Why has bitcoin had success in China?

[Amanda2015]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

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[7788bitcoin]

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.

[NorrisK]

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.

[KenChanYu]

Yes, bitcoin is starting to take off in Taiwan and majority in asian hands. Coins like Gulden will be for Europe in the future. Litecoin is also dominated by asian market.

[Amph]

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

[Outlander]

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!

[ereborltc]

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!

[n2004al]

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.

[Smokeasy]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

Not trying to stereotype, but Bitcoins are backed by hard math which some peope appreciate more than others.

[ranochigo]

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.

[randy8777]

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.

[Mickeyb]

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.

[medUSA]

<snip>
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.

[avatar_kiyoshi]

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.

[sekaiissobig]

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.

[Miss Fortune]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

Maybe because Chinese are very optimistic people and really believe in bitcoin.
Which is a good thing.

[neonshium]

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.

[manselr]

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.

[Luqman]

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..

[Amph]

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

[Xenoph0bia]

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. 

[SerenaL]

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

[Q7]

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

[bitgolden]

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.

[jt byte]

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.

[zero01]

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

[Lasergun]

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.

[maokoto]

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.

[justspare]

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.

[kevin go]

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

[STT]

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

[Dofnatues]

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

[Shinpako09]

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.

[extrabyte]

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

[oblomov]

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

 

[Amph]

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

[x13]

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

[Dr.Osh]

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

[cellard]

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.

[HarizDB]

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

[STT]

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

[Amph]

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

[asuryan180]

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.

[Golftech]

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.

[Pab]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

Very good explenation,i can also add that Chiinise love to gamble,investing in bitcoin or in stock is kind of legal gambling  for them

[WEBcreator]

Very good explenation,i can also add that Chiinise love to gamble,investing in bitcoin or in stock is kind of legal gambling  for them

The chinese never gamble blindly, they do research before getting inside the investment so with alot of chinese getting into bitcoin then that is a signal that it is actually a good thing to invest in for this time. The chinese will not hesitate to dump every of their bitcoin and move on if it is not profitable anymore

[cellard]

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

Well, I hope that those guys are aware of the fact that if you reveal your identiy when you are getting your Bitcoins (through an exchange of sorts) you are not going to be as anonymous as you would want to be when you are trying to get your wealth out of the government's hands. I wouldn't like to see innocent people that just want ot get their money out of there getting in problems because they fail to take the required steps to make Bitcoin as anonymous as it should be by default (lets hope in the future this changes).

[ace45954]

I'd imagine that there are a variety of reasons contributing to its success there. for one, the large population means that even if only a small percentage of the people embrace it, that's still constitutes potentially millions of people. In addition, electricity is cheap and I'd imagine building a mining rig is cheaper there. Finally, there is the gambling mentality that is quite present in Chinese society.

[botany]

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

The number of people is not the answer to everything. Bitcoin has been successful in China, but has had less success in other populous Asian countries like India, Pakistan and Bangladesh. You could easily have those giant mining farms set up in countries like Bangladesh as well.

[Amph]

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

The number of people is not the answer to everything. Bitcoin has been successful in China, but has had less success in other populous Asian countries like India, Pakistan and Bangladesh. You could easily have those giant mining farms set up in countries like Bangladesh as well.

because those country have a bad position toward bitcoin, they have hinder its adoption, in bangladesh for example they put you in jail if you own bitcoin

[kpitti]

Because there is rapidly growing business. They just use all methods to get into a business and sell products. Bitcoin is good instrument as payment is fast and reliable world wide.
Other thing is that people in China want to invest they money to Bitcoin.

[Premium Account Reseller]

because the government doesnt control bitcoin. its easy to move black market money. you can buy something online and trade for clean cash.

[chokesir]

Because is china.
They know a lot of number and pc no joke.
Because in china is always busy they have some good methods there I think when you are there is 5 years a head than here.

[martinacar]

I am guessing is, because with there economy they are just trying more and more methods to do it will.
With that a lot of Chinese people is also doing bitcoin I am glad that something is going well with bitcoin.

[yoona]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

so you think china is most succesfull country and lead bitcoin development?but even they are succes in bitcoin,i still doubt about "succes" definition,because nowdays startup and many bitcoin exchange come out from europe,and do you think china control all bitcoin price?because china exchange have bigger price than others.

[kheein]

because china that has the largest population in the world . so any kind of goods only or something what I was thrown into china must be sold . and also China has the world's largest bitcoin community . Well the great china . until there is a proverb that says " Seek knowledge even though up to the land of china " .

[The Sceptical Chymist]

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.

