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Author Topic: BOUNTY: english speakers who can answer questions about btc in china...  (Read 1068 times)
tunafish
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December 18, 2014, 04:42:16 AM
 #1

Hello all,
I unfortunatly cannot speak or read Chinese but I sure wish I could lately. I'm curious to know what bitcoin is like in China, I can't find good descriptions of this in english so I'm hoping some people here can help.

I have a few questions specifically:
What is the attitude toward bitcoin in china, have lots of people bought it? Based on the trade volume of the exchanges compared to USD it seems like it has to be at least twice as popular. I know China's middle-class has grown quite a bit but, how many people do you think have the means to purchase it (as in they have disposable income and computer or smartphone to trade on)?
What city do you live? Does bitcoin seem popular where you are?

Does the volume on the major exchanges (OKcoin, btcchina, huobi) seem accurate? The volume is about 10 times higher than USD exchanges so this makes me think bitcoin must be held by alot of people in China now. And is everyone who owns bitcoin talking about the price drop and selling? Is there a reason people are selling? In the U.S. the news on bitcoin has been all good lately with Microsoft now taking it, regulators staying out of the way, executives from major banks getting on board, but since our volume is so much lower everyone follows what the Chinese exchanges price is so we sell too.
I'm just trying to understand how bitcoin is apparently becoming very popular in China, but at the same time it seems everyone is selling like they expect it to drop in price, die, receive bad news, or something else bad. I'm confused by this and would appreciate anyone who is willing to tell me anything they can about bitcoin in China.
I'll gladly answer any questions about btc in the U.S.---though I imagine if you can speak english you don't need my opinion on it though lol  Grin


I know its not much of a bounty  Sad, but if you leave a wallet address I'll tip at least .004btc/1.24 USD/8 yuan to anyone with anything useful to share. I don't expect anyone to answer all of these but even if you can answer one of them I would be very grateful and will be sure to tip.

Thanks

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BTC: 1MiaKvvzhuCrbWJ2iXA9RceZfRpNDjwJTk
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duskast
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December 18, 2014, 06:46:56 AM
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Hi, glad to answer your questions.

First of all, concerning the attitude towards bitcoin in China, two groups should be taken into account: the government and the normal people. On the contrary of some media reports, the government doesn't ban bitcoin exchanges in China, but only limit the business between banks and exchanges. So yes we could buy or sell bitcoins but it's very inconvenient to deposit fiat to exchange. In my opinion this is just to reduce the fanatical speculation on bitcoin (like what happened in 2013), I don't think the government pays much attention on bitcoin or Bitcoin technology per se, since the total volume is only billions of dollars which could have very few effects on the economy. On the other side, most of the Chinese people don't know about bitcoin, and among those who heard of it, they regard it as fraud. So don't be deceived by the trading volumes in Chinese exchanges, just a small amount of people (may be thousands but I'm not sure) buy and sell the same bitcoins on them as speculation and consequently raise the volume. In Shanghai, one of the most modernized and international cities in China, people's attitudes on bitcoin are still very ignorant and negative, needless to say in those under-developed cities.

But we still have good news, there're people who don't treat it as speculation (or more roundly, gambling). We have medias focused on bitcoin itself and its technology, and some start-ups begin to set foot in bitcoin payment (the same business model as Bitpay but ours focus on Chinese market).

So this is my impression about bitcoin's situation in China: 90% speculation and 10% application. It's not very positive, but whatever, time will tell. If you would like to tip this is my address: 1As4Twy2RwNu9UbHsKw15by8kpEe2SbBLm
innocent93
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December 18, 2014, 06:52:26 AM
Last edit: December 18, 2014, 07:06:19 AM by innocent93
 #3

Quote
What is the attitude toward bitcoin in china, have lots of people bought it?

-Not many people who knows bitcoins

Quote
Based on the trade volume of the exchanges compared to USD it seems like it has to be at least twice as popular. I know China's middle-class has grown quite a bit but, how many people do you think have the means to purchase it (as in they have disposable income and computer or smartphone to trade on)?

-The volume is believed to be fake. Don't believe that shit. Most middle-class are also middle-aged I don't think they would learn about a thing that belongs to the young guys,they have their own way to make money,I think they don't care such a new thing.

Quote
What city do you live? Does bitcoin seem popular where you are?

-Where I live that's a secret but about the latter the answer is not. Cry


In short: The situation in China is worse than you(foreigner) think.

Feel free: 1Efr4xUrNYN2gNAKw6Lc1Yck8N2kggXzq2  Tongue
skylover
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December 18, 2014, 09:02:16 AM
Last edit: December 19, 2014, 10:58:25 AM by skylover
 #4

Much as the above replies said. I supply these new infos:
1. ALL BTC MARKET in China's Trasaction fee is zero. This contribute to the traction volumn a lot. Those bitcoins are just changing hands many more times.
2.http://bitell.com/ is a good new source for English reader, they have latest China bitcoin news.
3.http://8btc.com/ largest China bitcoin forum online. I don't talk about bitcoin offline, but you can see theres many disscution there(Today have 227 new posts).
in this page(http://8btc.com/forum.php) listed as below, these are active startups of bitcoins in China, maybe you would be interested.

May be these infos is worth more than 0.004 BTC, would delighted to offer more, my bitcoin address 18bEBdW4i9oNxB3oW5MUBSSQQPnkRYb2dW
innocent93
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December 19, 2014, 08:21:06 AM
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Have received some BOUNTY for my answer , thank you.
tunafish
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December 24, 2014, 01:09:37 AM
 #6

Thank you all for the input and insight. I didn't know the exchanges were all still offering 0% transaction fee ---I remember huobi doing that for a while then stopping and there volume sinking like a rock. So that would certainly explain the amazingly high volume. Hopefully they all reintroduce a modest trade fee (0.10% or so) since the speculation isn't helpful at these levels in terms of helping to stabilize the price. I admit I trade on price changes like most people too but I'd prefer to see long-term stability in bitcoin price even if it means I make 10% instead of 20% in the short term.
It sounds like the attitudes in China a very much like here in the U.S. ... people still don't trust bitcoin or are ignorant of it (all while their credit card and identity information is stolen from hackers targeting major retailers and credit card fee's hurt small businesses). Hopefully they'll come around soon in both our countries.
I sent payments to addresses provided, thanks for your input.

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BTC: 1MiaKvvzhuCrbWJ2iXA9RceZfRpNDjwJTk
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December 24, 2014, 07:02:13 AM
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谁来翻译下啊,一点也看不懂啊
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December 25, 2014, 03:11:25 AM
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尼玛,一点不懂


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