own wild thinking because no clear information is included.

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On 11/23/2019 at 10:39 AM, heelsibat said:

Because few months ago USA banned Chinese mobile phone such as Huawei mobile. China was not so upset about that.

Why should they be upset?  Nobody in the states uses a crap phone like that anyway, nor would a communist government express it even if they were upset.

 

But no, bitcoin doesn't depend on china or any other country.  People all over the globe form the bitcoin community, even if most of the mining power comes out of china.  That's the only big role they play in crypto.

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66% of miners are concentrated in China. I think that China has a strong influence on cryptocurrency and the price of bitcoin.

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For this report fake or legit you need to contact china news agencies that spread news of their countries and also trading news. They can give you correct answer.

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On 11/23/2019 at 1:44 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?


It was just a coincidence because at that time China was hit by a ban. China does play an important role in the bitcoin industry. For example, manufacturers of bitcoin mining equipment. 

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