Buying bitcoin in china reddit

Related Terms Bitcoin Definition Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. Facebook Twitter Instagram Telegram. Bitcoin What Determines the Price of 1 Bitcoin? The CoinDesk Bitcoin Price Index averages the price across multiple exchanges to create a strong reference point. The most secure way to keep your Bitcoin in a hardware wallet. How you may ask.

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The Chinese government has been clamping down on Bitcoin trading through the early weeks of These restrictions also apply to trading in other cryptocurrencies and initial coin offerings ICOs are now completely banned in China. In Januarythe government caused all online trading through China-based agencies to stop. Over-the-counter purchases are still legal. Japan and Singapore now attract most Chinese cryptocurrency trades.

Buy Bitcoin in:

We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure. Don’t have a wallet? Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama. We may receive compensation when you use Coinmama.

We get it…. Coinmama is a cryptocurrency brokerage that allows users to purchase Bitcoin and other cryptocurrencies for fiat currency. The exchange specializes in credit card and debit card transactions. The exchange is very well known, most likely due to their extremely strong customer support team, and a wide range of supported countries.

Luckily for you, Bitpremier has several guides on Bitcoin wallets. If you have a valid wallet kn, you are now ready to purchase Bitcoin on Coimmama. Visit Coinmama. In addition to Bitcoin, CEX. They serve countries around the world and allow for the trading and storage of cryptocurrencies.

While exchange wallets are fine to use short-term, it can be somewhat rwddit to do buying bitcoin in china reddit in the long run. For fees, CEX. This fee is somewhat hidden, as it comes from a premium on the price of cryptocurrencies. Visit CEX. BTC China is a large Chinese exchange that has been around for a long time, making them very trustworthy. They offer a large amount of liquidity making it quick to buyimg, although the exchange can be difficult to use at times.

The exchange requires heavy identity verification, which can turn away some users. The exchange also features relatively low fees, with bank transfers being the only option. Visit BtcChina. LocalBitcoins is a very popular person to person exchange. One of the reasons this exchange is so popular is due to its high levels of privacy. In addition to this fee, there is often a seller premium attached to transactions. Visit LocalBitcoins. Huobi is another massive exchange in China that allows users to purchase Bitcoin and other cryptos.

At press time, byuing exchange is only available to residents in China. OkCoin is another China-based exchange that allows users to purchase Bitcoin with bank account transfers. The exchange has extremely low fees.

This trading fee depends on a few factors, such as trading volume and if you are offering or taking liquidity. Bitfinex is a trading platform and cryptocurrency exchange that sells a wide variety of cryptocurrencies. In addition to their altcoin pairings, the exchange also allows fiat deposits. Bitfinex is available in China and serves almost every country besides the United States.

Despite the less than friendly stance of the Chinese government on Bitcoin and cryptocurrencies, China remains one of the most influential entries in the cryptocurrency space. As well as essential developments on how you can involve yourself in Bitcoin in the country without missing out: there is more bltcoin one way to make money with BTC—especially in China.

In Decemberthe Central Bank banned every financial institution in the country from dealing in Bitcoins. A year later, commercial banks were also banned from confirming or dealing with Bitcoin transactions.

Fast forward three years later inthe government took a bolder stance and banned every ICOs in the country claiming 90 percent of previous ICOs in the country were scams. Bitcoin exchanges were prohibited from offering services to Chinese residents. Although the Chinese government would seem to be doing everything in its power to ensure the latter, holders of BTC are still nonetheless protected by the laws in China, as made clear by The Shenzhen Court of International Arbitration late last year.

The Shenzhen Court of Arbitration published in October that while it does not recognize BTC as a legal tenderit does not see a reason why it should not be protected as legal property with economic values. China has the most thriving mining pools in the world, and bifcoin hogs more than two-thirds of the entire Bitcoin hash rate thanks buying bitcoin in china reddit its very cheap electricity tariffs.

The country has one of the cheapest electricity rates in the world, thus a far greater incentive that gives miners in China an advantage over foreign competitors. The seeming centralization of Bitcoin in China has not settled reddkt the Chinese government; however, a development that should come as no surprise for a country that bans its citizens from Facebook, Twitter, and Google. Chinese citizens and crypto enthusiasts especially can now make transfers in Bitcoin within minutes without strict limitations.

It is thus rerdit wonder that the government had to place a ban—most likely temporary, once China finds a way to retain a bit more direct control, the ban would almost surely be lifted.

They want more control; Bitcoin is a loosely unregulated space. While the first most obvious rrddit is to trade your bitcoin or hold for the long term, you can also make good profits and gains by mining Bitcoin in China.

China constitutes 71 percent of the total hash rate of Bitcoin and has the five biggest mining pools in the world. With a number of farms solely dedicated to mining Bitcoin, miners often join the popular mining pools in China such as F2 Pool, because of easier and more guaranteed rewards.

By combining hash rates, miners can easily mine a block in less time. The next country seconding the hash rate ranking is India at a far lower 4 percent. Before the shutdown of exchanges by the government, there were a few prominent exchanges to buy Bitcoin such as Huobi and BTC China. However, in the current situation, alternative byuing to exchanges seem the likely bet to buying some Bitcoins. This, considering these situations, the best way to buy bitcoins in China currently is to use peer-to-peer marketplaces or OTC over-the-counter bitcoin exchanges such as LocalBitcoins.

The process is easy. Say, you live in Beijing for example, you could just log on to your Local Bitcoins app and find an interested trader. And in a populated country like China, over the countertrades are becoming easier and faster by the day.

Exchanges are being regulated, and stricter measures are being imposed, but cryptocurrency is still thriving in China as. Get yourself some bitcoins. Overall, there are tons of options for purchasing Bitcoin in China, you just need to look in the right place.

Depending on your payment method, a certain exchange may or may not be better for you. Table of Contents.

The State of Bitcoin in China

Howdy, Welcome to the popular cryptocurrency blog CoinSutra. Should you buy gold or mine gold? These two are must-haves to get started. We will do our best to find a solution buying bitcoin in china reddit you. The good thing is, developers are hard at work to make Bitcoin the best money the world has ever seen. Many people like to purchase some and put them to the side in the hopes that they will be worth more in the future. Right now, Bitcoin is one of the cheapest ways to do. To simplify your understanding of Bitcoin wallet security, you just need to use a well-recognized wallet that lets you, and only you, keep the seed words. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. We have a few dedicated resources for understanding. If you don’t have a wallet yet, learn how to get a Bitcoin wallet and then come. Most exchanges that let you buy bitcoins also let you sell for a fee of course. So most coins are traded against Bitcoin rather than the US dollar or other fiat currencies. You can also ask questions and start a discussion in our Bitcoin and Cryptocurrency forum. Bitcoin transactions only take about 10 minutes to confirm. Think of this P2P exchange as eBay where you connect directly with the seller to purchase Bitcoins.