Topic: Which Asian countries have the greatest influence on bitcoin? (Read 4024 times)
Recently China is a big country and has the biggest influence in our electronics market. Currently, the bad news of China caused so far has greatly affected the market, causing BTC to drop deeply, 50% compared to the previous months.
No contest, China is the biggest influence in the Asian region. I think them having the bigger population and having more mines than any other countries is enough to bolster the fact that China is the biggest influence to bitcoin even though they are now cracking down on mining, they still have the lingering influence.
Unfortunately, China is on its move on banning crypto services and mining within their territory. If only that was not the case, considering how powerful and how wealthy the nation is, they will surely be considered as the Asian country that has the greatest influence over bitcoin and other crypto as well. Regardless, the citizens of China will surely still find a way on how they can still access crypto as well as mine secretly which will make an impact still towards the market. Let us hope their decision will be stopped or be temporary only because they will be of good help to crypto if they would allow the regulation of it. 
The fact that you are worried about what China does even though it's pretty much a negative one means that they are the most influential country in the Asian region in the case of bitcoin and other cryptocurrencies. I don't think it will be a permanent ban though, remember how they have been doing this kind of tug of war against bitcoin for a long time now? I think that they will give in some day.
The Chinese government is normally receptive towards new innovations. And that is one of the reasons why they had such startling economic growth between 1990 and 2010. But the government is quite authoritarian and doesn't want a decentralized asset such as Bitcoin circulating in its territory, as it can create issues for the heavily manipulated mainstream market in that country. Now with the introduction of the digital Yuan (eCNY), the Chinese government is confident that they will be able to replace Bitcoin with CBDC (eCNY in this case).
~
- The information I have heard more is that China has announced a ban on mining and asked banks to cancel activities associated with users who want to use bitcoin, and maybe this is a fact when the price of mining equipment here has been liquidated and plummeted, the crypto industry in china seems to be in a state of alarm. Crypto platform in china is losing its promise in the near future, we don't know how radical bans can be, the rules of the beginning have set up such a psychological barrier, there will be no living space for investors and traders to continue.
~
not sure with India as you mentioned same with China their side for this cryptocurrency still unclear.
~
not sure with India as you mentioned same with China their side for this cryptocurrency still unclear.
~
In India, the government is yet to come up with a concrete policy on cryptocurrency. A few months ago, the government was about a draft bill in the parliament which included very harsh provisions, such as 10 year prison term for anyone who owns cryptocurrency. But there was a lot of outcry from the Indian cryptocurrency users and they were forced to shelve it. But as of now, no new bill has been tabled to replaced the earlier one, and therefore the legal status of cryptocurrency in India remains in limbo.
No contest, China is the biggest influence in the Asian region. I think them having the bigger population and having more mines than any other countries is enough to bolster the fact that China is the biggest influence to bitcoin even though they are now cracking down on mining, they still have the lingering influence.
- The information I have heard more is that China has announced a ban on mining and asked banks to cancel activities associated with users who want to use bitcoin, and maybe this is a fact when the price of mining equipment here has been liquidated and plummeted, the crypto industry in china seems to be in a state of alarm. Crypto platform in china is losing its promise in the near future, we don't know how radical bans can be, the rules of the beginning have set up such a psychological barrier, there will be no living space for investors and traders to continue. Chinese look what happen with bitcoin but sure he will punch them back
Now that China is out of the picture, I am sure that some Asian country will replace them as an influential country, maybe Russia will do or Japan or South Korea. I wanted to add India but their swaying policies about bitcoin and cryptocurrency is pretty wonky to be trusted.If I'm not mistaken both Japan and South Korea are accepting Bitcoin to co-exist with their fiat,
not sure with India as you mentioned same with China their side for this cryptocurrency still unclear.
It's good to know that even in a small portions there are Asian countries who are allowing this system to continue being use for service transactions.
Good gestures as transacting between borders using this system is really helpful, just need to learn more deeper.
No contest, China is the biggest influence in the Asian region. I think them having the bigger population and having more mines than any other countries is enough to bolster the fact that China is the biggest influence to bitcoin even though they are now cracking down on mining, they still have the lingering influence.
Surprisingly even when they ban Bitcoin and drove away miners in their country, China still has to huge influence when it comes to Bitcoin. This is probably because from the beginning the Chinese had been developing blockchain like the NEO, VET, and TRON, and several exchanges are owned by the Chinese. One single fud about China and Bitcoin can still move the market.
No contest, China is the biggest influence in the Asian region. I think them having the bigger population and having more mines than any other countries is enough to bolster the fact that China is the biggest influence to bitcoin even though they are now cracking down on mining, they still have the lingering influence.
Based on the news and articles I've read, China is the leading country that has a great influence on Bitcoin. China is known to cater mining sites for bitcoin. According to what I've read, China caters the 75% of bitcoin mining because they offer cheaper electricity cost compared to other mining places. Hence, it is very ideal to set up mining sites because they'll save a lot of money designated for power. This is what makes China have a big impact on the price movement of bitcoin in the market. If ever China decides to do something in favor of bitcoin, price may pump. Otherwise, downfall of its value will happen. Like what happened recently whereas China decided to close some of its mining sites due to minimization of power consumption and resources as well. This resulted to bitcoin's price crashing down. Bitcoin hit its lowest position during that time for the past months.
