Bitcoin price increase attributed to rising Chinese demand for cryptocurrency

[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.

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[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