Why is China so important for Bitcoin?

[Musent]

The truth - and this will become apparent in time - is that China needs Bitcoin, not the other way around.

Yes, this is true. China will come back to BTC and lift the ban.

[Musent]

The truth - and this will become apparent in time - is that China needs Bitcoin, not the other way around.

This will happen in due time. Not yet, not in 2014 but it will. We just have to be patient. The price will slowly recover to China levels without China.

The levels will continue to rise. Then when China jumps back on, the price will skyrocket like before.

[Musent]

The more people who use a specific type of money, the more useful it becomes.

There are 7.13 billion people on the planet with 1.35 billion of them being Chinese.

Does Bitcoin need Chinese adoption in order to continue to function in other places? No.

Would Chinese adoption of Bitcoin make it more useful for everyone? Yes.

China will adopt BTC in one way or another. In one year or another.

[p2pbucks]

Actually ，Bitcoin does not need Chinese gov's approval & so does US gov
But Bitcoin needs Chinese players & We also need Bitcoin .

[s1ng]

The Chinese have their own online ecosystem that is mostly separate from the rest of the world. Google, Twitter, YouTube, and Facebook aren't very popular in China and the Chinese people seem to prefer their own homegrown alternatives like Baidu instead of Google or Weibo instead of Twitter, etc. So how did Bitcoin buck this trend to become popular in China? I'm guessing it must be very popular there because China seems to be very important for Bitcoin. After all, why else would prices drop whenever news come out about their government regulating Bitcoin?

Chinese is the most populated in the world.
With that advantage, it will become a great market for Bitcoin and chinese to increase revenue both of them.
The capability to buy something such like smartphone, etc is extremely high. Imagine if They use Bitcoin for purchase those things,
Bitcoin value will increase significantly . CMIIW

[Nerazzura]

china really isn't that important for bitcoin to survive. Does China help the growth? Sure. But so does any other country where it resides.

Posted From bitcointalk.org Android App

true, but at least more open to bitcoin china.
because china refusing to other online payment

[Soros Shorts]

Whys is China important? Because a lot of ASIC mining components end up getting fabricated in China, even if designed elsewhere.

As far as banning Bitcoin in China I couldn't care less.

[jbrnt]

I see many of you use China's total population to estimate its influence on bitcoin. I do not think that is wrong, it is just inaccurate. Internet coverage in China is poor, computers are scare in the rural areas. Smartphones and mobile internet is unimaginably expensive for rural income. I believe bitcoin capable devices (computers and mobile phones with internet connectivity) is low, probably less than 30% of population, and out of those 30% only a small minority have the technical literacy to use bitcoin.

The total population can be viewed as a potential influence, but I cannot imagine a high percentage of China's population can learn to use bitcoin in the near future without a major change in China's bitcoin scene. It is arguable that those who are bitcoin literate, have extremely high demand for bitcoin to compensate.

China's population is a factor, it is just inappropriate to gauge influence from the total population statistic.
(You can also read my previous comment #30 on page 2)

[Blues426]

I see many of you use China's total population to estimate its influence on bitcoin. I do not think that is wrong, it is just inaccurate. Internet coverage in China is poor, computers are scare in the rural areas. Smartphones and mobile internet is unimaginably expensive for rural income. I believe bitcoin capable devices (computers and mobile phones with internet connectivity) is low, probably less than 30% of population, and out of those 30% only a small minority have the technical literacy to use bitcoin.

The total population can be viewed as a potential influence, but I cannot imagine a high percentage of China's population can learn to use bitcoin in the near future without a major change in China's bitcoin scene. It is arguable that those who are bitcoin literate, have extremely high demand for bitcoin to compensate.

China's population is a factor, it is just inappropriate to gauge influence from the total population statistic.
(You can also read my previous comment #30 on page 2)

"I believe bitcoin capable devices (computers and mobile phones with internet connectivity) is low, probably less than 30% of population"??!!!

China is not India! the penetration rate of smart phone and computer are much much higher than your imagination!
Even in the poorest area, peoples are easy to obtain computer or smart phone. Because of there are many Chinese vendor provide very cheaper smart phone and computer.
Entire China are fully covered by Internet and Cell phone signal at least 10 years ago.

The biggest obstacle for majority of Chinese to accept and use bitcoin is not capable device coverage instead, most of Chinese lack of independent thinking and scientific literacy.
They are not willing to accpet intangible assets (like BTC) which is not recognized by Govt.
I tried to convince many of my friends to buy BTC but they do not believe in it even they have master degree.

