China's Foreign Cryptocurrency Ban - a case of FUD?
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A little over a day ago, multiple crypto media outlets reported that China will block all foreign crypto exchanges making use of cryptocurrency all the more hard in the most populated nation in the world.
With the news breaking out, some have developed what is known as F.U.D (Fear. Uncertainty. Doubt).
But does a nation with the largest population also translate to the largest number of cryptocurrency trading users?
WHO HAS THE BIGGEST USERS
According to MIT Technology Review, the top 3 market for Bitcoin trading are the U.S, Japan and South Korea; the latter being the largest exchange market for Ether, Etherium's cryptocurrency.
IMPACT
With South Korea on top of Ether trading while Japan and the United States leading the way in world domination of cryptocurrency trading, China's ban will have no substantial impact on the future of Cryptocurrency.
With Bitcoin trading seemingly looking normal before and after China's announcement, it is hard to believe that its ban will have a significant impact on trading markets.
FALL OF A TITAN
Though China's reason to ban foreign cryptocurrency trading maybe reasonable to many as to counter "financial risks", the rising adaption of many nations to digital currency as a mode of payment or commodity may have cause itself to be exempted from the future rise of cryptocurrency powered nations.
As Gary Vaynerchuk, a serial entreprenuer, describe Blockchain (the digital currency ledger that Bitcoin and other digital currency uses) and how it can eventually dominate the world:
My big thing with the Blockchain is, it can literally overthrow America, China and Russia. It's that powerful. Its a platform of trust...
Business as usual
Due to its possible impact, some may use the latest news from China to push the already bearish market of cryptocurrency and imply fear to those who holds any digital currency.
But with the right information backed with background research, we can see that a ban on China will not have great impact on the future of cryptocurrency. The digital currency world will keep on moving despite being, bruised, a little, with the latest news.
Nice article. Very informative😊
Oh thank you so much Janice. How do you feel about this news?
If there's a will, there's a way. And I think "will" is a plenty in China for crypto.
I also do not discount the possibility that these news that might impact crypto negatively are being spread out for someone's intent to buy cheap coins, then push the price forward after.
Anywho let's see. I still think 2018 will be even greater than last year for the market.
Ah yes. Some traders I know say that some whales seem to manipulate the market so that they can buy cheaper coins.
Great article here on Crypt. I think China is doing this to create a fear and capitalize on it.
We cannot stop how blockchain is going to change the world.
Kudos on the Gary Vee quote there man. I love the way he thinks.
Thank you man. Yeah, I love Gary Vee too. His contagious passion in entreprenuership and optimism.
You should follow @stackin and his other account if you haven't yet. He has the same vibe.
Thanks man. Just followed him.
Wonder if Gary Vee is also here on Steemit?
There is no rush to have China onboard to the future of cryptocurrency. Other countries are enough to move the technology forward and make it widely adopted.
True.