No one will be surprised there is still a big interest in Bitcoin as far as China is concerned. More specifically, enthusiasts are no longer using state-sanctioned messaging apps for this activity. Instead, they are now flocking to Telegram, a messaging app providing end-to-end-encryption. Rest assured Chinese users are not done with Bitcoin just yet. Nor should they, as the government should never try to tell people what they can or can’t do.
It is good to see Bitcoin demand in China not slowing down anytime soon Although the regulatory crackdown is troublesome, this will not stop the cryptocurrency trend whatsoever. Most of the Bitcoin trading communication always occurred through WeChat. This is one of the select few state-sanctioned instant messaging apps in the country. However, that is no longer the case. Instead, users rely on Telegram, which is officially banned in the country.
Telegram is the new Way to Trade Bitcoin
This shift is rather remarkable and troublesome for the government. Users of Bitcoin exchanges are migrating to anything the government can’t effectively control. It is evident even citizens are getting tired of the government meddling with Bitcoin. Telegram is something the Chinese authorities have no control over whatsoever. Nor will they in the future, mind you. All of this shows the Bitcoin community will keep evolving regardless of any obstacles.
It is a bit unclear what is driving this sudden change, though. It appears WeChat has to contend with some new government-issued rules as well. No one knows for sure what this entails exactly or whether it is a factor, to begin with. The truth of the matter is how BItcoin enthusiasts will find ways to successfully trade cryptocurrencies in one way or another. This is not good news for the affected exchanges, as they will become obsolete even before the trading is halted at the end of October.
Do keep in mind this migration to Telegram will not have a big impact right away. It is still possible for people to successfully trade Bitcoin with centralized exchanges. This is becoming slightly more difficult to achieve, but it is evident people don’t mind the extra effort. A VPN provides access to Telegram and even other exchanges accepting Chinese signups. This is a pretty interesting situation to keep an eye on, that much is evident.
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