I'd say a very small percentage, and that goes for the rest of the world as well.  And there was a virtual currency back in late 99 or 2000 called Flooz, which was supposed to the hot new "internet money" but it never took off because it was so much easier just to use credit cards.  That was in the US.  China just has so many people that it makes sense they account for the majority of users.

[ElpadroBitcoin]

The reason why I think Bitcoin had succes in China is because Bitcoin is invented in Asia. China is one of the biggest country in Asia and China has the biggest population of people in world. So many Chinese people noticed Bitcoin quick.

[BitcoinPaw]

The reason why I think Bitcoin had succes in China is because Bitcoin is invented in Asia. China is one of the biggest country in Asia and China has the biggest population of people in world. So many Chinese people noticed Bitcoin quick.

It's not ture. In China prices on electricity is so good for mining and also a lot of miners moving to China cause of it. Same situation in other aisan countries.

[Olaf]

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.

Its a shame to see that type of manipulation.

Since bitcoin needs more credibility then anything else, that just makes the whole exchange scene rigged as hell. And not knowing if a exchange will flop based on fake volumes.

[tmfp]

Evading capital controls would seem a logical use for bitcoin.
Also gambling, and "investing" in one of the biggest Bitcoin based scams in the world, MMMGlobal.
Why else would their log in page be showing nearly 3 million Chinese visits a month and a place in the top 1000 most visited websites?

[MaritiJames3]

Honestly I think it has a lot of success because of the miners that are used there, there are just so much miners in china its ridiculous.
I think that is the point plus they are thinking its a good currency, Chinese people love new things.

[Hirose UK]

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.

yeah, we can't call it "success" as long as the usage of bitcoin is not 80% to 90%.
so OP should explain how success he meant.

but I think the reason why bitcoin is easier to be accepted is interesting. Q coin. I wonder do Chinese people already abandon the Q coin.

[pooya87]

i think part of the big success if any, is about the mining of bitcoin and the big mining farms that are located in China. that alone will create a lot of publicity for bitcoin and makes the mining farm owners big whales. but also another part of it is because they are not so close minded like other countries like US about the new technologies and have embrace it so far.

[Scream]

Why has bitcoin had success in China?
for me satoshi nakamoto live at chinese
and i read some news chinese have official cryptocurrency with decentralized system for his country, but not yet launch.

[betohell]

Honestly I think it has a lot of success because of the miners that are used there, there are just so much miners in china its ridiculous.
I think that is the point plus they are thinking its a good currency, Chinese people love new things.

bitcoin has a lot of users in that country. local exchange sites are also a lot in that country. many stores already accept bitcoin as well. it proves that bitcoin is quite spread in china

[romero121]

Why has bitcoin had success in China?
for me satoshi nakamoto live at chinese
and i read some news chinese have official cryptocurrency with decentralized system for his country, but not yet launch.

I believe Chinese are much interested into technological advancement and trust it. Even I feel the government is also a major factor. No other government had come up with a plan of introducing their own digital currency other than china.

[Master_dandosha]

Chinese are modern people and like the work with good payment rates government has a basic rules in this . so for sure if you introduces any business in china related to economic you would see good result for it .
So BTC\digital currency is a huge project with good economic chances and Chineses will not miss it
 

[Vaskiy]

Honestly I think it has a lot of success because of the miners that are used there, there are just so much miners in china its ridiculous.
I think that is the point plus they are thinking its a good currency, Chinese people love new things.

bitcoin has a lot of users in that country. local exchange sites are also a lot in that country. many stores already accept bitcoin as well. it proves that bitcoin is quite spread in china

not only lot of users, lot of miners and mining farms are there in china. Also they were eager to adopt new technologies and their government support lot lot than other countries.

[hawkins]

as we know so far. China has a huge population, it makes very many people who can not work, so look for bitcoin is one alternative to use for the money there.

[arbitrage]

Chinese people investing in everything they can get, because they have money and they are probably right with this one, and with LTC. They just have good sense for business, and for investments. This is why they will rule this world one they!

[vero]

why bitcoin success in china it's because a lot people in china  want run from taxpayer and their look bitcoin is good to keep their money and plus they can earn money too.

[quentincole32]

Chinese people investing in everything they can get, because they have money and they are probably right with this one, and with LTC. They just have good sense for business, and for investments. This is why they will rule this world one they!

not just chinese poeple who investing in everything,US people also do that. i think bitcoin succes in china just because china goverment have good welcoming to bitcoin,its why so many bitcoin exchange and people use bitcoin in china.

[diodio5]

Why has bitcoin had success in China?
for me satoshi nakamoto live at chinese
and i read some news chinese have official cryptocurrency with decentralized system for his country, but not yet launch.

