Why you should be excited about china's new rising bitcoin interest

[tunafish]

The big talk as of late seems to be how the trade volume in yuan is surging past USD and all other currencies but I've seen some people leary of this for reasons I can't understand.
ANY nation with a bunch of people buying bitcoin is a generally good thing but I'd like to mention why the Chinese having access to bitcoin has alot of potential.
China has a famously high personal savings rate: http://english.people.com.cn/90778/8040481.html ---somebody can find a better source, i didn't feel like digging. But its no secret that the Chinese save at extremely high rates. But many don't see how this alone would be good for bitcoin/why they'd buy bitcoin. Consider the Chinese gov's monetary policy which is infamous for undervaluing it's currency: http://www.tradingeconomics.com/china/currency This means that all these chinese savers would be more likely to move that savings into something that would grow more.
Now of course this doesen't mean 1.3 billion people are going to start buying bitcoin, China's middle class is still woefully small compared to other nations. However those that do have net access and want to earn on their savings have to be drooling at bitcoin.
 

[ANiceJewishBoy]

I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

[tvbcof]

I've mentioned this before, but I'll do it again because I think it will be interesting.

Bitcoin is an open protocol and an open-source project.  It is defined by what software users decide to run.  Most mining hardware is linked strongly to China since that is the world's technology center for such things.  At the present trajectory (associated with government and regulatory harassment), it won't be long before most of the computers running Bitcoin in some fashion are also running in China, most users are located there, and probably most of the BTC will be controlled by people living there also.  What will be very interesting to note is whether there will be differences of opinion on how the protocol should evolve and whether the development will eventually fork over such differences should they crop up.

Again I'll mention that if the policy makers in China made the same sorts of calculations that I did, and noted the utility of a disruptive technology such as Bitcoin and how it could be leveraged against a more dominant world currency such as the USD in times of crisis, then they have vastly more pragmatism and vision than I gave them credit for and/or the evolution of the governance of the nation is proceeding faster than I imagined.

[tclo]

Yet another thread about the same topic about the Chinese into bitcoin...oh joy.   You could have added your findings to another thread rather than make a new one.

But yes that is interesting and China is the main reason to be bullish on the bitcoin price for the short-term. There are many reasons to be bullish long-term.

[BitchicksHusband]

I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin... 

[MoneyGod]

I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin... 

but its one of most difficult language in the world 

[balanghai]

This would be fun. They have the most spoken language in the world. And also they are the waking giant, so it would be great if they would jump in to slingshot bitcoin to progress.

[Mjbmonetarymetals]

[ANiceJewishBoy]

I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin... 

Most of them read English or have a friend who can. Lol

[LiteCoinGuy]

oh, i like that 

[BTCisthefuture]

However those that do have net access and want to earn on their savings have to be drooling at bitcoin.
 

this is off topic, but i should point out China has more internet users than anywhere in the world. that sentence made it sound like internet access is a rare thing in China.  It's not

I agree with you though, the more people getting into bitcoin the better

[BTCisthefuture]

I think what we need to do is have everyone join China based Facebook groups and websites and start educating everyone about Bitcoin so we can feed this.

Yeah, cause we all speak Mandarin... 

If the are on Facebook odds are they speak English.  It's the Chinese social media sites where a pretty high % wont speak English.

[Bullionado]

http://i846.photobucket.com/albums/ab22/1973mb1973/c98491f6801c1dd80b282da1fa179edd_zps87892690.jpg

Brilliant Picture. Very nice find sir/madam.

[Its About Sharing]

Going back to the Baidu (or whatever the Chinese Google is called) I saw that as the most bullish news yet for BTC. People need to understand that when BTC is taken in by a large company like that, you can have reasonable certainty that the Government has a hand in it or at least gave the OK. And now there is the news of more BTC on CCTC regarding that Canadian ATM. The volume in China is now surpassing the US exchanges.

What happens when India Joins in? This is going to get bubbly and it might not really even be a bubble...

[ANiceJewishBoy]

Going back to the Baidu (or whatever the Chinese Google is called) I saw that as the most bullish news yet for BTC. People need to understand that when BTC is taken in by a large company like that, you can have reasonable certainty that the Government has a hand in it or at least gave the OK. And now there is the news of more BTC on CCTC regarding that Canadian ATM. The volume in China is now surpassing the US exchanges.

What happens when India Joins in? This is going to get bubbly and it might not really even be a bubble...

We need some India and China coins, like that one "Chinacoin". But that pay you to translate for people or something. 50% goes to mining, 50% goes to helping Bitcoiners in China communicate with Bitcoiners in the Western world. (not a pre-mine. Structured like Devcoin)

I think it would pick up faster than any other coin because:

1. It could be posted in both the China thread and the Alt-coin thread
2. It would probably end up being the main news pipeline between America and China about bitcoin and the changes in either country.

[tvbcof]

http://i846.photobucket.com/albums/ab22/1973mb1973/c98491f6801c1dd80b282da1fa179edd_zps87892690.jpg

Brilliant Picture. Very nice find photoshop sir/madam.

FIFY(?)

[Netnox]

wow this is great, seems like the Chinese see more potential in LTC and respect it more than the English speaking LTC troll/haters.
This picture is awesome BTC and LTC hand in hand, but i think it's photoshop anyone can confirm it's real?

[Bullionado]

Looks real to me.

[kik1977]

Looks real to me.

LOL It's not.. and originally the picture only got the BTC sign, the litecoin symbol was only added after..

[laowai80]

Chinese interest in bitcoin rises in leaps and bounds, the chinese page for bitcoin in wiki saw a 3 times increase of visitors in the first 3 days after that short video on bitcoin on chinese TV, but yesterday there was like 15 times more visitors than any day of the past week, amazing!

http://stats.grok.se/zh/201310/%E6%AF%94%E7%89%B9%E5%B8%81