There is a documentary array now airing on iQiyi, China’s Netflix equivalent, about a Chinese bitcoin fan who attempts to tarry 21 days by merely vital on 0.21 bitcoin, or $1,300, though any assistance or donations.
He You Bing is roving and carrying zero with her, and she has to collect food, housing, and simple necessities all by bitcoin sell finished on her phone. Interestingly, she is also doing this plea in some of China’s largest cities including Beijing and Shenzhen.
Her name is something of a nom de guerre – a nickname, with “You Bing” directly translating to “having a disease,” and a whole name alludes to a girl’s over-enthusiasm for bitcoin.
It’s a fascinating time for creation this attempt. In a final few weeks, there have been countless reports of China’s crypto bans – including Beijing and Shenzhen banning open cryptocurrency-related speeches, events, or activities, as reported by a Wall Street Journal. Also enclosed in a supposed anathema were a series of WeChat media accounts that promoted cryptocurrencies, that have been henceforth blocked. Furthermore, Beijing blocked opening to a websites of over 120 offshore exchanges in a mainland and banned vast crypto purchases by renouned Chinese payments platforms Alipay and WeChat transactions.
Given a perfect series of these bans, readers who live outward of China might be led to consider that there is a dour opinion for a cryptocurrency sourroundings on mainland China. But He You Bing’s Bitcoin plea reveals a lovely viewpoint on a crypto recognition of people vital in these internal cities as good as a energy of WeChat. $1,300 might not sound like most for 21 days of transport in a U.S., though in China, where a inexpensive dish costs usually $1, it can go a prolonged way. The genuine doubt is, will people accept bitcoin?
Finding acceptance with bitcoin
Through daily video-log like documentaries, Bing is filmed using around seeking opposite business vendors either they accept bitcoin. The vendors, varying from tiny hole-in-the-wall eateries to employees from vast sequence stores like Uniqlo, demonstrate their reactions that are revelation of their preconceived notions, or miss thereof, of bitcoin and cryptocurrency. Similar to a U.S., people’s attitudes change from stupidity and dread to welcoming. It’s eye-opening to see how opposite Chinese people consider about bitcoin.
On a initial day of her challenge, Bing arrives in Beijing, where she wants to go to an entertainment park. The opening price is 2 Chinese Yuan, or around 30 cents in USD, though a park didn’t accept bitcoin. Bing also asked several discerning food restaurants either they supposed bitcoin so she could buy food, though conjunction of them did.
As she approaches these vendors, rather than profitable in bitcoin, she mostly has to explain what a bitcoin is in a initial place, and finds really tiny success along a way. One attainment on her initial day is that she was means to find an unbarred Ofo bike, a dockless bike that can be unbarred and paid for with one’s cellphone. With it, she biked around in an try to strech out to some-more vendors. By a finish of a initial day, Bing didn’t attain in anticipating a food place that supposed bitcoin, and she subsisted on 4 packets of ketchup and food samples from a supermarket. She slept in a 24-hour McDonald’s on her initial night.
The second day, Bing foraged for food. She grabbed fruits from furious trees. Her food intake for a second day consisted of some fruits on a tree and someone else’s leftover burger during a McDonald’s. She finished adult removing a stomach pain and threw up, sleeping in another 24-hour McDonald’s.
Bing was apropos destroyed by a third day. She was on a a verge of fainting and a filmmakers sent her to a hospital. At this point, a plea had collected some attention, and supporters were means to hit a filmmakers. They afterwards brought Bing food and she paid for it by bitcoin. On a third night, she slept in an art gallery.
It’s not a currency, it’s a community
Bing’s story shortly widespread and people started anticipating her by WeChat where they would offer to sell bitcoin to fiat. At that point, a plea would have turn too easy, so a filmmakers altered a manners so that Bing had to covenant offline and sell Bitcoin with people in genuine life.
On a sixth day, Beijing was carrying the Forum on China-Africa Cooperation Summit, so the filmmakers changed to Shenzhen to continue a challenge. The assembly started removing questionable of a filmmakers, seeking either they were associated to fraud projects. The filmmakers pronounced that they were approached by crypto projects though that they declined them. By then, 6 support groups in WeChat had been combined to support Bing, with each WeChat organisation carrying 500 people (500 is a max series of people one can have in a WeChat group). These chatroom participants enclosed bitcoin believers, genuine estate agents, and promotion salesmen.
Despite a stream anathema on crypto activities, a documentary shows that bitcoin is alive and good in China within digital communities, despite not prevalent in a earthy world. Most of Bing’s days are documented on iQiyi. And her encounters are revelation of what is indeed function in China when it comes to cryptocurrency and mobile record adoption. Notably, Bing was means to get by vital in China simply by her phone. The energy of WeChat brought her supporters directly to her.
By day seven, Bing got in hit with some of her WeChat supporters and was means to squeeze face rinse from them. The subsequent day, she found a grill that supposed bitcoin. She got someone to buy her garments during Uniqlo by exchanging bitcoin with them and afterwards also found someone who was peaceful to book a hotel for her by exchanging bitcoin.
Gradually, Bing’s bitcoin plea started a tiny movement, where her supporters would also proceed shops to ask either they supposed bitcoin and send a information to her.
On a daily basis, a filming group available how many business and pedestrians Bing reached out to and a series of successful bitcoin sell she made. From a initial 10 days to now, Bing has gradually gained confidence. She now has a plan on how to find people to sell her bitcoins and what to sell them for. Over time, a series of inquiries Bing did augmenting from 10 to twenty a day to over a hundred per day. The series of successful sell was still usually a handful a day, however.
Bing’s story continues, and she is now during day 19. She and a filmmakers have migrated to a southern city of Guangzhou. As she assimilates into this new lifestyle, Bing found people to sell Bitcoin to fiat with her to squeeze her sight tickets, her hotel rooms, and her meals. Nonetheless, some-more mostly than ever, a pedestrians and tiny business vendors she approached were ignorant, skeptical, and did not wish to be partial of a filming.
Finding application in bitcoin
Recently, China Daily covered Bing’s challenge. The documentary has gotten some media courtesy in China, and companies and institutions have asked to present and unite a filmmakers. They have claimed that they have incited them all down.
In a final year, a account around bitcoin has gradually centered on apropos a “store of value” in a U.S. given a augmenting transaction costs on a blockchain. Bitcoin transaction prices have increased from 30 cents during a commencement of 2017 to $40 during finish of 2017 during a arise of bitcoin prices. As a outcome of such vast fluctuations in fees, sell no longer happened as frequently as before. Bitcoin’s transaction cost is now behind down to about 60 cents this year.
However, as a marketplace has come down in a final few months, bitcoin has once again turn a “safe haven” for people to go to, and as a result, bitcoin now creates adult some-more than 56% of a sum cryptocurrency marketplace cap, adult from 34% during a commencement of Jan 2018.
Bing still gets people suspecting that she is perplexing to fraud them. Since a arise of crypto prices and bitcoin reaching roughly as high as $20,000 during a finish of 2017, there have been countless fraud coins entrance out everywhere. In China, there are mostly problematic and pointless coins that seem with no genuine value-add, no attribute to any blockchain, and are devised quite to dope non-savvy adults who consider they can make a discerning buck. In fact, one of a functions of Beijing’s anathema on blurb venues hosting cryptocurrency events was directed during cleansing coins from scamming a public.
Bing will continue and finish her bitcoin challenge, though a larger plea is on all of us in a blockchain village to ceaselessly urge this record for broader consumption.