Why has bitcoin had success in China?

[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