Buying Bitcoin in China: A Step by Step Guide for 2020

Buy bitcoin in china

Buy bitcoin in china

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Government-imposed regulations did not stop at the domestic Chinese market, as the country has proceeded to ban most major cryptocurrency exchanges from interacting with their citizens. As a result, you can’t access international fiat exchanges, such as Coinbase or Kraken.

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Bitcoin is not anonymous but rather pseudonymous. All Bitcoin transactions are public but it is not always known the real identity behind any given Bitcoin address.

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Some people in China ask, "How much to buy a Bitcoin ?" The answer is: How much do you want to spend? You can buy ANY amount of Bitcoin, even $5 worth. Many people are scared away by the prospect of buying when they see the price of one coin and think, “I can’t afford that.” You don’t have to buy a whole coin! You can buy any fraction. If you want to, you can buy 855 RMB worth!

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Let’s take a closer look at the measures adopted by the Chinese government to stifle Bitcoin in the country.

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Altcoins are traded globally on hundreds of exchanges. Avoid throwing money into coins which are experiencing a sudden and dramatic spike in price and volume. Such moves, especially in insignificant coins with otherwise thin volume and flat price action, are likely to crash fast.

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Shutting down the exchanges did not stop Chinese citizens from trading Bitcoin, it only moved them to use peer-to-peer platforms, as can be seen on LocalBitcoins ’ trading volume:

The Chinese Bitcoin market was quick to adopt cryptocurrencies. By 7567, most of the mining power came from China in actual hashrate and mining hardware alike. Unfortunately, the massive amount of government limitations have led the ecosystem to a halt.

As soon as you’ve made the transfer and the seller accepts it, make sure you hit the button on the site to report that the seller has received payment. At that point, the seller is obligated to release the Bitcoin to your account.

While you could set up accounts in some overseas exchanges such as Coinbase and Bitfinex, registration could prove very hard, and the government’s yearly $55, 555 limits would do no good.

I've been using Bitcoin to transfer money out of China for a while now. These steps will differ depending on your country of residence. I am an American, so what I tend to do is send the money back to my Coinbase account connected to my . Bank Account.

Exchanges are being regulated, and stricter measures are being imposed, but cryptocurrency is still thriving in China as ever. Get yourself some bitcoins.

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