Bitcoin Adoption in China

Bitcoin adoption in China – the land known for the Great Wall of China and almost 1,4 billion people!

Watch this video to find out more about China’s GDP, Internet coverage, Smart phone use… and how much the Yuan has depreciated to the dollar.

China has been on the Internet intermittently since May 1989 and on a permanent basis since 20 April 1994

2008 – China became the largest population on the Internet
2014 – 480 million smartphone users in China
2016 – approximately 50 percent of China’s population has internet connectivity
2019 – projected to be nearly 690 million

Smartphone users in China accounted for 43 percent of all mobile phone users in 2013. More than 60 percent of the Chinese mobile phone.

China is restricting movement of over $5 million vs $50 million previously. China tightens gold import quotas to curb dollar outflow. There is increasing Investor and Institutional adoption and in some instances, Bitcoin is used as a hedge against the Yuan – High traded volume coming through.

In terms of Bitcoin Adoption in China – Various Bitcoin Miner conferences and Government supported Blockchain conferences are held in China.

People’s Bank of China – partnership with Citibank and Deloitte & Touche to determine the best way to build and issue the digital currency.

China monopolizes over 90% of trading globally – the Bitcoin Price reached 2 year high early December 2016 – approximately 70% of Bitcoin mining within Chinese borders

Estimated that the top 4 Chinese Bitcoin pools control 30% of the bitcoin network

All ASIC Chips Are Manufactured in China controlling the output of hardware

Shanghai-based BitSE – established in 2013 by founders from IBM, Alibaba and Louis Vuitton, developed Blockchain-as-a-Service (BaaS) applications

Bitspark Hong Kong – bitcoin remittance services to four countries
Vietnam, Philippines, Indonesia, Malaysia – Micro lending / P2P platform amongst others.

Hyperledger has been adding a vast amount of Chinese businesses to the project – Hyperledger mission –
Collaboration in researching, developing and standardizing blockchain technology.

Walmart – Food Safety blockchain pilot project with Pork – Setting the new standards in terms of how technology can be implemented to solve an age old problem.

Bitcoin is certainly alive and well in CHINA!

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