How could Chinese people trade cryptocurrency after it is banned by Gov?

Btttyaman

jr. member

Activity: 49

Merit: 2

Quote from: dissgo on December 04, 2017, 10:57:33 PM

I ever watched one of china exchanges.
they said government just banned the trade exchanges for digital to their fiat currency, BTCCNY.
so, after that, they released digital to more international fiat currency trade exchanges, BTCUSD.
until now, the market is fine and most of chinese traders or investors seem comeback.
or you can try overseas market.
that's the best way to trade

Thanks for that buddy Grin

dissgo

full member

Activity: 182

Merit: 100

I ever watched one of china exchanges.
they said government just banned the trade exchanges for digital to their fiat currency, BTCCNY.
so, after that, they released digital to more international fiat currency trade exchanges, BTCUSD.
until now, the market is fine and most of chinese traders or investors seem comeback.
or you can try overseas market.
that's the best way to trade

francis2

member

Activity: 196

Merit: 10

Quote from: Btttyaman on October 21, 2017, 06:31:52 AM

Quote from: 5ensei on October 21, 2017, 04:05:24 AM

They are not banned in China but even they do decide to ban it then you should invest in XSPEC which is the most private altcoin on the market. It will break through the great firewall of China so you can trade anonymously overseas.

Thank you so much mate. I actually mean how could I deposit flat yuan for further trading? That's really confused me. Cheers.

Though I might got the answer

Bitcoin is huge in China, the Chinese may have been stopped temporarily by their government but they are going to find a way to get around the regulation from their government as they have always done so.

coin163

sr. member

Activity: 462

Merit: 281

dApps Development Automation Platform

It's nothing change if people want they still can use proxy, VPN to connect to the world.
With some KYC investment requests we all have friends or agents around the world to care for your big investment

Munti

hero member

Activity: 661

Merit: 504

BitBay's smart contracts and marketplace are a perfect solution for OTC deals, and has already often been used for that.
Contrary to what many believe, you don't have to use BitBay as means of payment. So you can easily buy btc or any other coin for yuan, dollars or any other fiat or crypto. Only the deposit that secures the deal has to be in Bay. The default deposit in BitBay's double deposit escrow system is the value of the deal as explained in this article: https://blog.bitbay.market/bitbay-has-solved-the-last-mile-d5454939f3df
There are however many ways to structure the deposits to make it safe. In this land deal the seller depoited 1/6 of the value of the deal while buyer deposited 7/6 of the value. And it was safe for both parties.
https://medium.com/@tradersnow/how-i-sold-5-acres-of-land-using-bitbays-trustless-smart-contracts-28f18b83125

bribed

full member

Activity: 238

Merit: 100

I honestly think that China will not make the silly move to ban cryptocurrency trading in general. They would cut their own flesh and hence loose money. I think what they intended while closing down the exchanges was more to show the chinese people that they are still controlling everything and that they are the ones in charge.

btcney

hero member

Activity: 588

Merit: 500

Quote from: Btttyaman on October 21, 2017, 01:49:06 AM

Hi guys,

As you guys know that the cryptocurrency exchange is banned by government in China Undecided

. Plus CNY deposit is not allowed in most of the oversea exchanges Undecided

. These conditions really confused me. Coz I need to buy ALTCOIN wit BTC. By past two weeks, I was keep looking for the way to invest ALTCOIN. However, most of them are time consuming and expensive. For example, the price to buy bitcoin face to face is 5%(or 4%? 6%?something) higher than the market price and time consuming, buy bitcoin with credit card is also expensive. As gov of China restricted the amount of sending foreign currencies to overseas. It is even hard for me to invest ALTCOIN. Undecided

I believe that the future belongs to Cryptocurrency, can anybody suggest how could I get involved in trading ALTCOIN.
Really appreciate if anybody could give me an advice. Cheers!!!
As return, I'll suggest an ALTCOIN that I think is worth to invest in short term.(Could be over 100% profit)

Never did the Chinese government ban the trading of cryptocurrencies, that is why. If it is indeed banned then the trading will definitely be tuned down to at least a level that is unnoticeable, but the chinese government has only banned exchanges, meaning that most of the volume simply moved to localbitcoins or p2p platforms.

Also, i would be surprised if people weren't using proxy investors to bypass ICO laws in China.

China is still thriving and well as a player in the crypto industry for sure.

lokkiill

newbie

Activity: 13

Merit: 0

Quote from: LokBTC on December 02, 2017, 06:23:53 PM

Buddy, all your concerns can be solved by Arousal Exchange, http://detail.arousal.io/ It's a project with exchange and OTC and realized 'zero confirmation' when transferring BTC/ETH between exchange and OTC. The ICO will be started from Dec.12th, the website will be updated at Dec.12th as well. Join their telegram for more information. https://t.me/arousalex

'Zero confirmation'? How can they achieve that. If that's possible that's really a improve.

