Bitcoin exchanges in China are preparing to shut down their trading services in the country.
Here are the latest official announcements from 4 large exchanges in China.
| Exchange | Halts trading services on | Announcement |
|---|---|---|
| BTCC | September 30 | Official announcement |
| ViaBTC | September 30 | Official announcement |
| OKCoin.cn | October 30 | Official announcement |
| Huobi | October 30 | Official announcement |
According to the latest rumors China’s bitcoin exchange ban does not impact crypto to crypto trading, only fiat to crypto and crypto to fiat.
But how bad is this actually for Bitcoin?
Websites blocked in mainland China
According to Wikipedia, around 3,000 websites are blocked by Chinese authorities under the country's policy of Internet censorship.
Google, Facebook, Gmail, Twitter, Youtube, Instagram and Pinterest are all on the list of blocked websites in China.
China turned out the lights on Facebook in 2009, yet the website is one of the most popular websites worldwide. Google and Youtube don't seem to have a problem either. The Chinese people need Bitcoin in my opinion, but Bitcoin will go on without China if the government decides to ban the digital currency. It would be a very bad decision for the Chinese people, but not for Bitcoin. Bitcoin doesn't need China, China needs Bitcoin.
I'm still as bullish on Bitcoin as I was a few weeks ago. China won't change that!
I'm happy to see the market is recovering from the big losses right after I bought earlier today. My lucky day :-)
24 Hour Change
7 Day Change
Market Capitalization
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If the world still wants Bitcoin, the world will still have bitcoin.
China is merely a symptom of the status quo way of handling money being challenged. It's China's "OMG! Our monopoly and control mechanisms are being challenged!" moment. It's happening sooner in China because it's a nation with a history of totalitarian governance.
I believe that over the next 10-20 years, this kind of thing will happen all around the world, as each national government, and each fiat currency and each banking system will have its own "wakeup moment" of needing to decide what to do with being challenged. Are they going to be Switzerland, and embrace new systems, or are they going to be (for the moment) China, and reject them?
In the meantime-- WE (meaning ALL of us) have to "vote" with our consciences, and support cryptos because we believe they hold the future... OR give into other pressures and go home "because the government says so."
That choice is OURS.
It may even be, in China... black markets have a way of forming, if something is truly wanted....
I agree!
Thanks for your comment !
We need a new consciencius order and China or JP Morgan can not stop it.
China will not ban bitcoin. It is no in their interest to stifle blockchain technology. The ban is only temporary until regulations are in place. If they wanted to ban crypto-currencies they would have done it already. They are more worried about some of the cryptos being scams and pyramid schemes. In China these are very common and has just moved online thus resulting in the crackdown now!
I think so too!
Really good take on this situation. Every bit of news is a good thing for the growth of BTC. BTC will be just fine without China and as more and more people look for safe havens from the runaway fiat money printing machine, BTC will be the landing spot for quite a few investors in the future.
Whatever china bans later becomes a global success ..
Bullish :D
Well, I said it numerous times around here before: the critical spot is the interface between the Crypto- and the Realworld.
And same as regularly people reply "but Crypto is anonymous and not traceable".
Yes, it is, as long as you only shuffle it around in cyber space.
nice one , you r new exchanger in the market register to earn form commissions now http://www.altcoinexchange.com?kid=H7P1R
there is something that keeps baffling me ,, bitcoin or cryptocurrency is meant to be decentralised and no government has power over it ,, that is ,, its value depends on the users adoption ,,, my question is ,,, how is the chinese government able to ban the bitcoin and its really having effect ?
They're controlling fiat, not crypto. Its tanking the price, because a lot of people are assuming this will tank the price; a self fulfilling prophecy.
now i get it,, but this is possible because of the fear people has and i think also the anonymity of it's creator
Yeah, people have fear of losing their money, but they also have fear of missing out (FOMO).
That's why they sell, and also why they buy.
Nobody cares that we don't know who Satoshi is.
If anything, keeping his head down is reassuring proof that he's brilliant :)
yeah , you have a point
To look at me you'd be forgiven for assuming I'm just coasting by on my movie-star good looks; but I'm also quite clever.
Haha, yes you are. Great points!
The main reason for China ban on ICO and crypto exchange is they are now testing their own National Cryptocurrency in between Chinese commercial banks and they make the place clean for their national centralized crypto. I just made a post about it. Thanks https://steemit.com/cryptocurrency/@ricko66/time-to-stake-some-crypto-currency
Disclaimer: I am just a bot trying to be helpful.
"website www.viabtc.com will be officially closed in Mainland China."
i think this is big i don't think this is going to be long term i think they will just be moving outta mainland china and open in non regulated country
Nice post and completely agree. Crypto will be o.k. without china support but the more countries back it the merrier. Im low on vote power so i resteemed instead! Keep up the great work!!!
Let's hope it all ends well and prices are back to 'normal.'
Good points, China can only react. I think really it's getting to be the point that any publicity is good publicity... after hearing bitcoin or cryptos mentioned in the press several dozen times people are going to finally think, "hey, maybe i need to get some of these"... all tech starts with the geeks and the hipsters, then once the soccer moms finally get interested to make cryptos soar then the oligarchs and wall st. sleaze are f$cked !!
it's because chinese people living in china seem to just obey and submit to everything what the government says because their are affraid or it's just in their genes to feel less worthy towards somebody with suit and tie
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Good information. I'm thinking a long zcash position could be worth while
All those banksters and regulators might go to hell!
Im thinking that the exchanges will relocate to other crypto friendly countries, when it comes to countries trying to ban things, in a weird way that in itself is an
ultimate endorsement of the product.
Keep bringing these daily reports, I find them very useful to me.
In the 7 days graphics how do you explain Ark gaining so much while all the others loosing double digit?
What a snap back. I've been waiting for Steem to pull back some more. I think we still see some disruptance in the market.
Nice post and it's good to see the market making a recovery.Totally agree with you saying bitcoin doesn't need China,thanks for sharing.
China officials should have a rethink concerning this decision about to be effected. Bitcoin market has grown and still growing large that absence of the Chinese may have little or no significant effects on it. @penguinpablo I also agree with the fact you stated "I think the Chinese need bitcoin not bitcoin needs Chinese". Thanks for the info.