I'm holding BTC just so you know, but my question is why does the shutdown in China matter? I understand it temporarily reduces computational capacity and slows down some transactions because of that, but the whole thing I bought into is that this is a worldwide network and no one government can control it. So the blockchain just changes minors....right. Is there something more to this that I don't understand?
it is true, something that is not controlled by a particular country should not be considered important. but the problem is that the role of China, which has long adopted the development of Bitcoin, has had a big impact, both in terms of growth, increase, and transaction density due to the high level of demand.
therefore, when China cut ties with Bitcoin, automatically all forms of Bitcoin interaction experienced obstacles or some kind of bottleneck.
transactions are reduced, requests are hampered and all aspects of the impact have an impact on all corners of the country where there are Bitcoin users. they can't sell, they can't buy, and both demand and service are locked down.
In simple terms, China can be analogized as a connecting axis, and when the axis is disconnected, it is not only clogged but also does not function properly.