Why has bitcoin had success in China? - page 9.

bitgolden

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Quote from: SerenaL on September 30, 2015, 07:29:57 PM

I think people who are from countries with oppressive government will embrace bitcoin to move their wealth out of the country.

Yes. That's the reason for the success of bitcoin in China. When people do not have belief in their governments, they need to secure their wealth. So bitcoin will come to their alternate investments category to securely store their savings. Bitcoin would be the obvious choice for this kind of situations.

Q7

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One thing about the Chinese is that they seems to prefer their own version of cryptocoin. Take for example TRMB. If you look under coinmarketcap it seems to appear out from nowhere to be among the top. And it looks like they are very focused on this one though but not to imply that they are totalling ignoring bitcoin

SerenaL

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I think people who are from countries with oppressive government will embrace bitcoin to move their wealth out of the country.

Xenoph0bia

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I don't think that bitcoins has huge success in China as you can see that only limited people are using bitcoins in the china. I don't think that many people are aware with the bictoins, but china is a huge market and if more n more people start using-trsuting bitcoins then definitely one day bitcoins will be very successful in China.

Amph

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Quote from: ereborltc on September 30, 2015, 03:09:17 AM

Quote from: Amph on September 30, 2015, 02:52:19 AM

if it is related to mining then it is because they have big place with cheap electricity, and since, again, they are too many, you see it more, versus other countries

i would imagine that if china were only 50-100M, they would not control 60% of the network

I don't think so. Chinese ppl will find a way to solve it! They have a strong desire to make profit! They have a strong mining, exchange and ASIC manufacturer industry!

it's all about number, there are other good place in america where you can have 0.05 electricity, but despite this no one is going mining, because they can't build their asic like chinese can do

Luqman

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Quote from: 7788bitcoin on September 30, 2015, 02:07:38 AM

How do you define "success"? I think only a very very small percentage of Chinese is using bitcoin. Not many merchants in China accept bitcoins. It is still far from "success" IMO.

Agreed, nice thought..

manselr

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There's a big difference from mining to actual usage. Sure, China is king of mining Bitcoins for some reason, probably has to do with the fact they saw profit to be made due their cheaper electricity bills, and sure there's probably something more too hidden from us, such as the goverment seeing the millionaire value this thing may have in the future therefore stacking on it by promoting miners and supplying them with resources. In any case, actual usage is mostly by geeks and in-the-know early adopters like us too. We are too soon in the game yet to expect widespread usage anywhere.

neonshium

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The recent economic slow down in China, made people to look for alternate investments for their saving. When people simply switch over from their currency into another usually people go for gold, but now we have digital version of gold.

Miss Fortune

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sekaiissobig

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I don't think so,
It is more likely that the mindset is influenced by Q coin but
the reality is the original mindset of majority of chinese, which want to gain profit in short time,
while the electricty supply is quite cheap, so chinese can invest their little money in mining,
with lots of bitcoin in market, there are many more chinese wants to enter this empty market.

avatar_kiyoshi

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Although in China still "Restricted" about legality of Bitcoin, but China is dominate bitcoin mining pool: https://blockchain.info/pools

They have a pretty much bitcoin exchanger too. they have strong faith to bitcoin.

medUSA

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Quote from: Amanda2015 on September 30, 2015, 01:48:24 AM

bitcoin gives an opportunity for people to move money out of China and transact with international merchants/customers. This is important as there is currently a 350,000 yuan (around $50,000) limit on overseas investment.

This is the main reason. The ability to move money out of China unregulated is "priceless". I believe millions of blackmarket money have already moved out of China this way. It is also precisely this reason Chinese government wants to ban/hinder bitcoin in China.

Mickeyb

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It's very simple. Getting money out of the country and screwing their capital controls was one convenience. Their gambling mentality and speculating has added to their interest in Bitcoin. Cheap electricity and cheap mining productions have worked for them very well.

Their sheer size in population is also very important. In the percentage of population I think there are no more users in China then in the rest of the world. But when you take this same percentage of users and you multiply it by 1.5 billion people, you actually get many more users.

randy8777

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it's purely that china has very cheap power rates and the fact that chines people like to go big when investing in something. the only downside to a lot chinese investors is that they are very short term minded.

ranochigo

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Since it is issued by a central company, I doubt the chinese were more familar to Bitcoin due to that. Bitcoin is a completely different thing as it is secured by cryptography and nothing else. However, China Telecom and Baidu both started accepting Bitcoin shortly before the rise. This could have resulted in the chinese having more confidence about the legitimacy of Bitcoin.

Also, the cheap land space and electricity could have aroused the interest of those who are moneyminded and started mining.

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n2004al

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Quote from: NorrisK on September 30, 2015, 02:27:43 AM

I think it is more likely related to the chinese gambling mentality. They don't mind as much to take a risk to earn massive amounts of money, even if this involves a new technology that they (might) not fully understand.

This will speed up adoption, as they are not so reluctant and scared of potential losses.

That's correct according to me. The success it is more because of gambling mentality of the Chinese people. This gambling mentality make them mining without thinking to much about the risks which bring this behavior. Then the mining bring money and make them more interested to go ahead.

The words go from one to one and then everyone begin to mine seeing the others. The results: The Chinese are the first mining people in the world and the bitcoin is used to much from them.

ereborltc

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Quote from: Amph on September 30, 2015, 02:52:19 AM

if it is related to mining then it is because they have big place with cheap electricity, and since, again, they are too many, you see it more, versus other countries

i would imagine that if china were only 50-100M, they would not control 60% of the network

I don't think so. Chinese ppl will find a way to solve it! They have a strong desire to make profit! They have a strong mining, exchange and ASIC manufacturer industry!

Outlander

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How could you bring up the Q coins? How could it be used to compare with Bitcoin? Q -coin is company coins and centralized! Ten cent can issue as many Q coins as he likes! Q-coins are deeply embedded with its provided service, which is the reasons of the success!
Op just focuses on the benefits Bitcoin could possibly bring to China! It doesn't mean the success in China!

Amph

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if it is related to mining then it is because they have big place with cheap electricity, and since, again, they are too many, you see it more, versus other countries

i would imagine that if china were only 50-100M, they would not control 60% of the network

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