How do Chinese people (in or out of China) use Bitcoin?
My understanding is that China is the biggest market for Bitcoin in terms of mining and volume on the fee-free exchanges. However, I don't really understand how Chinese people actually use (spend or save) Bitcoin. For example: Trading (speculation) - perhaps like gambling. HODLing. As a hedge against the possibility of a crash. To overcome capital controls. I am especially interested in the last one. Some months ago I read that a tactic is to buy an expensive domain name from China e.g. a four letter name in the knowledge that one can always sell it for roughly the same amount when one has left China. Are Chinese people buying $100,000 of Bitcoin then waiting until they are overseas and converting it to USD or CAD or GBP? Thanks!
It's just I thought I had, but its true that many many mining power comes from China. And there is a fact that many exchanges in China closed their business. So was is a very intelligent try from the government to lock this huge amount of money inside the country?
China keeps devaluing their currency in order to increase their exports. How will Bitcoin solve this problem?
I'm trying to think if Bitcoin will be a good alternative currency for China, since they keep devaluing their currency (by buying US debt). So how does using Bitcoin solve this problem for China? I mean, they obviously want a weaker currency, which they can't have if they using Bitcoin. Because Bitcoin only gets stronger (deflationary) over time. One idea I had is that if both US and China use Bitcoin as their main currency, then it would work for China. Because they won't have a competing currency against the US, but rather use the same coin. So that means US citizens will keep buying exports from China, because there won't be a cheaper fiat alternative to use. Do I have it right? Or is there a different angle to this thing? What do you guys think? btw, people here who only care about BTC price and have no interest in economics, please don't comment and get out of this post. Thanks.
Is it still a feasible solution to buy large amounts of btc in china using rmb and cash out somewhere internationally? My family member just sold his house in china and wants to buy a house in Australia. but china currency capital controls are very restrictive. Does china go after people buying lots of btc using rmb? Any experience or stories? Looking at starting with 6 figures. I heard local Bitcoin or WeChat is a good option.
04-25 13:25 - 'China controls 66% of the bitcoin hash power while the Nano network is more evenly distributed because it doesn't use mining and the nodes are cheap to run. Seems like the bitcoin network is more prone to "corruption".' by /u/IAmMiguelChanel removed from /r/Bitcoin within 255-265min
04-25 13:25 - '[quote] I was suggesting China, with their authoritarian regime, could do a 51% attack. / [quote] Nano, like a lot of other cryptocurrencies, have no central control. / [quote] Ok so you're not using Bitcoin for it's...' by /u/IAmMiguelChanel removed from /r/Bitcoin within 195-205min
You equate China with corruption, but you don't understand how the blockchain works.
I was suggesting China, with their authoritarian regime, could do a 51% attack.
It doesn't matter who mines, there is no central control.
Nano, like a lot of other cryptocurrencies, have no central control.
Who uses Bitcoin for everyday expenses? I don't plan on spending a dime of it
Ok so you're not using Bitcoin for it's original intended purpose - as a peer-to-peer electronic cash system. Why not? because few places accept bitcoin. Why don't they? My guess is transaction fees/time and maybe the environmental effect. Nano addresses these problems. ''' Context Link Go1dfish undelete link unreddit undelete link Author: IAmMiguelChanel
I just wanted to point out the cringe-worthiness of the notion of China adopting Bitcoin as their currency in Mr. Robot; given the reality of China's stance on the crypto and banning the currency from being traded. I wonder what Sam was doing/thinking when he followed that news story playing out back in August when China decided to ban trading of the crypto. Hearing Philip Price make that statement of China using Bitcoin as their currency really smacked a blow at the show's cred IMHO. Please don't beat me up here, I am just stating that it felt a bit wonky hearing that, knowing the reality of the situation. Given; we could argue the show takes place in an "alternate universe," but still, Bitcoin as China's currency of choice? Why would China enable a system that they (or nobody) has control over over a currency that they can lock down?
Go here to check the Bitcoin price in China. Some people get worried when they see how much they’re paying over the market rate on Bitcoin while using this platform. Take notice that every region has a different rate. To see China’s rate, run a search on Google, “BTC to CNY”. What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong. The chives growing in one crypto tycoon’s California mansion carry a hidden message. Guo Hongcai, a beef salesman turned early bitcoin adopter from China’s Shanxi province, is one of many ... Amid the coronavirus pandemic, China's central bank has reportedly completed the basic development of the nation's central bank digital currency. The central bank is now drafting legislation for ... Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said China’s new digital currency was different to bitcoin.
BITCOINs Deadly Use Case Revealed! China, Cartels & Drug Money Laundering!
Reported on CNBC 12/05/13. Also, CNBC trader Brian Kelly tries unsuccessfully to buy Bitcoins on MT.Gox due to 10 day verification period. China is testing a new homegrown digital currency in a bid to reduce cash circulation. This new digital currency is being tested in four cities of the country. Though it is similar to the Bitcoin ... The Bitcoin News Show #64 - Ripple Growth, Miners Leave China, Debit Card Shutdown, Bitpay & BIP 70 - Duration: 1:39:15. World Crypto Network 15,523 views 1:39:15 China has a population of 1.3 Billion people - all of which will potentially need to use Bitcoin as national policy shifts to limit the use of the RMB. I too... Is Bitcoin used just for payments & holding one value or are there more nefarious use cases of $BTC? Today, we dive into, Bitcoin & Tether’s biggest use case.