Lol is satoshi Nakamoto came from Japan ? I think not because of it bitcoin success in china dude
China has a very large population. and many of those who have not become rich. so they are very welcome with bitcoin, where much of the population of China is a bitcoin miner. they work on bitcoin

[0day]

Bitcoin had success in China because their people are more oriented towards business and bitcoin nowadays giving a big opportunity for business,(online business), so in that way more Chinese are there with Bitcoin and they are adopting bitcoin on a big rate.

[talkbitcoin]

i think it is mostly because of the major miners in China. they are these big whales with a lot of bitcoin that are gaining a lot of money and bringing a lot of publicity for bitcoin in their country.

[arbitrage]

And they adapting very fast new things, i believe we can expect many new things from China and they
will become technological leader , not only in this region, but in the whole world. Everything started with
cheap clothes, who would ever thought?

[lissandra]

i think it is mostly because of the major miners in China. they are these big whales with a lot of bitcoin that are gaining a lot of money and bringing a lot of publicity for bitcoin in their country.

this is probably the only one of the few legit reasons.

if there is more home miners in china, because the cost is very feasible then outside from the whales over there and bigger miners.

[moviebuff777]

Possibly they are hungry for opportunities to invest in something and make money in something.  They may not have many other opportunities like this in their communist society.

[Pab]

Capital control is in USA not in China
Chinise had his digital currencys before bitcoin appear and bitcoin is for them very good source of incomes
And there is so many Chinise cizens

[Mr.grin]

why bitcoin success in china it's because a lot people in china  want run from taxpayer and their look bitcoin is good to keep their money and plus they can earn money too.

you are right. other than that bitcoin is very easy to find, so this really makes a lot of people are interested to find and use, especially in China and maybe it will grow again

[Vaskiy]

why bitcoin success in china it's because a lot people in china  want run from taxpayer and their look bitcoin is good to keep their money and plus they can earn money too.

you are right. other than that bitcoin is very easy to find, so this really makes a lot of people are interested to find and use, especially in China and maybe it will grow again

yeah more people in China were using bitcoin, the reason behind that is more mining farms are situated in China, and due to that people will be more aware about bitcoin. So it is more successful .

[expert4knowledge]

Capital control is in USA not in China
Chinise had his digital currencys before bitcoin appear and bitcoin is for them very good source of incomes
And there is so many Chinise cizens

Yes, maybe the thing of existence of another digital money can help for easier introduction of bitcoin.

[martinacar]

why bitcoin success in china it's because a lot people in china  want run from taxpayer and their look bitcoin is good to keep their money and plus they can earn money too.

you are right. other than that bitcoin is very easy to find, so this really makes a lot of people are interested to find and use, especially in China and maybe it will grow again

Indeed, they just can than have money without any taxes because taxes are of course very annoying and with the bitcoin you do not have to worry about that.
Plus another fact is that there a  lot of miners that are earning big money so I think that also could be a reason.

[HarryKPeters]

Most likely china just has a lot of people that also heard about the bitcoin and they know if they use it they have no taxes and its also easy to earn money because some people in china are just very poor if you ask me.
And what is already mentioned here above is about the miners, I think the miners are also a point why its so popular in china.

[D3ViL]

it is mainly because Chinese people do consider bitcoin as a tool to avoid strict Chinese capital controls as well as the promise of easy profits in virtual currencies are attracting more people in china.

[European Central Bank]

If bitcoin was a success in China we'd all be rolling in it. Look at the node counts and think about what you can actually do with it there. No one's making much use of it. Some miners are making money, a bunch of traders on exchanges are dicking around and that's about it.

[ronaldinho_07]

The fact the chineses being able to get out of the governement full control at their finances may be one of the reasons because it has such sucess there.

[Bitcotalk]

I think the people of China are going to be more advance, they are trying their best to adopt any modern technology, wgich they think will benefit their country

[Scream]

The fact the chineses being able to get out of the governement full control at their finances may be one of the reasons because it has such sucess there.

and goverment support bitcoin and cryptocurrency too, the regulation updates every times, so bitcoin can groeing faster in chinese than other country.

[Krayshock]

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

[European Central Bank]

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.

[OROBTC]

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.

Wait until (if) China allows gold to be bought for Bitcoin like you can here in the USA, then BTC will have another growth pathway.  The Chinese people respect gold more than Americans do.

If more Chinese become concerned over their economic problems, then BTC's appeal as a way to avoid capital controls will spur it along even more.

