Will Bitcoin Solve Chinese Banking, Household Debt Woes?

[derdemo]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

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[lobat999]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

I think Bitcoin cannot solve household debt and  banking bailouts since it cannot influence the human aspects of what causes these problems!

I mean how can Bitcoin solve household debt when the the main cause of this comes from socio-economic factors and lifestyle choices! Similarly, how can Bitcoin solve banking problems when it was the result of poor management!

Therefore, I like to assume that Bitcoin cannot solve socio-economic factors, lifestyle choices and poor management but humans will! So the solution is for us to have necessary reforms so as not to have these kinds of problems in the future. Imho.

[hello_good_sir]

Not sure if it will be a suitable solution, to be honest, there's been a lot of theories that bitcoin would be able to solve a lot of issues, but it seems too optimistic to be honest.

Debt just simply stems from an issue that isn't solved by bettering the financial system, even if we did an overhaul.

I'm honestly getting annoyed at all of these proposals that are being shown to us, how BTC would solve this, etc, etc.

[TrackCoinMarket.com]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

Bitcoin will be one of the saviors of the Chinese people

[Pearls Before Swine]

I think Bitcoin cannot solve household debt and  banking bailouts since it cannot influence the human aspects of what causes these problems!

Agree.  Bitcoin isn't going to be curing poverty, war, or any other thing and I wish people would stop asking this question, because it's stupid.  How is a form of money going to do any of that? 

And yet ever since I've been a member of this forum I've seen threads like this one and many posts in which members argue that bitcoin is going to revolutionize third world countries and overall change the world.  If any tool for doing those things could ever be created I would *think* that it wouldn't take over 10 years for it to kick in, would you?

[blckhawk]

It may be a temporary safe haven but it won't be long. Bitcoin isn't supposed and made to cure poverty among countries. It's never even said in the white paper. Poverty and economical crisis lies within the administration and also the solution is within them. They could try to get into crypto, and I also think crypto is widespread known in China since they got multi-story buildings full of shops regarding mining, but having knowm most crypto is volatile won't do them much good either.

[Eugenar]

It may be a temporary safe haven but it won't be long. Bitcoin isn't supposed and made to cure poverty among countries. It's never even said in the white paper. Poverty and economical crisis lies within the administration and also the solution is within them. They could try to get into crypto, and I also think crypto is widespread known in China since they got multi-story buildings full of shops regarding mining, but having knowm most crypto is volatile won't do them much good either.

It might not be clearly stated in the white paper but there's a possibility that it can solve some economic issues concerning Chinese banking nad household debts, it will depend on how a single entity, a business in particular would utilize the use of cryptocurrency especially bitcoin to help them gain their financial stability. In terms of solving Chinese banking, I don't see the implication of bitcoin saving the struggle of banks as clearly stated in the white paper, sending transactions without the need of any third parties.

[Shasha80]

In my opinion, it is directly impossible for bitcoin to solve household debt and banking bailouts, because the root of the problem lies with
China's financial institutions themselves are not wise in managing the country's finances so it causes the problem. But  bitcoin can help
increase the income of China and its citizens. With some state institutions in part Its budget is invested to buy bitcoin and also all Chinese
people also buy bitcoin. With mass adoption as such it is expected that profits will be made when the price of bitcoin rises. But also take
calculate if the price of bitcoin falls, it must make a backup plan related to this.

[pilot1970]

Bitcoin can help in an eventual crisis, especially in China where there are large Bitcoin investors, however, the crises have multiple causes and once they arise, I do not believe that any cryptocurrency becomes a definitive solution, what I do believe is that A widespread adoption of cryptocurrencies largely prevents a possible financial crisis.

[dothebeats]

China’s debt spiraling out of control could not be helped by bitcoin IMO, as they want to continue battling USD for the prime spot on world markets as the global currency. And again, bitcoin is not a savior of currencies and distressed economies. It just so happened that its properties are somewhat aligned or complementing some of the socio-economic problems of the world that’s why some see it as a makeshift solution to their problems.