Btw, your comments reminding me a funny story:
2 years ago, a manager from Sillicon Valley just arrived at Beijing airport and, I picked him up and sent him to Beijing downtown.
One the way, he was impressed by the clear and well built express way. So he asked me if this express way was built for 2008 Beijing Olympic Games?
I said: no, the express way was built 20 years ago! and you can find same express way in each city of China.

Many of Chinese knows US very well, but only few American knows China.
China do has a lot of problems, but it is not like what you think.
Money and Infrastructure are not a concern in China today, the problem is it would be hard to change people's mind in short term!

[chaosPT]

Whats so important ?

Its Money , They have the most population and the most money in the whole world just imagine a split from each chinese can sub away japan 

[jbrnt]

China is not India! the penetration rate of smart phone and computer are much much higher than your imagination! Even in the poorest area, peoples are easy to obtain computer or smart phone. Because of there are many Chinese vendor provide very cheaper smart phone and computer. Entire China are fully covered by Internet and Cell phone signal at least 10 years ago.

From your writing, I guess you are a Chinese living in the cities? Probably quite well off too. I believe you are applying what you see in the cities to rural areas. You are correct in saying computers and smartphone penetration is around 60% in China and I have no doubt mobile internet covers most parts of China too. However, mobile internet is expensive for rural Chinese relative to their annual income.

I did not plug the 30% figure out of thin air. It is not my imagination. Mobile internet subscription is around 800 million early 2014, total population is around 1.3 billion. You have to take expats, one person owning multiple mobile numbers, and rural businesses into account. Actual Chinese individuals, having mobile internet bitcoin ready devices, out of total population should be less than your estimate. My 30% could not be far off.

[cyberpinoy]

The Chinese have their own online ecosystem that is mostly separate from the rest of the world. Google, Twitter, YouTube, and Facebook aren't very popular in China and the Chinese people seem to prefer their own homegrown alternatives like Baidu instead of Google or Weibo instead of Twitter, etc. So how did Bitcoin buck this trend to become popular in China? I'm guessing it must be very popular there because China seems to be very important for Bitcoin. After all, why else would prices drop whenever news come out about their government regulating Bitcoin?

China and its people deem themselves higher than all races across the Globe. They use their own sites because they do not want to see the truth the world will say about them, if they would darepost the stuff they spout on their own sites in google, facebook or twitter, you can bet they would hear a lot of what they dont want to hear. They like to pump their people up, and lead them to believe China are the smartest people and strongest country in the world, and they dont want to hear anything against what they have to say. They are in territorial disputes with about 15 different nations Japan being one of the biggest disputes, recently they tried hacking the US defense system and got caught, and now they have just made a direct attack on British people and their intelligence, china feels they are untouchable, and they keep pushing buttons on a lot of countries, this will soon backfire on them, and shows how utterly stupid the chinese people are. they have absolutely no leadership qualities of a growing empire and show this in their ignorance on a daily basis, when you catch them doing something illegal, they spin the story and blame you for the exact same act. They are cowards, and idiots, who think their crap dont stink.

They are not needed in the bitcoin industry and i can bet they spend hours upon hours trying to hack it, the first thing they do not like about the currency is it was founded by Japanese name. And they hate, and despise anything Japanese. You could bet if the name on the founding code was Xiu Chan Wan the acceptance of bitcoin in china would be very different.

[Blues426]

China is not India! the penetration rate of smart phone and computer are much much higher than your imagination! Even in the poorest area, peoples are easy to obtain computer or smart phone. Because of there are many Chinese vendor provide very cheaper smart phone and computer. Entire China are fully covered by Internet and Cell phone signal at least 10 years ago.

From your writing, I guess you are a Chinese living in the cities? Probably quite well off too. I believe you are applying what you see in the cities to rural areas. You are correct in saying computers and smartphone penetration is around 60% in China and I have no doubt mobile internet covers most parts of China too. However, mobile internet is expensive for rural Chinese relative to their annual income.

I did not plug the 30% figure out of thin air. It is not my imagination. Mobile internet subscription is around 800 million early 2014, total population is around 1.3 billion. You have to take expats, one person owning multiple mobile numbers, and rural businesses into account. Actual Chinese individuals, having mobile internet bitcoin ready devices, out of total population should be less than your estimate. My 30% could not be far off.

1. I have been to many regions in China. From poorest village to richest cities, I see what's happening in China instead of imagining what China looks like.
    Besides, I have been travelled to US and many other countries many times. I have my own comparison between China and other countries, especially for US.

