Bitcoin price increase attributed to rising Chinese demand for cryptocurrency

[BTCC_Official]

Thought you guys might be interested in this TV interview about bitcoin's recent price increase:

https://www.youtube.com/watch?v=V3z-VXbk9_o

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[Yakamoto]

I kind of like that video. Nothing related to fear mongering, mostly completely factual information, decent amounts of speculation and stuff to get the mind thinking about, good representation overall imo.

I'm a bit more interested in seeing what else comes out of this news channel, since it seems like they actually know what they're talking about and not acting like a lot of western media.

[BTCC_Official]

Yep, news is not as commercialized in other countries, as it is in the US.

[MingLee]

Looks like they did a good job, I kind of skipped through it but it looked a lot like a "Bitcoin 101" from what I did see, which isn't necessarily a bad thing for most people.

I'm more curious as to why a majority of it was in English instead of Chinese, but I could be missing something and it was just a voiced-over translation, considering how you said it was a TV interview in what I would assume was China.

[RocketSingh]

Thought you guys might be interested in this TV interview about bitcoin's recent price increase:

https://www.youtube.com/watch?v=V3z-VXbk9_o

I like to see Bobby talking. Absolutely no nonsense factual talks...

[JasonXG]

It looks like more and more people are accepting bitcoin. I think in China they will be paid better if they paid in bitcoin and they migh t pay little or even no tax. No banking fees or large transfer fees and its quick and easy. Remember they a pool country so dealing with money in an easy way like bitcoin makes a lot of sense.

[ufaiz50]

i like and interested with this chanel they are broad-minded about bitcoin and China one of the countries driving the price of bitcoin

Thought you guys might be interested in this TV interview about bitcoin's recent price increase:

https://www.youtube.com/watch?v=V3z-VXbk9_o

I like to see Bobby talking. Absolutely no nonsense factual talks...

i like too 

[BTCC_Official]

Looks like they did a good job, I kind of skipped through it but it looked a lot like a "Bitcoin 101" from what I did see, which isn't necessarily a bad thing for most people.

I'm more curious as to why a majority of it was in English instead of Chinese, but I could be missing something and it was just a voiced-over translation, considering how you said it was a TV interview in what I would assume was China.

Many people in larger Chinese cities like Shanghai understand English, having learned it to get ahead at work or in business. So there are quite a few major English-language TV stations.

[olubams]

For me, all the explanation for the increase in the price of Bitcoin or its decrease is most likely a part of the explanation or even a coincidence and not necessarily the absolute explanation. what if we now have a situation of low price, could we also attribute to the fact that Chinese people no longer believe in Bitcoin, thereby dumping it...

[Kakmakr]

For me, all the explanation for the increase in the price of Bitcoin or its decrease is most likely a part of the explanation or even a coincidence and not necessarily the absolute explanation. what if we now have a situation of low price, could we also attribute to the fact that Chinese people no longer believe in Bitcoin, thereby dumping it...

We rarely get good information from the Chinese and most of it is translated into bad English, so this is a breath of fresh air. The Chinese will have more bitcoins in circulation on their exchanges because most of it is mined there and they have zero trading fees on their exchanges.

So NO, I do not think that they are dumping bitcoins. They are just closer to the source. ^smile^ 

[davis196]

Thought you guys might be interested in this TV interview about bitcoin's recent price increase:

https://www.youtube.com/watch?v=V3z-VXbk9_o

What price increase?

The price decreased from 748$ to 730$ during the last few days.

I`m still waiting for the huge price increase and it isn`t coming.

[~Bitcoin~]

What price increase?

The price decreased from 748$ to 730$ during the last few days.

I`m still waiting for the huge price increase and it isn`t coming.

Don't look at short period graph, better you look at long term trend price have jumped from $400 to over $700 within last few months.

Thought you guys might be interested in this TV interview about bitcoin's recent price increase:

https://www.youtube.com/watch?v=V3z-VXbk9_o

More like promotion for BTCC rather than discussion/news regarding bitcoin price surge. 
But video is nice.

[BTCC_Official]

We thought the community would be interested in the video.

[Red Fish]

Most Bitcoin users are from USA, China only have Bitcoin mining farms and cheap mining farm building costs. Chinese people can not switch to Bitcoin, because Internet in China is local type, not international. Only may be some official staff can go worldwide via Web. Therefore Bitcoin demand can not be due to Internet restriction.

[BTCC_Official]

Most Bitcoin users are from USA, China only have Bitcoin mining farms and cheap mining farm building costs. Chinese people can not switch to Bitcoin, because Internet in China is local type, not international. Only may be some official staff can go worldwide via Web. Therefore Bitcoin demand can not be due to Internet restriction.

Anyone in China can go onto the internet...

[macedoniantable]

Nothing to look at here...
move along...

no increase happened if anything it has gone down.

[franky1]

More like promotion for BTCC rather than discussion/news regarding bitcoin price surge. 
But video is nice.

I do not think that they are dumping bitcoins. They are just closer to the source. ^smile^ 

[Wind_FURY]

I agree with franky1's view on this. Do not listen to those guys they have their own self interest and agenda and that comes first for them.

In the final part of the video it said that the Bank of China is planning to create a blockchain for "digital Yuan". It also mentioned that it is based in Bitcoin's technology. So will it use Proof of Work?

[Carpeaux]

then why isn't the price increasing even more if the situation swill is the same?

