Gambling is ingrained in Chinese culture and social interactions. These symbolic poker chip-influenced physical bitcoin chips may even drive up bitcoin value. Infiltration into the non-IT savvy Chinese market is fairly likely.
Also read: Chinese exchange and mining company BTCC launches titanium physical bitcoin series
BTCC has launched the “six color signature set” of physical bitcoin chips in six denominations. These range from 1,000 bits to 500,000 bits.
Physical Bitcoin Chips Are More Than Just Collectible
BTCC’s belief in physical bitcoin chips lies in the continued ascendancy of bitcoin and its usage. These chips could be used as a bridge to introduce bitcoin to the non-IT savvy market.
The hologram sticker on the chips’s reverse side consists of the private key with its QR code. It brings convenience to IT-savvy consumers who can then scan the code to import the value into any bitcoin wallet.
In May this year, BTCC released its first series of physical bitcoin tokens. The titanium coins contained values loaded with as-yet-unused coins from BTCC’s own mining operation.
BTCC’s tokens are produced by the same company that made the popular “Satoricoin” tokens, also modeled on gambling chips.
As bitcoin continues to gain popularity with the Chinese as a kind of “safe haven”, as well as their cultural love for a speculative gamble, the physical bitcoin chips may well gain traction as money, too.
As the Chinese yuan further weakens, coupled with the festive Lunar New Year drawing near, chances of the physical bitcoin chips used as an alternative to giving fiat currency in ‘red packets’ is plausible.
Non-IT Savvy Market
The 2016 “Internet Usage and Population Statistics” report showed that 52.3% of China’s 1.3 billion people are internet users. The untapped market for potential bitcoin usage from the percentage of the population who do not use the internet is huge. Proper outreach to this market could greatly increase the usage and value of bitcoin.
The next question to ask is: How will the non-IT savvy market cash out their physical bitcoin chips? The masses in China who are already into bitcoin will likely be able to exchange the chips for cash face-to-face.
How do you like the idea of physical bitcoin chips reaching out to the non-Internet users? Have you got any fresh ideas that could increase the demand for bitcoin? Share your big idea with the bitcoin community below.
Images via BTCC
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