INSUBCONTINENT EXCLUSIVE:
There is a documentary series currently airing on iQiyi, China Netflix equivalent, about a Chinese bitcoin enthusiast who attempts to
survive 21 days by merely living on 0.21 bitcoin, or $1,300, without any help or donations.
He You Bing is traveling and carrying nothing
with her, and she has to retrieve food, housing, and basic necessities all through bitcoin transactions done on her phone
Interestingly, she is also doing this challenge in some of China largest cities including Beijing and Shenzhen.
Her name is something of a
nom de guerre & a nickname, with &You Bing& directly translating to &having a disease,& and the whole name alludes to the girl
over-enthusiasm for bitcoin.
It a fascinating time for making this attempt
In the last few weeks, there have been numerous reports of China crypto bans & including Beijing and Shenzhenbanning public
cryptocurrency-related speeches, events, or activities, as reported by the Wall Street Journal
Also included in the purported ban were a number of WeChat media accounts that promoted cryptocurrencies, which have been permanently
Furthermore, Beijing blocked access to the websites of over 120 offshore exchanges in the mainland and banned large crypto purchases through
popular Chinese payments platforms Alipay and WeChat transactions.
Given the sheer number of these bans, readers who live outside of China
may be led to think that there is a bleak outlook for the cryptocurrency environment on mainland China
But He You Bing Bitcoin challenge reveals a refreshing perspective on the crypto awareness of people living in these local cities as well as
the power of WeChat.$1,300 may not sound like much for 21 days of travel in the United States , but in China, where a cheap meal costs just
The real question is, will people accept bitcoin
Finding acceptance with bitcoin
Through daily video-log like documentaries, Bing is filmed
running around asking different business vendors whether they accept bitcoin
The vendors, varying from small hole-in-the-wall eateries to employees from large chain stores like Uniqlo, express their reactions that are
telling of their preconceived notions, or lack thereof, of bitcoin and cryptocurrency
Similar to the United States , people attitudes vary from ignorance and distrust to welcoming
It eye-opening to see how different Chinese people think about bitcoin.
On the first day of her challenge, Bing arrives in Beijing, where
she wants to go to an amusement park
The entrance fee is 2 Chinese Yuan, or around 30 cents in USD, but the park didn''t accept bitcoin
Bing also asked several fast food restaurants whether they accepted bitcoin so she could buy food, but neither of them did.
As she
approaches these vendors, rather than paying in bitcoin, she often has to explain what a bitcoin is in the first place, and finds very
little success along the way
One feat on her first day is that she was able to find an unlocked Ofo bike, a dockless bike that can be unlocked and paid for with one
With it, she biked around in an attempt to reach out to more vendors
By the end of the first day, Bing didn''t succeed in finding a food place that accepted bitcoin, and she subsisted on four packets of
ketchup and food samples from a supermarket
She slept in a 24-hour McDonald on her first night.
The second day, Bing foraged for food
She grabbed fruits from wild trees
Her food intake for the second day consisted of some fruits on a tree and someone else leftover burger at a McDonald&s
She ended up getting a stomach ache and threw up, sleeping in another 24-hour McDonald&s.
Bing was becoming hopeless by the third day
She was on the the verge of fainting and the filmmakers sent her to a hospital
At this point, the challenge had gathered some attention, and supporters were able to contact the filmmakers
They then brought Bing food and she paid for it by bitcoin
On the third night, she slept in an art gallery.
It not the currency, it the community
Bing story soon spread and people started finding her
through WeChat where they would offer to exchange bitcoin to fiat
At that point, the challenge would have become too easy, so the filmmakers changed the rules so that Bing had to transact offline and
exchange Bitcoin with people in real life.
On the sixth day, Beijing was having the Forum on China-Africa Cooperation Summit, so the
filmmakers moved to Shenzhen to continue the challenge
The audience started getting suspicious of the filmmakers, asking whether they were related to scam projects
The filmmakers said that they were approached by crypto projects but that they declined them
By then, six support groups in WeChat had been created to support Bing, with every WeChat group having 500 people (500 is the max number of
people one can have in a WeChat group)
These chatroom participants included bitcoin believers, real estate agents, and advertising salesmen
Despite the current ban on crypto activities, the documentary shows that bitcoin is alive and well in China within digital communities,
albeit not prevalent in the physical world
Most of Bing days are documented on iQiyi
And her encounters are telling of what is actually happening in China when it comes to cryptocurrency and mobile technology adoption
Notably, Bing was able to get through living in China simply through her phone
The power of WeChat brought her supporters directly to her.
By day seven, Bing got in contact with some of her WeChat supporters and was
able to purchase face wash from them
The next day, she found a restaurant that accepted bitcoin
She got someone to buy her clothes at Uniqlo by exchanging bitcoin with them and then also found someone who was willing to book a hotel for
her by exchanging bitcoin.
Gradually, Bing bitcoin challenge started a small movement, where her supporters would also approach shops to ask
whether they accepted bitcoin and relay the information to her.
On a daily basis, the filming team recorded how many business and
pedestrians Bing reached out to and the number of successful bitcoin transactions she made
From the initial ten days to now, Bing has gradually gained confidence
She now has a strategy on how to find people to exchange her bitcoins and what to exchange them for
Over time, the number of inquiries Bing did increased from ten to twenty a day to over a hundred per day
The number of successful transactions was still only a handful a day, however.
Bing story continues, and she is now at day 19
She and the filmmakers have migrated to the southern city of Guangzhou
As she assimilates into this new lifestyle, Bing found people to exchange Bitcoin to fiat with her to purchase her train tickets, her hotel
Nonetheless, more often than ever, the pedestrians and small business vendors she approached were ignorant, skeptical, and did not want to
be part of the filming.
Finding utility in bitcoin
Recently, China DailycoveredBing challenge
The documentary has gotten some media attention in China, and companies and institutions have asked to donate and sponsor the filmmakers
They have claimed that they have turned them all down.
In the last year, the narrative around bitcoin has gradually centered on becoming a
&store of value& in the United States given the increasing transaction costs on the blockchain
Bitcoin transaction prices haveincreased from 30 cents at the beginning of 2017 to $40 at end of 2017 during the peak of bitcoin prices
As a result of such large fluctuations in fees, transactions no longer happened as frequently as before
Bitcoin transaction cost is now back down to about 60 cents this year
However, as the market has come down in the last few months, bitcoin has once again become a &safe haven& for individuals to go to, and as
a result, bitcoin now makes up more than 56% of the total cryptocurrency market cap, up from 34% at the beginning of January 2018.
Bing
still gets people suspecting that she is trying to scam them
Since the rise of crypto prices and bitcoin reaching almost as high as $20,000 at the end of 2017, there have been numerous scam coins
In China, there are often obscure and random coins that appear with no real value-add, no relationship to any blockchain, and are devised
purely to fool non-savvy citizens who think they can make a quick buck
In fact, one of the purposes of Beijing ban on commercial venueshosting cryptocurrency eventswas aimed at purging coins from scamming the
public.
Bing will continue and finish her bitcoin challenge, but the greater challenge is on all of us in the blockchain community to
continually improve this technology for broader consumption.
