Home Bitcoin News The 21-day bitcoin problem

The 21-day bitcoin problem

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There’s a documentary sequence at the moment airing on </span>iQiyi, China’s Netflix equal, a few Chinese language bitcoin fanatic who makes an attempt to outlive 21 days by merely dwelling on zero.21 bitcoin, or $1,300, with none assist or donations.

He You Bing is touring and carrying nothing along with her, and he or she has to retrieve meals, housing, and primary requirements all by means of bitcoin transactions performed on her telephone. Apparently, she can be doing this problem in a few of China’s largest cities together with Beijing and Shenzhen.

Her identify is one thing of a nom de guerre – a nickname, with “You Bing” immediately translating to “having a illness,” and the entire identify alludes to the lady’s over-enthusiasm for bitcoin.

It’s a captivating time for making this try. In the previous few weeks, there have been quite a few studies of China’s crypto bans – together with Beijing and Shenzhen banning public cryptocurrency-related speeches, events, or activities, as reported by the Wall Street Journal. Additionally included within the purported ban have been numerous WeChat media accounts that promoted cryptocurrencies, which have been completely blocked. Moreover, Beijing blocked access to the websites of over 120 offshore exchanges within the mainland and banned large crypto purchases by means of well-liked Chinese language funds platforms Alipay and WeChat transactions.

Given the sheer variety of these bans, readers who reside outdoors of China could also be led to suppose that there’s a bleak outlook for the cryptocurrency surroundings on mainland China. However He You Bing’s Bitcoin problem reveals a refreshing perspective on the crypto consciousness of individuals dwelling in these native cities in addition to the ability of WeChat. $1,300 could not sound like a lot for 21 days of journey within the U.S., however in China, the place an inexpensive meal prices simply $1, it might go a good distance. The true query is, will folks settle for bitcoin?

Discovering acceptance with bitcoin

Via each day video-log like documentaries, Bing is filmed operating round asking totally different enterprise distributors whether or not they settle for bitcoin. The distributors, various from small hole-in-the-wall eateries to staff from giant chain shops like Uniqlo, categorical their reactions which can be telling of their preconceived notions, or lack thereof, of bitcoin and cryptocurrency. Much like the U.S., folks’s attitudes fluctuate from ignorance and mistrust to welcoming. It’s eye-opening to see how totally different Chinese language folks take into consideration bitcoin.

On the primary day of her problem, Bing arrives in Beijing, the place she needs to go to an amusement park. The doorway charge is 2 Chinese language Yuan, or round 30 cents in USD, however the park didn’t settle for bitcoin. Bing additionally requested a number of quick meals eating places whether or not they accepted bitcoin so she might purchase meals, however neither of them did.

As she approaches these distributors, somewhat than paying in bitcoin, she typically has to clarify what a bitcoin is within the first place, and finds little or no success alongside the way in which. One feat on her first day is that she was capable of finding an unlocked Ofo bike, a dockless bike that may be unlocked and paid for with one’s cellphone. With it, she biked round in an try to succeed in out to extra distributors. By the tip of the primary day, Bing didn’t achieve discovering a meals place that accepted bitcoin, and he or she subsisted on 4 packets of ketchup and meals samples from a grocery store. She slept in a 24-hour McDonald’s on her first evening.

The second day, Bing foraged for meals. She grabbed fruits from wild bushes. Her meals consumption for the second day consisted of some fruits on a tree and another person’s leftover burger at a McDonald’s. She ended up getting a abdomen ache and threw up, sleeping in one other 24-hour McDonald’s. 

Bing was turning into hopeless by the third day. She was on the the verge of fainting and the filmmakers despatched her to a hospital. At this level, the problem had gathered some consideration, and supporters have been in a position to contact the filmmakers. They then introduced Bing meals and he or she paid for it by bitcoin. On the third evening, she slept in an artwork gallery.

It’s not the forex, it’s the neighborhood

Bing’s story quickly unfold and other people began discovering her by means of WeChat the place they’d supply to trade bitcoin to fiat. At that time, the problem would have grow to be too straightforward, so the filmmakers modified the principles in order that Bing needed to transact offline and trade Bitcoin with folks in actual life.