[iram66680]

China has a lot of people that just sit at their computers all day and night just entering in data so they can earn alittle bit coin. That's why they are so successful at getting bitcoin. Oh and the mine that is size of a football field helps too 

[Superways]

why bitcoin success in china it's because a lot people in china  want run from taxpayer and their look bitcoin is good to keep their money and plus they can earn money too.

you are right. other than that bitcoin is very easy to find, so this really makes a lot of people are interested to find and use, especially in China and maybe it will grow again

Yeah, it is also one good point that bitcoin is spreading faster in China, in China no one can escape from paying tax easily and so in this way they can find a way to stay away in paying high taxes etc.

[KennyR]

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

True, bitcoin has got highest mining as well it has got support from its government itself which added it's success in China.

[HeroCat]

China have low priced electricity for BTC mining, this is Nr.1 - look at China BTC mining farms, where you can find something similar ?

[gabmen]

China have low priced electricity for BTC mining, this is Nr.1 - look at China BTC mining farms, where you can find something similar ?

and also china has many population and they will do anything just to earn they wanted to have mining and that's works successfully from them and also a big help to the community.

[jod_doj]

China have low priced electricity for BTC mining, this is Nr.1 - look at China BTC mining farms, where you can find something similar ?

thats true, china usually has really cheap electricity that allows them to mine a lot of bitcoins for low electricity bills what is actually really profitable in my opinion

besides that they have cheap gadgets with which they can mine a lot of bitcoins so it also actually gives them a lot of advantages in my opinion

[arbitrage]

I'm actually very pleased because Chinese people adopting new things very fast, Finally US have major competitor on every field. This is good for bitcoin decentralisation, one government cannot influence a lot..At least they can't ban it.

[yenxz]

Capital control is in USA not in China
Chinise had his digital currencys before bitcoin appear and bitcoin is for them very good source of incomes
And there is so many Chinise cizens

Yes, maybe the thing of existence of another digital money can help for easier introduction of bitcoin.

another dgital money like paypal?or other altcoin?i dont think they can help bitcoin more popular in china or other country,china have strong technology,and have people who corious and interest to new payment technology.

[rekinthis]

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

[panju1]

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

Cheap electricity? Electricity is definitely cheaper in China than in say the US, but aren't there areas where it is cheaper? Iceland is one example, where renewable energy is cheap.
Electricity cost might explain why there are more miners, but definitely not why so many others seem to love bitcoin.

[Farma]

I'm actually very pleased because Chinese people adopting new things very fast, Finally US have major competitor on every field. This is good for bitcoin decentralisation, one government cannot influence a lot..At least they can't ban it.

maybe so many people who love bitcoin there. I guess they see a big opportunity of bitcoin that can make them successful, because they compete for the use bitcoin, and bitcoin be made popular so that they can develop their business there

[Herbert2020]

I'm actually very pleased because Chinese people adopting new things very fast, Finally US have major competitor on every field. This is good for bitcoin decentralisation, one government cannot influence a lot..At least they can't ban it.

maybe so many people who love bitcoin there. I guess they see a big opportunity of bitcoin that can make them successful, because they compete for the use bitcoin, and bitcoin be made popular so that they can develop their business there

well, Chinese are not the first to be a competition and be ahead of the US, in bitcoin world a lot of other countries like China, Canada, Japan,... are far ahead in the bitcoin front. and so far every business that was bitcoin related are either out of US or leaving it.

[MedaR]

China awakens and will lead us in the future.
You don't need to know much about geo-politics to know who are rivals in the world and what they can do each others through economy and politics. Accepting new things will be priority for those who want progres..

[Vaskiy]

I'm actually very pleased because Chinese people adopting new things very fast, Finally US have major competitor on every field. This is good for bitcoin decentralisation, one government cannot influence a lot..At least they can't ban it.

maybe so many people who love bitcoin there. I guess they see a big opportunity of bitcoin that can make them successful, because they compete for the use bitcoin, and bitcoin be made popular so that they can develop their business there

Yeah they look bitcoin as a best opportunity. The government accepted bitcoin and so the people too are encouraged. Also more mining farms can be seen there. So quiet simple all these made bitcoin successful in China.

[ronaldinho_07]

China always take advantages when they see potencial and beneficts ,soo at bitcoin they had the vision and they are getting a good income related to taxes from the energy companies supporting the miners.

[techgeek]

I'm actually very pleased because Chinese people adopting new things very fast, Finally US have major competitor on every field. This is good for bitcoin decentralisation, one government cannot influence a lot..At least they can't ban it.

maybe so many people who love bitcoin there. I guess they see a big opportunity of bitcoin that can make them successful, because they compete for the use bitcoin, and bitcoin be made popular so that they can develop their business there

Yeah they look bitcoin as a best opportunity. The government accepted bitcoin and so the people too are encouraged. Also more mining farms can be seen there. So quiet simple all these made bitcoin successful in China.

