Friday, May 26, 2017

Mobile Phone Company in China Now Accepts Bitcoins

Jiangsu Telecom is 3rd Largest Mobile Network in China

Chinese Telecom Accepts Bitcoin

Chinese Telecom Accepts Bitcoin

A few years ago, about the only thing you could buy using Bitcoin was Alpaca socks. Fast-forward to late 2013, and the number of merchants accepting Bitcoins is beginning to skyrocket. Last week we reported that the largest university in Cyprus began accepting Bitcoin as payment for tuition and other fees. Then we reported that Virgin Mobile founder Richard Branson was a fan of Bitcoin and had accepted the digital currency as payment for a space flight by his company Virgin Galactic.

And now we are please to report on another mobile phone network making Bitcoin news. Jiangsu Telecom – the third largest in China and a division of China Telecom – has began accepting Bitcoin as payment to pre-order Samsung’s 2014 clamshell form-factor Android phone.

This is just one more step in the process of Bitcoin becoming a mainstream global currency.

Coindesk reports:

“Consumers in China can now purchase smartphones with bitcoin from a major carrier, after a local division of China Telecom announced a promotional offer for new Samsung phones this week.

China Telecom’s subsidiary Jiangsu Telecom, in Jiangsu province on the east coast of the country, posted the offer on its website. Translated details were scarce, but it appears customers have the chance to use bitcoin instead of yuan to pre-order Samsung’s 2014 clamshell form-factor Android phone.

Payments are processed through BitBill, China’s answer to BitPay.

Bitcoin’s popularity has soared higher in China than anywhere else in the world recently, with world-record prices appearing on BTC China, the country’s main exchange and now the world’s busiest. BTC China was leading the world in bitcoin value even in April, when prices passed $300.

Any business newly accepting bitcoin, even in a small way, is guaranteed to gain disproportionate attention in these times. So on the surface, many recent stories of bitcoin acceptance from China seem more promotional than revolutionary. Indeed, this is a limited offer for one model phone from a local provider and not a major announcement of large-scale bitcoin adoption.

However, it’s also a sign large state owned enterprises in China, or at least certain divisions of them, are more open to experimentation with bitcoin than their overseas counterparts.”

You can read the entire story here>>

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