Bitcoin & China time to time waving History

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: klidex on January 19, 2023, 08:02:12 AM

Exactly what I had thought.
China was the first country to get Bitcoin and certainly the biggest adoption is in China. What's more, many Chinese residents are successful entrepreneurs and have very good intelligence in financial management.
We don't know the main aims and objectives of China to strictly prohibit Bitcoin, of course the main goal is to gain its own benefits for the Chinese state.
I think China is a country that has a very good strategy and way to be able to benefit either from investing or trading.

My dear, there are several motives behind China's strict policy to the BTC but these policies may change in the coming years and i these policies change the role of Russia is going to be credited for that.
In motives

The major motive in my view is particularly personal digital Yuan. i don't know how to spell hope so you got it.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: taufik123 on January 19, 2023, 06:44:43 AM

El Salvador became a country that accepts bitcoin as legal tender after China banned Bitcoin.

Are we really down to thinking that Salvador, a country with a 6mllion population, that's 1/4 of Beijing and an annual GDP of $69.25 billion, or 1/30 that of Guangdong will offset that? What's next, no problem in the US doing the same as China, Nauru adopted Bitcoin?

Quote from: taufik123 on January 19, 2023, 06:44:43 AM

There are many real examples of Bitcoin adoption by several countries and a lot of support coming for the progress of bitcoin.

Can you name a few of those examples of adoption by countries, and when we say countries I think we both understand the country at the government level not usage by people in a country which is a different thing! And if we look from that point of view, is Salvador as the country really adopting Bitcoin, are they paying their government employees in bitcoin? Are they using Bitcoin for anything else?
I'm curious why some really claim this progress as being something that really can be seen and has happened and can be measured when from a neutral point of view we can obviously see we're still at the beginning of mass adoption and nowhere near what some claim. I honestly don't think we're that much radically close to global adoption as we were 2 years ago, but fill free to quote some numbers to change my mind!

klidex

hero member

Activity: 1498

Merit: 504

Quote from: Cookdata on January 19, 2023, 06:04:36 AM

When one door closes, another one will open, and that is exactly how I would describe the relationship between bitcoin and the Chinese people. Just because bitcoin was strongly rejected there doesn't mean that others won't accept it, and in fact, this has made it possible for other nations to accept bitcoin because some of them have already legalized it as legal tender.

Despite the crackdown on bitcoin and digital trading in China, I believe China is one of the countries that hold the most bitcoin. They hold more bitcoin than any other region because they were the first to get their hands on it earlier, and I believe some of them are still holding it, nobody will ever be able to determine who is in possession of their private keys.

Exactly what I had thought.
China was the first country to get Bitcoin and certainly the biggest adoption is in China. What's more, many Chinese residents are successful entrepreneurs and have very good intelligence in financial management.
We don't know the main aims and objectives of China to strictly prohibit Bitcoin, of course the main goal is to gain its own benefits for the Chinese state.
I think China is a country that has a very good strategy and way to be able to benefit either from investing or trading.

taufik123

legendary

Activity: 2716

Merit: 1855

Rollbit.com | #1 Solana Casino

Quote from: Cookdata on January 19, 2023, 06:04:36 AM

When one door closes, another one will open, and that is exactly how I would describe the relationship between bitcoin and the Chinese people. Just because bitcoin was strongly rejected there doesn't mean that others won't accept it, and in fact, this has made it possible for other nations to accept bitcoin because some of them have already legalized it as legal tender.

There are many real examples of Bitcoin adoption by several countries and a lot of support coming for the progress of bitcoin.
China may have been a big country that influenced bitcoin in the past, but now Bitcoin is not tied to China,
so there will be no manipulation from the bamboo curtain country.

El Salvador became a country that accepts bitcoin as legal tender after China banned Bitcoin.

Quote from: Cookdata on January 19, 2023, 06:04:36 AM

Despite the crackdown on bitcoin and digital trading in China, I believe China is one of the countries that hold the most bitcoin. They hold more bitcoin than any other region because they were the first to get their hands on it earlier, and I believe some of them are still holding it, nobody will ever be able to determine who is in possession of their private keys.

