The customer ambassador to China for the mobile-powered Bitcoin refilling service Bitrefill is giving the inside scoop on China’s adoption of Bitcoin and cryptocurrency.
In an interview with Bitrefill’s Ricardo Martínez, Tracy Jiang says that while they usually can’t explain what Bitcoin exactly is, many Chinese people living in the urban centers have already heard about the largest cryptocurrency.
“I would say that for people living in cities and with a good level of education, most of them have heard about Bitcoin… If you ask them, ‘What is Bitcoin?’ very, very few people can actually explain to you what Bitcoin is, but they have heard about the word… They can’t really explain what it is, but they have some sort of idea that it is a virtual asset.”
But Jiang highlights that the average Chinese person is totally unaware of their country’s huge influence over the Bitcoin mining network.
“The miners in China control about 60% of the hash power in the Bitcoin network… However, I don’t think the average person in China knows about this.”
Jiang is also observing a bigger enthusiasm for altcoins in China than in the US and Europe, saying that the average crypto person loves looking for the next obscure altcoin that has the potential to skyrocket.
“I think Bitcoin in terms of the name is more popular and more famous. But in terms of the holdings, the people holding Bitcoin versus altcoins, I think actually lots of crypto people in China, they hold lots of DeFi (decentralized finance) and altcoins…
I feel like in the Western world there are a lot more Bitcoin maximalists, whereas in China there are Bitcoin maximalists, there are people who really understand Bitcoin but it’s very, very few… Also lots of top Chinese crypto influencers, they shill lots of Defi and altcoins… The average crypto person in China, they want to find a coin that can go up a hundred times, a thousand times in a short period of time.”