Topic: China cracking down on bitcoin again (Read 723 times)
Do the citizens of China have no other way to buy bitcoin than AliPay? I'm not from China and this makes me interested, how much ways the Chinese people can buy bitcoin. Maybe this is why Xi wants the adoption of the blockchain to make its citizens prefer their digital currency to other digital currencies. I have heard that China wants to make own cryptocurrency.
If I am not wrong that I want to say boldly that China is really afraid of bitcoin as a threat of their country's economy, It may be a new happening between Binance and Alipay, Of course, Alipay needs to follow the rule of China government because they have a good reputation within this country, not only that but also some blame should go to the Bitcoin platform because it's still a very volatile platform, how a government take risk for their people to get engaged in this system, but the Chinese people are really doing a vast portion within cryptocurrency platform, but China is very strick to use Bitcoin and Altcoin to their territory but at the beginning of cryptocurrency invention, China was not as like today. how things can change?
China is really afraid of bitcoin which they don't even trust the service of all these Alipay and WeChat payment system again to really tackle bitcoin, and which is why they are also proposing to introduce their own currency thinking and believing that it will be strong enough to actually deal with the bitcoin technology which until they release before the realize that there is nothing that can really compete with bitcoin. Instead of the way they are wasting time and cracking on bitcoin, the best they would have done is to even under study the coin perfectly well and then see how it can still be used to their own advantage, but because of most of their selfish interest protecting their coin, they are very much blind to what bitcoin can actually do for them.
Do the citizens of China have no other way to buy bitcoin than AliPay? I'm not from China and this makes me interested, how much ways the Chinese people can buy bitcoin. Maybe this is why Xi wants the adoption of the blockchain to make its citizens prefer their digital currency to other digital currencies. I have heard that China wants to make own cryptocurrency.
A number of Bitcoin exchanges operate out of China, but they are not allowed to use the fiat currency (CNY). THe only thing that is allowed is crypto-to-crypto trading. So you can exchange your BTC to ETH or your ADA to XMR, but you can never exchange your BTC to CNY. And that is why Tether (USDT) and other stablecoins are being used a lot in many of these exchanges. The users were quick to find loopholes and they replaced CNY with USDT once the crypto-to-fiat trade was banned.
The latest attempt features Alipay (payment processor):
https://cointelegraph.com/news/official-alipay-to-ban-all-bitcoin-related-transactions
I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.
Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.
China always have fantastic moment to make bitcoin higher and lower, last day China make bitcoin from lower price become to higher price just giving announce to the public for receiving bitcoin as blockhcain technology as digital currency, bitcoin down last than one week but after China make publishing for adopting bitcoin, price of bitcoin become higher. https://cointelegraph.com/news/official-alipay-to-ban-all-bitcoin-related-transactions
Quote
Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, has declared that it will be banning any transactions related to Bitcoin (BTC) and other cryptocurrencies.
On Oct. 10, Alipay reiterated its anti-crypto stance in a Twitter thread, which warned that the company is closely monitoring over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. Alipay wrote:
“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”
This move follows various reports that Alipay is being used for BTC transactions.
Binance uses Alipay for buying crypto
On Oct. 9, major crypto exchange Binance confirmed on Twitter that it has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat.
Binance CEO Changpeng Zhao, also known as CZ, clarified that the exchange is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions.
This announcement followed the implementation of Binance’s peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan (CNY) earlier, as reported by Cointelegraph.
On Oct. 10, Alipay reiterated its anti-crypto stance in a Twitter thread, which warned that the company is closely monitoring over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. Alipay wrote:
“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.”
This move follows various reports that Alipay is being used for BTC transactions.
Binance uses Alipay for buying crypto
On Oct. 9, major crypto exchange Binance confirmed on Twitter that it has begun accepting fiat currencies through online payment service Alipay and mobile messaging and payment app WeChat.
Binance CEO Changpeng Zhao, also known as CZ, clarified that the exchange is not working directly with WeChat or Alipay, and users are still able to use them for peer-to-peer transactions.
This announcement followed the implementation of Binance’s peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese yuan (CNY) earlier, as reported by Cointelegraph.
I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.
Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.
It is not just the Chinese. A lot many of the major players (all around the globe) are trying to keep the exchange rates down. And despite the prices increasing by more than 200% during the last few months, the fact remains that Bitcoin is still underpriced. We can expect a major price movement, once the next block reward halving approaches.
