Bitcoin Forum

https://www.btcc.com/news/article/btcc-now-accepting-direct-bank-deposits

https://twitter.com/barrysilbert/status/661511847582015488

http://s24.postimg.org/red041rut/rsz_huge.png

what a time to be alive

This might be the reason for the rise of BTC atm?

This news implication is huge.

BTCC Now Accepting Direct Bank Deposits
Nov 02, 2015

Recent bitcoin price increases have reignited enthusiasm in buying bitcoin. BTCC is confident this trend will continue. As such, we are pleased to announce that we now accept direct deposits.
 
Customers now need only log in, click on “Account,” then “Fund,” and then select the “Bank Deposit” option to fund their BTCC accounts through their bank accounts. All customers who have Chinese bank accounts will be able to make direct deposits through ATM transfers or online banking.
 
BTCC will stop accepting customer deposits through agents on November 15.

I don't think so, the rising of the bitcoin is happening this past 2 months
While this news is still fresh and just out ;)
But with this news i think the price of bitcoin will rise even further, more than we have right now ;D
Expect the price to rise more and more

A bold move right there (Good for the ones with chinese bank accounts), not sure why there's all the good things lately happening in particular to bitcoin and yet there are some bad ones as well all at the same time, it's like somehow each try to cancel one another even though in different departments but the good ones out weight the bad ones, yet kinda strange

...

China has been getting a lot of press re BTC and its price jump.  It looks like, one way or another, that Chinese citizens will get to participate in all that mining going on there (approx. 58% of BTC mining is by the Chinese pools).

Perhaps Chinese citizens are now buying more BTC?

I have read a lot about rich Chinese wanting to get assets out of China.  As more Chinese are able to do this, it seems that BTC price will benefit. 

Maybe benefit big time!   :)

With direct bank deposits will be easier for chinese users to buy bitcoins. But i don't think that it was a cause for the incresing on bitcoin price.

Weren't deposits disabled because of a Chinese law? If I remember correctly they stopped allowing deposits on Bitcoin exchanges accounts and invited such exchanges to close their accounts... What happened meanwhile?

In the past two years, Chinese citizen can use vouchers or third party payment processors to deposit and withdraw money into/from exchanges. It cost money and time. Now they can do it directly. It looks the previous ban was lifted.

This is huge for Bitcoin. And im sure part of it is showing in the price as it is highest it has been in a while. Im sure it will go even higher as there has been a lot of good news for BTC lately

I hope this does not lead to another Mtgox in china. Is this exchange handling the majority of chinese transactions atm?

This is a great news and all and I salute this very much! But am I the only one seeing something weird here?

If the Chinese capital controls are the main reason of current run as everyone is reporting today, why would they allow bank deposits directly then and in this way encourage the outflow of capital out of their country?

agreed
is a paradox

therefore we could see an ATM  in many thousands, to then see china come in and mega tighten things again
unless the chinese gov have been accumalting cheap coin for past 18 months

Nope.

So the instant the Chinese are allowed to buy btc directly again, noone knew about it, yet this exchange was already set up for it?  
While I would like to believe this; I don't.  

The news just keeps piling up.. This is getting insane.

It feels like the news has been withhold, to explode in one fantastic burst of beautiful price increase.

Bet the Chinese are very happy here!

There's no similarity between direct bank deposits and insider trading/abuse of user funds. afaik huobi and okcoin are holding majority of chinese market volume.
If you ask me, there was no real reason not to allow direct deposits in the first place.

cheers

This might have been happening but this still doesn't explain the capital controls thing which don't go hand in hand with allowing direct bank deposits!

I like how the end of your sentence can be compared to fiat or cash. It's like they don't care that CASH has been used as ransom money for centuries, yet cash is so simple that the good things outweigh the bad things that happens with it. (in case your bad news was referring to the kidnapping) yet when something like that happens and the kidnapper wants bitcoins as payment; "OMFG BITCOIN U CREATION OF SATAN NAKAMOTO, WE WILL BAN YOU SO HARD".

Get with the times people, your "cash" is old, future is here and it wants it's currency to free the people. If you can't beat them, join em'.

If that's real, it's huge. It means there's now a easy way to turn yuan into dollars or euros via Bitcoin.

There should be heavy selling on USD and EU exchanges to compensate for the buying on the yuan side. Is there?

You should find this site interesting:

http://fiatleak.com/

This could be real. I would like it to be true.  The link is still there:

https://www.btcc.com/news/article/btcc-now-accepting-direct-bank-deposits

BTCC is making a big mistake. The China gov has banned all the financial institutions to work with Bitcoin.
The banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. This ban is since 2014 and it's nothing changed since then.

So, how BTCC is doing that? Of course, by doing it illegally. It is a desperate gesture because they did not have clients lately.

http://tech.sina.com.cn/it/2013-12-17/01139011174.shtml#483253-tsina-1-18627-1cf60a7c37a7bc296a2ba7aba0120190

One single complaint to their banks and BTCC's accounts are closed. The people should be very stupid to deposit their funds with a such exchanger.

That could be just BTCC. I do not understand how BTCC can be so brave to accept bank transfer without permission from banks, not just a single bank.

