Bitcoin Forum

Hi guys,

As you guys know that the cryptocurrency exchange is banned by government in China :-\ :-\ :-\. Plus CNY deposit is not allowed in most of  the oversea exchanges :-\ :-\ :-\. 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.  :-\ :-\ :-\ :-\ :-\ 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)

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.

What stopping them to use local-bitcoins? From history you can learn that every time when something is prohibited will have few times higher price, and this will happen to bitcoin also. This will attract many tourists to China they are actually very smart. 8) Bitcoin nor any other crypto currency cannot be banned just will have lack of support in legal exchanges. Traders will find their ways. ;)

Just be patient . China will re -legalize crypto currency trading as digital currency is the future and no country will want to be left behind.China is still part of the global crytocurrency  community  even with the ban. Mining of cryto currency is still done in China. The government will work on why exchange was banned and put control measures for trading to continue.

From what I heard Chinese exchanges can't accept fiat yuan deposits, that is all. You can still trade Bitcoin <=> altcoins freely.
Chinese trading moved to p2p trading a long time ago, serious Chinese traders think that price of BTC on centralized exchanges is not 'real.
They started to use Bitstamp, Kraken, Bitfinex as price benchmark and use similar services to localbitcoins.

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

Thanks for your reply mate. Yup, the price of bitcoin is actually higher than before. As a resident in China, how could we use Chinese yuan to get involve really confused me. Hope I could find a way. Appreciate

Hi, thanks for your reply. I also hope that crypto currency could be re-legalized. The exchange is shutted down one by one made me desperate. Have no idea when the regulation will come out. Sincerely

I heard from a chinese friend that there might be someway to do that e.g. using the ripple inner network method. But I suspect these method get shut up quite quickly once its getting popular. You might have to raise the question on Chinese altcoin sub forum or do some research on chinese social media (weibo?) which might give you better answers.

Oh I see, so actually p2p is how they solve that problem. Like trade in OTC?

Thanks mate. I've tried ripple inner network, however it was really unstable. I lost my ripple twice, it came back after 2 months.  :P There is a regulation on network. That's why I'm here. haha. Appreciate.

people mostly trade altcoins with bitcoin and since bitcoin is not banned and has no problem with deposit and withdrawal since it is decentralized unlike fiat, people can continue doing that.

also as far as i know China never banned trading or all the exchanges. you can still use localbitcoins,... to buy p2p with your fiat. the rate should not be that high since the BTC/CNY tanked
1 BTC = 37580 CNY = 5676 USD (according to Huobi)

They can use VPN to trade coins/tokens in western exchanges, or use OTC website. Especially OTC trading, it is not possible to ban OTC, because such thing is decentralized.

Yes, like others said here, it is still available to trade BTC first through P2P and then trade bitcoin with altcoin. Use OTC to trade BTC is the perfect option. It is just a bit time consuming for you to deposit BTC to exchange. I have done a translation for an ICO project. They will open an exchange with OTC to realize 0 confirmation which saves time. You may have a look. That will be perfect for you guys. Devs sald that it will be online on 1/11. Link:
https://bitcointalk.org/index.php?topic=2293710.0

Hi, thanks for your reply, that's true. But I just checked the price in localbitcoins that the price is 7%-10% higher than the price in Kraken Bitrex. Thanks, p2p should able to solve that. Appreciate.

That's ture, however, most of the VPN is not working in China so far. OTC, emmm, that's a great idea. Any recommand OTC? Cheers.

Thanks, that's right, it's time consuming to withdraw BTC to OTC. Thanks for your recommendation. I'll have a look at it. However, it is a French version, any English or Chinese version available? Cheers. Oh, Never mind, I'll search for it,  Arousal isn't it?

As I know cryptocurrencies aren't banned in china, they can buy their bitcoin, litecoin or ethereum still.
Anyways there are big amounts of ways to pass behind laws. They also use vpn. You know.
Some people build their own vpn, its very easy as my electronic engineer friend said.

