Bitcoin Forum

New Year’s Greeting from BTC China

January 7, 2014

Dear Customers,

Happy New Year!

2014 is here, and on behalf of BTC China, I would like to take the opportunity to personally wish you a happy and prosperous new year. Looking back, 2013 was a huge year for Bitcoin, attracting worldwide attention. From our humble beginnings in the summer of 2011, BTC China has followed Bitcoin’s rise and has grown steadily with your support. We thank you for that.

On December 16, we made an extremely difficult decision to abruptly raise our trading commission fees, back to the standard 0.3% level before we eliminated fees in late September. I would like to sincerely apologize for the abrupt nature of that decision, where we were not able to adequately notify our users, and give a proper explanation. The actual circumstances were complicated, and I assure you it was a difficult but necessary decision at that time. Due to imminent regulatory threats at that time, we felt we had to proactively reintroduce trading commissions, in order to promote a more sustainable Bitcoin trading atmosphere, with lower volatility. We now strongly believe that a zero-commission fee structure creates a frictionless trading environment, which causes large price volatilities, and encourages market speculation. By re-introducing a trading commission, we hope to foster a healthier marketplace, aiming for better price stability, to benefit Bitcoin in the long term. I hope you can understand our decision.

Now, I am excited to share with you three exciting things that we have put in place:

Maker-Taker fee structure. This new innovative fee structure will maintain a small 0.3% commission for traders, while rewarding market makers with a rebate. (The reward is effectively a “negative” commission, for market makers.) In summary, our company will still not be making money in commission revenue, giving all the benefits to our customers. By having a trading commission, this will reduce market volatility and reduce wild price fluctuations, which we believe is good for the entire Bitcoin market and ecosystem.

BTCC Voucher for deposits. This is BTC China’s new CNY deposit method, with many unique advantages. You can buy it easily from our network of resellers; it can be instantly credited into your BTC China account for trading. Best of all, BTCC Vouchers have no CNY withdrawal fees. They can be traded freely, and do not have geographical restrictions. You can now purchase BTCC Vouchers from our large list of recommended resellers, with some even offering a discount off of the face value. You can now get instant savings by using these BTCC Vouchers.

Reduction of CNY Withdrawal Fee: From popular demand, and to benefit bitcoin sellers, we have reduced our CNY withdrawal fee from 1.0% down to 0.5%. We thank you for suggesting this.

BTC China is the first and longest running Bitcoin exchange in China. We are committed to being the best Bitcoin platform in China. We know that trading commissions alone is not the only criteria to measure the value and attractiveness of a Bitcoin exchange. Instead, we hope to bring our loyal customers the best combination of high quality customer service, new products and services, in a Bitcoin exchange that is fully in compliance with regulatory authorities.

In recent months, we have faced periods of extremely high traffic, where our servers and customer service teams were not able to meet our desired level of service to our customers. I apologize for that, and we will work extra hard this year, to improve our technology capabilities and grow our customer service team. We have recently expanded our dedicated customer service team to over one dozen full-time employees, and they are passionate and ready to serve you and handle all of your support needs, now on a true 24-by-7 basis.

We will continue to lead the market through innovative products and services. (Have you tried our newest hosted wallet product, Picasso?) As the market leader in China, we will continue to invest in R&D and operations, continue to recruit talented people, and continue our mission of bringing Bitcoin to China, in a sustainable manner.

2014 is already here. Despite the ups and downs that the Bitcoin industry has experienced in 2013, BTC China is committed to building the best Bitcoin platform, so we will never give up. We humbly ask for your continued support, as we go down this journey together. We will continue to grow this company, to offer you the best products and services, this year and for many years to come.

As always, we would love to hear your feedback. Please email us at business@btcchina.com.

Best Wishes,
Bobby Lee
BTC China
CEO, Co-Founder
https://www.btcchina.com/

What's weird about this announcement  is the BTC vouchers you can purchase are sold on taobao. which just announced they will be banning bitcoin related sales.  So.............  what the heck?

If you think that's the only place they were going to get bought and sold, you don't know China ;-)

I take this to mean taobao was only one of many places to buy/sell these vouchers...

I live in China and of course you can buy anything from a number of places... that's true.   But it's also true that the only authorized sellers that BTCChina is working with are on taobao.  You can see the offical list here on their website:  http://btcchina.org/voucher-resellers

Also, knowing China you would have to be somewhat crazy IMO to buy a voucher from a non official reseller given the simple fact of how many things are counterfeit in China.  

So again I have to ask... if sellers on taobao are the only official resellers of vouchers , and taobao just announced no more bitcoin related transactions. Where are people suppose to safely buy vouchers ?

on BTCChina's website  these are the only resellers they have listed.  All stores on taobao:  http://btcchina.org/voucher-resellers

I'm just glad to know the Chinese are slightly less advanced than I'd worried. Their government does the same thing ours does. No conception of the law of unintended consequence.

"For your protection citizen, we are banning all the ways you can buy this digital, impossible-to-counterfeit currency, because it fluctuates wildly and there have been scams. You may now only buy it ... oh? Through unverified merchants who may be counterfeiting? Yes. No need to thank us. Carry on!"