People here have claimed that Bitcoin is in fact controlled and ruled by China, as mining is centralized by Chinese mining institutions.
Do you think that China is controlling/ruling bitcoin yes or no?
Yes, I think China is indeed controlling bitcoin,over 70 percent of the transactions on the Bitcoin network are going through just four Chinese companies or mining pools and most flowed through just two of those companies. That gives them the veto power over any changes to the Bitcoin software and technology. Over the past few years, China has become a major market for bitcoins unlike other countries and they have established huge investments in server farms as well as enormous speculative trading on bitcoin exchanges. Chinese exchanges account for 42% of all Bitcoin transactions. But Chinas clout is raising worries about Bitcoins independence and decentralization, because they are now controlling majority of the bitcoin network hence they are in absolute control unlike any other country.