Bitcoin Forum

BTCCNY volumes seem in general to be far higher than BTCUSD volumes. What are the main reasons for this?

- Do chinese exchanges have 0% trading fee, leading to more frequent trades?
- Are there more CNY traders than USD traders?
- Are trading volumes reported inaccurately? If so, is there any point in doing so, will it attract more traders? What if the fake volumes are exposed, will it damage the reputation of the exchange with decreased real trade volumes as a result?

Is there any statistics (best effort attempts) that tries to show how many bitcoin users there are in every country?

Why is CNY volume so high, and not INR for example? Localbitcoins volume of INR is quite low. Is there no bitcoin exchanges in India? Is the low popularity due to people being less technical, or more traditional? I thought IT was big in India.

Why's JPY volumes not higher? Currently CNY volumes appears hundreds of times bigger.  What about KRW (South Corea), is it on the rise?

What about RUB (Russia), localbitcoins volume is also low.

 PLN also seems relatively popular, what's the main reasons for this (foreign workers sending money home?). I see the bitcoin embassy in Warsawa recently shut down.. Are polish people technologically advanced in general?

Looking forward to your unique insights.

well cny is higher, because there are many chinese that do trading i believe

japanese have banned bitcoin, or there are some restriction

russia same as jap

polish are approaching bitcoin, in a more healthy  way, they seems to like the tech behind it

Three options for why Chinese trade numbers are higher than USD numbers, with the middle option being that there are more Chinese traders?
The obvious answer is that the Chinese buy more bitcoin thn those using dollars. They also mine more than the rest of the world too. It is only extreme American arrogance that leads to this even being a question.

China are buying up gold, property, companies etc, why is it hard to believe that they are buying up btc?

Really, you guys never heard of wash volume?

Some Chinese based platforms simply provide the best deal:
- Lowest fees
- Most users
- Biggest trade volume
- High leverage margin

A lot of traders on there are actually Europeans and Americans. Of course many Chinese too.

Bitfinex has the biggest true volume, the market always moves with finex.  Really hard to trust the china exchanges but they play a part.

People like you should stop posting on these boards and resort to read-only. you don't really understand what's going on and make these forums cluttered with garbage posts with half truths that do nothing. You're basically the equivalent of a spammer, because you're useless

japan has not banned bitcoin, you retard don't post garbage like that.

China is huge, tons of people are looking forward for Bitcoin being a success to not have to depend on their opressive government and hopefully leave the country in the future and live off BTC.

Wash volume? Not sure what that means.

If you mean that China is a champion in faking volume, then I agree with you.

Volume of Chinese exchanges look way too big to be true. I wonder what it will do with their volumes when they introduce a fee structure  :D

i said "restriction" because i wasn't sure about the ban, there are applicable taxes, this is a restriction, and it's why you see low volume with JPY

One thing you can do is check out alexa and you might get a glimpse of the users for each site.

Chinese exchanges have no cost for a trade. Therefore the volume is imaginary.

Fee paying exchanges such as finex or stamp or kraken show the true market volume.

Chinese exchanges have some coins on them but cannot be trusted.

And what about more than 50% of the worlds mining being in China?  Can you trust that, or is that wash volume due to no fees?

Why can people not accept that China uses a lot of Bitcoin? The entire bitcoin value is only a few billion USD, it's nothing in the grand scheme of things. China seem to be looking to invest in the future with infrastructure and buying up commodities, bitcoin is just a very small part of that.

it's clear that some people can't seem to just accept it that china is nr 1.
first it was usa and now china. so what. they clearly see something in bitcoin that can be very useful in the future.

Higher volume does not necessarily mean there are more traders or because bitcoin is more popular in china than in the states for that matter. Never mind but I do have a suspicion that most of the mining farms are located in China (where cost of production is low, mainly electricity and mining equipment) and generally what I believe is that these people are mainly into doing business for profit and they will sell the moment new coins are found. And that leads to the higher volume of coins being traded.