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

 lol, ofc they can do some laws, but in genereal, they cant close everything, internet gives ppl freedom, anyway i think it is matter of time, they will change their decision about, i think they try to explain clearly before, they dont wanna risk as all ppl

They can use non-chinese exchange if they have traded their crypto for ETH or Bitcoin before the exchange is closed.
Also there are no documents about investing / trading outside china yet

We already have decentralized exchanges, I think we're going to see more and more people use those.

I can imagine this being only a temporary step. When everyone will use crypto, china surely won't stay out of it. All those ICOs and gold digging atmosphere needs regulation.

As far as I know chinese people still trade, but over VPN, as they also do when they have to use facebook or anything that is blocked by the great firewall :)

Hi there.Thanks for your reply. Yes we do need to use the private transaction. However it is really unreliable to do the private transaction. Someone recommended me a project that will combine OTC and Exchange and I read through their Whitepaper twice. It was well...gorgeous have to say.... If you need to trade P2P. You may have a look. https://bitcointalk.org/index.php?topic=2264137.msg22939434#msg22939434 Though, I actually read the Chinese version. Don't know if there is any translation problem. Cheers.

There are many ways. Most common ways are 1) Use VPN and international exchanges 2) Buying from individual owners directly through social networks (i.e. buying off the counters) 3) The good old barter exchange (yes, this is still "trading")

China government can ban shit even though it is not illegal yet. Bitcoin is not illegal and chinese can still buy any ico's they want but even if illegal I'm sure it only make them look stupid. All and all these Chinese, Korean and Japan Bitcoin volumes are just fakes shit.

They are all not using the decentralized exchange site but they are all try to migrating into another exchange that runs in another country such as bithumb. Bithumb volumes already filled by those chinese traders caused by the government is banning the crypto from there. But i heard the latest news the china try to unban the crypto (ico)
But i don't ever hear about the truth of that news, does china unban ico or not. But some people said china already did it.

Hi thanks for that. Yup, it's only the deposit of fiat yuan is banned. Self-built vpn could able to solve the firewall problem. But the requirement for P2P trading of BTC, ETH is large.

Thanks for your reply, I haven't hear any news that China Gov will unban the crypto. We are trying to use OTC to purchase BTC or ETH.  Using localbitcoins are not reliable though

Who said that cryptos are banned in China at all?!

You can OTC, the current domestic btc38 can also be traded and recharge, but after 31 have stopped it

Maybe OTC is a Choice, just like Arousal what they doing.

According to the incoming information, China is going to fully resume trading in crypto-currency on the exchanges, since the prohibitions and restrictions did not give the expected effect. Some exchanges have already opened and freely trade. Unclear situation so far with the ICO in China. While there is no reliable information.

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.

to work as following use of returns with the customs of regulation on express as release from the institution to gains with the use of prefers with the system of evaluation to gains as the following terms to manage as more as attaining with the decision to enter within the different schemes of works on investment plan.

I thought they just banned ICO's not all cryptocurrencies. They are free to trade in legalized Chinese exchanges.

Hi there, appreciate for your help. Open a offshore account has quite a limitation. I hope that regulation can come out soon. I wish an exchange can adopt OTC and exchange. It's really time consuming when transferring BTC from OTC to Exchange. 

There are still some places that can trade crypto coins with CNY in a OTC mode. I think most investors still have some coins that they can exchange with other coins.

OTC, And it also means another thing, bitcoin can't be really stop not even by the Chinese government. Their citizens will always look for ways like OTC or even underground trading. And its booming after their cryptocurrency announcement and it says millions already have been changing hands.

https://news.bitcoin.com/china-monitors-booming-otc-bitcoin-market-shutting-exchanges/

I think there is no problem when Government bans local exchange. Traders can trade through world exchanges or day can use mobile apps. No one can ban Bitcoin.  :D