Regarding Bitcoin holders originating from China, maybe the largest holders are in China because before the ban the biggest bitcoin miners were in China and a lot of bitcoins were mined from China.

However, when the ban was enforced, miners began to leave China by occupying countries that were pro with bitcoin.
Some of them may still have it, but of course, some have sold it. No one can say for sure which country holds the largest supply of bitcoins.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Fully Regulated Crypto Casino

The Chinese government played a negative role in influencing Crypto in general and Bitcoin in particular, but let's look at the bright side, because on the other hand, strict laws and the ban on mining had positive aspects that contributed to the improvement of Crypto.

For example banning mining in China has had a huge upside in de-centralizing mining because the bulk of the Bitcoin network hashes are pooled in China. This was dangerous for the Bitcoin community due to its becoming a kind of centralization, but by banning mining in China, the network hashers were deployed in new countries and the fears of centralization were eliminated.

Also, the strict laws taken by the Chinese government regarding ICO projects contributed greatly to cleaning Crypto from these fraudulent projects that caused a lot of bad reputation for Crypto.

So we have to look at the positive effects after all.

Cookdata

hero member

Activity: 1106

Merit: 912

Not Your Keys, Not Your Bitcoin

When one door closes, another one will open, and that is exactly how I would describe the relationship between bitcoin and the Chinese people. Just because bitcoin was strongly rejected there doesn't mean that others won't accept it, and in fact, this has made it possible for other nations to accept bitcoin because some of them have already legalized it as legal tender.

Despite the crackdown on bitcoin and digital trading in China, I believe China is one of the countries that hold the most bitcoin. They hold more bitcoin than any other region because they were the first to get their hands on it earlier, and I believe some of them are still holding it, nobody will ever be able to determine who is in possession of their private keys.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: bittraffic on January 18, 2023, 08:39:17 AM

Because of their population which majority are rich and can impact the price when they adopt something like BTC. If back in the days they were the poorest country, now they are one of the richest countries. And anything that their government tells to their people is holistically followed.

Prices of altcoins were actually much better back when China are not banning trading and mining like the LTC and EOS.

Bro, exactly they worked hard they adopted strategies, and they used the biggest problem of the population as their biggest power. So they deserve to be idle power in the world. Well, I'm happy that you have got my point mentioned above. My point is in the Financial field China is the most dominant country weather you accept or not and if they allow their International trade with the crypto, especially with the BTC then their Allies are going to be forced to be in BTC due to trading terms.

bittraffic

hero member

Activity: 3038

Merit: 617

Quote from: Faisal2202 on January 15, 2023, 12:58:44 PM

great information and it do refreshing the memory of China's decisions that always effect the market. Well now as the time has changed and it's a new start of 2023. Well lets hope for good and less manipulation.
But i know that's not going to happen haha. Because things seems to be disturbing and they are happening like us interest rates and now as of today india announced to ban crypto even they have their own big platforms.

Well, i have a question for you, if you know no doubt i can search it on the google but let hear it from you.

Why is it always the China's decisions about crypto effect the market badly why not some other countries?

Because of their population which majority are rich and can impact the price when they adopt something like BTC. If back in the days they were the poorest country, now they are one of the richest countries. And anything that thier government tells to thier people are holistically followed.

Prices of altcoins were actually much better back when China are not banning trading and mining like the LTC and EOS.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Hamza2424 on January 17, 2023, 10:30:25 AM

I do admire your motivation and emotion with the Bitcoin and Bitcoin community we all are bitcoiners but dear imagine an interval when China do openly support bitcoin for their international trades.

This! People always say China banned Bitcoin, so what, we're still here, it still has grown but fail to understand that it would have been way better if this didn't happen at all. Yes, for a while Bitcoin can grow perfectly even without China but at one point you're going to hit a limit that wouldn't have been there, a 14 trillion economy and 1.4 billion people using it with no restriction.