On the sixth day, Beijing was having the Forum on China-Africa Cooperation Summit, so the filmmakers moved to Shenzhen to proceed the problem. The viewers began getting suspicious of the filmmakers, asking whether or not they have been associated to rip-off tasks. The filmmakers stated that they have been approached by crypto tasks however that they declined them. By then, six assist teams in WeChat had been created to assist Bing, with each WeChat group having 500 folks (500 is the max variety of folks one can have in a WeChat group). These chatroom contributors included bitcoin believers, actual property brokers, and promoting salesmen.

Regardless of the present ban on crypto actions, the documentary exhibits that bitcoin is alive and effectively in China inside digital communities, albeit not prevalent within the bodily world. Most of Bing’s days are documented on iQiyi. And her encounters are telling of what’s truly taking place in China on the subject of cryptocurrency and cell know-how adoption. Notably, Bing was in a position to get by means of dwelling in China merely by means of her telephone. The facility of WeChat introduced her supporters on to her.

By day seven, Bing obtained involved with a few of her WeChat supporters and was in a position to buy face wash from them. The following day, she discovered a restaurant that accepted bitcoin. She obtained somebody to purchase her garments at Uniqlo by exchanging bitcoin with them after which additionally discovered somebody who was keen to e book a resort for her by exchanging bitcoin.

Steadily, Bing’s bitcoin problem began a small motion, the place her supporters would additionally strategy retailers to ask whether or not they accepted bitcoin and relay the data to her.

Each day, the filming staff recorded what number of enterprise and pedestrians Bing reached out to and the variety of profitable bitcoin transactions she made. From the preliminary ten days to now, Bing has steadily gained confidence. She now has a method on methods to discover folks to trade her bitcoins and what to trade them for. Over time, the variety of inquiries Bing did elevated from ten to twenty a day to over 100 per day. The variety of profitable transactions was nonetheless solely a handful a day, nevertheless.

Bing’s story continues, and he or she is now at day 19. She and the filmmakers have migrated to the southern metropolis of Guangzhou. As she assimilates into this new way of life, Bing discovered folks to trade Bitcoin to fiat along with her to buy her prepare tickets, her resort rooms, and her meals. Nonetheless, extra typically than ever, the pedestrians and small enterprise distributors she approached have been ignorant, skeptical, and didn’t need to be a part of the filming.

Discovering utility in bitcoin

Just lately, China Every day covered Bing’s problem. The documentary has gotten some media consideration in China, and corporations and establishments have requested to donate and sponsor the filmmakers. They’ve claimed that they’ve turned all of them down.

Within the final 12 months, the narrative round bitcoin has steadily centered on turning into a “retailer of worth” within the U.S. given the rising transaction prices on the blockchain. Bitcoin transaction costs have increased from 30 cents at the beginning of 2017 to $40 at end of 2017 in the course of the peak of bitcoin costs. On account of such giant fluctuations in charges, transactions now not occurred as often as earlier than. Bitcoin’s transaction price is now again all the way down to about 60 cents this 12 months.

Nevertheless, because the market has come down in the previous few months, bitcoin has as soon as once more grow to be a “protected haven” for people to go to, and because of this, bitcoin now makes up greater than 56% of the total cryptocurrency market cap, up from 34% at the beginning of January 2018.

Bing nonetheless will get folks suspecting that she is making an attempt to rip-off them. For the reason that rise of crypto costs and bitcoin reaching virtually as excessive as $20,000 on the finish of 2017, there have been quite a few rip-off cash popping out in every single place. In China, there are sometimes obscure and random cash that seem with no actual value-add, no relationship to any blockchain, and are devised purely to idiot non-savvy residents who suppose they’ll make a fast buck. Actually, one of many functions of Beijing’s ban on business venues internet hosting cryptocurrency occasions was geared toward purging cash from scamming the general public.

Bing will proceed and end her bitcoin problem, however the larger problem is on all of us within the blockchain neighborhood to repeatedly enhance this know-how for broader consumption.

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