how to buy bitcoins in china

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How to buy bitcoins in china explain betting odds

How to buy bitcoins in china

You can still learn a lot about the nuts and bolts of Bitcoin and contribute to its decentralization by running your own full node. While you can mine Bitcoin using a desktop or laptop computer, if you really want to learn about how the major operations do it you should consider buying an ASIC miner. The next step is to select a mining pool. The block reward is then distributed to all participants in the pool. This makes your chances of successfully mining a block on your own essentially zero.

Mining software does the job of synchronizing your mining hardware with the pool and contributing hashing power. Some programs promise better efficiency and higher returns than others. There is mining software for Windows, Mac, and Linux operating systems.

Unfortunately, the days of getting Bitcoin for free are largely gone. Gavin Andresen - founder of the Bitcoin Foundation - set up a Bitcoin faucet in This amount was gradually reduced down from 5 BTC, to 1, to 0. There are still a number of faucets in operation, but nowadays they pay out just a few satoshis 0. There are people willing to pay in Bitcoin for graphic design, videography, copywriting, and many more skills.

Alternatively, many crypto companies and publications are open to paying in Bitcoin. You may have heard about the hacks of Mt Gox, Bitfinex, Quadriga, or Coincheck and be rightly concerned about keeping your Bitcoin on an exchange. There are a number of ways to store your Bitcoin that are much more secure than an exchange. Read on to find out more.

All cryptocurrencies are stored in wallets. A wallet is exactly what it sounds like: a place to keep your currency. But instead of being kept in your pocket, wallets exist on a blockchain. The term Bitcoin wallet refers to the public address of your Bitcoin holdings.

Think of this like a locked mailbox: anyone can send you mail but only you can retrieve it. You do this with your private key. Non-exchange wallets allow you to hold onto your own private keys. There are as many ways of getting a Bitcoin wallet as there are different types of wallet. A hardware wallet is an electronic device that stores your private keys in a secure chip.

This chip isolates your private keys from the vast majority of attack vectors. Your keys cannot leave this chip in unencrypted form. Ledger, Trezor, and KeepKey are three of the biggest hardware wallet manufacturers. All three offer software that lets you check your balance, as well as send and receive Bitcoin and other cryptocurrencies.

Additionally, a number of browser wallets including Metamask allow you to connect a hardware wallet. This lets you take advantage of the security of a hardware wallet while benefiting from the convenience of a browser wallet interface. Many hardware wallet makers open-source their code, meaning the community can audit it and check for any bugs or weak spots. Ledger is a notable exception: their source code is proprietary. Software wallets - also known as hot wallets - are programs on computers or devices that are connected to the internet.

Software wallets are very convenient as they allow you to connect with web-based platforms and apps. The problem with software wallets, however, is that your private keys are stored on your computer. They are usually encrypted with a password, but a dedicated hacker could make use of a keylogger to steal your password and unlock your wallet.

By contrast, your private keys never leave a hardware wallet. Instead, you sign a transaction using this key on the device and this message is then broadcasted. Some more advanced software wallets such as Electrum allow you to create secure cold storage wallets. These are view-only, meaning you can check your balance but not send any funds. You can also create unsigned transactions on the computer connected to the internet, transfer it over to a secure computer to sign it, then send it back to the first computer to broadcast the transaction.

It does mean having a computer that you trust to be at least as secure as a hardware wallet. For most people, a hardware wallet will achieve the same level of security with much less effort and less possible mistakes along the way. Paper wallets are the ultimate in offline storage. Other physical wallets such as steel wallets and anything that stores a seed phrase in physical form are included in this category.

A paper wallet is a print out of your public and private keys, often with a QR code for each which makes for easy scanning. As there is no way to connect a paper wallet to the internet, the only way anyone can get their hands on your Bitcoin is for them to take possession of your actual paper wallet. When you want to spend the funds on your paper wallet, you can import the private key into a wallet client and transact as you wish.

