How to Buy Bitcoin in China
Bitcoin's soaring growth is obvious to everyone. This blockchain-based currency is increasingly valued by global investors. In mainland China, many people have made a fortune by investing in bitcoin and other cryptos. Because Bitcoin has risen again recently, many domestic friends want to start investing in Bitcoin, but don't know how to buy Bitcoin using RMB. This article gives you some suggestions.
With the bitcoin exchanges closed by the government in China, it is no longer easy to buy bitcoins in China. Until the second half of 2017, there were many bitcoin exchanges in mainland China, such as OKCoin, Firecoin, and so on. On these exchanges, users can exchange RMB directly with Bitcoin, which is very convenient. However, due to policy changes, the Bitcoin exchange in mainland China was closed in the second half of 2017, and it is now impossible to purchase Bitcoin directly in RMB through the domestic Bitcoin exchange in mainland China.
Overseas Bitcoin exchange can also be used Because the domestic Bitcoin exchange was closed, many Bitcoin users and speculators moved to overseas Bitcoin exchanges. However, having an account with an overseas Bitcoin exchange is not easy. Many overseas exchanges require you to have an overseas bank account or overseas status. In addition, it is not an easy task to recharge overseas Bitcoin exchanges.
Bitcoin over-the-counter trading
For the reasons mentioned above, many domestic Bitcoin users switch to Bitcoin over-the-counter trading, specifically where buyers and sellers face each other and pay the money in one hand. "Pay money" can be achieved by using the online transfer function of online banking or WeChat; "coin" can be realized by using mobile phone bitcoin wallet APP transfer. However, this method also has drawbacks. First of all, there is a lack of supervision. If one party swindles or cheats, there will be disputes. In addition, due to the lack of real-time price comparison information, the buying or selling price of Bitcoin may differ from the current market price.
Buy Bitcoin with LocalBitcoins
In the current situation, using RMB to buy bitcoin, there is a safer and more feasible way to use Bitcoin to buy Bitcoin on the Bitcoin website LocalBitcoins.
LocalBitcoins is a well-known decentralized bitcoin trading platform in foreign countries. Different from the general bitcoin exchange, this website supports over-the-counter trading, supports Chinese, and supports various payment methods such as WeChat, Alipay, and bank transfer. At LocalBitcoins, Bitcoin sellers can place orders, set transaction amounts, trade currency, transaction payment methods, and more. After the buyer finds the right buyer, he can buy the seller's bitcoin. The process of paying the seller is regulated by LocalBitcoins. Once the payment is received, the seller's bitcoin will be transferred to the seller's account.
One inconvenience of using BitBet to buy LocalBitcoins is that access to the site from China may require bypassing the Great Firewall, which blocks many websites. It is recommended to use a reliable VPN to do so.