I did not understand the part where you claim that the price of bitcoin is under priced 
, expecting a major price movement after the block reward halving can have some logic because it happened in the past but how can you claim that the price of bitcoin is under valued, the price depends upon the market demand and if anyone is will to buy the coin at a higher price then the market will go higher if not you cannot call it under valuation because no one is willing to give a higher amount 
. I think all this news has something to do with halving bitcoin next year. They Chinese people are clearly very clever in this matter, pressing the price of bitcoin so it does not rise first this year so they can buy it up. Many times I see news like this that makes the price of bitcoin go down. After a few months the price will rise dramatically again.
It is not just the Chinese. A lot many of the major players (all around the globe) are trying to keep the exchange rates down. And despite the prices increasing by more than 200% during the last few months, the fact remains that Bitcoin is still underpriced. We can expect a major price movement, once the next block reward halving approaches.
If all the news about China is true, then bitcoin rush up, all altcoins should depreciate greatly, and those that are not included in the top 100 should simply disappear
I think all this news has something to do with halving bitcoin next year. They Chinese people are clearly very clever in this matter, pressing the price of bitcoin so it does not rise first this year so they can buy it up. Many times I see news like this that makes the price of bitcoin go down. After a few months the price will rise dramatically again.
It is not just the Chinese. A lot many of the major players (all around the globe) are trying to keep the exchange rates down. And despite the prices increasing by more than 200% during the last few months, the fact remains that Bitcoin is still underpriced. We can expect a major price movement, once the next block reward halving approaches.
If I am not wrong that I want to say boldly that China is really afraid of bitcoin as a threat of their country's economy, It may be a new happening between Binance and Alipay, Of course, Alipay needs to follow the rule of China government because they have a good reputation within this country, not only that but also some blame should go to the Bitcoin platform because it's still a very volatile platform, how a government take risk for their people to get engaged in this system, but the Chinese people are really doing a vast portion within cryptocurrency platform, but China is very strick to use Bitcoin and Altcoin to their territory but at the beginning of cryptocurrency invention, China was not as like today. how things can change?
China is really afraid of bitcoin which they don't even trust the service of all these Alipay and WeChat payment system again to really tackle bitcoin, and which is why they are also proposing to introduce their own currency thinking and believing that it will be strong enough to actually deal with the bitcoin technology which until they release before the realize that there is nothing that can really compete with bitcoin. Instead of the way they are wasting time and cracking on bitcoin, the best they would have done is to even under study the coin perfectly well and then see how it can still be used to their own advantage, but because of most of their selfish interest protecting their coin, they are very much blind to what bitcoin can actually do for them.
China is the biggest trading market in the world, they have mastered the market in almost all the world so it's no wonder. For example, if there is good news that bitcoin will be legalized in China, the Chinese people will also compete in the buying competition so that there is a drastic increase and vice versa because the population in China is also very large.
China is currently telling that they should adopt or use a blockchain that has been on the bitcoin hike yesterday.
Of the news they make bitcoin rise to be fast and the CEO of Twitter also follows to buy bitcoins. We know that good news is indeed great and the right time to buy Bitcoins now.
Many cryptocurrency users associate the current growth of the cryptocurrency market with the statement of the Chinese government, which deals with the legalization of the blockchain. If subsequently in China the cryptocurrency will work legally, including Bitcoin, then we can expect very big changes in the development of the cryptocurrency market. Moreover, it is worth considering the fact that almost 70% of the Bitcoin speed hash is controlled by Chinese miners. Of the news they make bitcoin rise to be fast and the CEO of Twitter also follows to buy bitcoins. We know that good news is indeed great and the right time to buy Bitcoins now.
China is currently telling that they should adopt or use a blockchain that has been on the bitcoin hike yesterday.
Of the news they make bitcoin rise to be fast and the CEO of Twitter also follows to buy bitcoins. We know that good news is indeed great and the right time to buy Bitcoins now.
Of the news they make bitcoin rise to be fast and the CEO of Twitter also follows to buy bitcoins. We know that good news is indeed great and the right time to buy Bitcoins now.
I think what has happened is this: China closed down all the cryotocurrency exchanges back in early 2017.
Then Binance tweeted to their Chinese users that they could buy bitcoin with Alipay. The Chinese authorities then put pressure on Alipay to close down any bitcoin related transactions, which is what they've done.
I still strongly support such regulations but allow a little freedom for the people.
This is hypocrisy on the part of government I think. They actually want people to use their stable coin when it's finally launched. Alipay will have to comply with the pressure from the government to stay in business.
At present China has announced adopting blockchain technology in their system and it seems that they might be interesting in creating their own digital currency which will be centralized.They might breakdown on bitcoin but the miners will continue to work even in that conditions but the prices have rised to $9500 which is indeed good news for all of us.Nothing can affect the market in bad manner and btc and other alts will also rise in future.