OTC is the solution, I'm a Chinese translator that translated the WP, ANN and Bounty thread of Arousal (http://detail.arousal.io//#/). Their exchange first adopted OTC + Exchange mode and could realise '0 confirmation' when transferring BTC/ETH( Or USDT I guess) between OTC and Exchange. The 'Guarantor Mechanism' can also solve the trust issue for OTC. That's what in their WP says. As far as I'm considering, this mode can not only solve the problem of China but can also be used in the worldwide. Their Early Bird ICO just finished and received over 70% of hardtop. Although platform will be launched in one month with next stage ICO, you could still expect for that. The information from: English ANN (https://bitcointalk.org/index.php?topic=2264137.msg22939434#msg22939434), English Bounty (https://bitcointalk.org/index.php?topic=2268343.0), English WhitePaper (http://detail.arousal.io/English-Arousal-whitepaper-v1.0.1.pdf), 中文主线程 (https://bitcointalk.org/index.php?topic=2278611.msg23115814#msg23115814)，中文奖励线程 (https://bitcointalk.org/index.php?topic=2278942.msg23119851#msg23119851)，中文白皮书 (https://www.dropbox.com/s/x3esnche6fgdx0r/white%20parper%20chinese%20final.pdf?dl=0).

Hi there, thanks for that, I'll have a look ;) ;)

Will BTC over 10,000 us dollar this year? It's crazy.

the good things about Bitcoin is that it's decentralized, so even if governments do try to ban it, people will always find a way to exchange the coin. What governments can control are exchanges for example, they might be able to close an exchange by raiding their officer/prosecuting the owners etc., but they are not able to stop P2P (peer to peer) payments. User can still send one another the coin and it impossible arrest everyone who participates in this, because there are millions of users who do it. Probably China will smooth out its stance towards crypto's as time passes by, but they'll never be able to completely close the pandora box that has already been opened. It's just not something that can be regulated, it's designed in a way that makes it impossible.

They won't be able to completely ban the use of the currency, but they will be able to significantly limit the capabilities of people to put money into exchanges (money transfers, credit cards, etc). When you block those, it makes it more difficult to buy the currency to begin with.

Hi there, that's true, people can always find a way. So I'm actually finding a way to use my CHY to join in the crypto currency transactions.

Yup, the access for people to get involved in the crypto transaction is limited.

But what's the reason for Chinese government to ban Crypto? It's non-sense

Do not worry much about it. They are just talking some time to re access the entire situation and I am sure that they would open trading for all the alts once again. Also I believe that China would follow the footsteps of Russia and soon have its own crypto currency.

Thank you for your help. I wish the day will come soon. So I'll use OTC as the solution then.

Crypto is baned in China notfor chinise people,there is not exchange what is blocking chinise ip,you thik that chinise pools are not selling btc,chinise may even open account at Spetrocoin,get iban number,deposit yuan and buy crypto,Huobi is opening in Korea,That China ban is something political,will be new PBOC chairman,China fight against corruption,There is 1mln300k people suspected,big fishes and small administration workers,not possible on the west

that's true, hope everything be better.

Some political issues. They are worrying about money laundering.

Every day, the number of organizations that give preference to digital gold is growing. Bitcoin pays more than 100 thousand establishments. You did not know that there was no gold reserve? The society does not know what the dollars are printed for, and how many of them are printed. On the account of China, here is not so simple. I assure you that these are rumors for speculation.

This is a good thing. China can no longer play with the markets by banning Bitcoin. Crypto-currency cannot be killed by any "country".

the buying of crypto coins using Chinese Yuan and the trading of coins, they will continue to operate international-facing
exchanges and other associated services. Markets like Japan, Korea and the U.S. have emerged to account for the lion’s share of global trading volumes,
 so the impact of this China ban is not as severe as it initially may seem.

Zencash is aiming to create a privacy platform, not only a privacy coin.  I wonder how this coin is being viewed by Chinese investors.

I think some OTC are doing a really good job

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 !

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

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.

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.


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 :D
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.

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.

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.

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

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!

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

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. 

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.

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

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.

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.

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.

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
 

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

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.

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 ;D ;D