Yes, this doesn't make much sense to me. I don't see them going against their government orders. I mean, you don't do this in European countries and not in communist China. Or am I wrong, I don't know?

What I find even stranger is that they have written that they will stop accepting deposits through agents from 15th of November, so I guess they are staying only with direct deposits after this date.

Hows this possible. I just heard in the morning that Taiwan was to declare bitcoin as illegal , so wouldn't it be illegal for any business to accept direct deposits for bitcoins ?

AFAIK, Taiwan is not a part of China. Even if Taiwan says Bitcoin is illegal, it is still legal in China. Furthermore, BTCC isn't based in Taiwan.

Price rose, because it was expected it will. It has to do it sooner or latter. I dont understand why people put questions why. There was milion good news in last 2 years but price was going down or was steady.
Now even if there are only bad news, price will go up fro some time. :)

http://www.zerohedge.com/news/2015-11-04/bitcoin-soars-14-month-highs-major-exchange-eases-access-chinese

The price rose by almost $100 in less than nine hours today. That's got to be due to the enabling of direct Chinese bank deposits. I've never seen it rise so fast before. There are other reasons for the rise, but I think the biggest reason is the Chinese bank deposits.

I think so too, until china bans bitcoins again in late december and price plummets to the ground.

I'm starting to think they are doing all of this on purpose and working with the media. Once the richest country - forever the richest, or atleast they seem to want to stay that way with bitcoins too.

This is just proof for me that more people need a easy way to purchase Bitcoin, and the current on ramp into BTC is too difficult. Yes there are other pushing factors behind

this, but direct bank deposits makes this so much easier. There are many barrier to entry in some countries and we would have seen much more of these, if we could remove

these barriers. Make it easy, and they will come.  ;D

CoinBase + USAA the pilot was initially rolled out to USAA employees in September.
BitFury secret Block Chain Summit in UEA in October.
Bitcoin Tracker EUR, available through Nasdaq Nordic on October,which are exchange-traded notes (ETNs)
Gemini exchange
Money 20/20
WebSummit
etc...

Direct bank deposit is the most important reason for the recent rise. It implies that the Chinese authority allow the banks to be involved in bitcoin related money transfer. It is a kind of legaliztion of bitcoin in China.

no vat in europe for btc even bigger news

plus last of silk road coins auctioned off omorrow, hopefully into strong hands considering hoops they have to jump through with fbi to be able to bid
plus they will be people with lots of money, as you have to send money in advance
most prob institutional investors, funds etc
not trolls lol

If this is real, I am quite sure the Chinese government will think of ways to prevent the money to flow in/out China easily.

i do agree with you this is just a news and inside the government is also accepting the bitcoin potential and chinese after dealing with gold and silver now they have turned to play with bitcoin. and for the past few days lot of good new are inputing regarding bitcoins, hope this bull runs for some more time and we can see the Bitcoin price above $1000    ;D

Any comments from inside China on this? Is the PBC going to crack down?

That is a good question. I do not see the news reported in media, just from this forum. Very strange. If true, it is very big news.

No, it's not a news. BTCC do not have too many real clients(don't believe their trading platform because they have many bots who are trading with fake transactions) lately and they launched this news(propaganda).

China banned any financial institution(banks and so on) to deal with companies who are dealing with Bitcoin.

Yet you are able to deposit funds from a bank account directly to BTCC now (has been the case since at least mid October and you can use any of several of the major banks).

There has been no official announcement from the PBOC about this so I guess they are watching and waiting to decide whether or not to make such an announcement (makes it very easy for them to stop it again any time they wish to for now).

In regards to the tx volume any exchange can fake it regardless of fees (if they are paying the fees to themselves) so actually I think it is more honest to have no fees and simply let people analyse the trades (which is what BTCC does).

Hi CIYAM,

What banks are they using for direct deposits?

If that was indeed the one of the causes of last week bitcoin price rise then it was rather short lived and insignificant in the long run.
I still don't know how that is possible with Chinese restrictions on financial institutions preventing them from dealing with bitcoin.

Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others.

(so the major four plus a number of the secondary banks)

The way things work in China is often not in strict accordance with regulations (that is common for many things here).

and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get?

I am pretty sure it is in their name although I'm not sure exactly how to check that (as I don't think that bank account records you can see as a customer actually show that).

I think they are using their company's name for the deposits! Gov is not seriously banning btc and China is still the biggest market for trading and mining.

It's not about that. It's about that the banks can block the accounts anytime if the ban is still enforced. Would send money to a company like that when you have better alternatives?
It's very risky. You lose the money anytime with BTC China.

The banks have never blocked withdrawal of RMB only deposits so I'd be fairly confident that even if RMB deposits disappear again the withdrawals will not.

Bitcoins have been quite around since some time.. And as such , people are shifting to exchanging their money with bitcoins.
Now, in the world.. Generally people use bank deposits and consider it convenient. As such, acceptance of bank deposits by china BTC exchange will make it easier for people for exchanging as fiat currencies required physical meeting.. Whereas deposits in bank Can now be done from home..(though in some places you may need to go to bank). Now, so those people who are escaping BTC because of exchanging problems don't need to worry now.