The news of china banning bitcoin exchanges really spread like wild fire and the Chinese crypto market took a plunge. Like they say about water, bitcoin will always find it’s course. China used to be the leading trader of bitcoin but now volumes of crypto-currency trades have been shifted to japan, the USA and south korea. All three of these countries have had explosive growth in crypto trades in recent weeks.
Take a look at this screenshot from CryptoCompare:
See who’s at the top? Now japan is leading in bitcoin trades, amazingly more than half of total bitcoin trades is from japan and the most suprising thing is that bitcoin is legalized in japan.
Also see how the Chinese trade volume fell sharply to 6% .
In the same vain china is banning ICO’S which recently have been springing up like mushrooms after the rain. that’s reasonable and understandable and perhaps temporary but I fail to understand how the ban on bitcoin will work because theoretically anyone who has access to the internet can send bitcoin in exchange for any service or goods.
Most likely, tracking of such operations will be very time consuming and violators will be subjected to the most stringent measures.
The ban of bitcoin in china will be like the ban of alcohol in the USA.
Alcohol was officially banned in the United States from 1920 to 1933, but it did not stop the drinking of alcohol and it did not serve whatever purpose the government intended. Ultimately, this only led to increase in crime .
The same thing happens now with crypto-currencies. The government has no choice but to learn how to manage new technology for the common good. Any attempt to ban crypto currency will be ineffective and developers and users will still find ways to bypass the ban.
It's more like you're trying to plug a hole in a dam to prevent a flood.
In the end, bitcoin is a people's currency.
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