Any wallet whose private key you have copy-pasted or entered into any online machine should be considered compromised. Paper wallets are more complicated to set up than other types of wallets, but they are one of the best solutions for long-term cold storage. The cryptocurrency space has seen its fair share of scams.

At face value, a Ponzi scheme can look very similar to a legitimate hedge fund. Portfolio managers tout their proprietary investment tactics and attract investors with promises of market-beating returns on investment. This is the first warning sign: never trust anyone who offers you guaranteed returns. Since then, the trading of cryptocurrency has come to a halt online. Luckily, there are other ways to acquire cryptocurrencies like Bitcoin if you want them.

Though every China Crypto Exchange has been closed, P2P platforms are still available and useful for acquiring digital assets. There are no ASIC miners that I could find on Taobao, so I believe that if you want to get your hands on this kind of equipment, you'll have to order it directly from manufacturers on Alibaba.

Read my article for more insights on the endeavor of mining in China. If you're wondering how to buy Bitcoin on Coinbase in China, you can't. Coinbase is not available in China. They have also introduced regulations in the US that will make your Coinbase restricted if you do not verify your identity with a state ID of some kind. This is why I advise setting up an account before moving to China, so that you still have a valid ID to access your wallet addresses.

Can Coinbase be trusted? I wouldn't use their website as a wallet. As a way of exchanging fiat for digital currencies and making bank deposits, I find their services suitable. Remember that if you don't have the keys, you don't own it. Buy Paxful Bitcoin instead of using major platforms Local Bitcoins.

Paxful is another popular option with high support in Japan to buy if you have trouble accessing LocalBitcoins. The steps you follow and the process to buy and sell in China are the same as those described above. First you find someone that is making offers in China, make an order. When you send them the funds to buy, they transfer the assets to your accounts.

Like LBC, Paxful has suitable security with 2-factor authentication. This is a good way to protect personal information. I recommend liking their pages on facebook to find other Bitcoin customers to buy and trade with. You can read updates about which places are holding trades in the world. Investing in Bitcoin is highly risky and speculative, and this article is not a recommendation by Based Bachelor to invest in Bitcoin. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.

Based Bachelor makes no representations or warranties as to the accuracy or timeliness of the information contained herein. This site uses Akismet to reduce spam. Learn how your comment data is processed. Skip to content This page contains affiliate links!

As an Amazon Associate, Based Bachelor earns from qualifying purchases. Buy Bitcoin in China in 5 Steps:. Choose a Payment Method. Register at Local Bitcoins. Choose Currency. Different Regions, Different Rates. Choose a Seller. How Much is One Bitcoin? Send Trade Request. Make a Payment. Part 2: Sending Bitcoin Home. Don't Use Paypal. Sending Money to Your Coinbase Account.

Top Chinese Bitcoin Exchanges are Closed. Coinbase in China. Paxful Wallet.

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If you want to, you can buy RMB worth! In the next window, the seller will provide payment details. Each time they send you a message, you should get a email directed to the address you used to register. At that point, the seller is obligated to release the Bitcoin to your account.

After the seller releases, and you see your Bitcoin number in the upper right, make sure to thank them. Give them a trusted ranking. Sometimes after receiving your coins, the wallet in the upper right won't automatically update. If you refresh the screen, it should show your correct balance. I've been using Bitcoin to transfer money out of China for a while now. These steps will differ depending on your country of residence.

I am an American, so what I tend to do is send the money back to my Coinbase account connected to my U. Bank Account. You can also simply turn around and sell your bitcoin for the currency of your choice through any of the other payment methods included in the LocalBitcoins drop-down menu. Transferring to Coinbase and selling is much safer. If you decide to open an account at Coinbase, make sure you follow the necessary procedures described on the site to secure your account.

