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Re: BOUNTY: english speakers who can answer questions about btc in china...
by
duskast
on 18/12/2014, 06:46:56 UTC
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