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
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