Here Is A Report On The 21-Day Bitcoin Challenge Of He You Bing- Part 2

Where Is Bing Headed In The Latter Days?

Beijing was having the Forum on China- Africa Cooperation Summit on the sixth day as the filmmakers moved to Shenzhen continuing the challenge. Thereby they were being viewed with suspicion as the audience started asking the filmmakers if they were related to scam projects. The filmmakers further explained that they were approached by crypto projects but they had declined them. Six support groups in WeChat had been created by then to support Bing as with every WeChat group, it was having 500 people as the chatroom participants including bitcoin believers, real estate agents, and advertising salesmen. 

The documentary shows that bitcoin is alive and well in China within digital communities despite the current ban on crypto activities albeit not prevalent in the physical world with most of Bing’s days documented on iQiyi. When it comes to cryptocurrency and mobile technology adoption, her encounters are telling of what is happening in China. It is notable here that Bing can get through living in China simply through her phone as the power of WeChat has brought her supporters directly to her.

Bing got in contact with some of her WeChat supporters by day seven and was able to thereby purchase face wash from them. Thereafter on the next day, she found a restaurant accepting bitcoin. Then she got someone to buy her clothes at Uniqlo eventually exchanging bitcoin with them and later on found someone willing to book a hotel for her by exchanging bitcoin. 

Bing Continues With Her Challenge

Bing’s bitcoin challenge gradually started a small movement as her supporters would thereby approach shops asking whether they accepted bitcoin and relay the information to her. 

The filming team daily recorded how many businesses and pedestrians Bing reached out to and the number of the successful bitcoin transactions she made. Bing has gradually gained confidence from the initial ten days to now where she has the strategy now on how to find people to exchange her bitcoins and what to exchange them for. The number of inquiries Bing did increase over time from ten to twenty a day to over a hundred per day as her number of successful transactions was still only a handful a day. 

Now on day 19, Bing’s story continues and she along with the filmmakers have migrated to the southern city of Guangzhou as she assimilates into the new lifestyle finding people to exchange Bitcoin to fiat with her to purchase her train tickets, hotel rooms, and her meals. However, most of the time the pedestrians and small business vendors she approached were ignorant, skeptical, and did not want to be part of the filming.  

Thereby Finding Utility In Bitcoin

Bing’s challenge was recently covered in China Daily as the documentary has gotten some media attention in Chins as the companies and institutions have been asked to donate and sponsor the filmmakers, claiming they have turned them all down. 

Given the increasing transaction costs on the blockchain, the narrative around bitcoin has gradually centred on becoming a store of value in the US. Increasing from 30 cents to $40, the bitcoin transaction prices have peaked, and as a result of the large fluctuations in fees, the transactions no longer happened as frequently as before while the transaction cost is now back down to about 60 cents. 

Coming down is the market as bitcoin has once again become a haven for the individuals as they result in bitcoin making up more than 56% of the total cryptocurrency market cap from 34%. 

Finally, The Conclusion

While she still gets people suspecting her of trying to scam them, the rise of crypto price and bitcoin reaching almost as high as $ 20,000 has seen numerous scam coins coming out everywhere. There are often obscure and random coins in China as they appear with no real value-add, no relationship to the blockchain, and are devised purely to fool non-savvy citizens who think they can make a quick buck. One of the purposes is Beijing’s ban on commercial venues hosting cryptocurrency events aimed at purging coins from scamming the public. 

As she continues and finishes her bitcoin challenge Bing has a greater challenge on all of us in the blockchain community to continually improve that technology for broader consumption. We keep watching for more daring activities from the bitcoin community. Stay tuned.