If this was only in america, america would be the same way as well.

Except of course the costs and what not, but if the us governemtn welcomed bitcoin there would be more small businesses help stuff stay here.

[jt byte]

China always take advantages when they see potencial and beneficts ,soo at bitcoin they had the vision and they are getting a good income related to taxes from the energy companies supporting the miners.

China had some good luck that their production cost are very low, then energy is also low, so in a way it seems bitcoin is made for the chinese market.
So them having the largest mining pools is not really a big surprise.

[Viyamore]

China always take advantages when they see potencial and beneficts ,soo at bitcoin they had the vision and they are getting a good income related to taxes from the energy companies supporting the miners.

China had some good luck that their production cost are very low, then energy is also low, so in a way it seems bitcoin is made for the chinese market.
So them having the largest mining pools is not really a big surprise.

I agree on this sir, bitcoins in china is widely use on markets specially undergrpund transaction they use bitcoins ,because bitcoins still anonymous .

[KennyR]

China always take advantages when they see potencial and beneficts ,soo at bitcoin they had the vision and they are getting a good income related to taxes from the energy companies supporting the miners.

China had some good luck that their production cost are very low, then energy is also low, so in a way it seems bitcoin is made for the chinese market.
So them having the largest mining pools is not really a big surprise.

I agree on this sir, bitcoins in china is widely use on markets specially undergrpund transaction they use bitcoins ,because bitcoins still anonymous .

Anonymity is not the major factor, bitcoin acceptance and the acceptance of advancement looks to be the reason for bitcoin's success in China.

[ronaldinho_07]

All makes us to go to China low cost,low investement to start,low salarie,anything we need and wanna to save we search for products of China,they are very developed and their prices has no way to any other countrie be able to pratice them.They had the key to turn into the biggest holders and supporters of bitcoin,Nakamoto sure didnt expected to his coin get such interest ,allowing the big farmers to mine the coin almost alone.I believe the concept were to all be able to mine it and get a reward ,but well who has money and had the vision is just growing their porfolio.

[Akupuniard]

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

Cheap electricity? Electricity is definitely cheaper in China than in say the US, but aren't there areas where it is cheaper? Iceland is one example, where renewable energy is cheap.
Electricity cost might explain why there are more miners, but definitely not why so many others seem to love bitcoin.

A lot of miners moving to China cause of elextricity. Other side of China is dirty country with bad atmosphere and bad food for european people.

[Evansloin]

Because Bitcoin is from Japan and China is next to Japan. And China has a huge population. Even a small pro cent of their population is still much. So maybe many people from China are using bitcoin. 

[ronaldinho_07]

Well China leads the market these days,almost all products come from there,would be surprise if the big farmers wont moove into China or try to start from their mining process.All low cost market is what all people dream,some people has stores working with the chinese products,and its almost all from there ,soo they control the world already.

[puremage111]

First looking at the population base, this is the first factor.

Next, china have a trend where once a thing goes famous, everyone will get it/buy it EVEN They have no knowledge what is it, this is why the fluctuation in estates, stock market is moving very big due to the nature of human xd

[Newcoins2020]

Well China leads the market these days,almost all products come from there,would be surprise if the big farmers wont moove into China or try to start from their mining process.All low cost market is what all people dream,some people has stores working with the chinese products,and its almost all from there ,soo they control the world already.

Indeed, but I also think its because the tax with the bitcoin they do not have to pay any tax if you understand me.
Also a lot of miners are located at there because they can earn lot of money because of it and I think this is also because its so popular over there.

[Capitascism]

But it is obvious that the Chinese slowly beginning to recognize the right thing and the smart investments, but if this continue as a trend thay will become richest nation, not only most crowded. But all this is hypothetical.

[Jmild1]

"Why has bitcoin had success in China?"

Because of MMM. This much answer the question of OP

[ronaldinho_07]

Well China leads the market these days,almost all products come from there,would be surprise if the big farmers wont moove into China or try to start from their mining process.All low cost market is what all people dream,some people has stores working with the chinese products,and its almost all from there ,soo they control the world already.

Indeed, but I also think its because the tax with the bitcoin they do not have to pay any tax if you understand me.
Also a lot of miners are located at there because they can earn lot of money because of it and I think this is also because its so popular over there.

Are you sure that bitcoin hasnt a tax to the holders like USA how can China allows people to get huge ammount of bitcoin without taking a bit from the cake?China has all conditions to any ambicious people.

