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Author Topic: Chinese exchange volume higher than Mtgox  (Read 3051 times)
jl2012
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October 12, 2013, 04:16:52 PM
 #21

I personally trust the volume figure of btcchina.com, bitxf.com, and rmbtb.com . I trade on all these platforms and they act professional.

Not saying that the rest are not legit, just I have never traded on them. btc100.org is high probably because they are giving share of the exchange to traders. btc008.com is a known and ongoing scam.

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October 12, 2013, 07:28:50 PM
 #22

The Chinese exchange situation is going to be interesting. China has tight exchange controls. Moving large amounts of yuan in and out of China into other currencies requires specific permits. Bitcoin offers a way to bypass those exchange controls.

That may provoke a crackdown.
jl2012
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October 12, 2013, 07:52:45 PM
 #23

Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.

To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

(However, this is China, which means the government policy could change overnight)




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October 12, 2013, 07:59:55 PM
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Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.

To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

(However, this is China, which means the government policy could change overnight)





Then, it is quite surprising the volume isn't even higher.

Could you imagine if it was that easy to get BTC in American, Europe, etc. what would happen to the volume?
Perhaps the storm is just getting started in China...

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BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
jl2012
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October 12, 2013, 08:18:34 PM
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Another point most of you do not aware is that Chinese BTC exchanges have the best integration with fiat transfer system. Transferring fiat in and out is the biggest headache for many bitcoin exchanges (see MtGox). In China, however, it is completely painless. Taking btcchina, the biggest exchange as example. Users can transfer fiat from any major Chinese bank to the exchange instantly with zero fee. Therefore, depositing BTC is literally faster than depositing bitcoin.

To withdraw, only 0.5% is deducted and in most cases it will arrive in 24 hours. No daily limit. No AML or KYC. All you need are accounts of any major Chinese bank and Tenpay (the Chinese version of Paypal).

(However, this is China, which means the government policy could change overnight)





Then, it is quite surprising the volume isn't even higher.

Could you imagine if it was that easy to get BTC in American, Europe, etc. what would happen to the volume?
Perhaps the storm is just getting started in China...

Although they have painless fiat deposit and withdraw + 0% tx fee, the volume is still lower than Western exchanges. This means the Chinese market may not be as big as some people think (yet).

That may also explain why the price is higher in Chinese markets. There is actually a nice gap for arbitrage between btc-e and btcchina. The gap was >10% just after the silkroad crackdown.

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cowandtea
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October 13, 2013, 02:48:28 PM
 #26

Is that already happened before?
Mtgox is now third one in terms of volume, seems less relevant than ever...
And china's market seems to be in pretty good shape



China's market going to dominate Bitcoin, let them push up the price Smiley

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October 14, 2013, 03:22:17 AM
 #27

Contrary to the general knowledge of many western people, Chinese people, especially those living in coastal areas, are actually very well-off. Like a saying nowadays in Chinese media, they snatch off new for-sale apartments as if they're buying a basket of Chinses cabbage. 买房像买大白菜! So if they like, buying a couple of bitcoins is only a piece of cake.  Grin



...as if they're buying a basket of Chinses cabbage. 买房像买大白菜!

                               
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