[lobat999]

I think Bitcoin cannot solve household debt and  banking bailouts since it cannot influence the human aspects of what causes these problems!

Agree.  Bitcoin isn't going to be curing poverty, war, or any other thing and I wish people would stop asking this question, because it's stupid.  How is a form of money going to do any of that? 

Yeah I guess its better not to spread false hope among our peers because as I understand, there are "societal problems" that cant be solved by technological solutions.

And yet ever since I've been a member of this forum I've seen threads like this one and many posts in which members argue that bitcoin is going to revolutionize third world countries and overall change the world.  If any tool for doing those things could ever be created I would *think* that it wouldn't take over 10 years for it to kick in, would you?

Had their assumptions been correct, then we could have seen significant improvements towards those problems right now but I'm afraid that 10 years since inception, Bitcoin will not solve these so called "societal problems" per se. Imho.

[Ailmand]

Bitcoin had never been and will never be a magic that will cure any economic crisis and problem. It is never aimed to be a solution. It is up to the leaders how will an economic problem will be solved and cryptocurrency can only be an alternative tool and not a solution.

[CryptoBry]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

Bitcoin has never been designed to be the end-all and be-all solution to the ill-effects of the many bad decisions that people and the government got into. Chinese should go back to their old culture where saving money for whatever reason is quite popularly practiced. I am sure that it is the blatant Western consumerism that is now engulfing and creeping into China especially in the face of their newfound wealth and influence. I even heard that the big American membership club Costco opened in China with a lot of fanfare and good reception from the Chinese. They prefer to splurge rather than save their money somewhere or in the banks. China can be following some big mistakes that other big economies made in the past decades. Let's hope they can reverse this trend as it would be disheartening to see millions of Chinese getting afflicted with this economic malady.

I still have to hear an economy that is bailed out by Bitcoin. Certainly, during economic hardships and difficulties Bitcoin can be an instrument that can somehow lessen the pain in the ass, as what we witnessed in Venezuela, Zimbabwe and Argentina. Many Chinese know how to protect their wealth and money so maybe in case there will be a crisis, more will be opting to put their resources in Bitcoin to tie them over for the mean time when the waves are raging like hell. However, I don't see a scenario like this coming to the resilient and proud China. The country has all the money reserved just in case they might need them for some programs to help their economy get stimulated and saved. On the other hand, it might even be Bitcoin that needs some "bail out" from China. And just opening its door officially for Bitcoin can be enough.

[adaseb]

Bitcoin is not a new thing for the Chinese people. During the 2013 rally, part of it was actually by the Chinese. Due to the yuan devaluation and the capital controls in China, many invested in Bitcoin. And then all of a sudden China bans Bitcoin , followed by the MtGox bankruptcy to begin the long bear market from $1100 to $150.

This is why you need to be careful of this move that happened recently. Most Chinese know about Bitcoin already and would of invested back in 2013 when it was cheaper. We have a bull flag on the daily and you need to becareful if it fails and the entire Xi pump ends up fading.

[avikz]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

Not just China, It's a global issue right at this moment! But it's highly unlikely that bitcoin will be any help to this! The simple reason is the consumer driven economy where bitcoin adoption rate is next to zero! We can't really buy any real things using bitcoin, certainly not in a country like China!

I remember, my uncle wanted to buy a scooter 23 years ago. He had to pay in hard cold cash because automotive loan was an alien word that time! Today if I want to even buy a TV, I don't require to pay anything upfront as 100% loan is available! I will just have to pay equated monthly installments! So the buying habit of consumer is changing drastically as well! Result - more household debt!

Bitcoin comes nowhere as a solution to it! It's our own buying behavior that is changing due to the easy availability of loans. Unless we change our outlook, or a government policy prohibits such practices, nothing's gonna change and we will continue to submit ourselves to these loopholes of a debt driven economy!

[cotton ball]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

Bitcoin can't solve china banking because bitcoin not got respond from investor in China, many people there dislike with bitcoin and they look happy using and working with bank system, maybe use bitcoin only for increase money with investment way without have use bitcoin for banking way to save crypto assets in the bank.