[cluit]

Capital control is in USA not in China
Chinise had his digital currencys before bitcoin appear and bitcoin is for them very good source of incomes
And there is so many Chinise cizens

Yes, maybe the thing of existence of another digital money can help for easier introduction of bitcoin.

another dgital money like paypal?or other altcoin?i dont think they can help bitcoin more popular in china or other country,china have strong technology,and have people who corious and interest to new payment technology.

Paypal is not a digital currency but it is only a digital payment system for online transactions, which also use USD. And the Chinese are preferring the crypto currency as they do not want to work and promote US dollar.

[CasioK]

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.

[TryAngle]

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

[Olaf]

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.

[severaldetails]

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.

[ronaldinho_07]

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.

[Newcoins2020]

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.

[fravia]

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

[gtglener]

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.

[bryant.coleman]

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.

[OROBTC]

...

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.

[romero121]

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.

[expert4knowledge]

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.

[KennyR]

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.

[Vaskiy]

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..

[bryant.coleman]

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.

[martinacar]

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.

[fredashton]

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.

[TastyChillySauce00]

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

[BeGoods]

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?

[Yakamoto]

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.

[diodio5]

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

[Crazygreek]

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.

[geopolisch]

yes, its a great sucess in china

[BitHodler]

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.

The problem with China is that you never know what kind of rules they will force their people to follow.

One day they may be somewhat free to use Bitcoin the way they want, and the other day the Chinese government will come up with policies to slow down Bitcoin usage as they see the popularity of Bitcoin is only increasing.

[wuvdoll]

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

Even if the government shows resistance against the Bitcoins, they will have to stop on people love for bitcoins.
In china bitcoin can be more popular because of more people are there and bitcoin is a people's currency.

[calkob]

Because the chinese people are very smart and can see the potential in bitcoin for the future and the problems with government control of fiat money.

[rababo]

I think that happens because there's lots of miners & local exchange, also many stores already accept Bitcoin in China.
Bitcoin is quite well adapt there.

[draceus]

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.

yeah I agree with you friend bitcoin is success in china because all government only need profit and bitcoin have many good service and for earn money way for people and all government want to provide good service for comfortable in public and after success bitcoin in china

[gilangIDR]

I think bitcoin is not only successful in the land of china. bitcoin success in various countries. I live in asia pacific and bitcoin very successful here. bitcoin outline can be successful because many are using it.

[haileysantos95]

I think bitcoin is not only successful in the land of china. bitcoin success in various countries. I live in asia pacific and bitcoin very successful here. bitcoin outline can be successful because many are using it.

Yes bitcoin is also successful in every country where there is a vast user of bitcoin but i think in china there is a vast majority of people living there that is using bitcoin because of the investment they have their.

[faridkifly]

because i think logically that every each country has its own way.
there is no way certain that in this way, BTC will be successful in a country. depending on the response of the people is also my opinion. 

[OROBTC]

...

BTCC Exchange (and miner) Bobby Lee has another take on why the Chinese government does not care if people buy Bitcoin and send them elsewhere ("capital flight"):

http://bitcoinx.io/news/articles/btcc-exchange-ceo-bobby-lee-shows-how-bitcoin-can-be-used-for-capital-flight/

I read elsewhere today (sorry, don't have the link) that China only cares about DOLLARS being exchanged into YUAN, so sending BTC out is apparently not a concern. 

[BTCBinary]

My guess is that as the Chinese government tries to impose capital control, Bitcoin becomes the perfect escape for many people. Besides, since there is a lot of Chinese online merchants bitcoin becomes the perfect tool for international transactions.

[Cyaren]

Because Chinese censorship is prompting Chinese citizens to use a currency that can get their wealth out of China. Usually you'd have to do so in illegal means which are difficult and risky, but with BTC it's quite easy, and it offers quite a bit of anonymity as well.

[Yakamoto]

My guess is that as the Chinese government tries to impose capital control, Bitcoin becomes the perfect escape for many people. Besides, since there is a lot of Chinese online merchants bitcoin becomes the perfect tool for international transactions.

There are likely a lot of people looking for tax havens and was to get their value into any facet they can in Asia in general, so your hypothesis is likely right.

I wouldn't say that a lot of Chinese merchants know or use Bitcoin yet, but they might in the future.

[Golftech]

My guess is that as the Chinese government tries to impose capital control, Bitcoin becomes the perfect escape for many people. Besides, since there is a lot of Chinese online merchants bitcoin becomes the perfect tool for international transactions.

There are likely a lot of people looking for tax havens and was to get their value into any facet they can in Asia in general, so your hypothesis is likely right.

I wouldn't say that a lot of Chinese merchants know or use Bitcoin yet, but they might in the future.

