Last updated on June 11th, 2013 at 11:05 am
We have been approaching the love story between China and Bitcoin for a while now, but this relationship seems to keep growing strong. The fact that this is not the first time that the Chinese are dealing with virtual coin might help, since more than 100 million people on the social platform QQ have been using the Q coin for more than 10 years.
But, more recently, Bitcoin-related downloads skyrocketed in China, especially after the national Central Television ran a short documentary on Bitcoin. From an unknown innovation to a massively adored technology, cryptocurrency is now growing like crazy in China and other new markets, mainly the Euro zone.
It seems that the USA is getting behind in this race, mainly because the dollar is not suffering heavy pressures like the Euro, for instance. But, according to the experts, if the USA tries to ignore the cryptocurrency and treat it like a random financial wandering, Americans might as well be delivering the control of the future to the Chinese… in a gift box with a pretty gift wrap. On the long run, both the US dollar and the North-American power can be seriously weakened.
According to Andreas M. Antonopoulos, from the Bitcoin Foundation, the bottom line is that “Bitcoin has much higher popularity outside the US and much higher potential outside the US. If you go to an American and say, ‘Hey, there’s this new thing, Bitcoin’, they say, ‘Well, what’s wrong with the dollar?’ That question is different in other countries”.
The Chinese don’t see it like that: they have to deal with a heavily controlled currency, a situation that makes Bitcoin attractive for them. “The more controlled the currency is, the harder the transactions are, the more friction there is in the national currency, the more appealing the coin is”, says Andreas M. Antonopoulos.
The expert claims that “China is perfect” to be a leading country in the Bitcoin universe. “It’s got the penetration, it’s got the smartphones, it’s got the Internet and the people are familiar with virtual currencies. And, it’s got the not-as-appealing national currency”, he adds.