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Author Topic: "China does NOT allow goods/services to be sold/paid for by bitcoin" CEO of btcc  (Read 4226 times)
ringsting
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December 17, 2013, 01:00:41 PM
 #21

Unless you are doing international trade you are not allowed to trade in anything except RMB.  It is against the law for McDonalds in China to accept payment for or price anything USD.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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December 17, 2013, 09:52:05 PM
 #22

Bitcoin has so many extremely powerful uses other than "currency"

It will be used in a thousand different ways to send and receive value of all kinds between people regardless of how you try to classify each individual transaction or try to classify the type of value being transacted.

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December 18, 2013, 05:55:09 PM
 #23

china trying with all the force close the btc business
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December 18, 2013, 06:05:07 PM
 #24

i afraid that soon more and more countries will follow this path and bitcoin become illegal
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December 18, 2013, 06:13:36 PM
 #25

Can somebody tell me , are merchants banned from using Bitpay also?
Because they are not selling their products for Bitcoins , they are selling them for $.
It's the same as accepting a foreign credit card with a different currency , isn't it?


Ups , I missed the "priced in BTC| part.


bitpay is not allowed.  in the past 2 days, China has banned all 3rd party payment processors from doing anything btc related. 

http://www.bloomberg.com/news/2013-12-17/china-bans-payment-companies-from-clearing-bitcoin-news-says.html

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December 18, 2013, 06:26:55 PM
 #26

Currently the Bitcoin network simply couldn't cope with huge numbers of transactions (no more than around 7 per second at max. as things stand currently) so I don't think that this will really matter until Bitcoin can actually handle 100's (or better yet 1000's) of txs per second and even though there are some new and interesting ideas being proposed to improve its throughput I think we are probably still at least a couple of years away from it being really "ready".

Letting people use it legally as a store of value (or a stock) is a good enough first step IMO.


I agree. People are getting ahead of themselves, there are many issues left to fix that are of higher priority.

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December 18, 2013, 06:34:47 PM
 #27



The Chinese will own 10s or 100s of $billions perhaps even $trillions of value stored in BTC. Do you really think the market is not going to respond and try to market something to that huge capital base?



I doubt anyone knows how much BTC China owns, or by how many people.

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