China Controls Bitcoin's Future | Bitcointalksearch.org

Bilgent

member

Activity: 518

Merit: 13

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

There is absolutely no way that China will be able to take the control of Bitcoin in the future. It is totally against Bitcoin's nature first of all. Whatever China government tries to do, they won't be able to change this thing. When it comes to mining, I don't think most of Bitcoin will always continue to be mined in China. I actually expect the miners to choose another country to mine most of Bitcoin in the future. Because it won't be sensible for them to always continue there as China is fully against Bitcoin.

rosebrand

full member

Activity: 784

Merit: 100

Bitcoin is decentralized in nature which means it can't be controlled, it's true china possesses great amount of bitcoin mining power but that doesn't give them authority over bitcoin, there are many other countries that mine bitcoin and more and more people are gaining interest in bitcoin and so the mining power will be increasing because more people who got the required facilities would like to take part and this will reduce the percentage of mining power from china. Besides if China decides to ban bitcoin and its activities it will only affect bitcoin to some extent and after some time bitcoin will bounce back again.

emmybd

full member

Activity: 1218

Merit: 112

Bitcoin is apparently increasingly vulnerable due to China being a dominant part of the mining regions, apart from other major regions like Iran and Russia, though there are many others. China’s land being used for mining doesn’t necessarily give it power just because there may be a capital discharge taking place under its wings.
China’s own cryptocurrency, the DCEP, with its blockchain technology which is well under its way to release has posed a threat to Bitcoin’s future. China, with its provincial citizens, intends on utilizing its lack of enough banking institutions to its advantage by helping them register through DCEP to a new monetary system. DCEP materializing may lead to its abuse through which its Communist party may want to benefit from achieving greater authority over its citizens by surveillance. Its system of centralization, though, may attract people and rival bitcoin which is more isolated.

Shasha80

sr. member

Activity: 1876

Merit: 318

It's not that simple to say that China controls the future of Bitcoin, because there are many mining farms in China that doesn't mean China is
able to control Bitcoin. After all, why did China try to ban Bitcoin if it already controlled Bitcoin. In my opinion, no country can control Bitcoin,
because if Bitcoin can be controlled, it will be quickly accepted in all countries. Because no one can control Bitcoin that's why Bitcoin is very difficult
to become legal in all countries in the world.

jerrison

full member

Activity: 1442

Merit: 106

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

China has for long colonised everything that has to do with Bitcoin and its mining. Apart from the fact that Satoshi Nakamoto is the founder of the tech it is still in their control as the major mining pool is theirs to control.

verita1

member

Activity: 1358

Merit: 81

According to the following article, China banned bitcoin because it tries to reduce the operation due to energy consumption. China's Inner Mongolia region will cease the existing bitcoin mining works and will not accept a new crypto mining project by April 2021.

Apparently the cause is due to not meeting the objectives in 2019 in the use of energy consumption. If the goals were not met in 2019, what to expect in 2020 and 2021? The amount of power consumption will be higher.

https://www.cnbc.com/amp/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html

Hamphser

sr. member

Activity: 2604

Merit: 338

Vave.com - Crypto Casino

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

We cant deny that China does possess some considerable amount of Bitcoin but it wont really be enough on controlling bitcoin.If they do sell then they give out effect on crash down the market
but doesnt mean that it will really be remaining just like that because recovery would be inevitable.

If Bitcoin is controllable in the first place then it wont really be gaining much of interest and trust up with the community into this extent which does signify that
everybody is confident that this isnt something that had been monopolized on.

Recently China does make out some actions on banning Bitcoin once again which is really a bit contradictory and they've been doing this kind of behavior
for how many times already.

Rasel5209

sr. member

Activity: 672

Merit: 250

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

I think it's not only possible today running this way. If you find why fall down bitcoin you saw main reason China banned on crypto but after time cina come back and it price go to moon. So i think bitcoin mainly depend on China's energy.

bassbity

sr. member

Activity: 1092

Merit: 284

Quote from: ivankoh on March 12, 2021, 09:40:08 AM

This sounds ridiculous and bullshit. But it is not without foundation that China has always been rumored to have a large-scale bitcoin mining facility. Second, they are one of the two most populous Countries in the world that caused a big crash against bitcoin and crypto in early 2018. Tuesday, twice we move and hit a new ATH of $ 58k and fall. due to such a flow is ordered with the same frequency. China isn't quite the spotlight, but something is gaining traction.

Therefore, we don't like all the Chinese activities that try to indiscriminately control bitcoin mining. maybe this is something to be worried about for future generations. that technology-based ones can easily be manipulated. Likewise with China.
Bitcoin needs to be saved from those trying to centrally control it. the impact will be very dangerous, besides being no longer purely a bitcoin, China can manipulate prices as they wish. hope this doesn't happen. we have to stay alert ..

Dutchyyy

legendary

Activity: 1197

Merit: 1001

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

The Chinese government will consult with people on whether to ban cryptocurrency farms in Inner Mongolia province due to excessive electricity costs. It is not yet known whether the ban will take effect. If approved, the authorities will implement the regulation by the end of April this year.

Inner Mongolia is not the province with the highest yield in China, and this is not the first time that local authorities have tried to restrict cryptocurrency mining in the region. Last August, they undertook policy changes that repealed electricity discounts on 21 farms digging for bitcoins. But these regulations are not expected to affect cryptocurrency mining.

