In these recent days, China seems to be dominating the news in relation to rumors that it would be censoring Bitcoin activity in the country.
These rumors have cause the price of Bitcoin to flat on the face. In this report @BlockRush discusses why it is time to decentralize Bitcoin mining and ditch China.
Its a real shame that mere rumors can halt the price of Bitcoin - the very technology designed to withstand global government crackdown, nuclear war and even an alien takeover.
If China bans Bitcoins and all crypto-currencies, then Steem too would be banned. What would happen to the Steemians from China?
1. China is not a democratic nation
The fact the China powers over 70% of the mining power of Bitcoin alone should be a miracle as China is not even democratic nation.
How on Earth does a communist and fascist nation support Bitcoins - an anarchist and cyberpunk technology?
It is time for the Western society - the Americans and Europeans to live up to their boast of being freedom lovers by supporting Bitcoins.
2. Bitcoin mining is monopolized in China
Bitcoin is supposed to be a decentralized technology, however it turns out that its mining is monopolized in China which allows the Chinese government's activities to affect Bitcoins.
This is not good for business and must be rectified immediately. The Bitcoin core community should work better to simply the mining process of Bitcoin so nations all over the world can take part.
Whether it will be by reducing the mining difficulty, increasing mining reward or by doing another fork - the Bitcoin software needs to be upgraded so it will be easy for miners around the world to adopt.
3. It is time for new investors to invest
The current price bubbles of Bitcoin is only an opportunity for investors to invest more into Bitcoin. These new investors should be from all over the world and that will see Bitcoin gain more support from around the world.
As reported by Bitcoin.com, Bitcoin activity and interest is booming in South Americas. Bitcoin does not survive on one nation and if China leaves Bitcoins, it will find new investors.
If you thought Bitcoin Cash was going to out perform Bitcoin, now you know you are wrong. Bitcoin Cash is not going anywhere. If you have money, invest into Bitcoins.
4. Lighting Network needs decentralization
The Lighting Network is the infrastructure which could make Bitcoin transactions scale to billions while being free and instant. We had to wait forever for SegWit to be implemented on Bitcoin so Lighting Network could be deployed.
However, SegWit has not been fully implemented yet and one core thing that will also need to be implemented is decentralization.
If we need to decentralized Bitcoin mining before we can implement the Lightning Network to make Bitcoin transactions instant, free and scalable - then there is nothing to debate about.
Its time to decentralize Bitcoin mining, end of story.
5. No one gets to ditch Bitcoins
Bitcoin is the pride of the proud anarchist and cyberpunk community. If there is anything one needs to know about this community, it is that we do not accept defeat.
When it become imminent that employees will loose their jobs, the most arrogant of them decide to quit before being told they are fire.
The same applies here, we will not let China have the pleasure of firing Bitcoins - so we will quit China.
Hey Chinese Bitcoin miners; you are all fired!