First came the ban of ICOs with shutting down of Bitcoin exchanges close at its heels. So is this it for cryptocurrency in China? The markets are rife with speculation and uncertainty. So let us have a look at what the future may hold for cryptocurrencies in China. Even though the major Bitcoin exchanges are being shut-down, this does not mean the end of cryptocurrency trading. It only puts a stop on Bitcoin to yuan conversion and trading. You can still trade between Bitcoins for other altcoins and vice-versa. Owing to the decentralized nature of these coins, the government will not be able to ban them completely.
Another point to keep in mind is that the reason China has cracked down on cryptocurrencies. The cryptocurrency market is unregulated and as it has been proven time and again China needs to regulate and control everything. Almost 10% of Bitcoin activity was coming from China, indicating that it is extremely popular. And the Chinese are tech-savvy and do believe in digital currencies. So, once the government comes up with a way to regulate the market, the bans will be lifted. And when the regulations are put in place, and the market opens up again, it will attract more people and more investment.
Even though things may look bleak right now, don't go into a selling frenzy. Hold onto your investments, and you will be rewarded for your patience.
Not an IF but a when situation.
Bitcoins will grow and become more popular, we may even see A new crypto that will populate the markets, but I think we need to look at bitcoin as gold, it is not just a store of wealth, because there are only so many, and you cannot manipulate it.
Gold and Silver will always be my choice, but when it comes to crypto, well seems everything that is trading no matter what coin, has bitcoin in the equation one way or another, hold what you got and buy more if you can, but this is the people's money, the government has no control, and if we all accept this as cash, that is the true market value, again no manipulation.
JP Morgan and the likes would love to get their hands into this market, but it won't happen.
What's in your wallet?????
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What I don't understand is why the Chinese don't just use foreign exchanges like many of us do... see my question on the subject here....
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I think the bitcoin problem in China will be uncomfortable, but the genie is out of the bottle and it won't go back in.
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they will have to jump onboard at some stage as there are other threats to income base evolving as well.
They will eventually lose future income as more countries advance their 3d printing and robotics tech which will put a lot of factories in china out of business.
If they decide to shun cryptos/blockchain then it gives other countries a chance to advance at a quicker pace. They can try and restrict citizens all they want....theres always a way to get money out of china....students studying abroad being the popular channel..
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