It's like having a restaurant in a small town, yes, it can be successful, it can be profitable, and you can have it packed all day long but that's it, you will never be able to serve 1k customers a day when the whole population is barely 2k. In order to grow you need to expand and this is where this limit hits.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

China is one of the two (along with the USA) world's biggest economies, so of course it has a major impact on economic processes, including Bitcoin. It also had major power when Bitcoin mining was concentrated there, but since the mining ban, I'd say China's impact reduced to pretty much negligible because they've already done all the damage they could do to the market.
Also, I think some points on the op's list overestimate China's impact. For example, I remember considerations of South Korea banning crypto exchanges as a major trigger of the 2018 bear market. And in 2019, Bitcoin was already well into the bear market, so China just added a bit more fuel to the fire.

hugeblack

legendary

Activity: 2702

Merit: 4002

I believe that banning China is one of the things that whales use to circumvent prices, just as it happened with variables such as Elon Musk's tweets, and therefore there is no real effect on the price, and with their complete ban on mining everything disappeared.
Therefore, your tracking of these events would be correct if it was within the framework of a broader analysis of the market and not on the part of the "China ban" and its impact on the price.

Ojima-ojo

hero member

Activity: 910

Merit: 507

Quote from: NotATether on January 17, 2023, 07:53:13 AM

Quote from: Accardo on January 17, 2023, 06:00:03 AM

You forgot to mention the Chinese ban of cryptocurrency accounts on Wechat. China has been a torn in the market, but the market don't need them to succeed. Bitcoin price would still go bullish with or without them. However, given time the Chinese government may consider lifting the ban on bitcoin as power could change and their next administration can consider using bitcoin again. Many businesses would prosper in China if bitcoin is accepted again within the country. Hence that doesn't stop the citizens from having cryptocurrency or investing into the market just that they are lesser amount of Chinese in cryptocurrency after the general ban on the currency. The ICO era was so drastic on investors around the world not just the Chinese, though some Chinese developers had their own ICO telegram groups, which ended up as Scam. Their Government is just doing this to promote their own digital currency and make money out of it.

After seeing a torrent of scam livestreams on Youtube recently, this makes sense. Considering that our Big Tech platforms are utterly incapable of dealing with this mess, to the point of incompetence - they don't even have the option to report hacked accounts.

NotATether the fact that China is a high-tech country makes it easy and suitable for bitcoin miners, but the weak security of other IT and their related shady and scam manipulation from the tech industry make it worst for China government and instead of the authoritarian china government to pay close attention to tech development and way to trace crimes to individuals from the centralized financial system.

China instead of banning cryptocurrency transactions, their should look for ways to combat crime by reducing cyber fraud and money laundering.

China has a friendly environment for bitcoin mining due to the availability of green energy supply with environmental friendly power supply, and the earlier china accepts to adopt bitcoin and regulates their financial sector to earn income tax on all transactions the better for their economy.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: Frankolala on January 17, 2023, 10:16:34 AM

China do influence the crypto market then when they were into it but not anymore,bitcoin is still surviving and has come to stay whether China likes it or not. Since China government believes that they don't need bitcoin which led to the banned of it,there are so many countries that are embracing bitcoin, and bitcoin is growing fine without them.

I do admire your motivation and emotion with the Bitcoin and Bitcoin community we all are bitcoiners but dear imagine an interval when China do openly support bitcoin for their international trades. Can you imagine the bitcoin market capital after that I am just trying to say yes we are growing gradually. If a country like China or Russia supports us openly then other countries in their influence are going to be forced to support bitcoin and here you go this is one of the biggest milestones for our community.

Frankolala

hero member

Activity: 896

Merit: 586

Leading Crypto Sports Betting & Casino Platform

China do influence the crypto market then when they were into it but not anymore,bitcoin is still surviving and has come to stay whether China likes it or not. Since China government believes that they don't need bitcoin which led to the banned of it,there are so many countries that are embracing bitcoin, and bitcoin is growing fine without them.