Most Chinese do not know about bitcoin and use it as a tool to evade capital control. The volume of transaction is too small.

[praprata]

China is already worked with online currencies in the past so it is easier for them to understand Bitcoin. This gives them a advantage because they have experienced it before.

[Doms]

Makes me wonder how China has not yet come up with its own BTC. With a population as big as theirs, the potential for a decentralized crypto currency is endless. And with the huge funds rich Chinese have at their disposal, their own BTC could even surpass the growth of the BTC that we have right now.

[newcoins1978]

I believe that Bitcoin is so successfull is because of the fact that China has allot of people living there so the chance is bigger that more people will use it over there. Also the man who started with Bitcoin is rumored to be from Japan which lies in Asia.

[expert4knowledge]

I believe that Bitcoin is so successfull is because of the fact that China has allot of people living there so the chance is bigger that more people will use it over there. Also the man who started with Bitcoin is rumored to be from Japan which lies in Asia.

Maybe, one reason is weakness of other methods of online payment in china that caused bitcoin become succsessful.

[RobinHoodster]

There are a lot of people there in China and some poor people see that Bitcoin will be the future payment method and that it will have a higher value so that it why it is so becoming more popular.
And that is nice and we have to promote Bitcoin more and more so we can make it more used and acceptable.

[extrabyte]

Bitcoin is very successful in china because chinese people know the advantage and greatness of bitcoin. they adopted bitcoin from beginning of bitcoin when no one was ready to accept and trust in bitcoin. that time china also trust bitcoin. and now china has the biggest market in bitcoin. and I think they deserve it.

[Farma]

There are a lot of people there in China and some poor people see that Bitcoin will be the future payment method and that it will have a higher value so that it why it is so becoming more popular.
And that is nice and we have to promote Bitcoin more and more so we can make it more used and acceptable.

it makes sense. because the number of unemployed who are there to make them look for another alternnatif to supplement their income so that they can continue to live and meet their needs, and fits perfectly with the bitcoin

[Akupuniard]

Cause of cheap electricity and and other goods for mining, i think that 70% of miners now located in China.

[techgeek]

Cause of cheap electricity and and other goods for mining, i think that 70% of miners now located in China.

Its because its not just due to mining for home miners to them. Its also because all the top huge mining pool is located in china.

Also followed with chinese exchanges thats been around as the same time as bitstamp.

[Enotche]

The popularity of Bitcoin in China for three reasons: it allows you to bypass the monitoring of investments (still strict in this country); Celestial also dominates the area of ​​mining Bitcoins, producing new coins; also it is a very attractive investment for online traders and speculators.
The growing popularity of Bitcoin and extend its commercial application is an excellent example of the viability of this idea, which can not fail to arouse interest and surprise. China is also one of this market's leading players.

[geopolisch]

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

Bitcoin cannot follow the government regulations as it is free from Taxes and other such things .So the Government has to be bold enough to accept the bitcoins as the only method of thranscations

[arwin100]

Cause of cheap electricity and and other goods for mining, i think that 70% of miners now located in China.

Its because its not just due to mining for home miners to them. Its also because all the top huge mining pool is located in china.

Also followed with chinese exchanges thats been around as the same time as bitstamp.

Yes because chinese men get the high percentage part of mining of bitcoin and they got low fees in electricity, and maybe it is the reason  why we can see a lot of chinese bitcoin user because they almost taken. All mining powers and maybe they want to control bitcoin, and many people take that opourtunity to advertise their business to chinese men, coz they knew lot of them are risk takers and join on programs where they can be benifited.

[bL4nkcode]

I guess because china is a big country and so there is many people use it and many more people guess that is good for them and useful to them

And there's a lot of mining rig also in china.

[mindrust]

Since everything in China is cheap and bitcoin is not, Chinese saw an opportunity to make a fortune.

I don't know what are their electric costs but i can imagine that they can get their solar panels nearly for free directly from the factory. No transporting costs, no middle man fees... I am pretty sure i read somewhere China holds most of the hashpower in the world.

And they are crowded. Way too crowded. Another advantage to manipulate the market.

It is like diffusion. Money naturally moves from the high concentrated area (EU&USA) to the low concentrated one. (MiddleEast, China)

[Boosterious]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

Good explanation about bitcoin movement in china,i'm agree with that all,one of many reason why china lead on bitcoin because they have experience before on virtual currency,and this is what other country dont have,and china just keep it up and alwasy have good developer.

[Pitchblackroom]

Well China has problems with moving from province to province. So people in the poorer provinces have been getting paid in shady manners in Bitcoin.
China's government is quick on regulating this since they are a more controlling government in international economics.