Correct, since China is now in the process of checking the usage of cryptocurrency, many people has gain confidence again in buying it, as they know that China will be in favor with it someday, so congrats to those who bought at dip and has gain with the news yesterday, for me this is the start of the popularity of Bitcoin again.
Check the statement made by Xi Jinping once more. He was urging the Chinese to get more innovative with the Blockchain technology. He admits that Blockchain will be a big thing in the immediate future. However, at no point he encouraged the use of cryptocurrency or showed a tolerant attitude towards them. Make no mistake. Xi Jinping is in favor of Blockchain technology. But that doesn't mean that he is going to support the cryptocurrencies all of a sudden. The official government stance towards Bitcoin and the other cryptocurrencies remain the same.
This did create a pump though a huge one for Bitcoin and the big cap coins but I think this pump was expected but they may be used this little bit of news as an excuse to start the pump. We used to have the China FUD back in the day now China is giving a PUMP so it is quite funny how the media is used to spin and work for the market makers. We know that one thing is for sure..That the crypto and BTC markets are here to stay and will grow and evolve into a bigger market cap over the next few years and this is promising indeed. China will most likely support its own blockchains more than the decentralized ones like Bitcoin. That works in their interests of course, but it's still good overall for the technology to spread.
Correct, since China is now in the process of checking the usage of cryptocurrency, many people has gain confidence again in buying it, as they know that China will be in favor with it someday, so congrats to those who bought at dip and has gain with the news yesterday, for me this is the start of the popularity of Bitcoin again.
Check the statement made by Xi Jinping once more. He was urging the Chinese to get more innovative with the Blockchain technology. He admits that Blockchain will be a big thing in the immediate future. However, at no point he encouraged the use of cryptocurrency or showed a tolerant attitude towards them. Make no mistake. Xi Jinping is in favor of Blockchain technology. But that doesn't mean that he is going to support the cryptocurrencies all of a sudden. The official government stance towards Bitcoin and the other cryptocurrencies remain the same.
In relation to the news before, China and US are in race to become a crypto country. Basically, the advantage of crypto will be big for a massive government of china and also have a threat for their government. This is the point China should take the cryptocurrency matter very seriously. As choosing the wrong move will lead to being left in the world crypto innovation. Everyone will definitely benefit when China choose the right decision, and that is to embrace the world where transaction is seamless through crypto.
Correct, since China is now in the process of checking the usage of cryptocurrency, many people has gain confidence again in buying it, as they know that China will be in favor with it someday, so congrats to those who bought at dip and has gain with the news yesterday, for me this is the start of the popularity of Bitcoin again.
In relation to the news before, China and US are in race to become a crypto country. Basically, the advantage of crypto will be big for a massive government of china and also have a threat for their government. This is the point China should take the cryptocurrency matter very seriously. As choosing the wrong move will lead to being left in the world crypto innovation. Everyone will definitely benefit when China choose the right decision, and that is to embrace the world where transaction is seamless through crypto.
The Chinese government seem to have develop strict measures to curb the activities involving the use of bitcoin. Despite the strict measures or regulations, I don't know the right word to use in this instance. I believe the citizenry that are actively involved in cryptocurrencies would still find ways to exploit the system.
Cryptocurrency is now one of the political discussions for some countries. In the past China was actually a major contributor to the progress of crypto in the development of bitcoin. there is the biggest exchange and also the method of payment with bitcoin ever happened before finally all matters relating to their cryptocurrency banned.If they create their own cryptocurrency, they know that they would have already captured the attention of all their populations of about 2 billion people, which will surely make their attention to be diverted a little from some altcoins, but I doubt if it will affect bitcoin, because of decentralization.
The Chinese government is very tricky, I think that we are now seeing manipulation by China regarding cryptocurrencies.
Which is that supposedly distancing itself from the cryptocurrency and in particular from bitcoin in the future, China will become, if not already, a country that will have a very strong influence on the cryptocurrency market due to the fact that most of the bitcoins will be in the hands of the Chinese. But this is only assumption.
You need to understand that there is another scenario. For example, China is a very centralized country with fingerprints, biometrics and cameras on every corner. The Chinese government is not beneficial for people to use cryptocurrency which to some extent weakens control over the population.
Which is that supposedly distancing itself from the cryptocurrency and in particular from bitcoin in the future, China will become, if not already, a country that will have a very strong influence on the cryptocurrency market due to the fact that most of the bitcoins will be in the hands of the Chinese. But this is only assumption.
You need to understand that there is another scenario. For example, China is a very centralized country with fingerprints, biometrics and cameras on every corner. The Chinese government is not beneficial for people to use cryptocurrency which to some extent weakens control over the population.
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