Why has bitcoin had success in China?

[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

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[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.