...as if they're buying a basket of Chinses cabbage. 买房像买大白菜！
Topic: Chinese exchange volume higher than Mtgox (Read 3200 times)
Contrary to the general knowledge of many western people, Chinese people, especially those living in coastal areas, are actually very well-off. Like a saying nowadays in Chinese media, they snatch off new for-sale apartments as if they're buying a basket of Chinses cabbage. 买房像买大白菜！ So if they like, buying a couple of bitcoins is only a piece of cake.
...as if they're buying a basket of Chinses cabbage. 买房像买大白菜！
...as if they're buying a basket of Chinses cabbage. 买房像买大白菜！
Is that already happened before?
Mtgox is now third one in terms of volume, seems less relevant than ever...
And china's market seems to be in pretty good shape
Mtgox is now third one in terms of volume, seems less relevant than ever...
And china's market seems to be in pretty good shape
China's market going to dominate Bitcoin, let them push up the price
Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.
To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).
(However, this is China, which means the government policy could change overnight)
To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).
(However, this is China, which means the government policy could change overnight)
Then, it is quite surprising the volume isn't even higher.
Could you imagine if it was that easy to get BTC in American, Europe, etc. what would happen to the volume?
Perhaps the storm is just getting started in China...
Although they have painless fiat deposit and withdraw + 0% tx fee, the volume is still lower than Western exchanges. This means the Chinese market may not be as big as some people think (yet).
That may also explain why the price is higher in Chinese markets. There is actually a nice gap for arbitrage between btc-e and btcchina. The gap was >10% just after the silkroad crackdown.
Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.
To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).
(However, this is China, which means the government policy could change overnight)
To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).
(However, this is China, which means the government policy could change overnight)
Then, it is quite surprising the volume isn't even higher.
Could you imagine if it was that easy to get BTC in American, Europe, etc. what would happen to the volume?
Perhaps the storm is just getting started in China...
Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.
To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).
(However, this is China, which means the government policy could change overnight)
To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).
(However, this is China, which means the government policy could change overnight)
The Chinese exchange situation is going to be interesting. China has tight exchange controls. Moving large amounts of yuan in and out of China into other currencies requires specific permits. Bitcoin offers a way to bypass those exchange controls.
That may provoke a crackdown.
That may provoke a crackdown.
I personally trust the volume figure of btcchina.com, bitxf.com, and rmbtb.com . I trade on all these platforms and they act professional.
Not saying that the rest are not legit, just I have never traded on them. btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.
Not saying that the rest are not legit, just I have never traded on them. btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.
Looks like a combination of things, Gox's volume is dropping, Stamps is increasing (along with BTCChina).
Actually, volume lately seems a bit low anyway. Silk Road related?
Keep an eye on things here: http://bitcoincharts.com/markets/
IAS
Actually, volume lately seems a bit low anyway. Silk Road related?
Keep an eye on things here: http://bitcoincharts.com/markets/
IAS
Volume just seems low because of the decentralisation process of exchanges, I think the market has to get used to less average volume per exchange. If you combine the volume of all exchanges it's not that bad, about 70-80k BTC have trades hands globally during the last 24h on the exchanges. Volatility is also low so you naturally have lower volume during those times. Once the market picks up a real trend up or down volume will skyrocket.
That is actually a great point and I should have considered that. Are there any totals as I didn't see where to get your figure of 70-80k?
Considering, we are witnessing a healthy redistribution of the exchanges. Would be nice to see a summary based on country. Anywhere? (Currency would do the same as many exchanges use dollars.)
IAS
Looks like a combination of things, Gox's volume is dropping, Stamps is increasing (along with BTCChina).
Actually, volume lately seems a bit low anyway. Silk Road related?
Keep an eye on things here: http://bitcoincharts.com/markets/
IAS
Actually, volume lately seems a bit low anyway. Silk Road related?
Keep an eye on things here: http://bitcoincharts.com/markets/
IAS
Volume just seems low because of the decentralisation process of exchanges, I think the market has to get used to less average volume per exchange. If you combine the volume of all exchanges it's not that bad, about 70-80k BTC have trades hands globally during the last 24h on the exchanges. Volatility is also low so you naturally have lower volume during those times. Once the market picks up a real trend up or down volume will skyrocket.
Looks like a combination of things, Gox's volume is dropping, Stamps is increasing (along with BTCChina).
Actually, volume lately seems a bit low anyway. Silk Road related?
Keep an eye on things here: http://bitcoincharts.com/markets/
IAS
Actually, volume lately seems a bit low anyway. Silk Road related?
Keep an eye on things here: http://bitcoincharts.com/markets/
IAS
So this site is not reputable? http://btckan.com/price
I'm not sure that it's the site that's not reputable or that the exchanges in question isn't actually misreporting the information.
Also, I'm not sure we are correctly reading it.
Correct.
It COULD be CNY volume on BTC100, but that would be abysmal volume there, then. Less than the depth could support, for sure. But that depth isnt doing 7k a day, let alone the 100k it claims now and then.
So this site is not reputable? http://btckan.com/price
I'm not sure that it's the site that's not reputable or that the exchanges in question isn't actually misreporting the information.
Also, I'm not sure we are correctly reading it.
So this site is not reputable? http://btckan.com/price
They also have 0% fees on alot of their exchanges, bots are going crazy.
Is the volume in that screenshot in CNY perhaps?
Is the volume in that screenshot in CNY perhaps?
It makes logical sense that Chinese exchanges would have high volume. Their currency is even more fake than the USD.
I think he's joking. If those are volume numbers, the left one is pretty clearly not legit.
I don't understand why you think it's legit
So according to this site here the total volume of all Chinese exchanges: 31488 BTC
Total volume on USD exchanges rough estimate: 20300 BTC
Compared, Canadian market seems like a joke
: 435 BTC
I never thought that the Chinese market was the strongest one...
Total volume on USD exchanges rough estimate: 20300 BTC
Compared, Canadian market seems like a joke
: 435 BTCI never thought that the Chinese market was the strongest one...
I thought I read somewhere that btcchina was the only real legit Chinese exchange, and that others were reporting false or unverifiable stats. Can't recall where though...
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