China - The epicenter of Bitcoin

[Irish 128]

On 4/15/2020 at 1:51 PM, Dmasked said:

Few weeks ago when the price of bitcoin crashed hard to around $4000 i noticed something unusual. It was the time when China was the epicenter of Corona virus outbreak and at the same time the price of bitcoin came crashing down. Bitcoin and all other crypto currencies are supposed to be a decentralized currency but somehow bitcoin seems to be centralized to China to some extent.

 

Maybe it is because of large number of Bitcoin miners in China but I never expected that one single country would affect the price to this extent. When the situation in China was under control the price recovered again. It seems like China has high influence over these digital assets and its not something I like.

 

The situation in china is now under control and improving but the outbreak has traveled to other major powers around the world like USA, Germany, Spain, France and other global giants. Their situation is far worse than it was ever in China but some how it has not affected the price of bitcoin too much. The whole global economy is degrading by the day but the prices are actually recovering along with China. It seems to like China has high influence over Bitcoin which it shouldnot have. 

 

 

I dont that China is the epi center of bitcoins although mostly of the miners are from China. If your basis is the corona virus outbreak that and the flactuations of bitcoin's value during that pandemic, I think it's just a coincidence because China isn't the only country who mines and uses bitcoins. Maybe the flactuations in bitcoins' value is just only the result of the outbreak in the different countries brought by these corona viruses.

[Zues 1069]

On 4/29/2020 at 7:00 AM, Dinhhung1612 said:

Everyone here know China has the biggest market for everything, its population 1.3 billion (20% of the world population) and one of the fastest growth economy in the world). So that if BTC become more attracted and popular in China, it is the best thing. Its price can fly up without any pause. And now we can see BTC mining and crypto exchange in China developed very strongly and quickly.

I think that it is great because china is a large country with so many peoole so if they can have their own cryptocurrency then the people will only use their currency and they will have their own market. I hope that they will be successful because many people there are managing their own cryptocurrency. 

[Brand1 1336]

You are right with everything you say in this post. I think China is the main center of bitcoin, as the price has decreased very significantly when the virus has spread inside China greatly, and we have all noticed that the price has started to recover when China recovers from the virus. very

[George10 9932]

I also think that China has higher influence over bitcoin or let me say cryptocurrency due to the fact that it's where many miners for crypto are situated.

[Whited35 15285]

In the most of the cases, China plays the vital roles in the cryptocurrency world. We know there are so many projects which are coming from China and most of the miners are also from China. Last time, we noticed the impact in the crypto world when Corona virus first appeared in China and mining farms were also closed and there was impact in the price of Bitcoin. 

[Irish 128]

On 4/29/2020 at 7:00 AM, Dinhhung1612 said:

Everyone here know China has the biggest market for everything, its population 1.3 billion (20% of the world population) and one of the fastest growth economy in the world). So that if BTC become more attracted and popular in China, it is the best thing. Its price can fly up without any pause. And now we can see BTC mining and crypto exchange in China developed very strongly and quickly.

They have the high number of population but I think if they will create their own , it doesnt matter , because bitcoin can stand alone without them.

[Laboni 755]

Even if Bitcoins stand-alone, the demand for Bitcoin will not increase unless someone invests in it. China is the center of Bitcoin. China has a large population and size, so the number of Bitcoin investors is higher in China. Bitcoin will start coming down again if China stops everything already.

[Dark_Sky 8489]

On 4/18/2020 at 11:06 AM, Jabed00089 said:

China is a well-developed country. Bitcoin and crypto trading in China are in good shape.  Bitcoin is a digital currency.  People in China are using bitcoin and profiting.  Bitcoin is a very valuable currency.  Bitcoin consumption in China is improving a lot.  Thank you

That's right. 

Their country is well developed that they can support cryptocurrencies especially to the more improvement of their country. 

That's why no doubt that China is the epicenter of bitcoins. 

[Captain Karim 0]

China has a significant impact on bitcoin because 70% of bitcoin mining operations are done in China, but mining was not affected during the Corona crisis, as mining does not require social contact or any other factor, but the fear of the collapse of all markets led to the collapse of the bitcoin price.

[Upright 2688]

On 4/15/2020 at 6:51 AM, Dmasked said:

Few weeks ago when the price of bitcoin crashed hard to around $4000 i noticed something unusual. It was the time when China was the epicenter of Corona virus outbreak and at the same time the price of bitcoin came crashing down. Bitcoin and all other crypto currencies are supposed to be a decentralized currency but somehow bitcoin seems to be centralized to China to some extent.

 

Maybe it is because of large number of Bitcoin miners in China but I never expected that one single country would affect the price to this extent. When the situation in China was under control the price recovered again. It seems like China has high influence over these digital assets and its not something I like.

