13 Apr '13, 5pm

Six Reasons Why Chinese People Will Drive the Next Bull Market in Bitcoin

Six Reasons Why Chinese People Will Drive the Next Bull Market in Bitcoin

Or at least 100 million of them did. Back in the mid-2000s, internet company Tencent launched Q Coins, virtual currency with which users could buy items for their avatars. Tencent accepted points won by online gamers in exchange for Q Coins, making it a virtual central banker of sorts since it was issuing Q Coins without hard-currency backing. And users started exchanging Q Coins among themselves, and since they were untraceable by the Chinese government, Q Coins began being used for black market transactions . Eventually Q Coin trading volume hit several billions of yuan per year, rising at 15-20% annually . China 's central bank worried that Q Coins could be used to launder money and to inflate asset bubbles . The government eventually cracked down , banning, among other things, the exchange of "virtual currency" between user accounts.

Full article: http://mashable.com/2013/04/13/bitcoin-boom-chinese/

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