After signing up, it will take a few days before the service is available for use. Here is my referral link to get established at Coinbase:. After the money is in your Coinbase account, you can either sell it or hold it as an investment by transferring the coin into your Bitcoin vault. You can easily buy Bitcoin with a credit card Check my list of reputable sellers below , transfer the Bitcoin to Local Bitcoins. After selecting China and RMB, you can take a look at the listings below until you find a rate and a payment system you agree to.

Enter the amount of money in Bitcoins and then click the green button. Give them a trusted rating. This should be all the information you need to make use of Bitcoin as a foreigner in China. If there are any other details you feel I should clarify or add, please leave a comment below. You might have heard in the news, as of , all of the largest private Bitcoin exchanges in China were banned by the government. Not only are there limited ways to make China Bitcoin trades, mining operations were also closed.

Trading essentially can't be done on Chinese platforms in China. If Chinese buyers wanted to buy or sell Cryptocurrencies they are forced to go to outside companies or adopt person to person methods. No one knows if a Chinese Bitcoin exchange will reopen in the near future. This was mostly to crack down on fraud involving ICOs. Since then, the trading of cryptocurrency has come to a halt online. Luckily, there are other ways to acquire cryptocurrencies like Bitcoin if you want them.

Though every China Crypto Exchange has been closed, P2P platforms are still available and useful for acquiring digital assets. There are no ASIC miners that I could find on Taobao, so I believe that if you want to get your hands on this kind of equipment, you'll have to order it directly from manufacturers on Alibaba. Read my article for more insights on the endeavor of mining in China.

If you're wondering how to buy Bitcoin on Coinbase in China, you can't. Coinbase is not available in China. They have also introduced regulations in the US that will make your Coinbase restricted if you do not verify your identity with a state ID of some kind. This is why I advise setting up an account before moving to China, so that you still have a valid ID to access your wallet addresses.

Can Coinbase be trusted? I wouldn't use their website as a wallet. As a way of exchanging fiat for digital currencies and making bank deposits, I find their services suitable. Remember that if you don't have the keys, you don't own it. Buy Paxful Bitcoin instead of using major platforms Local Bitcoins.

Soon enough, a flood of businesses began accepting Bitcoin and other cryptocurrencies as payment. Baidu - the Chinese search engine giant - was for a period accepting Bitcoin for its website security service offerings. In fact, in Bitcoin traded more against the Chinese yuan than any other currency. This buzz of activity attracted miners, who set up shop in areas with cheap energy.

One major driver of Bitcoin's popularity in China is the widespread desire to remove their capital from the control of the CCP and integrate it into the worldwide economy. Wealthy Chinese people are highly motivated to seek out overseas investment opportunities and means of exchanging their Yuan CNY for U.

The yuan is subject to strict capital controls which make moving money in and out of the country difficult. China has not taken a favorable view of Bitcoin. In , the Chinese government instated an official ban on all cryptocurrency trading and investing, which was followed the next year by a proclamation that all crypto-related WeChat and social media profiles would be shut down.

Bitcoin mining was strongly discouraged if not quite outlawed entirely. This was done with the stated goal of protecting investors from dangerously speculative trading products and scams like PlusToken more on that below. This is part of the broader "blockchain, not Bitcoin" appraoch that the Chinese state has taken. It seems that the government sees value in blockchain technology, and indeed may be the first to issue their own Central Bank Digital Currency CBDC , but views Bitcoin as an anti-estbalishment threat.

China's recent trials of a CBDC are at a more advanced stage than any other country's. China clearly sees value in blockchain technology and is aiming to be at the vanguard of its development. Delivering an immediate boost to the Chinese Bitcoin community and BTC's price as well , in October President XI Jinping issued a statement in support of blockchain technology research.

One blockchain developer whose family had urged him to quit after the rumblings and ICO ban in said that he was relieved to "no longer feel on tenterhooks when coding. Not quite yet. According to Changelly's roundup of Bitcoin in China , "Bitcoin and other international decentralized cryptocurrencies are illegal to store and trade for individuals and any corporate entities. Many people decide to take the risk and use VPNs to bypass restrictions and utilize foreign exchanges.

