The market in China remains one of the most important when it comes to Bitcoin. Unfortunately, there are many myths and understatements associated with it. That’s why Ricardo Martínez from Bitrefill made the decision talk on this with Tracy Jiang.
Jiang believes the position BTC in China is not clear cut. As he claims, although many Chinese cannot explain what exactly it is Bitcoin, there are also those – who, however, live in large cities – who already have a lot of knowledge about the greatest cryptocurrencies this market.
– I would say that for people who live in cities and well educated … most of them have heard about Bitcoin … If you ask them, “What is Bitcoin?” Very few people can explain to you what Bitcoin is, but they have already heard the word … They cannot explain what it is, but they have some vision that it is a virtual currency – she explained.
Jiang emphasizes that the average Chinese is completely unaware of their country’s enormous influence on Bitcoin’s mining network.
– Miners in China control about 60 percent. computing power on the Bitcoin network … But I don’t think the average person in China knows about it – she added.
The Chinese prefer altcoins?
She herself observes in her homeland also greater enthusiasm for altcoins. This one is especially visible when compared to the popularity of such cryptocurrencies, which is noticeable in the US and Europe. In her opinion, the average Chinese in the cryptocurrency market loves to look for another unknown altcoin that has the potential to soar up the chart.
– I think Bitcoin in terms of name is more popular and known. But when it comes to shares, people owning Bitcoins compared to those who have altcoins i think a lot of people actually [na rynku] cryptocurrencies in China have a lot [tokenów] DeFi and altcoins – she added.
It would therefore follow that the West is betting on BTC and the East is betting on altcoins.
– I think there are many more Bitcoin maximalists in the western world, while there are Bitcoin maximalists in China, there are people who really understand Bitcoin but there are very, very few … Also many top Chinese influencers [z rynku] cryptocurrency analyzes tons of DeFi and altcoins … The average person in the cryptocurrency market in China wants to find a coin that can increase hundred times, a thousand times in a short time – she explained.