2014-02-05

Slow News in China: IT Workers Support Unkillable Bitcoin

News is still slow in China with one more official day of rest before work resumes on Friday (and Saturday). Chinese aunties are still falling over each other to buy gold, but 30+ year-old tech industry workers are the heart of the Bitcoin market in China.

Unkillable Bitcoins: Bitcoin back on 5000 yuan
"Bitcoin China" The data show that even suffered twice the central bank policy to suppress, Bitcoin still tenacious growth. Bitcoin is currently in China, prices have returned to about 5,000, compared with December 2013 trough, prices rebounded more than doubled.

Trading volume and price go out of the trough

Price-wise, Bitcoin has bottomed out. December 2013, the central bank twice Bitcoin position, first clear the Bitcoin virtual commodity orientation, followed prohibit the payment of third-party services for Bitcoin trading platform. Bitcoin prices dropped in China, from 7588 yuan by the end of November when the highest, fell to 2,011 yuan in the bottom 18 December.

At that time some people think that bitcoins platform in China unsustainable. Subsequently, Bitcoin actually achieve a strong rebound. From December 19, 2013, bitcoin recover lost 3,000 yuan; December 26, further exceeded 4,000 yuan mark; since January 2014, Bitcoin fluctuating around 5,000 yuan.

Moreover, Bitcoin trading volume is also recovering. Since the introduction of fees, "Bitcoin China," the rapid decline in trading volume, down from November 2013 daily average of about 50,000 to less than the current daily average 10,000. However, the transaction fee free "Fire currency net" trading volume has been rising, the average daily trading volume from 40,000 at December rose to the current 80,000.

It is worth noting that, although the Bitcoin price fluctuations, but the entire bitcoin network operator force has always steadily. Blockchain data, and early in November 2013 compared to the current Bitcoin whole network operator force increased by nearly five times. Calculate the force continues to increase, indicating the Bitcoin "mining" investment continues to grow, which means that the market enthusiasm for bitcoin far attenuation.

Unkillable Bitcoin

What is Bitcoin volume and price recovery support it? Reporter survey found that although the central bank to prohibit third-party payment platform services as bitcoins, let Bitcoin transaction account recharge becomes inconvenient, but there is also the capital of Bitcoin platform platform, trading platform bitcoin money directly into corporate accounts, as a platform intermediary transfers among traders. Solve the trade problem, bitcoin activity will gradually recover.

Insiders believe that the way the money into direct trading platform, increasing the risk of the transaction, trading platforms may even absconded with money. However, some industry insiders believe that this is equal to the Bitcoin transactions into traditional areas of regulation, money laundering more likely to be found through bitcoins. "Bitcoin Chinese" Kang Ling, vice president also told reporters that regulators require us, once found similar traders money laundering, must be reported.

There are people in the industry believe that this is determined by the characteristics of Bitcoin. Kang Ling believes that Bitcoin is a global virtual currency, not a policy which country will be able to determine the trend. Moreover, Bitcoin is valuable, it does not replace all of the legal tender, but it provides the public with an improved monetary system.

"The problem of the world monetary system does not solve the official market of Internet electronic money such as Bitcoin or should have." National Development Research Institute of Peking University Yiping Huang believes, "But the future is not necessarily also play a leading role by the bitcoin Hard to say, there may be another kind of currency. "

So, even though Bitcoin highly controversial, but the world did not ban Bitcoin transactions. In contrast, most countries strictly determined after the bottom line, let Bitcoin barbaric growth, China is no exception. Central bank Deputy Governor Yi Gang also said that Bitcoin is very characteristic, instructive.

Not everyone can play bitcoin

All along, many people thought it was Chinese fried aunt played bitcoins. In fact, this is a misunderstanding. According to "Bitcoin China" survey, in which users, bachelor degree or above accounted for 91%, 30 years of age accounted for 65% in the computer, the Internet, telecommunications and the proportion of university research in more than 40%. This fully shows that the main force bitcoin investment, not a "Chinese Mother", but technology otaku. This also prompts from another angle, Bitcoin is not public investment goods.

Yiping Huang said that if you have enough money and more tolerance for risk is large enough, the prospect of bitcoin enough good, I think we can invest. However, do not be like the past to buy a house, buy a bit of gold coins to buy the same, because people have a lot of trap.

Du are also recommended, if you really want investment Bitcoin, first, to clearly understand the value of bitcoins and logic. People do not understand bitcoin speculation, it is easy because in great panic, so harm to others. Secondly, do not recommend "Ma'am" and "Tyrant" admission, according to the band to do the same stocks investment bitcoins, will basically loss.

As an Internet financial sector wonderful, thought-provoking bitcoins, speculation about its price and value is also a matter of opinion. It is in the end just a high foam, or cutting-edge financial innovation, who also said that bad now. As a participant in history, we can at least be more rational to think. Most can not forget is that risk and return always go hand in hand.

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