What Reasons Are Behind a Raving Success of Bitcoin in China?

In October 2015 Bitcoin exchange rates witnessed an incredible rise growing by over 70 per cent. The day of November 4, 2015 became crucial for many people as on this day the e-currency was offered in the international financial market at the rate of 1 Bitcoin for 490 USD. It was the highest rate for the whole year. Let’s remind that the highest rate of Bitcoin happened on November 30, 2013: 1145 USD for 1 Bitcoin. In those autumn days many lucky people worldwide instantly earned a solid capital, and some of them even joined the ranks of millionaires.

It is no secret that nowadays the Bitcoin system of e-payments is very popular in many countries worldwide. A vast range of Bitcoin circulation is happening now in China.
Why do the Chinese more and more favor the use of cryptocurrency? There are many reasons. Let’s analyze some of the major ones.

1) Bitcoin is a payment system for people of different age and social status. It doesn’t matter in the least whether a user is of age, has a bank card or any other documents.

2) Payments in Bitcoins represent an easy and instant method of payment. You can pay goods and services from anywhere globally via Internet on condition that a vendor accepts Bitcoins as a payment instrument. More and more businesses appreciate this payment system.

3) Bitcoins’ holders feel free and independent in managing their e-funds. The entire e-payment system of cryptocurrency is out of control of tax authorities; it is unavailable for implying penalties, and even governments are not authorized to set any restrictions on Bitcoin funds of citizens. This is because Bitcoin was initially designed by its founders as the most simplified platform for sending and receiving payments by final recipient with no outside control and monitoring.

4) Bitcoin transactions are commission free. Those of us, who use bank cards and money transfers regularly know pretty well that huge amount of money is taken for commissions of banks and different payment systems (Web Money and others). Bitcoins resolve a problem. There are no commissions applied to monetary transactions.

Many critics offer an alternative version and explain a raving success of Bitcoins in China by influence of recently settled down in China Sergey Mavrodi. For now, much-talked-of in the past Russian businessman has founded in this Asian country a stable system of pyramid schemes with Bitcoin as a payment instrument. At the same time many experts explain Bitcoin’s popularity with other, more objective reasons: lack of burdensome commissions, world politics, as well as jumps and falls in the exchange rates of major currencies.