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Author Topic: China BTC Exchanges now accepting direct bank deposits! HUGE  (Read 2353 times)
mayax
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November 11, 2015, 02:26:01 PM
 #41

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.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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CIYAM
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November 11, 2015, 02:30:59 PM
 #42

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).

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

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mayax
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November 11, 2015, 02:35:04 PM
 #43

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?
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November 11, 2015, 02:41:18 PM
 #44

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

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.
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November 11, 2015, 02:45:15 PM
 #45

What banks are they using for direct deposits?

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)

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
CIYAM
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November 11, 2015, 02:46:17 PM
 #46

I still don't know how that is possible with Chinese restrictions on financial institutions preventing them from dealing with bitcoin.

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

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

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mayax
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November 11, 2015, 03:05:36 PM
 #47

What banks are they using for direct deposits?

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)


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?

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November 11, 2015, 03:25:29 PM
 #48

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).

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

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lihuajkl
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November 11, 2015, 03:28:01 PM
 #49

What banks are they using for direct deposits?

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)


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 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.

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mayax
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November 12, 2015, 12:49:32 AM
 #50

What banks are they using for direct deposits?

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)


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 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.
CIYAM
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November 12, 2015, 03:46:42 AM
 #51

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.

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

GPG Public Key | 1ciyam3htJit1feGa26p2wQ4aw6KFTejU
makcik
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November 12, 2015, 01:02:38 PM
 #52

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.
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