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Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say

  • Alex Dovbnya
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    As one Redditor points out, China is now Bitcoin’s single point of failure 

Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say
Cover image via 123rf.com

Bitcoin’s China problem has recently become a hot topic on r/CryptoCurrency, the second biggest crypto-related subreddit.

Reddit user u/malia912, who’s probably new to Bitcoin, seems concerned by the fact that the lion’s share of its hash rate is controlled by China with its authoritarian government.

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Despite the fact that mining decentralization has long been considered one of the main pain points of Bitcoin, this post has become an eye-opener for many Redditors. One of the top commentators even claims that it made him reconsider the future of the coin that started it all.
Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say

Some suggest that Bitcoin could be saved by disrupting the Chinese monopoly on mining with the help of ASIC-resistant algorithms. For example, Monero will address this issue by implementing Random X in October.
Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say
There is also an idea that China would have to go to extreme lengths in order to undermine Bitcoin. Particularly, it would need to force mining pools to perform the 51 percent attack that would kill all faith in Bitcoin. As reported by U.Today, Binance CEO Changpend Zhao suggested the idea of Blockchain reorganization back in May after suffering a $41 mln hack.
Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say

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Meanwhile, the top comment in this thread contains an ominous warning  — China is the black swan that Satoshi never anticipated.
Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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