Topic: Why China banned bitcoin？ - page 15. (Read 2150 times)
China can not go outside the money exchange policy as a foreign exchange country. Bitcoin is the online technology and it is not central to any bank, and because it is not coordinated by any government, China has announced Bitcoin closure in their country.
China is a socialist country in which all financial flows are controlled. As bitcoin is preaching the opposite of financial philosophy. Against the background of these contradictions, China may or to control or to prohibit the transaction of bitcoin. Well, since China is not yet able to achieve control, it is blocking.
Bcos china issue their coin so they no need bitcoin
Ignoring the fact that no-one really knows what China did or did not ban as very few people in the West speak China and, anyhow, the Chinese authorities are renowned for their opacity, authoritarian governments do not like their citizens having an opportunity to transact outside the established channels.
Middle class and wealthy Chinese are desperate to leave due to the lack of a rule of law. Hence, they use whatever means necessary to send funds outside the jurisdiction of their PRC overlords. Some even buy four letter domain names which they know they can sell once they get to the West. Bitcoin is yet another way to store funds which can be safely accessed if they manage to emigrate.
Middle class and wealthy Chinese are desperate to leave due to the lack of a rule of law. Hence, they use whatever means necessary to send funds outside the jurisdiction of their PRC overlords. Some even buy four letter domain names which they know they can sell once they get to the West. Bitcoin is yet another way to store funds which can be safely accessed if they manage to emigrate.
The obvious reason for this reason is that allowing the use of Bitcoin goes against its communist ideas. Not to forget that China has banned Google, Yahoo, Facebook, etc. basically China does not want to transfer the power to the people. And Bitcoin, being a decentralized technology was banned there because it can give financial power from government to general public. We have just received some rumors that China is deciding to come up with its very own version of bitcoin means its own crypto controlled by the government just like they have their own versions of Youtube and all.
It's not just the China but governments across the world are not happy to see people are taking the control of their wealth and hence they will try in every way to distract us from using something which is beyond their control. They will use banks, media and their power to restrict the growth of decentralized payment systems. However, things have grown so big that government cannot directly destroy the network and the only way to eliminate the usage of cryptocurrencies is through pressurizing users on multiple fronts. I don't think that it will affect the Crypto industry on the larger time scale because the mass maturity has increased over last few years.
First of all it's not banned and soon cryptos will be regulated at governmental level.
Anyway, it's just like internet - you can't really ban it in such a huge and populated country as China. I read an article about lots of enterprises/factories/markets using cryptos in their system unofficially to avoid taxes and hide profits right now. So, I think number of users there is huge, not talking about their investors
Anyway, it's just like internet - you can't really ban it in such a huge and populated country as China. I read an article about lots of enterprises/factories/markets using cryptos in their system unofficially to avoid taxes and hide profits right now. So, I think number of users there is huge, not talking about their investors
China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
China forbids Bitcoin because Bitcoin is easy to use for fraud, illegal transactions are used, and China wants to make its own virtual money. This is the reason I know so much. So it is only natural that China forbids Bitcoin completely. Yet if I think is very unfortunate because for me Bitcoin is a very profitable and promising digital currency for the future. This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
it is fake news, china not banned bitcoin. and many crypto currency exchange are trading in china. may they will regulate trading cryptro currencies, thats not only bitcoin all other coins will be affect it.
China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
From what i've known, china still mining. Maybe the issue is a hoax because china still using cryptos. Try to determine the real and hoax. Apparently, china is the most profitable by using this bitcoin. This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
Fake news? I don't think China will ban bitcoin when it is greatly profitable for them. If there are any reasons though if they will ban it is probably because of energy consumption. When you are mining bitcoin the energy consumption is great since you will always leave the miners open and if they continue using it unless they have renewable source of energy, energy shortage could happen to their country and it is not really good to happen since China is very large and has large community.
What is happening to China is basically the opposite. I've watched a video on youtube where stores that sells mining rigs there are very common. Mining is still ongoing there.
China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
A lot of discontent caused cryptocurrency in the world, everyone thinks first of all about the economy, but really, the economy with bitcoin will only collapse, and while it will rise a lot of time. This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
most likely the circulation of bitcoin is banned in China due to the very limited total supply factor if bitcoin is used for all Chinese people seems to be exhausted and total bitcoin becomes very difficult to obtain.
As far as I know, since November 30, 2017, the Chinese Government has banned the trading of cryptocurrency including bitcoin in the Chinese stock exchange and to this day that rule nothing has changed in the slightest.
The Chinese government's plan directly gives a real effect, namely: cutting price movement of bitcoin at that time.
This news stems from Caixin magazine report in October 2017 ago the reason for the ban itself is not clear.
In this case the Chinese government has given birth to a Cuteness of his decision because the ban does not apply to his coin named NEO, for me 'THIS ACTION, UNFAIR'.
The Chinese government's plan directly gives a real effect, namely: cutting price movement of bitcoin at that time.
This news stems from Caixin magazine report in October 2017 ago the reason for the ban itself is not clear.
In this case the Chinese government has given birth to a Cuteness of his decision because the ban does not apply to his coin named NEO, for me 'THIS ACTION, UNFAIR'.
1. The virtual currency is hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.
2. Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.
3. China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.
4. China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
5. Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.
2. Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.
3. China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.
4. China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
5. Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.
Seems like the this is fake news which keeps on spreading within the crypto community. Not sure why. Every couple weeks there's always something about crypto getting banned, then turns out to be false.
There are many reason behind it such as on one can trace the bitcoin company or its owner. If bitcoin vanish form the earth ,then whom will they catch or blame for it? On the other hand all think that Bitcoin is a real thread for banks. It will disappear due to this shots of online currencies. Undoubtedly Bitcoin is helping many people along with many online payment system, but China obviously has some logic to ban it.
In my opinion, China prohibits bitcoin and crypto to assert their economic management and business strategies. On the one hand, they seek to deter and manage money from their people. In part, they promote and support domestic businesses to promote reform and build for the greater competition in the blockchain industry. NEO and BNB have a part of the Chinese government's influence.
China did is to ban banks to deal with bitcoin and other cryptocurrencies.They also have some limitations when they want to pull out some money (USD 10,000).The chinese have most of the mining market because of the advantages the country offer to the people.
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