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China Could Become a Factor in Bitcoin’s Success in 2019, but Knowledge Is Key

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The latest survey released in China illustrates just how much cryptocurrencies such as Bitcoin are gaining interest there, despite the country’s prohibitive stance on digital currency.

Given China’s huge impact on cryptocurrency mining despite Bitmain’s recent staff layoff announcements, to some this may come as no surprise. However, the Chinese government has attacked Bitcoin at every opportunity whilst casting its net around numerous blockchain opportunities, favoring the tech behind Bitcoin above adopting the currency.

Suggestions that Bitmain layoffs may be a possibility early this year first appeared on Maimai — China’s version of LinkedIn — before Christmas, where one verified Bitmain employee wrote, “It’s affirmative. The layoff will start next week and involves more than 50 percent of the entire Bitmain’s headcount.” The Beijing-based company now mines more than half the world’s bitcoins, according to some reports.

The survey conducted by blockchain PANews cited 40% of their 4,200 respondents as willing to take up Bitcoin or other cryptocurrencies in the future and at least were familiar with popular terms related to cryptocurrency. Despite the government’s blockchain push, only 22% of respondents said they were aware that tokens are powered by blockchain, clearly not making the connection between cryptocurrency and its driving force.

The 8BTC article which covered the PANews survey suggests that Bitcoin is not necessarily the way forward; unsurprising given the Chinese governments’ stance on cryptocurrencies.

“As everyone knows, Nakamoto has defined it as a peer-to-peer electronic cash payment system in the Bitcoin white paper. “Payment” is regarded as the original intention of cryptocurrency, but in China where mobile payment is very convenient, up to 63.43% of the choices ignore encryption. Money as a means of payment suggests that the road to promoting cryptocurrency in China may not work.”

Although cryptocurrencies were little understood by a majority of those surveyed it is clear that those who claimed to have a good understanding of blockchain were from the millennials group, with the majority being born after 1995.

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