Imerman2 (OP)
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March 11, 2014, 07:50:10 PM |
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Ok so I've been trading crypto for awhile, but I hate trading using dollars. I don't want dollars ever, they are toilet paper. I wanted to use a Chinese trading platform so that my currency used in exchange would be renminbi (I think China has a lot of gold they will probably use to back the Yuan eventually so I'll feel more like I'm trading gold for crypto rather than toilet paper, and I feel comfortable holding either crypto or renminbi). However I don't know all the legal processes involved with CNY withdrawals. I currently have an account at BTC-China and was going to deposit my crypto to trade there, but I can't quite figure out how withdrawals of crypto and CNY work. I need to know what the process is for withdrawing crypto and CNY from BTC-China. Any and all help would be appreciated. (I apologize if my use of CNY and renminbi is not grammatically correct).
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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farlack
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March 11, 2014, 07:53:48 PM |
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Probably should not be any different than dollars, but you may get an exchange fee from your bank.
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RodeoX
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The revolution will be monetized!
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March 11, 2014, 07:56:11 PM |
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Ok so I've been trading crypto for awhile, but I hate trading using dollars. I don't want dollars ever, they are toilet paper. I wanted to use a Chinese trading platform so that my currency used in exchange would be renminbi (I think China has a lot of gold they will probably use to back the Yuan eventually so I'll feel more like I'm trading gold for crypto rather than toilet paper, and I feel comfortable holding either crypto or renminbi). However I don't know all the legal processes involved with CNY withdrawals. I currently have an account at BTC-China and was going to deposit my crypto to trade there, but I can't quite figure out how withdrawals of crypto and CNY work. I need to know what the process is for withdrawing crypto and CNY from BTC-China. Any and all help would be appreciated. (I apologize if my use of CNY and renminbi is not grammatically correct).
Do you have a Chinese bank account or a way to get CNY for a private sale? If your not Chinese it may be very hard to do. Unlike dollars it is not really used outside of China. It is also not backed by gold or anything, forget about backed currency. Perhaps in the future CNY will be more desirable than USD, but many Chinese nationals horde dollars. |
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Imerman2 (OP)
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March 11, 2014, 07:59:50 PM |
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Probably should not be any different than dollars, but you may get an exchange fee from your bank.
I suppose I should have been more precise, do you need a CNY bank account or can you just use a service that transfers from USD to CNY from a USD account, and is it like Gox where you can send in crypto and fiat without verification, but cannot withdraw until you have become verified? I seem to just have an information gap due to the language barrier and I can only gather what I can figure out from the website on my own. |
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Imerman2 (OP)
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March 11, 2014, 08:04:17 PM |
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Ok so I've been trading crypto for awhile, but I hate trading using dollars. I don't want dollars ever, they are toilet paper. I wanted to use a Chinese trading platform so that my currency used in exchange would be renminbi (I think China has a lot of gold they will probably use to back the Yuan eventually so I'll feel more like I'm trading gold for crypto rather than toilet paper, and I feel comfortable holding either crypto or renminbi). However I don't know all the legal processes involved with CNY withdrawals. I currently have an account at BTC-China and was going to deposit my crypto to trade there, but I can't quite figure out how withdrawals of crypto and CNY work. I need to know what the process is for withdrawing crypto and CNY from BTC-China. Any and all help would be appreciated. (I apologize if my use of CNY and renminbi is not grammatically correct).
Do you have a Chinese bank account or a way to get CNY for a private sale? If your not Chinese it may be very hard to do. Unlike dollars it is not really used outside of China. It is also not backed by gold or anything, forget about backed currency. Perhaps in the future CNY will be more desirable than USD, but many Chinese nationals horde dollars. I do not have a Chinese bank account and I don't want CNY in the short-run, but long-run. I'm speculating that China will back its currency with gold in the future in the event of a dollar crises, what I'm concerned with is if I put dollars or crypto into BTC-China, can I get it out or is stuck there because of Chinese restrictions? I understand there may be transfers between dollars and CNY for fiat, but so long as I can get it out in some form without huge fees that's all I need to know. |
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berliston
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March 12, 2014, 09:45:13 AM |
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You have a possibility to get an exchange fee from your bank? am I right?
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RodeoX
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The revolution will be monetized!