Yet sometimes government intervention can have an opposite effect to the one desired. Mainland China's tightening of its grip on Hong Kong has caused many residents to turn to crypto in order to safeguard their money. Hong Kong residents are increasingly turning to Bitcoin and stablecoins in an effort to preserve their wealth in light of the newly imposed capital controls by Beijing.

While the lives of miners may be difficult, local exchanges are forced to comply with last-minute regulations, and individuals have to take into account the legal gray area in which they operate, there is undeniable interest and engagement with Bitcoin in China.

Since , Bitcoin has provided an increasingly viable alternative to the fiat currency system, and as long as there that system continues to be suveilled and controlled by third-parties, there will be demand for decentralized alternatives. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. In addition to the big players such as Binance, Huobi, and OKex, there are some smaller but still significant Chinese exchanges.

Miners in China benefit from very low energy prices - partly due to an abundance of cheap but dirty coal - and the presence of many of the major mining pools, which help ensure steady income. A relatively consistent cash flow helps miners budget for operating expenses, market fluctuations, and the inevitable hardware upgrades required every year or two to stay competitive.

This shows the importance of Bitcoin mining as a serious industry in China. This industry could not operate at such a scale without the blessing - tacit or official - of the CCP. There are concerns about one country controlling a majority portion of the Bitcoin hash rate. This centralization of mining power is antithetical to the ideology of Bitcoin. If you're interested learning more about Bitcoin, mining including how to set up your own node, check out our guide here.

For more on Bitcoin mining in China, we have a page outlining the history and future of the mining industry in China. Plus Token was a Ponzi scheme that was marketed as a high-yield investing platform. Check out the inforgraphic below for a brief overview of the plustoken scam. First off, those who put money into Plus Token were generally people unfamiliar with the world of Bitcoin and cryptocurrency. Moreover, rapid growth for investors has not been at all out of the ordinary in recent years in China.

China has enjoyed an explosion of wealth creation in recent decades, so Chinese citizens used to quick capital growth and wealth accumulation are less sensitive to this type of Ponzi when they front as high-yield investments. Plus Token advised users on how to purchase crypto that they could then deposit into the app.

Users were paid for the "interest" on their deposits, and received their dividends in the form of the app's native Plus Token. While early users did receive payouts, unless they immediately converted their Plus tokens to a more reputable currency, they ended up being scammed just as much as those who lost their deposits and never received any dividends at all. Plus token is now not listed on any exchanges, and is essentially worthless.

As with many scams, a lot of effort was put into making it seem legitimate. There were advertisements in Chinese supermarkets, rave-like events in auditoriums set to K-Pop soundtracks, even billboards in Chinese cities. The promise of high returns combined with incentives for bringing in new users is always a recipe for trouble. Yet it can be hard to look past the lure of money and see a scam for what it truly is.

ACChain was a freshly-minted ICO that aimed to create a platform to streamline the process of digitizing monetary assets onto a blockchain. Some investors were unhappy with the level of engagement from the team on their official Telegram channel, and requested to see pictures of them at work. When these were not provided, one investor and Reddit user slinterface went to the company's offices in Shenzen, China. Slinterface asked around and neighboring offices confirmed that ACChain executive Jia Wan and two companies were present in those offices until February Both are majority-owned by a third company, for which Jia Wan serves as legal representative.

Shenzhen Puyin Blockchain Group was under investigation by the Police Department of Nanshan District for false and illegal advertising. Neighbors also reported that about three weeks after ACChain left the offices, a group of "mafia-like" men came and took everything that remained. There are reports that they were arrested. After the disappearance of the team, it emerged that a company named ACChain Technology International Services was registered in the tax haven of Jersey.

There has been little word of developments in the case, though one thing is for sure: ACChain investors will be lucky to see a cent of their equity ever returned. It's hard to know exactly how much Bitcoin is owned by Chinese individuals or entities.

