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China discovered Bitcoin, I believe it was featured on its state news recently, and the main Chinese bitcoin exchange (which is only 2 months old or so) is alre
by lectrick 13y ago
China discovered Bitcoin, I believe it was featured on its state news recently, and the main Chinese bitcoin exchange (which is only 2 months old or so) is already the largest in the world. China has been hurting for any kind of financial investment vehicle of late, and historically they are big savers.
This is what happens with global phenomena. The soil (global internet) is already there, anything that will grow in that soil (like bitcoin) can spread VERY quickly like a wildfire.
What happens when India discovers it is perfect for remittances? What happens when Africa discovers they can exchange payments with just a mobile phone without even having a bank or credit card or any credit period? What happens when parents the world over realize this is a perfect way to give their kids money to buy stuff online with? Or for online retailers to be able to sell to the unbanked and to those who don't have good credit or a credit card? Anywhere in the world, to anyone with BTC? What happens when new uses for Bitcoin that haven't even been thought of yet, are?
Trivia: The head of the Chinese exchange is a Stanford graduate and his brother invented Litecoin.
- foobarqux 13y agoSince such an exchange can circumvent Chinese monetary policy it is unlikely that it can keep doing so and become popular.