Bitcoin Forum

According to what I've been tracking, this is a first time event and IMO one of the most significant milestones of the year.  http://btckan.com/price

Sounds like they've got the bitcoin fever over there in yuen-land.

Hardly. 24h volume on btcchina.com 991BTC atm.

Uhh... are you really... was it so hard to figure out China's exchanges arent as centalized?

They have many exchanges which take up a good chunk of the trade% each. I didnt actually add it up but it looks like >4k 24hr volume.

Gox is 4500.

So, unless I missed a big one on there [Of course, you have to open each site individually and see that it trades CNY primarily], then I cant see it topping bitstamp and mtgox.

Is there any better alternative to bitcoincharts.com? It really sucks. Bitstamp data not there half of the time, btcde missing often etc...

Also please share some links of Chinese exchanges if possible.

try http://bitcoinwisdom.com/

Where do you see that the cumulative CNY/BTC is more than cumulative USD/BTC?
Your link seems to show otherwise

Sunday afternoon/evening, when I logged my data into excel, china's volume was ~14.5k while big 3 volume was ~12.2k. For those that were asking above, china now has multiple large exchanges, with btcchina just being one of several. BTCkan is the best place to go for info, you just need to be able to read Chinese or use a translator or something.

I made a google doc that parses btckan.com and displays the CNY volume vs BTC.

https://docs.google.com/spreadsheet/ccc?key=0AjlcmguMaCvJdEdhcHItNEdVNFloQVQ3aTlCUjhpMkE&usp=sharing

Right on. Great news!  I always thought that BTC would appeal to a number of Chinese folks.

Part of my reasoning stems from many of the Chinese-owned stores in my city (everywhere?) don't accept (or like) credit cards because they don't like paying the exorbitant fees. Which I can totally understand.
 

No wonder at all for this. In 2012, China's manufacturing GDP is almost two times of that of USA, or equal to that of those half dozen smaller economies put together.

http://img1.soufun.com/album/2013_09/24/1379995520145_000.jpg

Thanks!

If I get it correctly, the volume for separate exchanges is in column L

This +1... Are you people seeing this? It is a Tuesday and we're looking at 43% volume is in China.......... zoig on a 24hr chart meaning trading activity doesn't match up. If there was ever a clear sign that China will be the future home of Bitcoin this is it. What happens when they make up the majority of volume consistently? Will price discovery start happening at 9pm EST?

So.... this is how China get back at US for printing money....?

I still doubt China government let ppl trade btc at free will.

Well it's up on reddit now, so I'm sure someone will write an article based on what you found. :D

www.btc123.com
z.btc123.com

Well, its been what, 5 months since all the China hype (after that short piece about Bitcoin aired on CCTV). Now we're seeing the effects.

There's also an upcoming Bitcoin Conference in Singapore. > http://eventnook.com/event/btcsg/home
There's bound to be bitcoin users from China heading there to find out more.

This makes perfect sense considering the restrictions on moving money from inside China the 'antiquated' way.

Same holds true for some other countries in Asia and South America. These regions should see spikes in volume as the masses learn how to move their fiat money through BTC.

However once there is some government scrutiny on the currency then the loopholes will be filed for the most part leveling out the volume spikes.

Cheers...

This is big news if this keeps really growing.

This is not the first time. CNY volume has really taken off in the last 2 months! More tickers/charts need to add the rest of the CNY exchanges. Many of them only have BTCChina - which used to have ~90% of the volume, now they are typically closer to 10%.

Can't wait to see what happens when China -really- notices Bitcoin.

I think it's first time for aggregate volume. Not 100% sure because my data set doesn't cover everyday.. But only a couple data points missing. Ditto on BTCC tho

BTC100 is already 97% ot MtGox!

wow, amazing. china is the new us/europe when it comes to btc now.

How trustworthy are these numbers?
How can it be that the price is still under the dollar level? I remember times (before the crash) when the price on btcchina was 15% higher than MtGox. Who is selling in China and where do they have all the Bitcoin from?

I guess chinese asic manufacturers have plenty of btc..

The daily production of 3k6BTC is only a fraction of the volume traded in China at the moment. Also do they need Chinese RMB? What for? It's a non-convertible currency that nobody really wants if avoidable.

The ASIC manufacturers sell the ASICs for BTC. Then they convert to RMB to spend on production.

I guess development makes up for the bigger part in the calculation and you will have to pay that up front, before you are able to sell hardware.

Be very careful when reading the volume figures of CNY markets. Some may show fake volume. For example,  www.btc008.com claims they have 8000BTC per day while the price is constantly and significantly higher than all other CNY markets

I doubt they are lying about volume. That would be obvious to anyone trading there, and would probably scare them off. One thing they might be doing is automatic arbitrage with other exchanges. It's hard to get more info without being able to read the language... I appreciate any traders there who chime in.

It's good to see rapid growth outside of the traditional markets. It can only mean good things!