How could Chinese people trade cryptocurrency after it is banned by Gov?

[Btttyaman]

Hi guys,

As you guys know that the cryptocurrency exchange is banned by government in China . Plus CNY deposit is not allowed in most of  the oversea exchanges . These conditions really confused me. Coz I need to buy ALTCOIN wit BTC. By past two weeks, I was keep looking for the way to invest ALTCOIN. However, most of them are time consuming and expensive. For example, the price to buy bitcoin face to face is 5%(or 4%? 6%?something) higher than the market price and time consuming, buy bitcoin with credit card is also expensive.  As gov of China restricted the amount of sending foreign currencies to overseas. It is even hard for me to invest ALTCOIN.   I believe that the future belongs to Cryptocurrency, can anybody suggest how could I get involved in trading ALTCOIN.
Really appreciate if anybody could give me an advice.  Cheers!!!
As return, I'll suggest an ALTCOIN that I think is worth to invest in short term.(Could be over 100% profit)

[5ensei]

They are not banned in China but even they do decide to ban it then you should invest in XSPEC which is the most private altcoin on the market. It will break through the great firewall of China so you can trade anonymously overseas.

[arbitrage]

What stopping them to use local-bitcoins? From history you can learn that every time when something is prohibited will have few times higher price, and this will happen to bitcoin also. This will attract many tourists to China they are actually very smart. Bitcoin nor any other crypto currency cannot be banned just will have lack of support in legal exchanges. Traders will find their ways.

[munareal]

Just be patient . China will re -legalize crypto currency trading as digital currency is the future and no country will want to be left behind.China is still part of the global crytocurrency  community  even with the ban. Mining of cryto currency is still done in China. The government will work on why exchange was banned and put control measures for trading to continue.

[maku]

From what I heard Chinese exchanges can't accept fiat yuan deposits, that is all. You can still trade Bitcoin <=> altcoins freely.
Chinese trading moved to p2p trading a long time ago, serious Chinese traders think that price of BTC on centralized exchanges is not 'real.
They started to use Bitstamp, Kraken, Bitfinex as price benchmark and use similar services to localbitcoins.

[Btttyaman]

They are not banned in China but even they do decide to ban it then you should invest in XSPEC which is the most private altcoin on the market. It will break through the great firewall of China so you can trade anonymously overseas.

Thank you so much mate. I actually mean how could I deposit flat yuan for further trading? That's really confused me. Cheers.  Though I might got the answer

[Btttyaman]

What stopping them to use local-bitcoins? From history you can learn that every time when something is prohibited will have few times higher price, and this will happen to bitcoin also. This will attract many tourists to China they are actually very smart. Bitcoin nor any other crypto currency cannot be banned just will have lack of support in legal exchanges. Traders will find their ways.

Thanks for your reply mate. Yup, the price of bitcoin is actually higher than before. As a resident in China, how could we use Chinese yuan to get involve really confused me. Hope I could find a way. Appreciate

[Btttyaman]

Just be patient . China will re -legalize crypto currency trading as digital currency is the future and no country will want to be left behind.China is still part of the global crytocurrency  community  even with the ban. Mining of cryto currency is still done in China. The government will work on why exchange was banned and put control measures for trading to continue.

Hi, thanks for your reply. I also hope that crypto currency could be re-legalized. The exchange is shutted down one by one made me desperate. Have no idea when the regulation will come out. Sincerely

[rainbow169]

I heard from a chinese friend that there might be someway to do that e.g. using the ripple inner network method. But I suspect these method get shut up quite quickly once its getting popular. You might have to raise the question on Chinese altcoin sub forum or do some research on chinese social media (weibo?) which might give you better answers.

[Btttyaman]

From what I heard Chinese exchanges can't accept fiat yuan deposits, that is all. You can still trade Bitcoin <=> altcoins freely.
Chinese trading moved to p2p trading a long time ago, serious Chinese traders think that price of BTC on centralized exchanges is not 'real.
They started to use Bitstamp, Kraken, Bitfinex as price benchmark and use similar services to localbitcoins.

