If manufacturers in China start asking for BTC instead of USD, they can convert to Renminbi at 20% markup on Chinese exchanges.
Oh man that is so tempting to hope for... But the reality is that the amounts of wealth that those exporters get paid per shipment would be too big to simply drop on BTCChina... It'd be a major sell there that tanks the price for weeks... Each time.They'd have to want to hold some in bitcoin; perhaps half of every shipment. That might help them avoid taxation too so it's not completely out of the question.
I was thinking maybe a few smaller scale manufacturers would be the first to realise the opportunity - maybe the odd business owner who does a few million in turnover per year. They would usually accept dollars as payment, and then convert into Renminbi to pay workers and buy raw materials etc. Now they hear about this new thing called Bitcoin, which allows them to take irreversible payment, clears within hours rather than days, and they can offload on BTCChina and receive an extra 20% - what's not to love about it? They tell their American partners to convert their dollars using Coinbase (We're talking a few tens of thousands of dollars at a time) and make payment that way...
This,
Bitcoin is a wet dream for all the merchants on Alibaba
Or anyone doing business with them. Has anyone else ever used Western Union to buy things on Alibaba? Talk about archaic.
*Googles Alibaba*
I didn't even know this stuff still existed!