[hugeblack]

Bitcoin can solve the problems of individuals in countries with their financial problems, such as countries suffering from hyperinflation or the difficulty of formal transfers between those countries.
Like what happened in Venezuela or Zimbabwe or as is happening now in Lebanon, the difference can be made in the extent to which people know about this technology and how to know the investment opportunities that relate to them.

Bitcoin will not solve the problem of Chinese Banking but will solve the problems of some Chinese who may suffer from currency disturbances.

[adeandro]

I think that China will use crypto-currencies with a maximum of efficiency for their country.

[alyssa85]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

Of course not.

Most of those debts are denominated in yuan or dollars, and they would need to earn yuan or dollars to pay them off. Most Chinese have no way of earning bitcoin in order to convert it to yuan or dollars to pay their debts off.

[Lmaooo]

China’s economy is not immune to the woes that are creeping into Western ones. It has long been a nation of savers but increasing household debt and more banking bailouts are signaling stormy economic weather ahead. Will bitcoin be the savior when the big crunch comes?

https://bitcoinist.com/will-bitcoin-solve-chinese-banking-household-debt-woes/

Of course, why not? but only if China lifts the ban on bitcoin and cryptocurrency trading in the country. As we all know, the Chinese government has banned bitcoin and all the cryptocurrency trading in the country since 2017 and China did not stop there, they even went on to banned bitcoin mining in the country as well.  

[TRONTON]

In my opinion, it is directly impossible for bitcoin to solve household debt and banking bailouts, because the root of the problem lies with
China's financial institutions themselves are not wise in managing the country's finances so it causes the problem. But  bitcoin can help
increase the income of China and its citizens. With some state institutions in part Its budget is invested to buy bitcoin and also all Chinese
people also buy bitcoin. With mass adoption as such it is expected that profits will be made when the price of bitcoin rises. But also take
calculate if the price of bitcoin falls, it must make a backup plan related to this.

The average investment absorption capacity of their citizens is very high and not only in crypto, they even understand the risks, can be seen how much they are interested in tron ​​and neo and automatically they quickly understand the wise steps in buying and using BTC.

indeed it cannot decipher the problem and solve it directly. The best thing I've read lately is that their governments are starting to care in building blockchain projects with a stable currency, this is institutional direct support for their citizens as an alternative solution.

[Kambal2000]

Absolutely not!

Bitcoin cannot solve the financial problem facing by Chinese banking, as they don't rely and don't agree in Bitcoin, they even have their own coin that will launch soon, that will for sure they will use this for their problem.

On the other hand, I think that Bitcoin can solve individual problems just like us, wherein we've gained and earn money that helps us financially, by paying our bills, school fees, earning from investing, bounties.

[Kakmakr]

Bitcoin will help to protect people's wealth, when the global economy fails. We know that there are a looming economic storm on the horizon again, so it is a good opportunity for everyone to collect as much bitcoins as possible to protect the value of their wealth.

As you said, China is not immune to the global economic problems, because it relies on imports and exports to other countries and if these countries struggle, they too feel the impact of this.

Bitcoin is currently a Store of Value, so people use it to hedge against possible losses, when things like this happens. 

[Youghoor]

I think Bitcoin cannot solve household debt and  banking bailouts since it cannot influence the human aspects of what causes these problems!

I mean how can Bitcoin solve household debt when the the main cause of this comes from socio-economic factors and lifestyle choices! Similarly, how can Bitcoin solve banking problems when it was the result of poor management!

Therefore, I like to assume that Bitcoin cannot solve socio-economic factors, lifestyle choices and poor management but humans will! So the solution is for us to have necessary reforms so as not to have these kinds of problems in the future. Imho.

Exactly!!!! People need to understand that Bitcoin is just coming to improve our financial system which will help prevent some unnecessary financial errors and problems seen in the financial world. People need to understand what bitcoin is and its true purpose to the financial ecosystem.

[TravelMug]

Lol, what a crappy article, looks like they wanted Chinese people to FOMO to bitcoin again, governments will be the first one to step up and stop their madness with BTC.

Pretty obvious that bitcoin is not created by Satoshi to crushed those financial problems by any country. Although bitcoin is a good investment long term, but I'm not seeing it to be the magic bean to suddenly bail out problems like the article says. China's problem can be internally solved by the government without the intervention of bitcoin. Not only China has debt woes, even US or the rest of the superpowers globally and I don't see them relying on crypto to remedy it.

[peempeem]

I don't really trust that article. China's household debt is still very low:

https://en.wikipedia.org/wiki/List_of_countries_by_household_debt

What people do borrow is usually for property. If you believe in bubbles then maybe there is a problem there.

But Chinese never got big into credit cards like the west. Yes there's some credit cards but most people in the country never owned any kind of card. They went straight from cash to smartphone payment which is linked to bank account so more like a debit card (no debt).

[Kyraishi]

In my opinion, it is directly impossible for bitcoin to solve household debt and banking bailouts, because the root of the problem lies with
China's financial institutions themselves are not wise in managing the country's finances so it causes the problem. But  bitcoin can help
increase the income of China and its citizens. With some state institutions in part Its budget is invested to buy bitcoin and also all Chinese
people also buy bitcoin. With mass adoption as such it is expected that profits will be made when the price of bitcoin rises. But also take
calculate if the price of bitcoin falls, it must make a backup plan related to this.

The average investment absorption capacity of their citizens is very high and not only in crypto, they even understand the risks, can be seen how much they are interested in tron ​​and neo and automatically they quickly understand the wise steps in buying and using BTC.

indeed it cannot decipher the problem and solve it directly. The best thing I've read lately is that their governments are starting to care in building blockchain projects with a stable currency, this is institutional direct support for their citizens as an alternative solution.

A lot of chinese investors do lean towards these options (tron, neo, eth, bnb, iota), as they are usually chinese-based companies/start-ups with safer investments then other companies. Bitcoin is likely the most volitatle coin out of the entire market, and they would definelty prefer to be safer with their investments.

Lol, what a crappy article, looks like they wanted Chinese people to FOMO to bitcoin again, governments will be the first one to step up and stop their madness with BTC.

Pretty obvious that bitcoin is not created by Satoshi to crushed those financial problems by any country. Although bitcoin is a good investment long term, but I'm not seeing it to be the magic bean to suddenly bail out problems like the article says. China's problem can be internally solved by the government without the intervention of bitcoin. Not only China has debt woes, even US or the rest of the superpowers globally and I don't see them relying on crypto to remedy it.

Yeah, it seems pretty pointless to be fair, I think theres no need convicing the chinese markets about bitcoin, they always seem to reject it.

[suzanne5223]

I want you to know that bitcoin was not implemented as a magician and is also not a quick to rich scheme but an alternative to an economic meltdown. However, bitcoin will bring slightly solve the Chinese banking problem and the household debt but the main solution is in the hand of the Chinese government if they stop their centralized govern ways.

[boltz]

Its to early to speak about such a big problem like debts even if we talk about Bitcoin's power. Maybe in time if China focuses a lot on cryptocurrencies at some point this ecosystem will try to reduce the debt gap but this is not Bitcoin purpose. If you think that debt is kinda low , you're right if you compare to other countries like USA or SPAIN and UK but for a country like China when the economy is booming in all the sectors the debt is still above normal.

[wozzek23]

Bitcoin had never been and will never be a magic that will cure any economic crisis and problem. It is never aimed to be a solution. It is up to the leaders how will an economic problem will be solved and cryptocurrency can only be an alternative tool and not a solution.

It was because satoshi saw a problem that he created a solution for it, so you cannot really rule out the fact that bitcoin is a solution to a particular challenge, and the reason for its services as an alternative is because the first cannot do everything on its own to solve the problem.

If the leaders know how to apply the use of blockchain technology and cryptocurrency very well, ii am sure that they will be able to at least use it for a certain percentage of solving solution to where bitcoin fits in for problem solving. I dint even see china having too many problems for them not to be able to use cryptocurrency or blockchain technology to solve and it may be for this reason that the leader is even encouraging its citizens now to embrace blockchain.