[traderethereum]

its interesting video, but i will only view it and not thinking too much about that video. let the market and the people choose what will they want with the price of bitcoin. actually i don't trust any news beside of what is happen in the market and from the buy order and sell order on the market.

[lorylore]

It is good for introducing us to this video. It is not those who intense trying to push bitcoin but it is more about understanding how the china thinks about bitcoin. China used to have pushed btc over 1000usd and we knew that china can do wonders if they want.

[franky1]

I agree with franky1's view on this. Do not listen to those guys they have their own self interest and agenda and that comes first for them.

In the final part of the video it said that the Bank of China is planning to create a blockchain for "digital Yuan". It also mentioned that it is based in Bitcoin's technology. So will it use Proof of Work?

nope, hyperledger again.. based on blockstream not bitcoin - note1 - notes2(note 2 more informative but wordy.. note1 summarised and opinionated*)
using POA (proof of authority) which is signing a block by known authorised entities
POA is a hybrid of POS (proof of stake) but without any randomness of users being the signers.. instead just known banker 'notaries'

much more like blockstreams 'liquid'... much less like bitcoin

* opinionated due to "Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BTCC".
* opinionated due to "Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Blockstream."

[Sir Alpha_goy]

As the Yuan falls in value against all other currencies of the world I just don't see how many more Chinese can even afford Bitcoin.

[Kprawn]

As the Yuan falls in value against all other currencies of the world I just don't see how many more Chinese can even afford Bitcoin.

What a stupid statement ... How does third world  countries like India, Venezuela and most African countries afford Bitcoin? .... Well, one

Satoshi at a time... You have been shilling against Bitcoin for how long now, and you struggle with this? The Chinese economy expanded an

annual 6.7 percent in the September quarter of 2016, the same pace as in the previous two quarters. 

[mastica]

China is a powerful countries and as i know they are present at all countries already with their cheap products, even if some cant afford to buy 1 bitcoin they can buy parts of it, as several people does, since the price its quite high. China has a huge interest over bitcoin, and does offer the best investment strategy for the miners, even knowing that the process is going to end, they can use their energy to mine others altcoins in the future as well, but i do believe those miners will be the security for bitcoin.

[beerlover]

It looks like more and more people are accepting bitcoin. I think in China they will be paid better if they paid in bitcoin and they migh t pay little or even no tax. No banking fees or large transfer fees and its quick and easy. Remember they a pool country so dealing with money in an easy way like bitcoin makes a lot of sense.

Yes that can be right, it is also a fact that the number of Chines are more than any other country of the world, and they are using bitcoin as a currency that is really more convenient for them to use it according to their needs, they are really making their lives more and simpler. So, obviously they are contributing into bitcoin price increases.

[JariKriting]

fact china this big effect about bitcoin price
you can see in huobi okcoin and btcc is very dominate volume transaction in exchanger
and always is very high bitcoi price is pair yuan, and china exchanger is trend bitcoin price another exchanger is follow to bitcoin price in china exchanger

[pooya87]

fact china this big effect about bitcoin price
you can see in huobi okcoin and btcc is very dominate volume transaction in exchanger
and always is very high bitcoi price is pair yuan, and china exchanger is trend bitcoin price another exchanger is follow to bitcoin price in china exchanger

i say this for the 10001st time. the reason why chinese exchanges like OkCoin have massive volume is because of the 0 fees in their exchange and also the fact that 10 USD price change means nearly 70 CNY change so it makes better trade opportunity.

[ubitcoin]

It looks like more and more people are accepting bitcoin. I think in China they will be paid better if they paid in bitcoin and they migh t pay little or even no tax. No banking fees or large transfer fees and its quick and easy. Remember they a pool country so dealing with money in an easy way like bitcoin makes a lot of sense.

Yes that can be right, it is also a fact that the number of Chines are more than any other country of the world, and they are using bitcoin as a currency that is really more convenient for them to use it according to their needs, they are really making their lives more and simpler. So, obviously they are contributing into bitcoin price increases.

I agree. If I were from China and if I am seeing my friend is getting job from a bitcoin mining farm for some maintenance work. And if I come to know that he is working there then surely I will check the background, potential and nature of their business.

This is way, bitcoin might got spread out into Chinese people more. So they are obviously contributing to demand of crypto currencies

[talkbitcoin]

It looks like more and more people are accepting bitcoin. I think in China they will be paid better if they paid in bitcoin and they migh t pay little or even no tax. No banking fees or large transfer fees and its quick and easy. Remember they a pool country so dealing with money in an easy way like bitcoin makes a lot of sense.

Yes that can be right, it is also a fact that the number of Chines are more than any other country of the world, and they are using bitcoin as a currency that is really more convenient for them to use it according to their needs, they are really making their lives more and simpler. So, obviously they are contributing into bitcoin price increases.

I agree. If I were from China and if I am seeing my friend is getting job from a bitcoin mining farm for some maintenance work. And if I come to know that he is working there then surely I will check the background, potential and nature of their business.

This is way, bitcoin might got spread out into Chinese people more. So they are obviously contributing to demand of crypto currencies

if in your city you see someone has a successful business of any kind and he is earning good money from his business, will you start getting into that business also? the same is true about bitcoin. and a mining farm is not a crazy amount of profit as you may think compared to many other businesses out there.

those mining farms have sweat their asses off to be where they are right now, they had to grease so many hands and kiss so many bottoms to get some of their contracts like their electricity