Gambling is ingrained in Chinese culture and social interactions. These symbolic poker chip-influenced physical bitcoin chips may even drive up bitcoin value. Infiltration into the non-IT savvy Chinese market is fairly likely.
Physical Bitcoin Chips Are More Than Just Collectible
BTCC’s belief in physical bitcoin chips lies in the continued ascendancy of bitcoin and its usage. These chips could be used as a bridge to introduce bitcoin to the non-IT savvy market.
The hologram sticker on the chips’s reverse side consists of the private key with its QR code. It brings convenience to IT-savvy consumers who can then scan the code to import the value into any bitcoin wallet.
In May this year, BTCC released its first series of physical bitcoin tokens. The titanium coins contained values loaded with as-yet-unused coins from BTCC’s own mining operation.
As bitcoin continues to gain popularity with the Chinese as a kind of “safe haven”, as well as their cultural love for a speculative gamble, the physical bitcoin chips may well gain traction as money, too.
As the Chinese yuan further weakens, coupled with the festive Lunar New Year drawing near, chances of the physical bitcoin chips used as an alternative to giving fiat currency in ‘red packets’ is plausible.
Non-IT Savvy Market
The 2016 “Internet Usage and Population Statistics” report showed that 52.3% of China’s 1.3 billion people are internet users. The untapped market for potential bitcoin usage from the percentage of the population who do not use the internet is huge.
The next question to ask is: How will the non-IT savvy market cash out their physical bitcoin chips? The masses in China who are already into bitcoin will likely be able to exchange the chips for cash face-to-face.
How do you like the idea of physical bitcoin chips reaching out to the non-Internet users? Let us know in the comments section below.
Images via BTCC
Bitcoin.com is ramping up our tools section with a variety of useful Bitcoin-related applications. There’s a price converter, paper wallet generator, a faucet, and a verifier to validate messages using the Bitcoin blockchain. We’re pretty excited to introduce these new widgets and tools so our visitors have the best resources to navigate the Bitcoin landscape.