Bitcoin Price China News

Bitcoin China WaCai lists Bitcoin as a major currency





Bitcoin China WaCai lists Bitcoin as a major currency

Wacai is a Chinese mobile app developer and the creator of a personal finance management mobile app. The app has two major functions. One, to serve as a bookkeeping service (launched in 2009) and two, a mutual fund trading feature that was added in July of 2013. Its most recent feature, incorporated in April of 2014, is a credit card manager, which is gaining popularity in the Chinese markets. The app currently has over 40 million users.

Is China saving Bitcoin, or destroying it?

“The great part is that in China, Bitcoin is very popular. There’s a lot of speculation, and a lot of mining activity, and a lot of traders,” he says. “There’s huge interest, demand, and activity in China.”
By some estimates, about 80 percent of the global mining market is now within the People’s Republic.

“Because people in China are buying and selling Bitcoin in boatloads, there’s a great liquidity in Bitcoin trading. It makes the prices much more stable,” Bobby says. “So bitcoin volatility has actually come down in the last two years – and that’s a great thing. You can fully attribute that to the fact that China is contributing liquidity.”

 

“China is one of the strong legs of the stool that’s supporting Bitcoin,” says Bobby. Those involved in Bitcoin in China – whether as miners, spenders, or anything in between – are part of both the currency’s biggest triumphs and most worrying problems.

 

 

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