Hot search keywords

Hot search keywords

Could bitcoin envelope overtake gold envelope?

January 28 2017 was the first day of Chinese Lunar New Year of Rooster. Hundreds of millions of Chinese travel back to their home for a family reunion. During the week-long holiday, one way of expressing their affection is to present Red Envelope, aka Hongbao, to their loved ones. The Red Envelope usually contains certain amount of money, amount of which depends on the intimacy of relations. Aside from the usual Wechat red envelope, Bixin bitcoin envelope and Wechat gold envelope are debuted in 2017 Spring Festival.
With smart phone in hand by almost every Chinese, Wechat, the dominant socializing tools in China, has become a new way of saying love by sending and receiving red envelope, a built-in feature that applies to single user and group chat. In a group chat red envelope, the sender may choose the distribution method, a fixed amount or a lucky draw. The latter usually spurs the chase for a good luck as the luckiest one gets the most share in a group chat envelope.
According to a report released by Wechat, from 27th Jan, the New Year’s Eve, to 1st Jan, a total of 46 billion of red envelopes were sent and received, an increase of 43.3% over last year. Guangdong Province residents took the lead by 5.84 billion red packets, followed by 2.93 billion of Jiangsu, 2.64 billion of Shandong and 2.42 billion of Hebei and Zhejiang each.
The proportion of red envelopes among males was 32.4%, while that among females was 25.5%. 24.6% of red envelopes were sent by male to female and 17.5% from female to male.
The Red Envelope feature is the turning point for Tencent to cut payment market share from the dominant Alipay when it was first released on 27th Jan, 2014. Alipay  has lost significant market share ever since, which could be illustrated by the following table:
alipay tenpay marketshare
From 2015 to 2016 in the third quarter, Alipay’s lost nearly 18% market share, while TenPay share gain was almost in line with Alipay’s loss. In the 2015 Spring Festival, WeChat managed to have 200 million users connected with their bank accounts, which is a prerequisite for sending and receiving red envelopes. It took Alipay 8 years to achieve the same amount of users group. Tencent has done it in two with the rise of wechat red envelopes. Tenpay’s overtaking of Alipay is only a matter of time if the trend continues.

Haobtc also finds the red envelope a fast track to raise awareness of bitcoin among public. They released a messaging APP, Bixin  , featuring bitcoin red envelope just several days before the Spring Festival in 2017.

bixin

The screenshot tells that the bitcoin envelope looks very much alike to the Wechat envelope. Random number of “Bits”, or 100 satoshis, are distributed to participants of a group chat.
Meanwhile, Tencent also released the beta version of Wechat gold envelope, which is partnering with ICBC bank. Users can transfer their gold to others in the form of red envelope. All real-name users are entitled to grab gold envelopes, which contains gold ranging from 0.001 to 1 gram but only invited users can send gold envelopes. The gold is purely digital with no physical delivery involved.

wechat gold envelope

One thing noteworthy is that the gold envelope is an asset rather than money, which means the gold price will always be fluctuating, following the movement of the Shanghai gold exchange.
Driven by the hunger for market share, both Haobtc and Tencent want to tap into the common human desire or weakness: chasing for luck, fortune without much efforts.

COMMENTS(13)

  • hl5460
    5 months ago hl5460

    January 28 2017 was the first day of Chinese Lunar New Year of Rooster. Hundreds of millions of Chinese travel back to their home for a family reunion. During the week-long holiday, one way of expressing their affection is to present Red Envelope, aka Hongbao, to their loved ones. The Red Envelope usually contains certain amount of money, amount of which depends on the intimacy of relations. Aside from the usual Wechat red envelope, Bixin bitcoin envelope and Wechat gold envelope are debuted in 2017 Spring Festival.http://news.8btc.com/could-bitcoin-envelope-overtake-gold-envelope

  • aarturka
    5 months ago aarturka

    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

  • aso118
    5 months ago aso118

    Quote from: hl5460 on February 07, 2017, 08:10:38 AM
    January 28 2017 was the first day of Chinese Lunar New Year of Rooster. Hundreds of millions of Chinese travel back to their home for a family reunion. During the week-long holiday, one way of expressing their affection is to present Red Envelope, aka Hongbao, to their loved ones. The Red Envelope usually contains certain amount of money, amount of which depends on the intimacy of relations. Aside from the usual Wechat red envelope, Bixin bitcoin envelope and Wechat gold envelope are debuted in 2017 Spring Festival.http://news.8btc.com/could-bitcoin-envelope-overtake-gold-envelope

    Distribution of a bitcoin envelope is not something new. It has been bandied about, probably ever since the birth of bitcoin.Here is a discussion on it way back in 2012https://bitcointalk.org/index.php?topic=85649.0But I doubt if it would ever overtake gold.

  • hl5460
    5 months ago hl5460

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    Would you consider using bixin if there is an english version so that you can send envelopes on holidays?

  • hl5460
    5 months ago hl5460

    Quote from: aso118 on February 07, 2017, 03:25:54 PM

    Quote from: hl5460 on February 07, 2017, 08:10:38 AM
    January 28 2017 was the first day of Chinese Lunar New Year of Rooster. Hundreds of millions of Chinese travel back to their home for a family reunion. During the week-long holiday, one way of expressing their affection is to present Red Envelope, aka Hongbao, to their loved ones. The Red Envelope usually contains certain amount of money, amount of which depends on the intimacy of relations. Aside from the usual Wechat red envelope, Bixin bitcoin envelope and Wechat gold envelope are debuted in 2017 Spring Festival.http://news.8btc.com/could-bitcoin-envelope-overtake-gold-envelope

    Distribution of a bitcoin envelope is not something new. It has been bandied about, probably ever since the birth of bitcoin.Here is a discussion on it way back in 2012https://bitcointalk.org/index.php?topic=85649.0But I doubt if it would ever overtake gold.

