China is an incredibly important country for the Bitcoin industry. With a large number of miners and application developers, getting China on board with the future of Bitcoin SV (BSV) is crucial. To explain how that can be done, Lin Zheming, Co-founder and CEO of Mempool, joined our Becky Liggero on the sidelines of CoinGeek Toronto 2019.
China is just too big of a market to ignore, and they’re one that’s keen to take part in the new Bitcoin economy. “It consists of a lot of purchasing power and production lines, and it plays a very important [role] in the world economy,” Zheming explained. “So we cannot miss the part of Chinese onboarding. And because of the investment and the speculating nature of Chinese, We’re likely to know deeper of Bitcoin SV. If they know more, there are so much more developers want to poor into the BSV side. So there were help with the world to have a better Bitcoin.”
To do that, Bitcoin services, and the BSV community, need to always keep their Chinese audience in mind. “I think that the most important part is that you need to set up a Chinese version of website, and you need to have an interface, your documents, written in Chinese so that those Chinese developers and users can get along very easily,” he said. “Besides from that, you need to know this is quite different policies, different regulations, between different markets. So, like in China, you cannot easily get your application published on app store, and there is no Google Play available in China. You need to find other localized markets to publish your application. So if they think that the market of China is very important, they need to find someone who really know about the market to help them.”
Doing that on social media can be tricky though, as the great firewall of China keeps everyone off of Twitter or Facebook. WeChat becomes the main avenue of conversation. “It’s just like in Facebook, why would those applications use Facebook as their main channel to touch their users?” he asked. “Because people love Facebook. Many people use Facebook half of their total internet usage. In China, WeChat consists about no more than, I think consist of 70% of the total usage hours of average people.”
But how does WeChat become the way Chinese citizens can become BSV adopters? Zheming explained how it works:
We use the blocking platform. We use WeChat to authorize the blocking for the users to log into our website…. So basically, if I need to send out some money to a new user, I just put the money into a voucher. The private key of the vouchers is held by us, but if the receiver comes online and they accept it, we can get the blocking token of the receiver so that we will transfer those funds directly to the account of the receiver.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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