Why has bitcoin had success in China? - page 3.

Crazygreek

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Quote from: diodio5 on April 15, 2016, 11:49:15 AM

Quote from: TryAngle on April 13, 2016, 12:49:28 PM

The government apparently is open to bitcoin so this lets it have a chance to succeed.

nope I think the government will never accept bitcoin or legalize bitcoin before bitcoin can be set and can follow the government regulations. it was a silly thing bitcoin is decentralization? people can not intervene in the use of bitcoin or perform additional rules on bitcoin. bitcoin is freedom so it will be difficult for bitcoin to enter into bitcoin

I am agrre with you, goverment always doing only things only profitable for them. Anyway they will make desision not to legalize bitcoin and also they will try limit bitcoin users.

diodio5

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Quote from: TryAngle on April 13, 2016, 12:49:28 PM

The government apparently is open to bitcoin so this lets it have a chance to succeed.

nope I think the government will never accept bitcoin or legalize bitcoin before bitcoin can be set and can follow the government regulations. it was a silly thing bitcoin is decentralization? people can not intervene in the use of bitcoin or perform additional rules on bitcoin. bitcoin is freedom so it will be difficult for bitcoin to enter into bitcoin

Yakamoto

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Quote from: BeGoods on April 15, 2016, 11:25:23 AM

Quote from: expert4knowledge on April 14, 2016, 02:32:56 PM

Quote from: European Central Bank on April 07, 2016, 10:11:36 PM

Quote from: Krayshock on April 07, 2016, 09:34:37 PM

China as far as I know has the largest number of bitcoin mining centers in the world
No doubt, btc is successful in China

That ain't success. That's a few tens of guys minting money and not really caring about anything else.

If only some guys do mining and it is not more popular compared to other countreis then we cannot consider it as a success for China.

bitcoin will look successful when they have been adopted by various groups in that country? many merchants or store that accepts bitcoin as a payment and many transactions that occurred in the neighborhood.
if only people do mining and converts them into fiat. I probably would not say bitcoin success in that country?

Bitcoin can also be successful in China because there are roughly 3x the amount of people there than there are in the United States, and this means there can be a 3x larger user base in China if the demographic proportions are the same.

BeGoods

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Quote from: expert4knowledge on April 14, 2016, 02:32:56 PM

Quote from: European Central Bank on April 07, 2016, 10:11:36 PM

Quote from: Krayshock on April 07, 2016, 09:34:37 PM

China as far as I know has the largest number of bitcoin mining centers in the world
No doubt, btc is successful in China

That ain't success. That's a few tens of guys minting money and not really caring about anything else.

If only some guys do mining and it is not more popular compared to other countreis then we cannot consider it as a success for China.

bitcoin will look successful when they have been adopted by various groups in that country? many merchants or store that accepts bitcoin as a payment and many transactions that occurred in the neighborhood.
if only people do mining and converts them into fiat. I probably would not say bitcoin success in that country?

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Quote from: fredashton on April 15, 2016, 04:33:36 AM

Quote from: martinacar on April 15, 2016, 04:19:32 AM

I think the bitcoin has been a success because of all the miners that are there plus they do not have to pay tax what is already mentioned.
Plus I think china is always fast with new innovations to be honest.

Yes with all the miners there in china i think about 70% of the miners are there thats why bitcoin is really a success there and yes they are also investing much into technology so that they can compete with other countries that is a threat to them.

china has so many people,and they'll find out any chance to make money for them,it's not because 70% of the miners are there, but it's about how to make money through bitcoin by doing a mining and bitcoin automatically succes out there

fredashton

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Quote from: martinacar on April 15, 2016, 04:19:32 AM

I think the bitcoin has been a success because of all the miners that are there plus they do not have to pay tax what is already mentioned.
Plus I think china is always fast with new innovations to be honest.

Yes with all the miners there in china i think about 70% of the miners are there thats why bitcoin is really a success there and yes they are also investing much into technology so that they can compete with other countries that is a threat to them.

martinacar

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I think the bitcoin has been a success because of all the miners that are there plus they do not have to pay tax what is already mentioned.
Plus I think china is always fast with new innovations to be honest.

bryant.coleman

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Quote from: Vaskiy on April 15, 2016, 01:27:14 AM

Also China government has accepted bitcoin as a payment system in its country, that too makes China a great success in bitcoin..

Are you going to post wild rumors such as this one without any proof? Bitcoin users in China face a lot of harassment. Bitcoin exchanges and other BTC-related ventures are not allowed to open bank accounts, and there are so many restrictions. A large number of exchanges have shifted their operations to Hong Kong to escape from the government persecution.

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Quote from: expert4knowledge on April 14, 2016, 02:32:56 PM

Quote from: European Central Bank on April 07, 2016, 10:11:36 PM

Quote from: Krayshock on April 07, 2016, 09:34:37 PM

China as far as I know has the largest number of bitcoin mining centers in the world
No doubt, btc is successful in China

That ain't success. That's a few tens of guys minting money and not really caring about anything else.