    Gold envelope is something new that wechat has invented during 2017 Spring Festival and still in its beta.

  • hl5460
    5 months ago hl5460

    Quote from: aso118 on February 07, 2017, 03:25:54 PM

    Quote from: hl5460 on February 07, 2017, 08:10:38 AM
    January 28 2017 was the first day of Chinese Lunar New Year of Rooster. Hundreds of millions of Chinese travel back to their home for a family reunion. During the week-long holiday, one way of expressing their affection is to present Red Envelope, aka Hongbao, to their loved ones. The Red Envelope usually contains certain amount of money, amount of which depends on the intimacy of relations. Aside from the usual Wechat red envelope, Bixin bitcoin envelope and Wechat gold envelope are debuted in 2017 Spring Festival.http://news.8btc.com/could-bitcoin-envelope-overtake-gold-envelope

    Distribution of a bitcoin envelope is not something new. It has been bandied about, probably ever since the birth of bitcoin.Here is a discussion on it way back in 2012https://bitcointalk.org/index.php?topic=85649.0But I doubt if it would ever overtake gold.

    I wonder how the Chinese couple deal with their 25 BTC wedding gift.

  • Slark
    5 months ago Slark

    Quote from: hl5460 on February 08, 2017, 01:43:05 AM

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    Would you consider using bixin if there is an english version so that you can send envelopes on holidays?
    Bixin combines the feature of Internet Messenger, Chat, and bitcoin wallet. What other groundbreaking features this app bring?I can send bitcoin directly to my friends and family using standard bitcoin wallet after all.Also I have no idea how secure is that wallet, am I in control of my private keys? How backup works? What is the level of privacy options?

  • hl5460
    5 months ago hl5460

    Quote from: Slark on February 08, 2017, 05:03:45 AM

    Quote from: hl5460 on February 08, 2017, 01:43:05 AM

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    Would you consider using bixin if there is an english version so that you can send envelopes on holidays?
    Bixin combines the feature of Internet Messenger, Chat, and bitcoin wallet. What other groundbreaking features this app bring?I can send bitcoin directly to my friends and family using standard bitcoin wallet after all.Also I have no idea how secure is that wallet, am I in control of my private keys? How backup works? What is the level of privacy options?

    I have forwarded the link to Haobtc, hopefully they will give you an answer.

  • XiongTyler
    5 months ago XiongTyler

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    Thank you! The Red envelope is just a beginning, we will put a lot of features in Bixin. And, even you are not Chinese, you can use Bixin in the future.

  • XiongTyler
    5 months ago XiongTyler

    Quote from: Slark on February 08, 2017, 05:03:45 AM

    Quote from: hl5460 on February 08, 2017, 01:43:05 AM

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    Would you consider using bixin if there is an english version so that you can send envelopes on holidays?
    Bixin combines the feature of Internet Messenger, Chat, and bitcoin wallet. What other groundbreaking features this app bring?I can send bitcoin directly to my friends and family using standard bitcoin wallet after all.Also I have no idea how secure is that wallet, am I in control of my private keys? How backup works? What is the level of privacy options?

    Bixin is based on HaoBTC, an off-chain Bitcoin wallet which has operated successfully for more than two years.It looks like that you don’t understand the Red Envelope culture in China. Usually, we don’t send bitcoin directly to others, but, with a red envelope, you will send bitcoins to even strangers.We will put a lot of new exciting features in Bixin.

  • XiongTyler
    5 months ago XiongTyler

    Quote from: hl5460 on February 08, 2017, 06:08:36 AM

    I have forwarded the link to Haobtc, hopefully they will give you an answer.

    Thanks!

  • XiongTyler
    5 months ago XiongTyler

    Quote from: Slark on February 08, 2017, 05:03:45 AM

    Quote from: hl5460 on February 08, 2017, 01:43:05 AM

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    Would you consider using bixin if there is an english version so that you can send envelopes on holidays?
    Bixin combines the feature of Internet Messenger, Chat, and bitcoin wallet. What other groundbreaking features this app bring?I can send bitcoin directly to my friends and family using standard bitcoin wallet after all.Also I have no idea how secure is that wallet, am I in control of my private keys? How backup works? What is the level of privacy options?

    Besides, can you send bitcoins directly to a group of friends, and let them distribute those bitcoins randomly? This creates happiness enormously. With Bixin, you can do that.

  • INRI666
    5 months ago INRI666

    Quote from: aarturka on February 07, 2017, 02:24:48 PM
    This date is a great opportunity to introduce Bitcoin to more people, to acquaint your associates,  friend and relatives with Bitcoin! If I were Chinese I’would definitely choose Bitcoin envelope. Maybe this event had some influence for recent price increase.

    The problem might be they won’t have any idea where and how to use it. It’s the same for most of us. All we do with it is hold because it might be more valuable in the future. That property of Bitcoin as a speculative instrument is also its impediment to adoption.

Please sign in first