Every year more and more online retailers are accepting Bitcoin or other cryptocurrencies as a form of payment to meet the growing demand for it. The rapid growth of mobile payment services, especially in China, has led to some of the biggest cities also being almost cashless societies, as people can use their phones to pay for almost anything.
Despite the Chinese government crackdown on the trading of digital currencies, there is considerable interest in how someone can live in China today just using Bitcoin.
Team 1234, a team of cryptocurrency enthusiasts, took it upon themselves to give the world a glimpse of how it is possible for someone to live in China using Bitcoin, through their self-produced, multiple episode documentaries.
The experiment span 21 days and included four cities, Beijing, Senzhen, Guangzhou and Shanghai, and followed a young woman throughout her travels. At the start of the trip she carried Bitcoin which was worth around $1400 in a wallet app on her smartphone, and struggled throughout to get people to accept it as a method of payment.
This documentary is just one example of how the community of enthusiasts in China are trying to raise the profile of digital assets, despite the crackdown and the falling price that has recently befallen almost all cryptocurrencies. Since the start of the year, Bitcoin has undergone a 51% decline according to CoinDesk’s price index.
Despite China’s central government initiatives to adopt the blockchain technology, it has been made clear that it doesn’t was retailers putting their money into digital currencies in fear that it will cause financial chaos. Something that the producers behind the documentary are hoping to change in the long run.