20 Sep '12, 6am

Could Bitcoin Work in China? by @JeffEisenhauer #bitcoin

Could Bitcoin Work in China? by @JeffEisenhauer #bitcoin

When I heard a couple weeks ago that Weibo was teaming up with China Merchants Bank to offer a social credit card, I was impressed and cautiously hopeful. I've lost my debit card in the ATM twice and I can honestly say moving your money here is frustrating to say the least. For most people, restrictions in China limit the ways people can invest and use their money, particularly when it comes to foreign transactions. With Weibo's plan in mind I started wondering: Could something like Bitcoins ever catch on in China? Bitcoin is a form of digital currency that started 2009 . People can send Bitcoins over the Internet without going through a bank or clearinghouse and acquiring additional fees on transactions, thus reducing the cost of the transaction . The currency's value is based on its rarity. One of its attractive features (or frightening, depending on your risk aversion) ...

Full article: http://asia.cnet.com/could-bitcoins-work-in-china-6221879...

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