Recently, our YouTube video was carried out to have insights about the status of crypto and blockchain technologies in China. A correspondent from Asia Crypto Today – Mia Tam storms the street of Shenzhen to ask random residents about their involvement and knowledge of Blockchain especially since it became banned in the country. Among the questions asked include whether each person has ever heard about Bitcoin and whether their friends or family members have invested. Those involved revealed how they obtain information about cryptocurrencies and their opinion regarding the entire development.
From IT specialists, designers, and teachers, to the unemployed and housewives in China, quite a number of people have a rough idea regarding crypto’s existence. A selected few have never heard about the innovation while a certain percentage specialize in the industry, have invested in cryptocurrencies, or work with corporations that closely monitor crypto markets. A majority learned about crypto and Blockchain technologies after it crashed in China. The headlines got internationally broadcasted since the country exports a large portion of mining equipment. Some people have followed cryptocurrencies progress since rumors about its discovery began to spread in early 2008. One IT specialists get quoted as he narrates (in his own way) how the first successful transaction was done through purchasing a pizza with Bitcoins. Others came to learn about it when the cryptocurrency dropped in value to $6k.
According to the video, those who seem to grasp the idea work in the finance sectors and watch the news. Ideally, most of them are young, working people with active social lives. They have friends who have invested in cryptocurrencies. One interviewee mentions how her firm organizes events to teach the staff about blockchain and to identify whether integrating the technology is essential for the business. Individual interest in crypto investment receives various responses. Some responders do not want to invest because of the market’s unstable conditions.
One responder said she has neither the money nor proper knowledge. However, she has friends actively involved in cryptocurrencies, but unfortunately, most have lost their money. The correspondent also came across financial experts who will not enter the market unless they understand it better. Although they have fortunate friends with substantial returns, they still haven’t invested. The responders narrate how some of their colleagues lost and even continue to struggle today after China’s crypto market status went public internationally.
A certain unemployed bystander mentioned how Bitcoin, despite being the leading coin producers and distributor, does not inspire investors due to its decelerating progress. He further revealed how difficult it has become to mine as opportunities thin out. Those considering diving into the market hopes to do so when the conditions become favorable.
Among the respondent was an ICO worker who neither invests nor encourage her friends to do so because she understands how the platform operates. Based on experience, ICO agencies manipulate the market to their advantage. While their employees gain, outsiders struggle to score.
Another Ethereum investor seems comfortable with his investment option. The lucky few have become wealthier and quit their jobs after successful sales. Compared to the stock markets, a specific responder seems to think cryptocurrencies are riskier than shares.
The interviewees’ sources of information range from the word-of-mouth to social media. Most details are available on many websites, financial blogs, Facebook pages, Twitter handles, etc.
A responder claims to read about crypto markets in newspapers before he became familiar with digitalization. The most interesting fact includes how one resident suggests that financial career people have vast knowledge and interest in crypto investment. She is partially correct, but since it is a risky territory, one needs more than financial information. According to experts, the most significant aspect involves observing the markets closely and regularly. The video reveals how word-of-mouth has become Blockchain’s only hope because people are likely to trust their friends than other promotion materials.
The Shenzhen residents have different crypto opinions. On a personal level, one responder suggests that people with kids prefer stable investment options and she does not count cryptocurrencies as an option. She recommends that one should consider their life situation before making a choice.
Bitcoin’s declining value has also raised concerns not only in China but globally. Some interviewees seem to avoid investing due to the currency’s unpredictable worth. However, financial professionals agree that despite Bitcoin’s unstable conditions, it secures higher returns. Despite China banning crypto trading, the field has attracted many young people and corporations that see value in blockchain technology.
One responder seems to have confidence with the cryptosystems. As an active participant in the market, he points out how cashless payment will dominate global economies despite China’s decree.
According to one Shenzhen resident (a designer), the crypto-system may not be promising, but the technology behind it has more to offer. He is optimistic yet concerned about the ICO scams emerging within. Some people do not think crypto and blockchain technologies have a place in China after the ban law became official. Unless the government reconsiders, its citizens cannot mine, and they get limited trading options.
China’s current situation does not suggest that crypto is dead. The practice continues while the government reviews regulations and considers lifting the ban. Although it is illegal inland-wise, people can operate offshore. The law prohibits ICO start-ups from raising money, but developers and service providers can still serve. The country’s crypto progress came under the microscope after the government noticed the uncontrollable expansion of ICO agencies and the emerging threats. Their citizens’ assets were no longer safe especially after hackers stole a substantial amount from DAO (Decentralized Autonomous Organization). The Shenzhen residents seem to be aware of the trend as some mention their responsibility in abiding the law and not investing. Others like the designer have hopes that cashless payments will dominate China in five years. His perception regarding crypto replacing fiat in the country is valid because the issue is more about inflationary monetary policies and Bitcoin’s limited access in quantity. While other nations transform from walletless to cashless, China maintains the former, but reports suggest the situation might change in the future.