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

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.

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?


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!

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.

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.

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.

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.

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.

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.   

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.

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.

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.

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.

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.

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.  

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.

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.

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.

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.

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.

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.

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.

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.