 

The situation in china is now under control and improving but the outbreak has traveled to other major powers around the world like USA, Germany, Spain, France and other global giants. Their situation is far worse than it was ever in China but some how it has not affected the price of bitcoin too much. The whole global economy is degrading by the day but the prices are actually recovering along with China. It seems to like China has high influence over Bitcoin which it shouldnot have. 

 

 

The Crypto world tend to be of the notion of being decentralized, on how the power is distributed, but what China is showing, is of how they have leverage the opportunity to own the highest decentralized power, as their contribution on the Bitcoin network, can't be compared on other countries, as it has the highest number of miners, which the contribute in validating transaction on the Bitcoin network

[Rezort 846]

This fall was not only caused by China's virus outbreak but tones of other reasons, don't think that you can name even main five of them because nobody can, we can only guess.

[Michael0606 861]

There was also another reason, and it was the theft of more than 24 bitcoins from the miners, which were sold in a fractional way, also included because of the fear of the new disease, and what it could cause in the extra-financial economy of cryptocurrencies.

[Zaino34 0]

This is true. China is one of the most supportive countries for encryption and cryptocurrencies, and it contains many miners. We have noticed how the price of bitcoin recovered after China took control of the virus, which confirms that the bitcoin price is very linked to China.

[Omar Ommeish 4872]

Yes, one of the reasons is that the two minerals are mostly in China, and the other reason is that a large number of investors are located in China.

[iloveyobit 6599]

This is your opinion, and I respect it. According to my opinion, bitcoin is affected by external factors like all other currencies, especially when there is a crisis and traders freak out. This causes the market to go down.

[Virgil dijk 1431]

Well this clearly shows that there are alot of bitcoin miners and holders in China, china seems to be one of the big countries which holds a very large percentage of bitcoin, but still yet I don't think the price gained its position because of the recovery in China, rather most people in the world in total who sold thier bitcoin due to panic later started buying them back again.

[DreamStage 2105]

Basically since China has the most crypto currency users as from mining and some other services using it, it brings way more volatility to the table in terms of price gain and drop.

 

When you see such big spikes it's not because it's somehow looking as centralized but because there are way too much investors involved in just some particular world area.

 

That is what makes you think that it's centralized as fake reality 😉

[Thekingcallme 1975]

Yes, China is one of the largest countries that have bitcoin currency, but after banning bitcoin, many left China to continue their activity with bitcoin in other countries, and the Corona virus did not affect the price of bitcoin.

[Dmasked 1840]

On 6/2/2020 at 1:09 AM, Virgil dijk said:

Well this clearly shows that there are alot of bitcoin miners and holders in China, china seems to be one of the big countries which holds a very large percentage of bitcoin, but still yet I don't think the price gained its position because of the recovery in China, rather most people in the world in total who sold thier bitcoin due to panic later started buying them back again.

I was very surprised to see that a disaster in China could affect the price of bitcoin to such degree but when other big nations in cryptocurrency mining and trading like USA and Russia began to suffer, the price recovered. It makes me wonder if cryptocurrencies are in fact decentralized or by holding enough of them, a person or party can acquire control over them. specifically if its a low supply coin like BTC.

[CryptoLover21 0]

Yes, china is handling the half of the blockchain mining of the bitcoin. Even the technology of the china is very developed and electricity fee is very low.

[iloveyobit 6599]

That possibility is probably true, but there are other possibilities at the same time, which is that traders panicked and sold, which led to a decrease in the price of bitcoin as well.

[Tannah 1228]

 China has a large Number of traders . When the world came to a standstill due to the corona virus, it also affected the bitcoin market. Since the origin of the corona virus at china the supply of was decreased and the market value of bitcoin drops. 

[gourav789 2834]

On 4/18/2020 at 11:08 PM, Honny143 said:

China is the main hub of crypto currencies, because China mines 60% of bitcoins so its manipulate crypto currency prices, like recently China suffered by corona virus, then bitcoin loss their prices and hit the lowest price of 4000$ but now conditions change and bitcoin prices come stable.

yeah mate , China is big producer of Bitcoin . because their More than 70% minner in China . 

electricity is free their ( in some areas ) , this is biggest reason behind it. in China there is big holders of Bitcoin Also .

[TimopheyKa 3900]

I agree with your words! In General, there are a lot of miners in China, and they actively sell and earn on cryptocurrency. The problem is with electricity and equipment. Because even the government itself wants to somehow limit this situation, so that no such situations arise 🙂

[Fixfin 2569]

China has influence as most miners, more than 50% are located there. The electricity is very cheap and they take advantage of it by expanding the mining. It is a problem but except from miners it is the full nodes too that validate the blocks. Full nodes are all over the world scattered and not under the Chinese influence but I have not found good data on this yet. The corona problem as we seen had almost no effect on the bitcoin network. It did a temporary damage to the price but not much to talk about.