Why has bitcoin had success in China?

[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. 

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[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