Why has bitcoin had success in China?

[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.

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[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