Retailing, Franchising, and Consumerism Business Intelligence in China

Bitcoin Gains More Approval In China

Bitcoin, the alternative digital currency used around the world, has gained new momentum in China with an approved investment into one of China's largest bitcoin trading markets.

BTC China, one of the largest Bitcoin virtual currency trading platforms in China, announced that the company has completed its first-round financing and gained total investments of USD5 million from Lightspeed China Partners and US-based Lightspeed Venture Partners.

According to statistics provided by, over the past few weeks, BTC China's trading volume exceeded Mt. Gox and BitStamp, two other major Bitcoin trading platforms in the world, making it the largest Bitcoin trading platform worldwide. The daily trading volume of BTC China reached nearly 90,000 Bitcoins during peak times, representing daily trading values of over CNY200 million.

Born in 2009, Bitcoin is created basing on a set of complex algorithms. The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Bitcoin uses peer-to-peer technology to operate with no central authority and it can realize worldwide circulation via any computer that accesses the Internet.

During the past few years, Bitcoin has become the fastest growing virtual currency. In China, many Chinese Internet companies, including Baidu, accept payment with Bitcoin. In other countries, Bitcoin has gained wider acceptance and over 10,000 Internet vendors accept this virtual currency.

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