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Author Topic: 2012-05-07 globaltimes.cn Hard cash: Will Bitcoin, the world of virtual money...  (Read 1242 times)
julz
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May 08, 2012, 02:54:56 AM
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Hard cash: Will Bitcoin, the world of virtual money, work out in the long run?

Yin Yeping
2012-05-07

http://www.globaltimes.cn/NEWS/tabid/99/ID/708211/Hard-cash-Will-Bitcoin-the-world-of-virtual-money-work-out-in-the-long-run.aspx

...

Now there are hundreds of websites worldwide doing business related to Bitcoin. Bitcoin is also in China after a Bitcoin fan named Yang Linke established a Chinese website for it, offering exchange services between Bitcoin and the yuan for online users.

...

"There are almost 300 machines connecting to the Bitcoin network from inside China," Norman added. Yet Norman has his own thoughts on the currency's future in China. "Users in China have no way of paying or accepting payments without incurring huge fees and chargeback costs from services like VISA, MasterCard and PayPal," he said.
...


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May 08, 2012, 11:06:45 AM
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"There are almost 300 machines connecting to the Bitcoin network from inside China," Norman added.

That's a very low number, I hope that it's because of known chinese firewall problems and alike.
And if it's the case, giving them (and possibly other) the possibility to operate the bitcoin network in a stealth mode could be useful.

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Yet Norman has his own thoughts on the currency's future in China. "Users in China have no way of paying or accepting payments without incurring huge fees and chargeback costs from services like VISA, MasterCard and PayPal," he said.
That's a great news: I look forward to a billion chinese users using bitcoin in a near future Wink

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May 08, 2012, 12:15:02 PM
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This news paper is controlled by the gov, often delivers biased information

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May 08, 2012, 12:19:01 PM
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...huge fees and chargeback costs from services like VISA, MasterCard and PayPal...

Not true as Chinese generally don't use any of those and (certainly buyers) pay zero fees for most purchases (e.g. Taobao) - plus other than online "cash is king" in PRC.

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

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May 08, 2012, 12:39:11 PM
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Not true as Chinese generally don't use any of those and (certainly buyers) pay zero fees for most purchases (e.g. Taobao) - plus other than online "cash is king" in PRC.
Customers rarely pay any visible fees regardless of the payment method. The costs are embedded into the prices and the merchant pays them. Prices can be lower with Bitcoin though, it removes nasty friction from digital payments. For brick & mortar payments Bitcoin is not going to be a significant factor for a long time anyway, so it really doesn't matter too much if "cash is king". For online payments Bitcoin has a strong potential and could remove friction right now, if enough people just realized that.


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May 08, 2012, 12:46:23 PM
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Customers rarely pay any visible fees regardless of the payment method. The costs are embedded into the prices and the merchant pays them.

Using taobao the seller will pay only a 1% fee for credit card tx's (and zero if payment is direct from an account which can also be done here).

I seriously doubt that any Bit-pay like "service" (rather than self-service) could possibly be cheaper and so have stated before that hopes for Bitcoin in PRC based upon what matters in the west (i.e. being ripped off by fees) are simply not relevant.

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