Oh I see, so actually p2p is how they solve that problem. Like trade in OTC?

[Btttyaman]

I heard from a chinese friend that there might be someway to do that e.g. using the ripple inner network method. But I suspect these method get shut up quite quickly once its getting popular. You might have to raise the question on Chinese altcoin sub forum or do some research on chinese social media (weibo?) which might give you better answers.

Thanks mate. I've tried ripple inner network, however it was really unstable. I lost my ripple twice, it came back after 2 months.  There is a regulation on network. That's why I'm here. haha. Appreciate.

[BitcoinHodler]

people mostly trade altcoins with bitcoin and since bitcoin is not banned and has no problem with deposit and withdrawal since it is decentralized unlike fiat, people can continue doing that.

also as far as i know China never banned trading or all the exchanges. you can still use localbitcoins,... to buy p2p with your fiat. the rate should not be that high since the BTC/CNY tanked
1 BTC = 37580 CNY = 5676 USD (according to Huobi)

[Triload]

They can use VPN to trade coins/tokens in western exchanges, or use OTC website. Especially OTC trading, it is not possible to ban OTC, because such thing is decentralized.

[kamikadze69]

Yes, like others said here, it is still available to trade BTC first through P2P and then trade bitcoin with altcoin. Use OTC to trade BTC is the perfect option. It is just a bit time consuming for you to deposit BTC to exchange. I have done a translation for an ICO project. They will open an exchange with OTC to realize 0 confirmation which saves time. You may have a look. That will be perfect for you guys. Devs sald that it will be online on 1/11. Link:
https://bitcointalk.org/index.php?topic=2293710.0

[Btttyaman]

people mostly trade altcoins with bitcoin and since bitcoin is not banned and has no problem with deposit and withdrawal since it is decentralized unlike fiat, people can continue doing that.

also as far as i know China never banned trading or all the exchanges. you can still use localbitcoins,... to buy p2p with your fiat. the rate should not be that high since the BTC/CNY tanked
1 BTC = 37580 CNY = 5676 USD (according to Huobi)

Hi, thanks for your reply, that's true. But I just checked the price in localbitcoins that the price is 7%-10% higher than the price in Kraken Bitrex. Thanks, p2p should able to solve that. Appreciate.

[Btttyaman]

They can use VPN to trade coins/tokens in western exchanges, or use OTC website. Especially OTC trading, it is not possible to ban OTC, because such thing is decentralized.

That's ture, however, most of the VPN is not working in China so far. OTC, emmm, that's a great idea. Any recommand OTC? Cheers.

[Btttyaman]

Yes, like others said here, it is still available to trade BTC first through P2P and then trade bitcoin with altcoin. Use OTC to trade BTC is the perfect option. It is just a bit time consuming for you to deposit BTC to exchange. I have done a translation for an ICO project. They will open an exchange with OTC to realize 0 confirmation which saves time. You may have a look. That will be perfect for you guys. Devs sald that it will be online on 1/11. Link:
https://bitcointalk.org/index.php?topic=2293710.0

Thanks, that's right, it's time consuming to withdraw BTC to OTC. Thanks for your recommendation. I'll have a look at it. However, it is a French version, any English or Chinese version available? Cheers. Oh, Never mind, I'll search for it,  Arousal isn't it?

[ruffles2016]

As I know cryptocurrencies aren't banned in china, they can buy their bitcoin, litecoin or ethereum still.
Anyways there are big amounts of ways to pass behind laws. They also use vpn. You know.
Some people build their own vpn, its very easy as my electronic engineer friend said.

[Tone147]

At present, Chinese friends are through private transactions, buy BTC, and then in the overseas market transactions。

[Kola]

At present, Chinese friends are through private transactions, buy BTC, and then in the overseas market transactions。

 lol, ofc they can do some laws, but in genereal, they cant close everything, internet gives ppl freedom, anyway i think it is matter of time, they will change their decision about, i think they try to explain clearly before, they dont wanna risk as all ppl