[Cybertron00]

One of the reasons bitcoin has been relatively successful in China is that the Chinese already have experience of using virtual currency, such as Q coins, which were introduced in 2002.

Q coins are issued by Tencent QQ – an instant messaging software service company with more than 800 million active users that offers a variety of services, such as online social games, music, shopping and microblogging.

From my experience, when asking Chinese people for their email address, around four out of 10 have an address on the QQ server.

Q coins can be purchased via a bank, telephone or Q card at an official price of 1 yuan per coin, and can be used for purchasing Tencent services, such as electronic greeting cards and online games.

On top of this existing exposure to virtual currency is the fact that 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.

Chinese exchange platforms, such as OKCoin, BTCC and Huobi, allow trading without charging a fee, thus, using bitcoin is faster and cheaper compared to traditional money transfer methods, such as Western Union.

This is important for the millions of Chinese who study and work abroad.

Zennon Kapron, financial technology expert and owner of the Shanghai-based consultancy Kapronasia, told CoinDesk that China's main experimentation in the bitcoin space is in trading and the manufacture and operation of mining equipment. He argues that, with this being the focus, bitcoin is unlikely to cause a financial revolution in China.

According to Kapron, to work in China, bitcoin has to become accessible and useful for the masses in daily transactions. This might be challenging. Merchant fees in China are lower than in the West and platforms such as Alipay and WeChat/Tenpay dominate the mobile and non-bank payment market.

While this might be true for the mainland, in greater China, and Taiwan, in particular, bitcoin seems to have a really kicked off.

Good explanation about bitcoin movement in china,i'm agree with that all,one of many reason why china lead on bitcoin because they have experience before on virtual currency,and this is what other country dont have,and china just keep it up and alwasy have good developer.

I agree with you. IMO, the other reason why bitcoin had success in China is because Chinese like to invest in many business even if it means for them to turn to a crypto-currency as long as they profit.

[STT]

China is tied to the dollar, its still got a fixed exchange rate I think.   Also many business export and deal with that problem of global commerce and inflation of their own national currency that funds politics as every country has.
  Its not like they have a solid system there, any country tied to dollar is probably a good target for bitcoin as a useful globally exchangeable currency ?

[SilverPunk]

Well China has problems with moving from province to province. So people in the poorer provinces have been getting paid in shady manners in Bitcoin.
China's government is quick on regulating this since they are a more controlling government in international economics.

I agree to this statement ,they are need to have transaction like bitcoin to be even more faster .also here are so many things i think that was on going transactions so most of them now are using it to hide their identity in any transactions.

[Cyaren]

I think it's because the Chinese people is increasingly seeking a way to avoid government intervention with their daily commerce, and that's why they are so popular with the idea of BTC.

Perhaps also because electricity is cheap there. So miners can get better profits.

[Ziskinberg]

I think it's because the Chinese people is increasingly seeking a way to avoid government intervention with their daily commerce, and that's why they are so popular with the idea of BTC.

Perhaps also because electricity is cheap there. So miners can get better profits.

That possibility could be the reason, they don't want their government to intervene their online transactions, anything that the government regulated imposed taxes on the transacting parties, with bitcoins they can maximize their income for being a business minded people.

[universe_]

I think it's because the Chinese people is increasingly seeking a way to avoid government intervention with their daily commerce, and that's why they are so popular with the idea of BTC.

Perhaps also because electricity is cheap there. So miners can get better profits.

thats true they get a lot of cheap electricity thus it allows them to mine bitcoins way cheaper than in other countries

i hope bitcoin will be successful not only in china but all over the world because it is the future of all money

[hermanhs09]

I think the main reason behind it is because the Chinese government imposes a limit of forex that each person can maximum redeem each year from CNY. And bitcoin is the way around it.

Everyone likes to have freedom, Chinese included.

[MWesterweele]

I think the reason of all of that is bitcoins is well introdced and accepted by all people in china since the creator is from china (if my source were right).And bitcoin in china is very well knowned and  accepted by peoples

[groll]

Bitcoin has success in China because 1. The government declares bitcoin as a civil rights, 2 . China has a cheap electricity and cheap payment for labor. That's why mining farms are presently established in China for that reasons.3. The number of people using. Bitcoin users in China will flood given the fact they have a very large population.

[Ziskinberg]

Bitcoin has success in China because 1. The government declares bitcoin as a civil rights, 2 . China has a cheap electricity and cheap payment for labor. That's why mining farms are presently established in China for that reasons.3. The number of people using. Bitcoin users in China will flood given the fact they have a very large population.

That's correct because in the first place they have a great number of population, and to be hones I would like to see again that china will again buy more bitcoins so I can see a great price increase which could give me profit.