If only some guys do mining and it is not more popular compared to other countreis then we cannot consider it as a success for China.

Yeah that's right, but the successful rate depends only on the mining done, mining farms found and the number of users found. Also China government has accepted bitcoin as a payment system in its country, that too makes China a great success in bitcoin..

KennyR

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Quote from: expert4knowledge on April 14, 2016, 02:32:56 PM

Quote from: European Central Bank on April 07, 2016, 10:11:36 PM

Quote from: Krayshock on April 07, 2016, 09:34:37 PM

China as far as I know has the largest number of bitcoin mining centers in the world
No doubt, btc is successful in China

That ain't success. That's a few tens of guys minting money and not really caring about anything else.

If only some guys do mining and it is not more popular compared to other countreis then we cannot consider it as a success for China.

Yeah, china has got lot of miners compared to the other countries. This is also a major reason why bitcoin has got high acceptance in China. Increased miners in China had led to a good awareness among the people. This has made even the government to support the developing technology.

expert4knowledge

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Quote from: European Central Bank on April 07, 2016, 10:11:36 PM

Quote from: Krayshock on April 07, 2016, 09:34:37 PM

China as far as I know has the largest number of bitcoin mining centers in the world
No doubt, btc is successful in China

That ain't success. That's a few tens of guys minting money and not really caring about anything else.

If only some guys do mining and it is not more popular compared to other countreis then we cannot consider it as a success for China.

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Quote from: ronaldinho_07 on April 13, 2016, 02:17:09 PM

China always present at inovation soo if they supporting bitcoin they becamed the first country to hug bitcoin project and support ,the same way they invest when some country is at financial problems,they have interest at bitcoin.

In each and every technological advancement china has a major role. So as a part now bitcoin is supported by China, this will make china to go high in the future.

OROBTC

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Chinese miners benefit big-time from the low subsidized electricity rates there. Cost of labor and basic electronic parts (and support products like buildings, racks, etc.) is very low compared to Western countries.

bryant.coleman correctly identifies limited investment opportunities in China in markets not at risk of bubbles, manipulation or corruption. This includes (especially) the Chinese Yuan, which just TONIGHT was devalued again.

My understanding is that capital controls in China are quite tight, at least among those NOT in the top elite. BTC would help some others to get some money out.

* * *

What I do not know is how many products one can buy with BTC over there. If many merchants in China accept (or will soon accept) Bitcoin, than the Chinese will essentially OWN Bitcoin.

bryant.coleman

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Bitcoin was initially regarded as one of the rare options for the Chinese Nouveau riche to escape from the tight monetary control policies of the central government. Also, it was regarded as a profitable, but high-risk investment. The Chinese does not have many options to invest their money locally. The stock markets are rigged and the real estate is over-priced. The Chinese Yuan is under constant manipulation, and that means that the bank fixed deposits (denominated in Yuan) are not safe.

gtglener

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Quote from: ronaldinho_07 on April 13, 2016, 02:17:09 PM

China always present at inovation soo if they supporting bitcoin they becamed the first country to hug bitcoin project and support ,the same way they invest when some country is at financial problems,they have interest at bitcoin.

yes, China is more at support to bitcoin than any other country, even the Chinese government is also much interested in the Bitcoin and in return they are more famous in China and are at most success.

fravia

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Quote from: TryAngle on April 13, 2016, 12:49:28 PM

The government apparently is open to bitcoin so this lets it have a chance to succeed.

well to be honest i doubt that it is actually allowed to use bitcoin freely in china as i know there are some regulations on it that only regular people are allowed to use it

i think its because of the fact that they have a lot of cheap electricity that allows them to mine bitcoins in big profit and make a good investment for the future if they are going to hold it

Newcoins2020

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I do not know why it is such a success in china to be honest.
Most likely its because they do not want the taxes plus I think its because there are so many miners in china, its even unbelievable to me, they have whole buildings with miners over there.

ronaldinho_07

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China always present at inovation soo if they supporting bitcoin they becamed the first country to hug bitcoin project and support ,the same way they invest when some country is at financial problems,they have interest at bitcoin.

severaldetails

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Maybe because bitcoin is something the chinese government can't control.
They control servers, but bitcoin works peer-to-peer.
I can imagine that chineses people with interest in technical stuff like that idea.

Olaf

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Quote from: CasioK on April 12, 2016, 02:41:40 PM

Quote from: rekinthis on April 08, 2016, 02:55:58 PM

i think it is so successful because of the fact that people there might easily get really cheap electricity without any efforts so they can make a lot of profit by mining bitcoins

because of that a lot of people get interested in it and a lot of people starts using it when they here about it from their friends or something like that, thats my prediction about it

Yes, the energy is most cheaper at there , the people at there can earn a lot of bitcoin with mining for a very less expenditure of their electricity on their computers while mining rather than in other countries.

I mean if you had friends who can do this for you.

Then I dont see why not we can do the same, of course the only concern would be the whole international shipping part.

Topic: Why has bitcoin had success in China? - page 3. (Read 7716 times)