Countries that are better than China are encouraging bitcoin awareness and adoption,miners have migrated to a bitcoin friendly country to continue with their mining activities,so let's not worry about spoilt milk and leave the communist government to do whatever he like with his citizens. Fine China helped bitcoin to grow to a certain level,where bitcoin can survive on its own before kicking it out,which we should appreciate that fact.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: Accardo on January 17, 2023, 06:00:03 AM

You forgot to mention the Chinese ban of cryptocurrency accounts on Wechat. China has been a torn in the market, but the market don't need them to succeed. Bitcoin price would still go bullish with or without them. However, given time the Chinese government may consider lifting the ban on bitcoin as power could change and their next administration can consider using bitcoin again. Many businesses would prosper in China if bitcoin is accepted again within the country. Hence that doesn't stop the citizens from having cryptocurrency or investing into the market just that they are lesser amount of Chinese in cryptocurrency after the general ban on the currency. The ICO era was so drastic on investors around the world not just the Chinese, though some Chinese developers had their own ICO telegram groups, which ended up as Scam. Their Government is just doing this to promote their own digital currency and make money out of it.

After seeing a torrent of scam livestreams on Youtube recently, this makes sense. Considering that our Big Tech platforms are utterly incapable of dealing with this mess, to the point of incompetence - they don't even have an option to report hacked accounts.

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

Pathetic Xi and his trash government obviously earned a ton of profit by manipulating BTC and the rest of the cryptocurrency market now and then thanks to their bans which op specified above.

Their government is slowly transforming into a dictatorship which is bad for their people and the cryptocurrency market. If China ends up attacking Taiwan later on, it could throw all the financial markets into chaos.

Chances of something like that happening are pretty high since Xi is a lot like Putin after all.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Quote from: Faisal2202 on January 15, 2023, 12:58:44 PM

Why is it always the China's decisions about crypto effect the market badly why not some other countries?

Probably it's their influence, as most of the miners are located in China and that's why any news coming from them affected the market positive or negative. But that control has slowly dwindling down, as most of the miners have either get out of China or just stop their mining farm totally.

In any case though, as I have said, it seems that their hold on bitcoin and crypto in general has gone down.

Specially the love and hate relationship and the FUD coming from their government. And maybe one reason though is that they don't want to give so much financial freedom as we all know how authoritative their government is.

Accardo

hero member

Activity: 1274

Merit: 561

Leading Crypto Sports Betting & Casino Platform

You forgot to mention the Chinese ban of cryptocurrency accounts on Wechat. China has been a torn in the market, but the market don't need them to succeed. Bitcoin price would still go bullish with or without them. However, given time the Chinese government may consider lifting the ban on bitcoin as power could change and their next administration can consider using bitcoin again. Many businesses would prosper in China if bitcoin is accepted again within the country. Hence that doesn't stop the citizens from having cryptocurrency or investing into the market just that they are lesser amount of Chinese in cryptocurrency after the general ban on the currency. The ICO era was so drastic on investors around the world not just the Chinese, though some Chinese developers had their own ICO telegram groups, which ended up as Scam. Their Government is just doing this to promote their own digital currency and make money out of it.

Doan9269

hero member

Activity: 812

Merit: 560

When it fome to China we all know they don't take things easy with their people and they ensure that their law is being enforced across their whole regions, they may ban it legally but they cannot in a hundred percent way avoid the people from participating since there's p2p everyone ca go through fully decentralized and they csn use a non custodial wallet as well in having their bitcoin, the rate may be low where the Chinese citizens were found into crypto at the cause of the ban but if they really wanted to engage with bitcoin there's certainty they be do that being privately decentralized.

avikz

legendary

Activity: 3080

Merit: 1500

China's government is authoritarian by nature. So whatever policies China is making about cryptos will be directly against the interest of the market. That's the trend since very beginning.

Now if China is still contributing a huge amount of mining hashrate despite all the ban, might be controlled by its government and not by individual miners. They always keep everything so secret, it's impossible to know what's happening there! China thinks 50 years ahead of us. So that's why I personally believe if Chinese mining contribution goes to zero, that will be a great news for the market for the long term.

Topic: Bitcoin & China time to time waving History (Read 317 times)