Dell, China, and Bitcoin

[sgk]

Dell is BIG. And I hope many more big retailers will be joining in. This will only grow now.

[boraf]

Dell accepting bitcoin could be MUCH bigger than you think

http://ww4.sinaimg.cn/bmiddle/6d9e93aajw1eii0tf52tgj20hs0h6ac5.jpg

Andy, a Chinese, shared his experience on Weibo (Chinese Twitter). With the 10% discount, he bought an Alienware 14 (http://www.dell.com/us/p/alienware-14/pd.aspx) for 6442CNY in bitcoin

The same item is selling at 11999CNY in China: http://item.jd.com/1107676.html . He saved 46%

You may wonder why he couldn't buy it from dell.com directly before. Due to strict foreign exchange control, Chinese people could hardly have a "foreign currency credit card", and usual credit cards could not pay bills in USD or other foreign currency. As Dell now accepts bitcoin, Chinese people could order from dell.com directly, asking them to deliver to the US address of Haitao ( http://www.haitao.com/ ), who will then ship the item to China.

This is only the beginning.

But normal Joe Blogg's Chinese can't get Bitcoin easily.

46% discount should provide enough incentive for Joe Bloggs to open an account on huobi or okcoin. Despite China has banned bitcoin 10 times, I can tell you that, based on my first hand experience, Chinese people could still deposit fiat to exchanges in less than 30 minutes.

That is correct.

Care to give out detail on how an average citizen can do fiat deposit?

What about withdraw?

Exchange has a list of authorized middlemen. Client sends fiat to a middleman with bank transfer, and the middleman will deposit CNY to the client's exchange account. It could be done within 30 minutes

Withdraw is same as before. Nothing has changed.

Isn't this easy for government and bank to find out?

[jl2012]

Dell accepting bitcoin could be MUCH bigger than you think

http://ww4.sinaimg.cn/bmiddle/6d9e93aajw1eii0tf52tgj20hs0h6ac5.jpg

Andy, a Chinese, shared his experience on Weibo (Chinese Twitter). With the 10% discount, he bought an Alienware 14 (http://www.dell.com/us/p/alienware-14/pd.aspx) for 6442CNY in bitcoin

The same item is selling at 11999CNY in China: http://item.jd.com/1107676.html . He saved 46%

You may wonder why he couldn't buy it from dell.com directly before. Due to strict foreign exchange control, Chinese people could hardly have a "foreign currency credit card", and usual credit cards could not pay bills in USD or other foreign currency. As Dell now accepts bitcoin, Chinese people could order from dell.com directly, asking them to deliver to the US address of Haitao ( http://www.haitao.com/ ), who will then ship the item to China.

This is only the beginning.

But normal Joe Blogg's Chinese can't get Bitcoin easily.

46% discount should provide enough incentive for Joe Bloggs to open an account on huobi or okcoin. Despite China has banned bitcoin 10 times, I can tell you that, based on my first hand experience, Chinese people could still deposit fiat to exchanges in less than 30 minutes.

That is correct.

Care to give out detail on how an average citizen can do fiat deposit?

What about withdraw?

Exchange has a list of authorized middlemen. Client sends fiat to a middleman with bank transfer, and the middleman will deposit CNY to the client's exchange account. It could be done within 30 minutes

Withdraw is same as before. Nothing has changed.

Isn't this easy for government and bank to find out?

There are millions of bank transaction each day. How do they know the money is not for Magic the Gathering card trading?

[Harley997]

very very suprising the preic did not react to it!  i remeber the rally when DISH started accepting btc, why nothing when a 4x times bigger company does the same?
has it been assumed that at some point everyone will acccept BTC and that has been factored in the price?

One thing is that a company starts accepting bitcoin and another is that people use that method to pay, we need a detonator to bring people into this payment system.

the problem is BTC is actually present only in the US (maybe China as well to some extent). But other than that, BTC is not really popular in majority of the countries!

there are several other countries that bitcoin is used in. Japan, Australia, Canada, Greece, cypress, Germany, France, England among others

I think most countries have at least some level of bitcoin use, at least the industrialized countries. I do think that China has the most potential to affect the future of bitcoin due to it large economy and it's large population (~1/6 of the world)

[azguard]

There are millions of bank transaction each day. How do they know the money is not for Magic the Gathering card trading?

This is good one.

Yea to many transaction all over the word are done in 1 single day. Wont be this nice if other companies besides Dell do the same.

More will be if some low economy states try to involve in this story maybe it will influence on market price maybe wont.

That is another mater to discuss.

[boraf]

There are millions of bank transaction each day. How do they know the money is not for Magic the Gathering card trading?

The pattern for money laundry is very easy to recognize.