As Chinese-based bitcoin exchanges plan to shut down, bitcoin investors are taking their trading elsewhere. They will now focus on broker-facilitated, over-the-counter exchanges.
Prior to exchange shutdown notices, most traders conducted OTC exchanges on Weechat messenger. As a result of government crackdowns on Weechat users, bitcoiners have made an exodus over to privacy-centric messaging app Telegram.
A surge of traders have now moved to Telegram for its encryption protocols. They should now be able to disregard government as they continue to trade and speculate on various cryptocurrencies.
It appears this investor pivot to secret OTC trading, foreshadows how underground bitcoin Chinese Investors to Trade Bitcoin Over-The-Counter Via Telegram trading may manifest in China. In this sense, it is unlikely bitcoin or cryptocurrency will be harmed in the long term. The resiliency of the technology will emerge while under duress from the Chinese government.
Even though Bitcoin will survive regardless of what happens — there are a myriad of unverified reports coming out of China that authorities may block certain bitcoin sites.
It is good to keep in mind that these reports are unverified, and they could, in part, be “fake news.” Nonetheless, it is clear the Chinese government is clamping down on cryptocurrencies, but traders appear to be unfazed as they maneuver to access underground and OTC trading networks.
https://news.bitcoin.com/chinese-investors-to-trade-bitcoin-over-the-counter-via-telegram/https://data.bitcoinity.org/markets/volume/30d/CNY/localbitcoins?r=day&t=b