Topic: Bitcoin & China time to time waving History - page 2. (Read 317 times)

China bans, China fud, regulations, since 2009, Bitcoin is up.

Since the great Migration of Bitcoin mining and hashrate in 2021, total hashrate from China mainland decreased a lot. Bitcoin miners have migrated from China Mainland to other nations like the USA, Canada, Germany, Kazakhstan ...

They have not only migrated but also new mining farms, mining companies joined because of 2020 halving effect.



https://ccaf.io/cbeci/mining_map

Fud from China now have little negative impacts on Bitcoin. The more times they fud, the less impact on Bitcoin they can create.

Chinese people are used to being banned by the government so is not surprising again if happens in the future. They are ready against the possibility if something happening in bitcoins. your data show us a ban is possible, but after being ban, bitcoin is still rising up especially for chinas people who buy bitcoin using proxy or any decentralization exchange like Bisq.

China won't uplift its ban in bitcoin and cryptocurrency anytime soon, this might be a forever ban knowing it's China. They will make everything their people do in controlled, that's why they create their own version almost everything on the internet so Chinese will use them instead. This include the implementation of crypto and blockchain.
That's why i see no good future of bitcoin on China.

It appears that China has had a complex relationship with Bitcoin and cryptocurrency over the years. The country has implemented several bans on different aspects of the industry, such as transactions, initial coin offerings (ICOs), and mining. These bans have been motivated by concerns over money laundering and illegal outflows, as well as environmental concerns around the energy use of mining. However, these bans have also had an impact on the market, causing fluctuations in the value of Bitcoin and affecting businesses in the crypto community. It's worth noting that the Chinese government has also been active in promoting its own digital currency, and it's possible that this might have been a factor in the decision to crackdown on Bitcoin.

I think the fact is China will not accept to lift the suspension of bitcoin, at least not with the current situation we see. Because China has a communist government and they are against anything that makes them lose control over people they want to know and have information about what people buy and what people sell, and thanks to bitcoin and its systems they won't be able to do that with bitcoin. So that's very much clear to see they ban bitcoin in their country, however suspension of the bitcoin transaction will not affect bitcoin itself and all they can do is suspend the bitcoin transition inside their own country, and none know what's going to happen in the future about bitcoin and China.

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?

Background: In my analysis, China was the first major country to impact the bitcoin journey as in back 2011 first Chinese centralized exchange was working for the local community and in 2013 cryptocurrency especially BTC was recognized as the payment system in China. As China boosted BTC in the early times but in the second part of the story China betrayed the Bitcoin community many times.

2013 Bitcoin Transections Ban

In 2013 China recognized bitcoin as the payment system but on the day of 5th December 2013. On the notification of PBoC and the Ministry of Finance, China prohibited all transactions related to Bitcoin and cryptocurrency. This was the First Ban in the Bitcoin history of China and from there a journey of continuous manipulation by China started. The internal ministry showed up this notification on the basis of the risk of scams and Money laundering.  

Note: When China accepted BTC as a payment system in 2013 Q1 Bitcoin was bullish and remained Bullish for the whole year but from December 5, 2013, to Q4 of 2014 a whole year bitcoin suffered the pressure and Bear zone.

2017 ICO Ban by China

Chian always used the allegation of Illegal outflow of money to Ban Bitcoin and cryptocurrency exchanges and projects. The year 2017 was a good year for the Bitcoin market but at that time in Shitcoins or Altcoin a new investment strategy ICOs Initial Coin offerings were introduced and this was an unsuccessful strategy as many projects scammed to users and China noticed this incident and reported that an ileal outflow of money from china to the crypto market. On 4th September 2017 China Baned Local Exchanges and ICOs.

Note: Bitcoin Hit ATH at the end of 2017 ignoring the China ICO ban and exchanges shutdown but fell down from the Q1 of 2018 and suffered a bear zone for a whole year.

2019 Bitcoin Mining Ban

Ban of Payment system then Ban on ICOs after all that China targeted the base of Bitcoin network. NDRC raised an issue in the Parlimanry Sector to impose a ban on bitcoin mining with a shity reason of Unwanted Industry. On the name of Polluting industry. NDRC pressured the Chinese Local governments to Ban bitcoin mining.  

Note: 2018 was a bear timeline but after the NDRC mining ban development Bitcoin faced more pressure from the Q1 of 2019 to the Q3 of 2019 after that bitcoin pulled up to $10k at the end of 2019.

2020-2021 China Bitcoin Mining & Trading Ban

China took money Lundring seriously and made strict policies for exchanges and investigated all the fund's activities on exchanges. All over the local crypto community, China exerted huge pressure and many people shifted their funds to Decentralized wallets and completely avoided the centralized services.

2020 was a bad year for the centralized Chinese exchanges and the community almost shifted to the Defi but after a short period of time in 2021. In May 2021 there was a new start of crackdown policy in china this time china doubled the pressure and banned both Bitcoin Mining and trading . As China is the Hub of Bitcoin mining the state council of china directly targeted the most power-generating provinces for Bitcoin and imposed some rough policies to eliminate the bitcoin miners. This was a great fud for the Chinese Bitcoin community, this was the first bitcoin massive dump where the $30K market value difference was taken into note.

Bitcoin targeted in 2021 affected many local businesses in the crypto community in China. As always NDRC and PBoC played a major role in the whole crisis of 2020 to 2021  of bitcoin. NDRC this time permanently imposed some policies including the high-cost electricity in Bitcoin mining areas, strict policies for new crypto businesses, and tight grip and inquiry on the existing ones.

Conclusion

On the government level some policies were needed by China to stop money laundering I do agree with those but the high cost of electricity for the miners and discouraging new firms in this field are unsatisfying. China always manipulates and triggers some policies on Bitcoin during the time Bull run. China was 50%+ Mining Hub of the Bitcoin network but due to time-to-time, changes in policies currently china is contributing 22% to the Bitcoin network.
China had both good and worse bitcoin developments in the 2011 to 2022 timeline, I am still not sure how China sees bitcoin in the future. The community is still hopeful. My personal perspective as China is one most powerful countries with almost 43% market hold. So in any way, China is going to impact bitcoin directly.

I think the Bitcoin community needs to hold their breath as we are still at the start of the journey to financial freedom and almost on every milestone global economic powers are going to manipulate Community emotions.