Why has bitcoin had success in China? - page 8.

Golftech

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Quote from: STT on January 04, 2016, 03:34:57 PM

Capital controls would be a big thing to encourage use of bitcoin. Does China have wide spread cheap power from hydro ? I thought they required lots of coal and lacked natural oil and had to import it all.
I know they have the worlds largest dam linked to hydro power, a reservoir so massive it altered the rotation of the earth or so I read

http://www.businessinsider.com/chinas-three-gorges-dam-really-will-slow-the-earths-rotation-2010-6?IR=T

Billions of US dollars are moving out of China, how much of that is in bitcoin? The volume in Chinese exchanges are just fake.

asuryan180

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Quote from: Amph on January 05, 2016, 03:55:44 AM

Quote from: HarizDB on January 04, 2016, 02:01:41 PM

Bitcoins aren't necessarily more successful in China compared to the US, UK, Germany or Russia. One reason, as many other users mentioned, is the ability to move funds out of China anonymously

the reason is because they are mor ein numbers, so you will notice more the success with chinese than other countries combines, but the adoption is there in many other zone like in europe for example

europe in opposite to USa and company is not hinder bitcoin at all, and the adoption is looking good

But the adoption could not justify anything,China has got the majority of the miners and the firms are on work 24x7 since years and many news articles about Japan legalizing bitcoin etc..
This could be to kill the dollar or something else but nothing in specific.

Amph

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Quote from: HarizDB on January 04, 2016, 02:01:41 PM

Bitcoins aren't necessarily more successful in China compared to the US, UK, Germany or Russia. One reason, as many other users mentioned, is the ability to move funds out of China anonymously

the reason is because they are more in numbers, so you will notice more the success with chinese than other countries combines, but the adoption is there in many other zone like in europe for example

europe in opposite to USa and company is not hinder bitcoin at all, and the adoption is looking good

STT

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Capital controls would be a big thing to encourage use of bitcoin. Does China have wide spread cheap power from hydro ? I thought they required lots of coal and lacked natural oil and had to import it all.
I know they have the worlds largest dam linked to hydro power, a reservoir so massive it altered the rotation of the earth or so I read

http://www.businessinsider.com/chinas-three-gorges-dam-really-will-slow-the-earths-rotation-2010-6?IR=T

HarizDB

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Bitcoins aren't necessarily more successful in China compared to the US, UK, Germany or Russia. One reason, as many other users mentioned, is the ability to move funds out of China anonymously

cellard

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Quote from: Amph on January 04, 2016, 03:52:08 AM

Quote from: Dofnatues on January 03, 2016, 05:00:24 AM

I think China has only mining success. That is due to the advanced ASIC design technology and cheap electricity.

no, no they have only trading success, and they are the one that are driving the price and manipulating everything

so it's 100% a success there from every point of view

It's impossible to know to what extent china is really manipulating the price, but you can guess by the amount of volume moved in Huobi that it's insanely high, these guys must be getting sponsored by someone to move that kind of BTC up and down the book orders.

Dr.Osh

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because I think bitcoin users in China more than bitcoin users from other countries that use bitcoin, and they may very well already in use bitcoin, because one of the ways to make better bitcoin is to increase its

x13

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Things are called shit for a reason, dear.

I am very surprised that the stock market crash today, seems to have not major impact on Bitcoin. The price stay stable.

Amph

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Quote from: Dofnatues on January 03, 2016, 05:00:24 AM

I think China has only mining success. That is due to the advanced ASIC design technology and cheap electricity.

no, no they have also trading success, and they are the one that are driving the price and manipulating everything

so it's 100% a success there from every point of view

oblomov

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Yes, the input costs (electricity and mining rigs) are lower than in the west.

In my view, there are three reasons why BTC is successful in China:

- it is a way around capital controls, which apply to CNY exchange to USD or other currencies
- the exchanges do not charge fees, and this enables speculation/gambling, which is very popular with the Chinese middle and upper classes
- it appeals to the young, affluent, tech savvy Chinese millennials who are culturally cosmopolitan

extrabyte

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One main reason is that the mining rigs are mostly produced in China so there is no tax no import duties and it becomes cheaper that mining in another country, then another factor is the electriciy as far as i know they get from hydro-centrals which is cheap

Shinpako09

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I dont think bitcoin became really success in China. Because of one big reason "bitcoin is banned in China". But still most of the miners came from China atleast in mining they became success maybe because of low cost electricity.

Dofnatues

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I think China has only mining success. That is due to the advanced ASIC design technology and cheap electricity.

STT

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I thought the answer to China would be they are the dumping ground for all the exported dollars. They export goods and are forced to link to dollars by their government, a natural link would have their money raise in value so benefiting all common citizens. I think possibly the poor are most burdened who have to contend with Chinese currency linked to dollar, at least within the USA you are paid from government but all these other 2nd tier countries track dollars when they do not produce them

kevin go

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Maybe in china there is so many unemployment...so the alternative way is just find money in internet like bitcoin and etc....

justspare

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The Chinese aren't really into using Bitcoin. They are more into mining. They make mining farms and they earn a lot of money that way. There are barely places in the whole world that accept Bitcoin, that includes China. There is really no success of using Bitcoin in China. But there is a lot of success in mining. The Chinese make up a lot of the mining power that runs Bitcoin.

maokoto

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I agree with the gambling mentality. Worked in a slot machine company and most avid players were chinese... and many did a profit because they studied the machine cycles and all. It is as if they "invested" in gambling.

Also, keep in mind that Bitcoin is a little complex to work with for average internet users, but there are many chinese that have to be above average just to get over their governments restrictions on the internet. They are more techy so easier to understand or use Bitcoin for them.

Lasergun

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Bitcoin gives an opportunity for people to move money out of China and transact with international merchants or customers. As for now, it is clear that "bitcoin fever" is not over and it is interesting to see its' development in China.

zero01

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perhaps because unemployment there so they try to make money via the Internet and to the bitcoin Grin

jt byte

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Who produces the mining rigs? the answer is china.
China has the best workforce in the planet, lots of people and it costs cheap.
If these rigs would produce in Germany then the mining rigs would cost a fortune because of avg. wage in the country.
The electricity in China is also cheap which makes mining farms to earn good amount of bitcoins.

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