I am not an expert in cryptocurrency investing. In fact, I just recently began researching and investing in cryptocurrency. That is how I found Steemit. However, I do know something most Westerners do not know about China because I live in China. In my recent research, I have come across many statements about how such and such technology is going to take off in China.
I think something those that hope for technological adoption need to take into consideration is the effectiveness of the current technology and the local populations loyalty to that technology. In China, people can pay for anything and everything with their phone in less than a minute. There is rarely ever a problem and the cost to use the technology is practically nothing.
In addition, those concerned about privacy rarely have a reason not to use the existing technology. You can send a transfer from person A to person B with no questions asks or reasons given. These transactions happen hundreds of millions of times a day. It is way too much information to sift through for minor concerns about privacy. The fact of the matter is that most people do not care one IOTA about privacy (see what I did there).
Of course that doesn't mean that the Chinese are not big players in crypto. I am not that green. The Chinese have done an amazing job of making money off of the crypto craze. Through mining, selling mining technology, and market activities the Chinese may be the biggest players in crypto. It is also likely that crypto is being used to transfer money out of the country to escape limits on such transfers.
Having said all of that, those hoping for the 1.3 billion people of China to adopt a particular cryptocurrency for daily use need to explain how that adoption is going to surmount the great wall of existing technology.
"the cost to use the technology is practically nothing"
Your data isn't nothing. Wechat eg. wants access to pretty much everything on your phone & you can bet that this data is forwarded to anyone (either with money or power) interested in no time.
Most Chinese may not care about privacy, but if you do, you shouldn't use stuff like Alipay or Wechat.
& cryptocurrencies in the PRC is a topic of its own...
It's only a matter of time until a more complete crackdown by the government, I suppose. Only government-issued cryptos (probably not much crypto in it) will be allowed.
Good points. I just wanted to add a little to the topic for those that don't know China that well. I think some cryptos can find a market in China doing other things besides being used as a currency to buy everyday items. Alipay and Wechat are too dominant in that arena IMHO.