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March 12, 2014, 02:01:38 PM |
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]I do not have a Chinese bank account and I don't want CNY in the short-run, but long-run. I'm speculating that China will back its currency with gold in the future in the event of a dollar crises, what I'm concerned with is if I put dollars or crypto into BTC-China, can I get it out or is stuck there because of Chinese restrictions? I understand there may be transfers between dollars and CNY for fiat, but so long as I can get it out in some form without huge fees that's all I need to know.
I have no real expertise on this, but I don't think you can receive CNY from an exchange unless you have a Chinese bank account. If you went to China and bought a stack of yuan then brought it home it may be very hard to sell outside of China. Depending on how much it appreciates it may still be worth it. I find it hard to see how China might back it's currency with gold. The problem is that there is not enough gold to do that without radically raising the price of gold. In that case China makes many other countries more wealthy than they make themselves, for example their rival India. So even if it is true you would be better off buying gold, since you can sell it worldwide. |
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stopdark
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March 14, 2014, 02:13:19 AM |
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CNY and USD are the same thing.
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segree-amanda
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March 14, 2014, 03:00:29 AM |
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Ok so I've been trading crypto for awhile, but I hate trading using dollars. I don't want dollars ever, they are toilet paper. I wanted to use a Chinese trading platform so that my currency used in exchange would be renminbi (I think China has a lot of gold they will probably use to back the Yuan eventually so I'll feel more like I'm trading gold for crypto rather than toilet paper, and I feel comfortable holding either crypto or renminbi). However I don't know all the legal processes involved with CNY withdrawals. I currently have an account at BTC-China and was going to deposit my crypto to trade there, but I can't quite figure out how withdrawals of crypto and CNY work. I need to know what the process is for withdrawing crypto and CNY from BTC-China. Any and all help would be appreciated. (I apologize if my use of CNY and renminbi is not grammatically correct).
CNY and US Dollar are same |
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sn0wfox
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March 14, 2014, 06:49:16 AM |
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Ok so I've been trading crypto for awhile, but I hate trading using dollars. I don't want dollars ever, they are toilet paper. I wanted to use a Chinese trading platform so that my currency used in exchange would be renminbi (I think China has a lot of gold they will probably use to back the Yuan eventually so I'll feel more like I'm trading gold for crypto rather than toilet paper, and I feel comfortable holding either crypto or renminbi). However I don't know all the legal processes involved with CNY withdrawals. I currently have an account at BTC-China and was going to deposit my crypto to trade there, but I can't quite figure out how withdrawals of crypto and CNY work. I need to know what the process is for withdrawing crypto and CNY from BTC-China. Any and all help would be appreciated. (I apologize if my use of CNY and renminbi is not grammatically correct).
I know that to withdraw CNY from BTC China, you will need to have a Chinese Bank Account which you opened in mainland China, so it can't be for example a Bank of China account that you opened up overseas. And the process is pretty straight forward, and it'll be in CNY if you're withdrawing to your Chinese Bank Account. |
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logicalwire
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March 14, 2014, 01:33:01 PM |
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But if I send Bitcoin to BTC-China could I withdraw it without get verified account ?
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sn0wfox
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March 15, 2014, 03:00:56 AM |
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But if I send Bitcoin to BTC-China could I withdraw it without get verified account ?
Yeah, you'll need to provide your ID for them to verify your account before you could withdraw. |
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TTM
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March 18, 2014, 10:23:49 AM |
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But if I send Bitcoin to BTC-China could I withdraw it without get verified account ?
Yeah, you'll need to provide your ID for them to verify your account before you could withdraw. So i need to provide my passport no matter which kind of currency i deposit/withdraw ? I want to trade only BTC <-> LTC <-> BTC on there, no fiat involved. |
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BitOnyx
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March 18, 2014, 12:32:36 PM |
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I don't think China has a lot of gold and they use rather more drastic ways of controlling they currency then just buying it out when necessary. Look on they inflation in pas years, it is ridiculous.
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sn0wfox
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March 19, 2014, 01:57:34 AM |
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But if I send Bitcoin to BTC-China could I withdraw it without get verified account ?
Yeah, you'll need to provide your ID for them to verify your account before you could withdraw. So i need to provide my passport no matter which kind of currency i deposit/withdraw ? I want to trade only BTC <-> LTC <-> BTC on there, no fiat involved. That I'm not too sure, but when you register with them they require you to fill in your passport details etc. |
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