The nature of the blockchain does not give any real clues as to the country of origin of any wallet's holder. Bitcoin's pseudonymity also makes it hard - or impossible, without special tools - to tie together a user's multiple wallets, or to determine what percentage of coins are irrevocably lost.

While many of the largest exchanges are Chinese - Binance, Huobi, and OKex are the largest exchanges either founded or currently operating out of China - they all serve clients from around the world. The Chinese government has given no indication that it holds any Bitcoin, nor would its recent attitude towards crypto suggest that it would be likely to divulge that sort of information. This all makes it very difficult to get an accurate idea of how much Bitcoin China or Chinese residents own.

It's simple to find out what would happen if China bans Bitcoin mining: it's happened a couple of times in the past. China's back-and-forth attitude to Bitcoin has put miners under stress. While mining has and hasn't been banned in China at different points over the last decade, miners have continued to operate.

The effects of the ban are more of a removal of official privileges rather than an outright cessation of activity. For example, in August 21 Bitcoin miners in Inner Mongolia had their ability to buy and sell excess energy on the local energy market revoked. This effectively stripped them of the discount that helped make their operations profitable.

It was the regional government that ordered this crackdown, rather than the CCP itself, though the local authorities were clearly acting with the state government's recent proclamations in mind. Interestingly, one of the firms that was blacklisted was the Inner Mongolia department of China Telecom, which suggests that some state-affiliated enterprises are getting in on mining. The suspension came after government inspections revealed that of the 30 "cloud computing service providers" in the area, 21 of them were actually crypto mining farms.

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With their wide range of payment options, P2P exchanges are particularly useful for those who may not have access to a bank account, social security number, or other forms of identification that most exchanges require. They also have the benefit of not storing your sensitive personal information in centralized databases that are ripe for the picking by hackers. LocalCryptos, for example, runs off smart contracts and encrypts all communication between buyers and sellers. The keys to your messages are only accessible by the operators in the event of arbitration, and are otherwise destroyed 30 days after completion of the trade.

The platform keeps no records on users. Takeaway: Centralized exchanges often have the lowest fees and allow you to benefit from the convenience of linking bank accounts and debit cards to set up recurring buys. As their name implies, however, your personal information and Bitcoin holdings are held in centralized accounts. Despite the security measures taken by exchanges, these are still prize targets for hackers.

Peer-to-peer exchanges are decentralized and offer just about any payment method that you and a buyer or seller can agree on. Your personal information is not held by any centralized entity and P2P exchanges are non-custodial, meaning you retain the keys to the Bitcoin you purchase. Luckily, there are a number of ways you can earn Bitcoin. While in the very early days of Bitcoin some people earned hundreds or thousands of Bitcoin by mining it on their home computer, this is no longer economically feasible for the average person.

These are highly specialized pieces of hardware that are optimized for the task of solving the complicated mathematical problems that Bitcoin mining requires. Small-scale miners compete with huge organizations located in areas with cheap energy and with millions of dollars worth of specialized hardware at their disposal. You can still learn a lot about the nuts and bolts of Bitcoin and contribute to its decentralization by running your own full node. While you can mine Bitcoin using a desktop or laptop computer, if you really want to learn about how the major operations do it you should consider buying an ASIC miner.

The next step is to select a mining pool. The block reward is then distributed to all participants in the pool. This makes your chances of successfully mining a block on your own essentially zero. Mining software does the job of synchronizing your mining hardware with the pool and contributing hashing power. Some programs promise better efficiency and higher returns than others. There is mining software for Windows, Mac, and Linux operating systems.

Unfortunately, the days of getting Bitcoin for free are largely gone. Gavin Andresen - founder of the Bitcoin Foundation - set up a Bitcoin faucet in This amount was gradually reduced down from 5 BTC, to 1, to 0. There are still a number of faucets in operation, but nowadays they pay out just a few satoshis 0.

