This month has seen several developments regarding Bitcoin adoption in China. Most of it seems to be driven by the activities of memorydealers.com, a computer parts retailer which accepts Bitcoins as payment and imports a lot of its products from China.

May 9, 2012:
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Yesterday I attended the first Bitcoin meetup group in China.
Photo here: https://twitter.com/#!/rogerkver/status/199841022946185216/photo/1/large
It was organized with only one day notice, but we had over 30 people show up.
Some traveled several hours all the way from Hong Kong for the meeting.
The Chinese version of Twitter, Weibo, was buzzing with talk about the Bitcoin meeting.
One of my vendors who attended the meeting emailed me today saying:

Thanks for your last night's dinner and your introduction of bitcoin. I'm very interested in bitcoin even if I'm not quite understand how it workds. Anyway I'd like to trade with you through bitcorn in furture.
Let's talk about the 200 pcs of Finisar FCMJ-8521-3 GLC-T? How many bitcorns would you buy them from me? Thanks!


I suspect many of my vendors in China will now be much more open to the idea of using Bitcoins for their normal day to day business transactions.
I also know that there are currently talks between Russian telecom companies and Chinese suppliers about conducting their payments via Bitcoin.


In the meeting the following problem & Bitcoin solution was brainstormed, but most of this idea came from Yifu Guo.


1) Chinese love to Gamble
2) Macau has gambling
3) Chinese are not allowed to bring more than $6,000 USD worth of currency to Macau.
4)Chinese cash deposits for Bitcoin
5)??
6) PROFIT!


The ideal way for something like this to occur is for a Macau based casino to open their own bitcoin exchange.
It could be open to casino customers only, or to people around the world.

WIN: Customers would love it, because they can bring as much money to gamble with as they want.
WIN: Casinos would love it, because customers can bring as much money to gamble with as they want.

I can't think of any reason why anyone involved wouldn't like this idea.
Myself and some of my Chinese friends intend to approach Macau casinos about this idea.

In order for this to become a reality we need:

1. An easy way for anyone in China to buy any amount of Bitcoins.
2. Casinos to allow cash IN/OUT via Bitcoins.

For #1
Bitinstant.com would like to allow everyone in China to be able to buy Bitcoins, but we needs some help finding the right partner company in China.

It will need the following requirements:

1) No Chargebacks
2) Easily available across China.
3) Allows for automatic communication with the Bitinstant system via API.


Can anyone recommend a company like this in China?


For #2
I suspect we only need to convince the Casinos that #1 is already in place.

Please add your thoughts or suggestions to the above idea.
Feel free to email me at roger@memorydealers.com
I also do my best to tweet about interesting Bitcoin developments as they happen.
Follow me @rogerkver

May 10, 2012
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Yesterday Yifu Guo (bitsyn.com) and I visited a company that produces Android tablets.
We went with the intention of buying tablets, but when they asked how we wanted to use them, it all started.

It became an intense meeting of nearly 5 hours.
Nearly 75% of that time was spent discussing Bitcoins.
The managing director and other members of the meeting were very enthusiastic and seemed to get the big picture.
At one point, he commented that "Bitcoin is a pandora's box."

The company is very interested in preloading ALL OF THEIR TABLETS with Bitcoin relay node software, AND a Bitcoin wallet software.
They will then begin marketing their tablets as having this additional "Bitcoin feature" that their competitors don't.
They will market it along the lines that you can buy a tablet and become your own bank, etc.

This company ships about 150,000 Android devices per month.
That is close to TWO MILLION tablets per year.

I think this is another huge opportunity, and giant step forward for Bitcoin.
I would suspect that with an extra 2M devices that have the Bitcoin relay node software always running in the background,
and that randomly connect to the internet from various IPs as their users use them, the Bitcoin network would become impossible to block.

Can someone with more technical knowledge chime in on the benefits of this many extra nodes?

In order for this to happen, the Bitcoin community will need to be ready to help with the development of all the required software to do this.

Items required from us:
1) Super reliable Android Bitcion node relay software.
2) Super reliable Android Chinese Bitcoin wallet software.

May 26, 2012
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Over 4,500btc traded today on BTCChina. This is the highest volume yet, and May has already seen the record broken twice prior. Current price is over $5.20 in USD vs. $5.00 USD on BTC-E... so any of you who can arbitrage I recommend you look into that pair of exchanges. The Chinese might need your coins, better have them ready.

http://bitcoincharts.com/charts/btcnCNY

EDIT: now up to 7,100btc volume, BTCChina overtook BTC-E today for second largest volume exchange. Never seen this before.

With that's been done to set up exchanges in major markets around the world the pieces are coming together for Bitcoins to be used for international trade.

There is a demand for a secure and non-reversible international payment system which isn't subject to prior restraint that isn't being met right now by any other technology.

Nice ... thanks for update Ab

It's very encouraging to see signs of Bitcoin being used for actual commerce now that the speculators have been scared away. BitPay.com has seen the volume of payments it processes triple each month for the last three months and now a few Chinese manufactures are looking at using Bitcoin as an alternative to receiving dollars. Since they now have a domestic exchange to work with they can very easily accept Bitcoins from Russia (or anywhere in the world) and immediately turn that payment into local currency.

Or they can keep all or a portion of that payment in a form that's not subject to capital controls.