Spaffin

full member

Activity: 1316

Merit: 108

Quote from: Leviathan.007 on March 13, 2021, 03:42:52 AM

China and chines companies and organizations are already invested a lot to bitcoin and crypto. Also, the blockchain technology is used there more often. But, bitcoin is not centralized and it's not going to be centralized in the future. It's decentralized and can not be controlled by any government including china. Back in 2018-2019 many of bitcoin miners were from china but time after time more countries are entering this industry and china is getting less share than before.

I think that in the future we will witness a very serious confrontation between Bitcoin, that is, the owners of the cryptocurrency, and the government. The fact is that the government always does everything to control people, as well as their income and expenses, but even today Bitcoin is very strong against this. But since today very large capitals are included in Bitcoin, this suggests that in the future Bitcoin will be a reliable storage and will replace banks with great success. Of course, the government will not agree with this, but they have no other choice. Proceeding from this, until such time as they understand and realize this, they will create problems in all sorts of ways.

Leviathan.007

hero member

Activity: 1778

Merit: 722

Leading Crypto Sports Betting & Casino Platform

China and chines companies and organizations are already invested a lot to bitcoin and crypto. Also, the blockchain technology is used there more often. But, bitcoin is not centralized and it's not going to be centralized in the future. It's decentralized and can not be controlled by any government including china. Back in 2018-2019 many of bitcoin miners were from china but time after time more countries are entering this industry and china is getting less share than before.

Matimtim

full member

Activity: 868

Merit: 108

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

There is a little possibilities that things will happen, like if the big amount of bitcoin is in there country then they can make a big changes in the bitcoin price but its doesn't mean they can fully controlled bitcoin or centralized it because they are not the owner of this new generation of money. In terms of digital product according to my former professor in college the only one who can stop computer program or machine based product is the one who made it, thus only satoshi who make bitcoin can centralize bitcoin in his country.

Wisbrown

newbie

Activity: 81

Merit: 0

Is a decentralized digital currency, it can never be control by any country so any body can go into bitcoin mining

best123

jr. member

Activity: 644

Merit: 1

https://blockmembers.io/

The main feature of blockchain technology (Bitcoin/cryptocurrency) is decentralization. I do not think China will be able to control it, if America and some European countries could not do it till now.
Blockchain technology (Satoshi N.) came to give humanity freedom from centralized financial system and high cost on financial transactions coupled with scalability, immutability, security etc.
Blockchain technology is the real deal.

ivankoh

full member

Activity: 1428

Merit: 120

Sugars.zone | DatingFi - Earn for Posting

This sounds ridiculous and bullshit. But it is not without foundation that China has always been rumored to have a large-scale bitcoin mining facility. Second, they are one of the two most populous Countries in the world that caused a big crash against bitcoin and crypto in early 2018. Tuesday, twice we move and hit a new ATH of $ 58k and fall. due to such a flow is ordered with the same frequency. China isn't quite the spotlight, but something is gaining traction.

posi

hero member

Activity: 2268

Merit: 579

Vave.com - Crypto Casino

Bitcoin won't be and will never be controlled by any country, not even China. The majority of people believe since the Chinese have the biggest mining farm in the world they will control Bitcoin but seized to understand that the rate of Bitcoin mining in China has reduced cause some countries have also joined the mining business. Besides, Chinese is a communism country and there rules/regulation is against decentralization and they never supported Bitcoin. Why would anyone think they have the power or they might have the power to control Bitcoin in the future.

Questat

hero member

Activity: 2982

Merit: 610

Quote from: jjdub7 on March 12, 2021, 04:46:27 AM

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

In my opinion, the biggest threat to the crypto world and Bitcoin that comes from China is not the regulations of the miners but the plans to release a digital yuan from the government.

The digital yuan will be one of the biggest risks in the crypto world, according to most analysts.

The launch of the virtual yuan could affect cryptocurrency markets if, at the same time, the Chinese authorities tighten regulations.

The power of central banks to issue all crypto money and ban their competitors is one of the key risks for the crypto market.

I'd never heard that or maybe I miss that information. But even it was true or just a rumor, I don't think we need to panic because it only just in China, we neither use Yuan in the other country.
What the China government thinking is that they want their people never to make use of any crypto and having any digital assets that they can't control of. This is not a threat for crypto but this was a threat to the freedom of their people. They have banned crypto several times and they will gonna do it again and again until such time that they were tired of doing it.

jjdub7

hero member

Activity: 938

Merit: 502

Quote from: NatureMoves on March 09, 2021, 06:23:20 PM

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

In my opinion, the biggest threat to the crypto world and Bitcoin that comes from China is not the regulations of the miners but the plans to release a digital yuan from the government.

The digital yuan will be one of the biggest risks in the crypto world, according to most analysts.

The launch of the virtual yuan could affect cryptocurrency markets if, at the same time, the Chinese authorities tighten regulations.

The power of central banks to issue all crypto money and ban their competitors is one of the key risks for the crypto market.

bassbity

sr. member

Activity: 1092

Merit: 284

Quote from: Kemarit on March 09, 2021, 07:30:44 PM

Yes, majority are still being mined in China but it doesn't mean that they control Bitcoin's future. There are countries that are willing to shoulder the mining industry if their government wishes to shutdown all mining facility.

but we also have to be vigilant and not be at ease. because China has very intolerant tactics. even the United States is opposed on the economic front. remember bitcoin can unite us because it is decentralized, and if it is fully controlled by one party it will be very bad for bitcoiners in the future.

Topic: China Controls Bitcoin's Future (Read 599 times)