There are people willing to pay in Bitcoin for graphic design, videography, copywriting, and many more skills. Alternatively, many crypto companies and publications are open to paying in Bitcoin. You may have heard about the hacks of Mt Gox, Bitfinex, Quadriga, or Coincheck and be rightly concerned about keeping your Bitcoin on an exchange. There are a number of ways to store your Bitcoin that are much more secure than an exchange.

Read on to find out more. All cryptocurrencies are stored in wallets. A wallet is exactly what it sounds like: a place to keep your currency. But instead of being kept in your pocket, wallets exist on a blockchain. The term Bitcoin wallet refers to the public address of your Bitcoin holdings.

Think of this like a locked mailbox: anyone can send you mail but only you can retrieve it. You do this with your private key. Non-exchange wallets allow you to hold onto your own private keys. There are as many ways of getting a Bitcoin wallet as there are different types of wallet. A hardware wallet is an electronic device that stores your private keys in a secure chip.

This chip isolates your private keys from the vast majority of attack vectors. Your keys cannot leave this chip in unencrypted form. Ledger, Trezor, and KeepKey are three of the biggest hardware wallet manufacturers. All three offer software that lets you check your balance, as well as send and receive Bitcoin and other cryptocurrencies. Additionally, a number of browser wallets including Metamask allow you to connect a hardware wallet. This lets you take advantage of the security of a hardware wallet while benefiting from the convenience of a browser wallet interface.

Many hardware wallet makers open-source their code, meaning the community can audit it and check for any bugs or weak spots. Ledger is a notable exception: their source code is proprietary. Software wallets - also known as hot wallets - are programs on computers or devices that are connected to the internet.

Software wallets are very convenient as they allow you to connect with web-based platforms and apps. The problem with software wallets, however, is that your private keys are stored on your computer. They are usually encrypted with a password, but a dedicated hacker could make use of a keylogger to steal your password and unlock your wallet.

By contrast, your private keys never leave a hardware wallet. Instead, you sign a transaction using this key on the device and this message is then broadcasted. Some more advanced software wallets such as Electrum allow you to create secure cold storage wallets.

These are view-only, meaning you can check your balance but not send any funds. China has enjoyed an explosion of wealth creation in recent decades, so Chinese citizens used to quick capital growth and wealth accumulation are less sensitive to this type of Ponzi when they front as high-yield investments.

Plus Token advised users on how to purchase crypto that they could then deposit into the app. Users were paid for the "interest" on their deposits, and received their dividends in the form of the app's native Plus Token. While early users did receive payouts, unless they immediately converted their Plus tokens to a more reputable currency, they ended up being scammed just as much as those who lost their deposits and never received any dividends at all.

Plus token is now not listed on any exchanges, and is essentially worthless. As with many scams, a lot of effort was put into making it seem legitimate. There were advertisements in Chinese supermarkets, rave-like events in auditoriums set to K-Pop soundtracks, even billboards in Chinese cities. The promise of high returns combined with incentives for bringing in new users is always a recipe for trouble.

Yet it can be hard to look past the lure of money and see a scam for what it truly is. ACChain was a freshly-minted ICO that aimed to create a platform to streamline the process of digitizing monetary assets onto a blockchain. Some investors were unhappy with the level of engagement from the team on their official Telegram channel, and requested to see pictures of them at work.

When these were not provided, one investor and Reddit user slinterface went to the company's offices in Shenzen, China. Slinterface asked around and neighboring offices confirmed that ACChain executive Jia Wan and two companies were present in those offices until February Both are majority-owned by a third company, for which Jia Wan serves as legal representative. Shenzhen Puyin Blockchain Group was under investigation by the Police Department of Nanshan District for false and illegal advertising.

Neighbors also reported that about three weeks after ACChain left the offices, a group of "mafia-like" men came and took everything that remained. There are reports that they were arrested. After the disappearance of the team, it emerged that a company named ACChain Technology International Services was registered in the tax haven of Jersey.

