Does Bitcoin depend on China?

[BTC Future 3946]

13 minutes ago, Whited35 said:

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. 

At one point back in 2017, Bitmain alone was responsible for 50% of the hash rate, making it extremely dangerous. Of course the Bitmain founders would not attempt to damage the network especially not at that point, but you never know what might happen. Bitmain runs Antpool, Btc.com and ViaBTC as pools.

[rafa31x 198]

Bitcoin is a decentralized asset that is traded in hundreds of exchanges and among countless people around the world. In fact, there is no single bitcoin price. Each exchange has its own price, although these are usually quite similar. It depends on several countries, China does not affect it.

[gaisini2 34]

It seems to me that there is almost no industry in cryptocurrency independent of China. I think that this is especially affected by the huge number of mining farms that are there.

[ayoayo 935]

I'm sure not, but there are huge amount of farms, and they produce a lot of mining hardware including asics, so their influence on mining industry and btc is very big.

[avgplaya 97]

I agree with many here in the forum. Nor does bitcoin depend on China, despite the fact that many mining farms are located in that important Asian country. But I am more inclined than the events that we are experiencing in the world of cryptocurrencies, they have to serve to correct history and I praise the creation of new projects taking the blockchain and Bitcoin as an example and base.

[holaeskaren2000 3]

Bitcoin is not dependent on China or anyone else. It does not belong to any state or government and can be used worldwide, regardless of geographical and political barriers.

[ghasem13 12]

Bitcoin exchanges are very transparent and I do not think any country can control this currency

[maye22 63]

It is true that the news about the decisions of the Chinese government have a certain impact on the price of Bitcoin but I do not think that the price of bitcoin is governed only by China, the price of bitcoin fluctuates according to events worldwide not only From china, there are many investors and miners all over the world and many whales that poach in the market at will. The price is determined by supply and demand if they buy a lot the price goes up if they sell a lot the price goes down and that's how it works. The world news when it is alarming, makes people seek refuge of their capital in bitcoin and therefore it rises in price.

[Yorka 48]

I think not. Since it must be remembered that cryptocurrencies are decentralized, that is, they do not depend on an entity. But it is also true that China controls more than 65% of the world's bitcoin mining operations and no country is close to it. this digit

[sofiaqq 25]

Bitcoin does not depend on China, but we all know,  China is one of the main bitcoin miners in the world, but that does not define who controls the price of bitcoin. Bitcoin owners is the people who buy an sell.

[Daramola Abiodun T 60]

I do not think it depend on China. Of course the creator is not even known and the name of the creator doesn't sound like Chinese name but rather like Japanese name. So China can't even claim the ownership. However, the main reason that is causing the upward move or downward move when China talk about crypto currency is because of their large market potentials. Anything China approves and engage in will boom with population of over 1.3billion people.

[Humberto Alvarez 11]

It can happen. It is possible for other cryptocurrencies to replace Bitcoins, but nothing major in going to occur in the short-term. Bitcoin has a much higher market cap and price compared to various other cryptocurrencies. Therefore, I believe that BTC is going to stay in prime position for some time longer.
Moreover, it is unlikely that BTC is replaced as the main cryptocurrency because everyone who is new to cryptocurrencies would think of Bitcoin. For example, when I was introduced, I thought that Bitcoin was the only cryptocurrency. (I am obviously wrong). Therefore, everyone would use Bitcoin rather than other cryptocurrencies. These are my opinions.

[Btc1998 55]

It may be cross-cutting, but bitcoin is generally decentralized

[khalilltr 1]

i think it dosnt 

[Yomose 3704]

On 10/24/2020 at 8:23 AM, Btc1998 said:

It may be cross-cutting, but bitcoin is generally decentralized

You are right, bitcoin is totally decentralized, China are only mining  bitcoin because it is favouring them, they are the one depending bitcoin, not bitcoin depending on them. If China stop to mine bitcoin today, other miners will be happy because the mining difficulty will reduce and more rewards to miners. 

[George10 9932]

China contributes much to cryptocurrence as it holds high trade volumes on crypto market and it can indeed affect the price of some coins like bitcoin if some restrictions are put in their jurisdictions against the use ,trade or deals on crypto.

[Ramz99737 1196]

China is a big market of btc ,it has crypto-currency mining businesses. Bitcoin miners in China have embodied a contradiction for a long time. Initial coin bid to finance a new blockhain project is prohibited.

[han4036 307]

The price of the currency reached a low dollar and when it got rid of the disease the price started to rise and I think it depends on China and we have heard that China is being debated as a bitcoin backbone everywhere

[Artugul78 91]

China is a economically prosperous country.... We see china is big market of crypto currency.. This bitcoin is depend on china market... It is also depend btc market price too..     

[Yomose 3704]

21 hours ago, Artugul78 said:

China is a economically prosperous country.... We see china is big market of crypto currency.. This bitcoin is depend on china market... It is also depend btc market price too..     

No, you are wrong, bitcoin does not depend on any country, if a country stop mining, it will be an advantage for another country. If China stop mining, it will be an advantage for Russia and other countries that are mining bitcoin. 

[Afran_025 26]

Yeah its depends,the role of china in the industry cannot be neglected, it has served as one of the most vibrant regions for bitcoin development so far.If any ban on bitcoin Mining happens in china will cause some shake up in the industry. The possiblity of it alone is already causing some movement.As much as the role of China has been significant.

[bogdanoff 3173]

I don't think it depends on China, there are usually news coming from China that are most times bearish, sometimes there are better news but mostly China doesn't want Bitcoin but it allows mining because of the profits.

[annayks 2314]

China didn't make Bitcoin legal again, it had announced that blockchain technology is the future but didn't mention anything about removing Bitcoin ban, which they didn't and a year later we see them trying any time possible to create fud and make Btc inaccessible to chinese people.

[bimal1665 76]

I dont think so bro. Or maybe it depends in my opinion it depends on whole crypto users who helps bitcoin to cross its prices. As bitcoin is today their os not other coin who can give comptation to BTC. In China cryptocurrency is very common then other country so maybe bitcoin depends.

[Mella 3680]

From every thing I am reading it is very possible for China to keep making problems for the Bitcoin but all it is doing is not allow the chinese to use Bitcoin and try to promote a central government digital coin in the country. This is about competition so China does not wants Bitcoin to be there and competite with their coin.