1,There is no trading fee in Chinese exchanges, they can trade frequently without considering trading cost. This will push that volumes up.

2,It's said that, we believe, some exchange's volumes are fake or partly fake.

3,Chinese love trading.

Viola. This guy got it right.

Also alot of chinese don't know English, which means they would default to chinese only exchanges anyways.

The reason is that Chinese exchanges have set a standard among them for 0% trading fees. As a result, many more trades take place since traders don't hesitate to put on even the riskiest trades.

TL;DR

0 trade fees = bigger volume

You pretty much nailed it. Most of Bitcoins are now mined in China. Lots of Chinese people do not speak any other language than Chinese thus, they buy and sell Bitcoins at their local exchanges. Finally, there has been also a lot of rumours that some of the volume on Chinese exchanges may be fake.

I'm not familiar with China, but would not most geeks who're into coding/sysadmin/linux and computers in general know a lot of english? I mean, how can you even be a computer geek without knowing english well. And I would assume most traders are considered somewhat of a "geek"?

As a former Chinese btc trader, I can share something for you.

- Do chinese exchanges have 0% trading fee, leading to more frequent trades?        Yes, and many bots trading there.
- Are there more CNY traders than USD traders?         No, I estimate less than Chinese 10k traders are active. US has more traders.
- Are trading volumes reported inaccurately? If so, is there any point in doing so, will it attract more traders? What if the fake volumes are exposed, will it damage the reputation of the exchange with decreased real trade volumes as a result?

Yeah, some of Chinese exchanges fake the trading volume, and most of the volume is traded by bots or platform itself. Reputation? They don't need it, they just wanna your money, they are all greedy bastards, they lend the loan to people with very high rates.

Some biggest exchanges like huobi and okcoin has venture capitals. So that's why they need to fake volumes, to make money from venture capitals, is it clear? :D

Could there maybe really be HFT going on in China? But I agree that I think it may mostly be fake volume. I mean, it's easy... it's even more profitable if done by the exchange: They know the order book and also hidden orders and can profit from arbitrage, even.

With 0% fee for trading, scalping is quite possible, so bots making tiny trades over and over, will generate profits for the bot owners. If fees were raised, volume would most likely decline.

I don't think that volumes are reported inaccurately from Chinese exchanges. It's just not fair to compare them with exchanges that have trading fees. You can trade 24/7 to a Chinese exchange and only pay a fee when you withdraw.

Not necessarily. They have access to computers and use them, it doesn't mean they know proper English. I highly respect the chinese, but I know there is a language barrier.

There are tons of chinese bitcoin whales, you can tell by the fake walls set in a lot of chinese exchanges, they don't even bother at making it less obvious.

that is a natural consequence of the fact that most of the Bitcoins are mined in China nowadays. Thus, probably, people who own mining farms may be one of these whales whom you see playing on the exchanges.

CNY is the currency of a country with 13+ billion population (and more unaccounted for)

USD is the currency of a country with a 300m population

Once you try to do anything at cli-level i assume engilsh is needed? Or if you want to edit source code.. I guess non-technical users could be doing well with only chinese on the desktop however, but really, how do you surf the net without visiting and reading english sites?

I really think the 0 fees is the biggest issue for volume.  You can essentially trade with yourself if you want.  I just don't see how the Chinese exchanges can be viable without some low fee to offset their costs.  I worry that one day they will just run away with the coins, but I guess if they have outside funding they are more likely to be legit.

Thanks for trying to answer the OP's questions.

No exchange can continue to offer 0% fee for ever. If they can, they must finanze their operations somehow. But nobody, including investors, are willing to give money away for free in the long run. But I guess with a huge customer base there might be several ways to profit off it.

I'm really hoping for America to step up their involvement with bitcoin that surpasses China.

Based on what? What would be the reason to do so? For now most of the Bitcoin use is purely speculative, thus the major involvement of China.
If that changes, we may observe the change of sentiment in the US.