There has been little word of developments in the case, though one thing is for sure: ACChain investors will be lucky to see a cent of their equity ever returned. It's hard to know exactly how much Bitcoin is owned by Chinese individuals or entities.

The nature of the blockchain does not give any real clues as to the country of origin of any wallet's holder. Bitcoin's pseudonymity also makes it hard - or impossible, without special tools - to tie together a user's multiple wallets, or to determine what percentage of coins are irrevocably lost. While many of the largest exchanges are Chinese - Binance, Huobi, and OKex are the largest exchanges either founded or currently operating out of China - they all serve clients from around the world.

The Chinese government has given no indication that it holds any Bitcoin, nor would its recent attitude towards crypto suggest that it would be likely to divulge that sort of information. This all makes it very difficult to get an accurate idea of how much Bitcoin China or Chinese residents own. It's simple to find out what would happen if China bans Bitcoin mining: it's happened a couple of times in the past.

China's back-and-forth attitude to Bitcoin has put miners under stress. While mining has and hasn't been banned in China at different points over the last decade, miners have continued to operate. The effects of the ban are more of a removal of official privileges rather than an outright cessation of activity. For example, in August 21 Bitcoin miners in Inner Mongolia had their ability to buy and sell excess energy on the local energy market revoked.

This effectively stripped them of the discount that helped make their operations profitable. It was the regional government that ordered this crackdown, rather than the CCP itself, though the local authorities were clearly acting with the state government's recent proclamations in mind. Interestingly, one of the firms that was blacklisted was the Inner Mongolia department of China Telecom, which suggests that some state-affiliated enterprises are getting in on mining. The suspension came after government inspections revealed that of the 30 "cloud computing service providers" in the area, 21 of them were actually crypto mining farms.

This reaction shows that China is less interested in eliminating Bitcoin mining than it is in controlling it. If China truly did ban Bitcoin mining once and for all, there would be a large effect on the hashrate, which would drop significantly in the short-term. This would create a price incentive for miners to move or start up businesses elsewhere with cheap energy and favorable regulations, bringing the hash rate back up in the medium to long-term. For the moment, Bitcoin mining is alive and mostly well in China, with new operations opening frequently.

You can check the price of Bitcoin in China by visiting any Chinese exchange and seeing what the last price the asset sold for was. Alternatively, there are a range of market reporting tools out there such as CoinGecko which aggregate information from a list of the largest exchanges.

These list the "official" price, non-inclusive of fees and premiums that Chinese customers may have to pay. As cnLedger explains, the easiest way to buy Bitcoin after the ban is to buy a stablecoin OTC, which is legal in China and can then be sent to any exchange in the world to buy Bitcoin or any other crypto.

Coinbase has announced no plans to open up an offering for Chinese residents. The exchange is however available for Hong Kong residents, for the time being. Hong Kong users can only convert between cryptocurrencies on their account, there is no support for fiat on- or off-ramps. Bitcoin ATMs are not very widespread in China. Yet there are zero listed for mainland China, meaning you'll have to do some more digging if you want to find one. In fact, it currently sits in the lobby of BTC China's headquarters, as a memory of times gone by.

China, then, is not a haven of Bitcoin ATMs. If you're in mainland China and really need to access one, your best bet is going to Hong Kong or further abroad. With Bitcoin ATMs almost non-existent and crypto-to-fiat withdrawals difficult, when not illegal, the options are limited. As outlined above, there is a decent amount of Chinese yuan liquidity on LocalBitcoins , meaning that this could be an effective method for cashing out. It's for this reason that Hong Kong residents who are eager to get their savings out of the legacy banking system are trading BTC and USDT on physical wallets, paper and hardware.

Huobi also offers a peer-to-peer P2P marketplace, similar to LocalBitcoins. The majority of offers request Alipay as the payment method. As it is still not officially approved in China, be sure to take care when buying or selling any cryptocurrencies. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity.

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