China is still fighting to kill the Bitcoin, but to no avail

China became the first country to adopt an uncompromising approach towards the ICO, before you take care of Bitcoin and the markets that offer the negotiations of crypto-currencies. Despite these efforts, the daring and shameless, the price of Bitcoin has never been higher. Moreover, the crypto-currency is the most popular in the world continues to be a key player in the technology Blockchain in China. Where there is a will, there is the necessary resources. Thus, chinese investors still manage to exchange Bitcoins and launch of ICO.

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China still fails to stop the ascent of Bitcoin

When the first rumors of a ban of Bitcoin in China have made their appearance, it has caused the price to drop. While the value of Bitcoin has dropped from $ 5,000 to $ 3,000, many feared that the exclusion of an important actor in the market of crypto-currency, like China, will eventually kill slowly the Bitcoin this year. However, this has not been the case. Instead of a complete ban, what happened is that the rich chinese investors have adjusted their methods, passing through a private market otc. On the contrary, in recent months, the trading of Bitcoin has risen from around 5% before the markets close, at around 20% a month later.

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The users of crypto-currency to change their approach

Traders have therefore had to change tactics to stay competitive on the market of Bitcoin. One of the changes operated at the level of the messaging applications, which are passed on to an exchange in peer-to-peer. :, The messaging application controlled by the state, has seen its users migrated to Telegram. It is at this precise moment that the traders have found the answer : to trade on the otc.

Nevertheless, there are still many problems to overcome for the miners of Bitcoin in China because of the new regulations. Many fled to the hinterland of china, Gansu and Mongolia, where the cheap electricity can power large structures, mining of crypto-currencies.

Source : Cointelegraph