Bitcoin Forum

Is there a higher demand to buy or sell in CNY?

I am looking to pay web developers in china with CNY -- so it would be ideal if there was a market of people wanting to trade CNY for BTC




anyone have any insight?

At this moment the BTC/USD is $12.78 USD, and the USD/CNY is $0.1591, so that should value the BTC/CNY about 80.33.  The last BTC/CNY trade was at 77.07 (through BTCChina.com ).  Mt. Gox offers a BTC/CNY market and the last price there is actually higher thatn 80.33 but that happened more than 24 hours earlier and there have been no trades since.) 

So at this moment, it might be concluded that there are more sellers than buyers, or at least the sellers are more aggressive, willing to sell below market rate than exist buyers to absorb these coins at a discount.

But even so, it is just a 3% difference.    That isn't enough that someone would not want to receive bitcoins in China as payment, just that there are some market inefficiencies that might cause the market value of the coins in China to be slightly lower than the market value in other currencies.





There should be may local buyers, but there are reports that the great firewall of China doesn't allow access to the sites that encourage this:
 - https://localbitcoins.com/country/cn


But cashing out is the less complicated of the two trades.  So a person in China will likely soon be finding more and more methods to convert bitcoins to value, whether through AliPay payments like what BTCChina.com offers, or other methods like prepaid debit cards, and more.  It's coming.  In the meantime what exists today works -- but it is not the most efficient.