As the US and European countries anticipate Bitcoin’s breakthrough on the mainstream markets, China patiently watches the cryptocurrencies shape new industries on its soil, thereby making the Asian giant a chief player in the promotion and adoption of Bitcoin.Unlike in other nations, however, where Bitcoin primarily functions as the key alternative to the conventional payment schemes, China finds itself making use of the digital currency in other sectors.This puts Bitcoin in China in a position that is far more advanced and mainstream.Likewise, this pushes Bitcoin growth to the right direction, despite the devaluation of the Chinese yuan, which, according to Bitcoin analysts and followers, does not necessarily result in a wider acceptance of Bitcoin in the country.China may not be proactive in using Bitcoin as a form of payment, but it recognizes the opportunities Bitcoin provides in other sectors like mining and trading.Bitcoin finds comfort zones on Chinese markets More than 80 percent of the bulk of Bitcoin transactions and conversions take place in the Chinese Bitcoin market, which is significantly defined by the flourishing sectors evident in the increasing number of mining services and online exchanges.

Focusing on the Bitcoin exchange markets, an average bitcoiner will realize that China has some of the largest online exchanges in operation until today.BTCChina, OKCoin, and Huobi are only some of the big names that provide trading services directed toward simple but revolutionary methods of converting USD, CNY and BTC.The warm reception for these Bitcoin services is reflected by the increasing number of population who believe that this digital currency plays or will assume a significant role in the future’s economy, if not at present.gold coin vs litecoinThis is not far from happening because Bitcoin, being the first cryptocurrency, features distinct characteristics that prove to be beneficial to several parties, be they merchants or consumers.bitcoin fed rate hikeIts anonymous nature, transparent network, and speedy payment transactions make it an ideal safety net in the event the fiat currencies collapse.bitcoin games bitcointalk

What hinders full integration of Bitcoin?Although the successful Bitcoin mining and trading sectors are worthy of the praise from Bitcoin supporters across the globe, using the digital currency for daily purchases would tremendously uplift the reputation of Bitcoin as a reliable, secure, and innovative payment system.Unfortunately, pushing for Bitcoin to improve its popularity as a payment method is challenged by the negative perceptions of certain types of individuals and media institutions toward the digital currency.litecoin with coinbaseThis is further heightened by the controversies and scandals both within and outside China.ethereum national bank of canadaFor instance, the MyCoin investment scam largely put a dent on Bitcoin’s reputation while the untoward incidents like the Mt.bitcoin transaction get sender address

Gox collapse, Silk Road fiasco, and other forms of hacking and cyber threats intensified the reasons Chinese consumers would be reluctant to use Bitcoin for everyday expenses.Repercussions on other Bitcoin markets The bad reputation Bitcoin has earned over time takes a toll on other sectors, including the Bitcoin gambling niche.The strict policies China has toward gambling are reasons enough for betting with bitcoins to encounter barriers in adoption, even more so with the series of incidents that put Bitcoin in a negative light.Nevertheless, not all hope is gone as Bitcoin continues to find its rightful place on the Chinese markets.What the online gambling enthusiasts can do for now, however, is to anticipate the acceptance of Bitcoin as a legitimate mode of payment.In this way, it can be used to wager on the several Bitcoin gambling sites available online, similar to how Hong Kong gambling functions today.This is not an impossible dream, but going past the strict laws, as mentioned earlier, remains to be an uphill battle.

Until then, China will be known as the country that promoted Bitcoin mining and trading.All units shown are Chips.1 Chip on SwCPoker is worth 0.001 BTC.* May qualify for 50% rakeback.No rake is collected in flop game hands that do not make it to the flop.This also applies to draw games (no draw, no rake) and stud games (no fourth street, no rake).Dealer’s Choice games are raked as NL/PL games.Our rakeback system, rewards and promotions make the rake on SwCPoker among the lowest in the world.Full rakeback and promotion details can be found on our promotions page.Chinese bitcoin exchanges consider reintroducing trading fees BY ON January 23, 2017 Chinese traders who have enjoyed a zero-fee trading ecosystem for far too long are in for a shock as three of China’s largest bitcoin exchanges are now planning to charge trading fees.Part of the reason why bitcoin exchanges in China have been successful in the past several years was because they don’t impose penalty for buying and selling digital currency in high volumes every day.

But that situation is about to end soon.In an effort to rein in speculation over cryptocurrency trading, bitcoin exchanges BTC China, Huobi and OKCoin are now planning to charge 0.2 percent per transaction starting at noon Tuesday, Wall Street Journal reported.“We’ve already conducted ‘deleveraging.’ To further curb speculation and reduce volatility, Huobi is also actively communicating with other domestic and foreign exchanges to improve operational mechanisms and charging mechanisms, among which trading fees are also being considered,” Huobi said on its website.The three bitcoin exchanges have been caught in the middle of the Chinese central bank’s recent crackdown on virtual money.Several weeks ago, PBoC officials conducted on-site visits at BTC China, OKCoin and Huobi to check whether the exchanges’ operations have gone beyond the scope of their market.Investigators from the central bank said they discovered “irregularities” in the operations of major bitcoin exchanges in the country, singling out BTC China, Huobi and OKCoin.