2. According to China Mobile 2010 financial report, mobile subscriber amount of China Mobile has reached 0.98 billion in 2010. Plus China Telecom and China Unicom, total amount of mobile subscriber has already exceed 1.1 billion in 2010. Moreover, mobile internet feature are default enabled at all mobile phone. and even poor Chinese people are able to use internet mobile service since mobile operators provide many sort of package. Take the famous mobile app "Wechat" as an example, there are more than 500 million subscribers in China.
   Besides, mobile internet is NOT mandatory required by BTC transaction, fixed line internet is enough to support BTC.
   Again, the biggest obstable to promoting BTC in China is to change Chinese people's mind, rather than the infrastructure and annual income.

3. If you have spare time, I suggest you come to China and feel it. People usually has prejudice on many things and easy to be misleaded by press and TV, traveling is the best way to understand the world.

[Blues426]

The Chinese have their own online ecosystem that is mostly separate from the rest of the world. Google, Twitter, YouTube, and Facebook aren't very popular in China and the Chinese people seem to prefer their own homegrown alternatives like Baidu instead of Google or Weibo instead of Twitter, etc. So how did Bitcoin buck this trend to become popular in China? I'm guessing it must be very popular there because China seems to be very important for Bitcoin. After all, why else would prices drop whenever news come out about their government regulating Bitcoin?

China and its people deem themselves higher than all races across the Globe. They use their own sites because they do not want to see the truth the world will say about them, if they would darepost the stuff they spout on their own sites in google, facebook or twitter, you can bet they would hear a lot of what they dont want to hear. They like to pump their people up, and lead them to believe China are the smartest people and strongest country in the world, and they dont want to hear anything against what they have to say. They are in territorial disputes with about 15 different nations Japan being one of the biggest disputes, recently they tried hacking the US defense system and got caught, and now they have just made a direct attack on British people and their intelligence, china feels they are untouchable, and they keep pushing buttons on a lot of countries, this will soon backfire on them, and shows how utterly stupid the chinese people are. they have absolutely no leadership qualities of a growing empire and show this in their ignorance on a daily basis, when you catch them doing something illegal, they spin the story and blame you for the exact same act. They are cowards, and idiots, who think their crap dont stink.

They are not needed in the bitcoin industry and i can bet they spend hours upon hours trying to hack it, the first thing they do not like about the currency is it was founded by Japanese name. And they hate, and despise anything Japanese. You could bet if the name on the founding code was Xiu Chan Wan the acceptance of bitcoin in china would be very different.

If you replace the word "Chinese people" with "Govt" in your comments, I couldn't agree more.
Otherwise, you are talking like an racialist!!

[allthingsluxury]

BTC doesn't need China, but let's face reality, the Chinese economy is huge. If BTC is adopted and accepted in China, this will have a huge impact on BTC.

[S4VV4S]

The actual question should be: Why is Bitcoin so important to China?

[jbrnt]

2. According to China Mobile 2010 financial report, mobile subscriber amount of China Mobile has reached 0.98 billion in 2010. Plus China Telecom and China Unicom, total amount of mobile subscriber has already exceed 1.1 billion in 2010.

Your estimate of 1.1 billion in 2010 is on mobile phones, NOT mobile internet. Do not mislead by showing figures form 2010 and let us believe it should be higher in 2014. My estimate of 800 million is correct.

Please use relevant and update statistics:
http://www.chinainternetwatch.com/7363/chinese-mobile-internet-users-reached-838-million-january-2014/

Besides, my initial point is about the inaccuracy of using total population as an estimate of bitcoin influence. It still stands.

[TheTruth4]

It's not China is important for Bitcoin. It's Bitcoin is important for China!

[Este Nuno]

In terms of innovation, ecosystem and infrastructure investment, China hasn't contributed much, or anything, to the Bitcoin world. I'm sure they would've given the chance but it's not going to be allowed to happen. The volumes on the exchanges that so obsess people are largely fake or the result of zero fee trades.

In the grand scheme of things China will be a major laggard in the BTC space and might never be able go places with it because of their government.

Well the amount of ASIC technology that has been and is currently being developed in China can't be overlooked.

Maybe they're not contributing to a lot of open source projects. But I don't think we can completely dismiss their contribution.

[InwardContour]

BTC doesn't need China, but let's face reality, the Chinese economy is huge. If BTC is adopted and accepted in China, this will have a huge impact on BTC.

It is not just the Chinese economy, it is the fact that there are so many people in China.