11 Best Exchanges To Buy Bitcoin in China (Updated )

Buy bitcoin in china

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However, in lateall bitcoin exchanges in China were banned from cryptocurrency trading. In this article, we will introduce some alternative methods to buy bitcoins in China under the current situation.

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You might have heard that there are a large number of buy bitcoin in china miners in China, and the bitcoin trading volume used to be very high in China before Chinese bitcoin exchanges were banned from bitcoin trading. In latethe Chinese government ordered all bitcoin exchange in China to stop cryptocurrency trading.

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After that, buying bitcoins in China became quite difficult. If you have been staying in China for some time, you must know that getting money out of China is quite difficult. Many people in China want to transfer money out of China for different reasons.

Regardless of your experience, we have a guide for you! Chapter 1: Buying Bitcoin The simplest and most efficient way to get yourself some Bitcoin is to buy it. There are many reputable exchanges that serve over a hundred countries around the world.

Then people discovered bitcoins can be used to bypass this restriction. Given the right tool such as a bitcoin walletyou can transfer bitcoins worldwide between two bitcoin accounts anonymously.

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In this way, you can bypass the USD 50K limit. As a result, bitcoin exchanges in China were told to temporarily halted bitcoin withdraws. However, around Septemberthe government decided to completely ban cryptocurrency trading at local bitcoin exchanges. In earlyChina blocked internet access to all major cryptocurrency exchanges that are operating outside of China.

Buying Bitcoin in China: A Step by Step Guide for 2020

People in China had to rely on tools such as VPNs to visit the blocked exchanges. As a result, using bitcoin to get money out of China is no longer easy. After all local bitcoin exchanges were shutdown in China, cryptocurrency trading activities declined dramatically in China.

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However, people have found some other ways to buy bitcoins in China. For example, you can still buy bitcoins from overseas bitcoin exchanges such as Coinbase, Bitfinex etc. Some people in China choose to trade bitcoins offline face-to-face.

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For example, two people can meet face-to-face. The other person can transfer bitcoins to the first person using a mobile bitcoin wallet.

  • In fact, some of the biggest crypto companies on earth are based in China, and the centralized events tend to greatly affect demand on the global Bitcoin network——it goes without saying that China is the undisputed world champion when it comes to Bitcoin.
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This kind of P2P bitcoin exchanges differs from other bitcoins exchanges such as Bitfinex in a number of ways. At a peer-to-peer bitcoin marketplace, sellers can post their offers and the buyer buys bitcoins from the seller directly.

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Unlike with traditional bitcoin exchanges, where all buyers need to send money to the exchange first and the payment process might involve international money transferat P2P marketplaces, the buyer pays the seller directly using a payment method the seller is happy with, for example, bank transfer, Alipay, WeChat, or even face-to-face cash payment. Visit Localbitcoins For example, if you live in Shanghai and you want to buy some bitcoins, you can log on LocalBitcoins where you might find some sellers in China willing to sell some bitcoins and accept Alipay as a payment method.

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You decide to buy from that guy and you send money to him using Alipay or using WeChat, bank transfer, or even cash. As you can see, in this way you can trade bitcoins in China without going through complicated account opening and international money transfer as with bitcoin exchanges such as Coinbase and Bitfinex.

Also, you might need to be buy bitcoin in china of bad guys when doing your trade.