Bitcoin Forum

I am wondering what type of options do the Chinese bitcoins holders have from the ban?

Most people would just sell their bitcoins before the exchanges closed and cause the price to drop, however, if they can move their coins to a wallet, then it would be a different story.

I know people can move their coins to their own wallets, but that is if the exchanges can provide them with the private keys and if they are proficient enough to manage their own wallets.

Another option which I can think of is to move their coins to an online wallet service such as Exodus or Xapo.  This is probably the easiest option.  Does anyone know if these wallets are restricted by countries?  Would Chinese bitcoins holders be able to move their coins to these wallets? 

LOL.  That would definitely reduce the price volatility.  However, I was addressing to what Chinese investors could do to maintain their crytpos investment.

It should be noted that it is the exchanges that will be banned by China to operate and not Bitcoin itself. Meaning to say that they can still own any amount of Bitcoin they wish to have but they can not anymore those exchanges for any transactions. Peer-to-peer transactions are still permitted. I am predicting though that there can be reversal of this decision at the proper time and they would be implementing very strict rules on ICOs and exchanges.

Yes.  After they investigated the ICOs situation, they will probably revert it.

I am wondering if the online wallets are available regardless of which country one is in.

They should still hold on to the bitcoins that they have, if they do ban exchanges they are not banning bitcoins in particular and according to news they are not going to be banning any exchanges, they are just going to regulate the way things since they don't have the authority to operate.

I heard rumors of some online news. china is preparing and only freeze for a while. so i guess this is chinese scenario. and will re-engage in bitcoin.

The ban will not be forever.  I think the main reasons for the ban are to protect Chinese investors losing money on potential bad quality ICOs and to control the money from going out of China without the "proper" channels that the government allows (mainly for taxation control).  The government thinks that the ban is a quick fix before they can come up with appropriate regulation.   

In a totalitarian regime like China this is an easy answer. Jail, Chinese criminals (a.k.a. anyone who wants to live free) can go to jail.

obviously many will sell as they have been selling (dumping) already. that is why bitcoin price is about $1000 cheaper in CNY equivalent than it is in USD. and they cash out their fiat. but there are others who will still cash out bitcoin and keep it as their long term investment or for whatever reason (it may even be to use bitcoin as a middle finger to the man).

but also lets not forget last time Chinese closed their exchanges the volume coming from localbitcoins and other places went to the moon and the price of bitcoin off the market was so high in CNY!

What?
Have you made at least one transaction using bitcoin?
Why would they need to give away the private keys and not transfer the coins to the address they owned when they deposited the coins or to one they magically acquire when they install a wallet on their phone / computer?

Coin in exchanges are not stored in separate addresses only in a few called cold storage.

The whole idea of sending users private keys is hilarious.


If thy do intend to control the cash flow then no regulation will help them.
You can't control bitcoin transactions, you can't control coin to coin exchanges and they will never be able to fully and successfully monitor the blockchain and associate every address with the Chinese owner.
It's a battle they are going to lose from the start. Actually they have already lost it.
 

Are the exchanges in China closed for good? Will new exchanges be opened with the new licenses or whatever regulations are required? The situation in China is kind of hard to understand ???

I think I read in some news that big investors and miners are considering the use of oversea exchanges, but of course it is not for everyone.

I will withdraw it and push it to paper wallets. < I hide these paper wallets where the governments cannot get to them >

Those coins were earned before Bitcoin was banned, so they should not be illegal. < proof is on the Blockchain > ... I will

then send little amounts to friends in other countries to exchange it to fiat and then to transfer it to my bank accounts. You

can even leave the country with that piece of paper and have a exotic Holiday in a Bitcoin friendly country. { China will lose

out on all the tax that could have been earned from those coins. }  ;)

hello, I believe that after China has forbidden bitcoin about a month ago and if their decision remains final, I think most will take advantage of Japan

Well I still don't think exchanges are going to ban officially. Media is most of the time full of rumors and fake news.
Although even if they get banned, Chinese users can easily hold their BTC on any wallet (web or with private keys) as ban is only on exchanges. They will not be affected in any way and government isn't going to take steps against them.
But most of the users comprises of shakers. Shakers easily loose their confidence and run to sell coins in trouble.  So it would be hardly seen that investors will still be holding coins after ban and 95% would sell straight of. 

A lot of chinese investors immigrated on Hongkong and Japanese platform for exchange, for exemple Bitfinex and coincheck!
of course at the same time they are continuing to look for foreign ICOs projects to invest, there is nothing can stop them!

There is a news that Chinese Exchanges Executives can't leave China...
So i don't think it is a good idea to try to have Bitcoin in China. And they will also try to block bitcoin transaction and mining after the 30th September.
https://news.bitcoin.com/60984-2/
Some people may still be able to go to Hong Kong. But inside China it will be very risky. And how can they get fiat money? Bitcoin will be useless for them if they can't exchange it with fiat.
It will only be useful if they leave China. I hope it is only temporary, but we don't know.
Only some rich Chineses are going to be able to leave China just to trade Bitcoin.
If they don't have a lot of Bitcoin, it is not profitable to trade Bitcoin. As they will have extra cost just for leaving China.

Many will mostly likely will go to other exchanges. I read somewhere that Chinese are already flooding to anonymous exchanges like localbitcoin.

Which means more money for other competitors?

I agree this ban can also be a good transition for bitcoin and other crypto assets as it can force the Chinese to hodl there coins which would reduce volatility as they wont be able to dump them but with several ways of cashing out they could easily use a bitcoin debit card to access their money or exchange their coins for other digital items like gift cards which are basically cash equivalents.

They can use p2p trading platforms like localbitcoins to still sell their bitcoin for fiat but it will be pretty much difficult for big traders to cashout their profit.

Don't know whether other trading platforms like bittrex and poloniex will restrict registration from china after this ban or not but if not than all chinese will move towards them to make some profit like they were making with day trading.

I am wondering how to push it to paper wallets from exchanges.  Anyone know?

Japan. Simple. Because, Bitcoin is a recognized medium of exchange at Japan.

The majority of bitcoin sellers do not know much about bitcoin. They heard about bitcoin from their friends, telivision and advertisers and they buy bitcoin from exchange without knowing the existence of bitcoin wallets. However, whales in China are different. They are all wise people and they know how to control their bitcoin appropriately. And they also know how to dump their bitcoin in order to buy cheap bitcoin as well

Yeap I agree with you. I can also suggest that even regular people (not whales) can still find the ways how to buy bitcoins and trade them.
In our world nothing is impossible for people who seek.

If it happens that China will still prohibit the circulation of crypto currency in its country, then the crypto currency will move from China to other countries, such as South Korea, Hong Kong, Japan. Already, the exchanges of these countries have increased their bids taking into account the incoming crypto currency from China.

I think that's why we seen another massive upwards movements as we knew that those countries are helping those Chinese traders might
transfer their assets to one of those countries that open the door for exchange we really cant predict but reality will show us if what will
happen after this china's actions.

I don't know, because I am not a Chinese citizen. maybe you should ask them directly to china people who are Chinese citizens.
every possibility is always there, and whatever it is they will choose the best way for them to do.

exactly right! most people living in China that are traders are not just people who are easily tamed or in short they are intelligent people and wise person. i think they are not that easily being panicked by what their government decided, instead they took it as an advantage and use it to buy more once the price begun to fall, and then after they had bought, they have even predicted or being sure that the ban was not permanent and still they can resume using crypto.