Chinese look what happen with bitcoin but sure he will punch them back
Now that China is out of the picture, I am sure that some Asian country will replace them as an influential country, maybe Russia will do or Japan or South Korea. I wanted to add India but their swaying policies about bitcoin and cryptocurrency is pretty wonky to be trusted. I agree, China have a big impact in cryptocurrency especially in mining bitcoin. As you noticed, in simply releasing news about cryptocurrency the market immediately crashes the whole market. I might consider that they can manipulate the crypto market. India have big influence in cryptocurrency. I noticed large of people living their know about cryptocurrency. These two countries are very aggressive and have sympathy what cryptocurrency doing in the world.
Being an Indian, I would say that you guys are overestimating the influence from India. There are large number of users here, but overall volumes are not high. Also, the mining sector is almost inexistent (due to the high taxes, high cost of the hardware and expensive electricity). On top of that, the local exchanges and businesses face a lot of harassment from the authorities, due to lack of clarity on the legal status of Bitcoin. However, China accounts for 70% of Bitcoin mining hash power, and for a large share of the daily volumes.
I think it's China.
I am tired of hearing bad news about China. Every time the Chinese government has bad news, the whole cryptocurrency market will collapse. I hate this country. shit.
I agree, China have a big impact in cryptocurrency especially in mining bitcoin. As you noticed, in simply releasing news about cryptocurrency the market immediately crashes the whole market. I might consider that they can manipulate the crypto market. India have big influence in cryptocurrency. I noticed large of people living their know about cryptocurrency. These two countries are very aggressive and have sympathy what cryptocurrency doing in the world. I am tired of hearing bad news about China. Every time the Chinese government has bad news, the whole cryptocurrency market will collapse. I hate this country. shit.
but we do admit that India has a fairly large crypto community, and in fact there are many intellectuals who support innovation. while Japan itself was actually created by Satoshi, even though we don't really know who that person was, there were even many markets there that accepted bitcoin payments at that time, but currently USA is the biggest bitcoiner.
A greater number of users doesn't necessarily translate to more influence in the market. India is having tens of millions of users. But smaller countries such as South Korea and Germany have a greater influence. And this is due to the fact that average amount available for investment per capital is very low in India, when compared to other countries. So the influence Indian users can have is quite limited, at least when compared to China and the United States. Also, due to the unclear legal status in India, most of the trade happens through P2P platforms.
I agree, Japan would be the leading country in the Asian continent that supports and adapts crypto most, not unexpected because of their tech-love ideology. I think in coming years, India as well will include itself in the tech-lover list and adapt crypto and blockchain technology in a lots of projects sponsored by the government. Future of crypto looks promising in the developing countries as well, they will use the technology to maximize their growth!
The main issues with Japan are the high taxes on profits from cryptocurrency, complex laws that discourage crypto-based businesses and the lack of mining farms (due to high cost of electricity and hardware). And now coming to India, the authorities have taken a very hostile stance on cryptocurrency and even now the laws dealing with Bitcoin and other cryptos are in the grey area. And more than the government, the bureaucrats seems to be a problem there. Ever since India became independent in 1947, the governments and bureaucrats have taken a negative stance on new innovations. And that is applicable for cryptocurrency as well.
I agree, Japan would be the leading country in the Asian continent that supports and adapts crypto most, not unexpected because of their tech-love ideology. I think in coming years, India as well will include itself in the tech-lover list and adapt crypto and blockchain technology in a lots of projects sponsored by the government. Future of crypto looks promising in the developing countries as well, they will use the technology to maximize their growth!
The main issues with Japan are the high taxes on profits from cryptocurrency, complex laws that discourage crypto-based businesses and the lack of mining farms (due to high cost of electricity and hardware). And now coming to India, the authorities have taken a very hostile stance on cryptocurrency and even now the laws dealing with Bitcoin and other cryptos are in the grey area. And more than the government, the bureaucrats seems to be a problem there. Ever since India became independent in 1947, the governments and bureaucrats have taken a negative stance on new innovations. And that is applicable for cryptocurrency as well.
~
I agree, Japan would be the leading country in the Asian continent that supports and adapts crypto most, not unexpected because of their tech-love ideology. I think in coming years, India as well will include itself in the tech-lover list and adapt crypto and blockchain technology in a lots of projects sponsored by the government. Future of crypto looks promising in the developing countries as well, they will use the technology to maximize their growth!
I would agree that they are progressive but the problem is that coupled with their progress is that they are violating a lot of human rights that I can't really be on their side in terms of progress. Also, their contribution to crypto is just that they have a lot of people that are interested and the state also bought a lot of bitcoin.
Violation of human rights is a major accusation being made against the Chinese government for sometime. And we are hearing this ever since 1959, when they annexed Tibet to China. Recently they have targeted more and more ethnic minority groups. But there is not much opposition to this from the Chinese population. Because China underwent rapid economic growth during the last three decades while their neighbors such as India lagged behind. For the vast majority of the people, economic growth is more important than freedom of expression.
It's not overhyped, how come the prices could go down in the instance that China announces something negative for the bitcoin market. I think that if your country can move markets, it is influential in my book.
China has progressive in many sectors, they don't abandon traditional investments. the volume of the market they have in crypto has a big contributionin various Asian countries there are also good developments
I guess its, Japan, Korea and China, those are some of the leading countries in Asia who are use to bitcoin already but sometimes china banned bitcoin for whatever reason they have. Those countries who are progressive can avail to influence other countries by their technologies and up to date gadget.
Apart from China, the other two major East Asian nations have taken a more moderate line towards cryptocurrency. The problem with China is that they face a lot of issues related to capital flight and tax evasion. And nowadays the population has become more innovative and they are starting to use cryptocurrency for these purposes. On top of that, China want the CBDC (Digital Yuan) to be more popular, and they view Bitcoin and the other cryptocurrencies as competitors to the digital Yuan.
Jump to: