2013-04-13 QZ.com - Six reasons why Chinese people will drive the next bull mark

[Stephen Gornick]

Six reasons why Chinese people will drive the next bull market in bitcoin
by Gwynn Guilford ‏

They’ve already done the whole virtual currency thing—with Q Coin.
[...]
Property, stocks, art, tea—speculation dominates in every major asset market you can think of in China. The Chinese are a people used to high risk-reward investments.
[...]
As the online gamer source tells Quartz, 'the currency’s system is so decentralized' that it would be extremely difficult for the Chinese government to do anything about bitcoin.[...] And unlike with Tencent, there’s no company or entity to target for regulation. 'To China’s conservative regulators,' he adds, “Bitcoin is a game [that's] way more dangerous.

 - http://qz.com/74137/six-reasons-why-chinese-people-will-drive-the-next-bull-market-in-bitcoin

[cypherdoc]

great link.

[oakpacific]

2. As a medium of exchange, bitcoin could help Chinese people evade currency controls.

China’s capital controls make it extremely hard for to buy stuff beyond China’s borders—most online stores don’t accept yuan or Chinese payment systems, and there are limits to what they can exchange into foreign currency. As bitcoin markets develop overseas, Chinese bitcoin owners could in theory change it into currencies that sites like PayPal, Amazon, etc., accept. Right now bitcoin (比特币, or bitebi) commands somewhere between 600 and 700 yuan at the time of this writing. Those who wish to trade it can get started on Taobao or Paipai.

I have been saying this for months, finally a westerner gets it.

If you are not an oversea Chinese student/worker, you have no idea how many payment requests each of them will receive each year.

The problem is on the American/European side, I dare the merchants to accept bitcoins and they will very likely see a surge in purchases.

And buying bitcoins has never been a problem for Chinese, we have a very large exchange, and a huge mining population, the supply should be abundant.

[noedaRDH]

2. As a medium of exchange, bitcoin could help Chinese people evade currency controls.

China’s capital controls make it extremely hard for to buy stuff beyond China’s borders—most online stores don’t accept yuan or Chinese payment systems, and there are limits to what they can exchange into foreign currency. As bitcoin markets develop overseas, Chinese bitcoin owners could in theory change it into currencies that sites like PayPal, Amazon, etc., accept. Right now bitcoin (比特币, or bitebi) commands somewhere between 600 and 700 yuan at the time of this writing. Those who wish to trade it can get started on Taobao or Paipai.

I have been saying this for months, finally a westerner gets it.

If you are not an oversea Chinese student/worker, you have no idea how many payment requests each of them will receive each year.

The problem is on the American/European side, I dare the merchants to accept bitcoins and they will very likely see a surge in purchases.

And buying bitcoins has never been a problem for Chinese, we have a very large exchange, and a huge mining population, the supply should be abundant.

Excellent analysis. Good news for Bitcoin indeed.

[zakoliverz]

WoW btc momentous news .

[nebulus]

It's going to be HUUUUUGE!!!