LokBTC

jr. member

Activity: 35

Merit: 10

Buddy, all your concerns can be solved by Arousal Exchange, http://detail.arousal.io/ It's a project with exchange and OTC and realized 'zero confirmation' when transferring BTC/ETH between exchange and OTC. The ICO will be started from Dec.12th, the website will be updated at Dec.12th as well. Join their telegram for more information. https://t.me/arousalex

Btttyaman

jr. member

Activity: 49

Merit: 2

Quote from: digaran2 on November 28, 2017, 12:38:32 AM

now many exchanges have reopen their exchange outside the china and support coin-coin trade!
but it is still difficlut to exchange coins to Chinese Yuan!
there are some OTC groups but by this way is not safe enough and u don't know the funds from where !

That's right buddy, so we need a OTC that could secure the transaction

blockchainmarketus

full member

Activity: 448

Merit: 100

Quote from: Tone147 on October 22, 2017, 03:17:04 AM

At present, Chinese friends are through private transactions, buy BTC, and then in the overseas market transactions。

Overseas market trasaction is a solution for country that ban btc exchangers. We still can use Debit card bitcoin. You can use bitwalla and spectrocoin. Then you can also use lokalbitcoin, sell btc to USd and then transfer to bank account via paypal or debit cards. I think baned or not bitcoin will be tradable by anyone and anywhere.

taxmanmt5

legendary

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Merit: 1024

Quote from: Yoshinoya on November 28, 2017, 10:28:56 PM

I think cryptocurrency can not be kill by any country and no one can ban bitcoin.
Trades can trade through world exchanges.

Yes, that's one of the reason why bitcoin cant be totally ban from any country. Your local country can only ban the local exchanges as they have no control over online international exchanges. Anybody can keep on trading if he has internet and he could convert the bitcoins gained into usd and then transfer those USD through Paypal or western union or which ever way it is possible.

Javanewstar

member

Activity: 224

Merit: 10

The Experience Layer of the Decentralized Internet

Still, there are plenty of ways to exchange dollars for Chinese yuan, and OKEX seems to offer this channel.

tree1100hn

full member

Activity: 229

Merit: 100

China has decreed a ban on BTC trading platforms, and now, after a limited time, there are many over-the-counter deals, including huobi. Pro and OKEX.I believe you have found a way to purchase the cryptocurrency. I hope you have a good investment and good luck!

BitWangZi

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The Chinese people can buy cryptocurrency from OTC or private trade. And then, they can trade them via VPN.

PeaceMoon

member

Activity: 92

Merit: 10

There are several ways to trade cryptocurrency after it is banned by Gov.
1) Private trade through social tool,e.g. Wechat.
2) Some oversea market is allowed use YUAN to deposit.
3) other OTC e.g. C2C trade is supported in gate.io now.

habaratbu

member

Activity: 174

Merit: 10

Private Banking & Trading Platform: Wealth Managem

Because the chinese peope has its own agendas,they dont want to greedy people like them,the government banned it for preventing money laundering but in reality they cant stop the chinese to launder.

e-coinomist

legendary

Activity: 2380

Merit: 1085

Money often costs too much.

Quote from: ?? on ??

Definitely by using a OTC, It will become a trend. OTC can also be used in other counties as well

There was some competitor to localbitcoins where people offered Alipay which to my knowledge would come close to Ebay's PayPal service.
I'm not a Chinese resident, so have to pickup informations from seeping the forums. Guess what, in the center of europe (germany) they banned localbitcoins. To no avail I must add, since it's a small world where people are free to travel nearby borders.
But I was shocked when I realize they tried even to block p2p trade between local peoples. FIAT 2 BTC
Makes one recalculate the liberty standards of such some country. So many people are repeating those grand illusions of their own freedom where in reality a pondering silence would be true.

Quote from: chocopapaya on November 06, 2017, 03:07:23 PM

So it sound like you currently live in China and mostly have only RMB to invest?

Eventually, regulations will settle down with most likely one or two regulated exchanges popping up in China.

If you can't wait and want to do something now, you problem isn't finding the right exchange it is accumulating USD.
The best way to start converting RMB to USD (and then on to BTC) is to open up an offshore multicurrency bank account.
A lot of my Chinese friends go to Hong Kong to do this.
It enables them to freely exchange currencies within their own account.

Another way is to just get a credit card and vpn.
There are a lot of exchanges where you can buy small amounts with a credit card without verification.
Sometimes it is tiny (coinbase is $50 a week without verification) but at least you can get some.

If your vpn doesn't work, try astril or nord, friends tell me these work fine in china.

If I would require a firewall or VPN expert, I would definitely go for a native chinese. They are kinda experienced in stuff like that Cheesy

The RMB to Korean Won exchange seems to be easier, and from there neiter USD, nor BTC are far away.
Especially for more obscure Altcoin trades a VPN ending into Binance exchange seems to be a quick and versatile solution. VPN & Binance are the answer for his questions.

Dluretic

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Activity: 224

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The Experience Layer of the Decentralized Internet

There are always options, such as OKEX and huobipro, which can be paid for in RMB, and there are many private transactions that can be purchased only if they want to buy it.

Yoshinoya

full member

Activity: 335

Merit: 101

I think cryptocurrency can not be kill by any country and no one can ban bitcoin.
Trades can trade through world exchanges.

Topic: How could Chinese people trade cryptocurrency after it is banned by Gov? (Read 1906 times)