When will bitcoin leave China

1.

bitcoin was born in 2009, and it has entered China since it appeared

extended information:

bitcoin:

bitcoin can be used to cash and can be converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items

the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's ideas, open source software was designed and released, and P2P network was built on it. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system

generation principle:

starting from the essence of bitcoin, the essence of bitcoin is actually a special solution generated by a bunch of complex algorithms. A special solution is one of the infinite (in fact, bitcoin is finite) solutions that can be obtained from the equations. Every particular solution can solve the equation and is unique. In the metaphor of RMB, bitcoin is the serial number of RMB. If you know the serial number of a note, you have the note. The process of mining is to constantly seek the special solution of this equation system through a huge amount of calculation. This equation system is designed to have only 21 million special solutions, so the upper limit of bitcoin is 21 million

source: bitcoin

2.

Prior to that, the regulatory authorities decided to close the exchanges of virtual currency in China. On September 14, regulatory rumors finally came to the ground. Just now, bitcoin China, one of China's three major virtual currency trading platforms, announced that bitcoin China would stop all trading business on September 30

according to public information, bitcoin China is the longest operating bitcoin trading platform in China, which was established on June 9, 2011. Affected by the news, bitcoin, lightcoin and Ethereum all fell sharply

3. According to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to the regulation of digital currency in China, investors have the freedom to participate in digital currency transactions at their own risk
the concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system. Unlike all currencies, bitcoin does not rely on a specific currency institution to issue. It is generated by a large number of calculations based on a specific algorithm. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of money circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity

warm tips:
1. The above explanations are for reference only, without any suggestions
2. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
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4. Recently, the China Internet Finance Association issued the "tips on preventing the risks of bitcoin and other so-called" virtual currencies ", pointing out that bitcoin trading platform is a tool for money laundering, drug trafficking, smuggling, illegal fund-raising and other illegal and criminal activities e to the expanding number of stakeholders and strong speculative atmosphere; There is no legal basis for the establishment of various so-called "currency" trading platforms in China
at the same time, the price of bitcoin dropped from a high level. Since bitcoin China announced it would stop trading at the end of this month, the price of bitcoin has dropped 11.3% to $3426.92, Reuters reported. This is also bitcoin's seven consecutive days of decline, becoming its longest decline in a year.

5.

On October 10, bitcoin China, one of the three major bitcoin exchanges in China, announced on its official wechat account that it would stop the cash withdrawal business at 12:00 noon on October 30, Beijing time, and ask users to reflect it as soon as possible

bitcoin China has previously turned off the digital assets and RMB recharge function at 12:00 noon on September 27, and turned off all trading functions at 12:00 noon on September 30. The other two big bitcoin exchanges in China, Huo coin.com and okcoin.com, which are headquartered in Beijing, will stop trading all digital assets into RMB before October 31, and the work of clearing their funds and assets is also in progress

6. It is easy to understand that the main reason is that the negative impact on China's economy and society is unforgivable. First of all, these computer geniuses have a good desire to create algorithmic digital currency, but because it has no value base, the consideration of bitcoin is dominated by underground economy from the beginning, and then it becomes a tool for speculation. Secondly, every surge of bitcoin is related to Chinese speculators, which is basically the result of domestic speculation and malicious speculation. This kind of malicious speculation not only has a serious impact on China's financial market, but also creates conditions for many illegal funds to flee. Third, bitcoin and other algorithmic currencies have never served the real economy in China, and have promoted the development of the real economy. On the contrary, let the funds serving the real economy flow into the market for speculation, which has a serious crowding out effect on the real economy. Fourth, under the above circumstances, bitcoin and other so-called "algorithmic digital currencies" will surely become increasingly tools for money laundering, drug trafficking, smuggling, illegal fund-raising and other illegal and criminal activities, and the responsible government must absolutely own this market.

7. On the evening of 10

10, bitcoin China issued a notice on its WeChat official account. It said that in order to implement the spirit of the September 4th announcement of the seven ministries and commissions issued by the Chinese people's Bank of China on the prevention of the financing risks of Dai Ying issued, it will actively respond to state regulation and will stop the cash business at 12:00 noon in October 30th this year. p>

in addition, bitcoin China said that bitcoin China's mining pool (national pool) and other businesses will not be affected by this and will continue to operate normally

in addition to bitcoin China, the other two big bitcoin exchanges in China, Huo coin.com and okcoin.com, will stop trading all digital assets against RMB before October 31, and the work of clearing their funds and assets is also in progress

In fact, it is not a bad thing to take preventive measures

8. It must be admitted that the government's increased supervision has further increased the risk of bitcoin trading. Moreover, the transaction threshold is obviously higher than before. In essence, as a means of investment, the risk of bitcoin is self-evident. If there is no final person to take over the offer, even if bitcoin is in short supply, it lacks real value and only has limited online use value. If you can't find the last pick, bitcoin is likely to disappear like a bubble.

9. Bitcoin is just a string of code generated by a program developed by two Americans, rather than hard currency like physical gold and silver. You may say that it has value. In fact, its value is only for the insiders who play the game. It has no value for stores, enterprises and even the old man who sells vegetables. Maybe you see a lot of appearances, and many people are eager to invest in it. Do you notice that its price fluctuates very strongly, often dozens to thousands of pieces. If it is really valuable, it will fluctuate so much? You think 2000 yuan washing machine is not easy to sell, will 20 yuan to sell to you? If you can find something similar to it in history, I'm afraid it's the gold coupons issued by the Kuomintang ring the war of liberation. Use a pile of paper for your real gold and silver! Don't believe those sophistry. They say that they are valuable and can be invested like stocks. It's pure money!

10. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance.