China is the biggest user of digital currency, its just not bitcoin - page 2.

blatchcorn

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Quote from: teosanru on November 06, 2021, 02:49:19 PM

This was obvious, wasn't it? A country with the largest population in the world has introduced CBDC version of its paper currency, it's obvious that they would have the highest number of users of digital currency, also in a country like China where financial inclusivity is quite high, but obviously, you can't compare Bitcoin and Digital version of Yuan in any way, in fact there is a good chance that people using Digital YUAN would still find it difficult to operate private key bitcoin wallets. But I disagree with your statement that Bitcoin has failed to do so, the best thing about bitcoin is that it didn't imposed it's usage, you are free to choose whether you want to use it or not while the same isn't the case with Yuan which was imposed in the country.

If you read the news posted by OP it's, "40 million Chinese punters adopt Digital Yuan and spend up big". Its just like comparing apple with oranges. Governments are encouraging and enforcing use of digital version of fiat over cash for better visibility of financial activities and increasing tax net.
The list of sucess btc achieved in a decade time is far more then what fiat achieved in centuries. Btc has brought complete democracy in financial system which was greatly abused by centralised financial institutions.

Kakmakr

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

I will rather have Bitcoin for the following reasons :

1. Bitcoin are not controlled by a dictatorship.
2. Bitcoin give people the control over their own wealth. (The Chinese government can freeze accounts/addresses or block transactions)
3. Bitcoin are used globally..... not just in China. (Borderless)
4. Bitcoin have a fixed coin cap ....consensus will never be reached to increase it.

Those are some of the reasons..... and there are loads more... but the biggest reason will always be ..financial freedom!!! Wink

kryptqnick

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I don't think it's fair to compare a government-enforced currency with a decentralized cryptocurrency. e-CNY is a digitalized version of their fiat currency, and its value is thoroughly regulated, matching that of yuan. Moreover, I couldn't even find definitive information on whether it's a blockchain-based currency. If it's not, it's even farther from cryptos. China is an authoritarian state, as others mentioned, so it can impose what it wants on the population and businesses. Of course, people there adopt what the government wants them to adopt, but the huge difference with Bitcoin is that it's not regulated, controlled or enforced by a government, and people largely use it willingly. I think CBDCs are way closer to fiat than to cryptos.

Ryker1

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Well, we cannot blame them because the people of China do not have a choice --their government hardly implements this currency to regulate their people but the fact that there is a feature of bitcoin that their digital currency cannot do. There are a lot of advantages that bitcoin can do compared to their digital currency, I would rather choose decentralized currency than the centralized one. Do you think their people don't have bitcoin? I don't think so perhaps they are the largest community that holds bitcoin.

YOSHIE

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

Something that bitcoin has failed to do in 10 years.

Digital (Yuan), which they can control with complete control, not with Bitcoin, not Bitcoin failing, China failing to control Bitcoin, that's all you need to know.

China wants Bitcoin to be controlled by them and made into a digital currency in China, to make buy/sell transactions, but they fail to do that, they are out of their minds to shake Bitcoin, to no avail.

The final decision is the best alternative digital currency (Yuan), China has stopped messing around with Bitcoin, it's useless, this is the end of the story behind what China has done.

Yamifoud

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

They don't adapt and make use of cryptocurrency as they also have the plan to make their own digital currency in which they could take control of it unlike where they use crypto. Things like this haven't been new to us, we know China of being secretive in nature and very influential, yet they fail to control crypto. That is why the government leaders hate Bitcoin and they become more aggressive to stop all crypto activities in their place just for the sake of promoting their own centralized currency.

zaesvlas

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It is very likely that sometimes China is playing its own game. Moreover, it is important for the world to pay attention to this.

pooya87

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

You lot won't like this, but here is a digital currency that is actually used to buy things.

Why wouldn't we not-like this? Each time you use your credit card, debit card, bank transfer, PayPal, VISA,... you are using a digital currency and you've been doing it for many years even before bitcoin was created.
A new centralized IOU token was added to the list of centralized government control payment systems. That doesn't change anything for the only decentralized currency in the world called bitcoin.

Quote

Something that bitcoin has failed to do in 10 years.

The fact that you are blind and don't want to see the adoption that bitcoin had is your problem.

vv181

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Yeah, right. But what about the borderless payment system? The irreversible transaction? and the censorship-resistant currency? I'm sure the CBDC you mentioned would not solve it. Yet on the other hand, since the beginning of time, Bitcoin solves those features, and it is incomparable to any centralized currency that the government or any authority issued.

Dave1

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Lol, this is pretty obvious,

1. one of the world biggest population
2. they have an oppressive government that all you can do is to follow otherwise you will be jailed

So just image the continue transactions that is happening inside the country using their digital Yuan. And it could be cashless too, just like those countries in the UE wherein credit card or cheques is the norm. As for bitcoin, maybe we really need to wait if it will become global, maybe 5-10 years down the road.

herurist

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Quote from: Dripstoil on November 06, 2021, 02:51:08 PM

There's is big difference between Government owned Crypto to truly decentralized token like Bitcoin. People are looking for ways to take their money off government stranglehold. E-CYN or whatever it is called is just like another government issued security bill. No privacy, no true ownership, and too many regulations. It's not a credible opinion to Bitcoin.

Crypto adoption is slowly picking up and may probably become the world's major currency in the next 10 years. Every Government issued Crypto is bound to fail because at the end of the day, they're just another fiat in disguise.

their goal is clear by banning crypto is to make the cbdc they propose no rival isn't it.
So, don't be surprised if Chinese citizens do this because apart from having no other choice with that, they certainly can't determine what they can do.
we know that china is a country that is still in control of all its citizens and this will definitely be used explicitly with cbdc they hope to outperform bitcoin even though in a big sense it will not be like that

Shenzou

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

It was an inevitable that they were setting up for this since the beginning, i am actually surprised that they didn't do this a long time ago, since they are well known for using all localized version of thing including the internet and payment systems, and since bitcoin is not centralized and the government does not have any control over its transactions, the ban was excepted and in fact i feel like everyone knew it was gonna happen that the mining ban didn't have any significant impact on the price at the time, and i bet that the digital currency that is being used and mentioned in the article is just another way for the Chinese government to monitor their citizens.

AmoreJaz

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Quote from: Baofeng on November 06, 2021, 03:22:11 PM

Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

Do Chinese people have any other choice here? Lol. That's why their government build their own CBCD, so don't be surprised that maybe by the end of next year, billions of Chinese have one time or another uses their CBCD to do online transactions specially if they are going to interact with their government.

Just to be fair, bitcoin can be used to purchase things as well. And they are not even comparable to CBCD of any nations, or like in this example the Digital Yuan.

this is the difference from other countries, chinese most of the time have no choice but to follow their government's mandate. even their social media presence and other net activities are heavily censored. remember, even a very well known actress or athlete can be deleted in their history if they want to. i guess, i dont want to live in that kind of environment. but it has proven that even if China halted all their crypto-related activities esp btc, they won't cause any failure in this market. i think, it is better that they are out of this market.

TheNineClub

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Yeah, it's crypto but it's not the type of crypto most of us are backing. Of course a centraliset government created crypto will acomplish something BTC was unable because it works under diferent principles. This type of crypto is just not where it's at.

BIT-BENDER

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Quote from: Dripstoil on November 06, 2021, 02:51:08 PM

There's is big difference between Government owned Crypto to truly decentralized token like Bitcoin. People are looking for ways to take their money off government stranglehold. E-CYN or whatever it is called is just like another government issued security bill. No privacy, no true ownership, and too many regulations. It's not a credible opinion to Bitcoin.

Crypto adoption is slowly picking up and may probably become the world's major currency in the next 10 years. Every Government issued Crypto is bound to fail because at the end of the day, they're just another fiat in disguise.

My country try and failed to hold crypto-currency and control nigerians in crypto-currency as that didn't, they brought about E-naira and as the government forces a brick down the throat of it citizens and place restrictions on crypto-currency, this would make E-naira more adopted than Bitcoin, but it's to me E-naira and like what China is doing is a digital asset but a I don't think as a crypto-currency enthusiast I would buy the coin except under Force and duress.

Baofeng

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

Do Chinese people have any other choice here? Lol. That's why their government build their own CBCD, so don't be surprised that maybe by the end of next year, billions of Chinese have one time or another uses their CBCD to do online transactions specially if they are going to interact with their government.

Just to be fair, bitcoin can be used to purchase things as well. And they are not even comparable to CBCD of any nations, or like in this example the Digital Yuan.

bL4nkcode

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

You lot won't like this, but here is a digital currency that is actually used to buy things.

You mean to buy things only on certain place such china, only in china.

Lots of difference between CBDC and crypto people who are using and shouldn't be compared of. It's obvious chinese people will use it as it somewhat required/forced to them by their government.

I don't think bitcoin failed to work like that, even bitcoin doesn't have enough value as $5, it was used already to buy things, food and etc. few years after its release.

Dripstoil

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There's is big difference between Government owned Crypto to truly decentralized token like Bitcoin. People are looking for ways to take their money off government stranglehold. E-CYN or whatever it is called is just like another government issued security bill. No privacy, no true ownership, and too many regulations. It's not a credible opinion to Bitcoin.

Crypto adoption is slowly picking up and may probably become the world's major currency in the next 10 years. Every Government issued Crypto is bound to fail because at the end of the day, they're just another fiat in disguise.

teosanru

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Quote from: coinycoiny on November 06, 2021, 02:34:36 PM

https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

This was obvious, wasn't it? A country with the largest population in the world has introduced CBDC version of its paper currency, it's obvious that they would have the highest number of users of digital currency, also in a country like China where financial inclusivity is quite high, but obviously, you can't compare Bitcoin and Digital version of Yuan in any way, in fact there is a good chance that people using Digital YUAN would still find it difficult to operate private key bitcoin wallets. But I disagree with your statement that Bitcoin has failed to do so, the best thing about bitcoin is that it didn't imposed it's usage, you are free to choose whether you want to use it or not while the same isn't the case with Yuan which was imposed in the country.

coinycoiny

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https://www.theregister.com/2021/11/05/digital_yuan_140m_wallets/

You lot won't like this, but here is a digital currency that is actually used to buy things. Something that bitcoin has failed to do in 10 years.

The writing is on the wall.

Topic: China is the biggest user of digital currency, its just not bitcoin - page 2. (Read 249 times)