Buying and Selling Bitcoins in China
Bitcoin has become so popular in recent years. This cryptocurrency based on the blockchain technology is getting more and more attention from people around the world. If you have been paying attention to the financial news recently, you must know that the price of bitcoin has increased many hundreds of times in a short period of time!
When it comes to selling and buying bitcoins in China, it's more difficult to do so at this moment. That's because the Chinese government decided to shut down local bitcoin exchanges such as OKCoin, Huobi etc. in 2017. As a result, people in China will no longer be able to buy and sell bitcoins with their RMB as easy as before.
As a matter of fact, bitcoin used to be very popular in China. The bitcoin trading volume used to be extremely high in China, just before the Chinese local bitcoin exchanges closed their door.
Facing the problem of not being able to trade bitcoins at local bitcoin exchanges in China, many Chinese people have turned to other methods to buy and sell bitcoin.
Some people decide to trade bitcoin offline, meaning buying and selling face-to-face. Other people in China have changed to use foreign bitcoin exchanges such as Coinbase, Bitfinet, Kraken etc. to do their bitcoin trading. However, opening such a foreign bitcoin exchange account is not an easy task for most people in China. Therefore, the usage of foreign bitcoin exchanges in China is not as high as compared to other countries.
Some people in China have been using OTC (over the counter) bitcoin exchanges to buy and sell bitcoins in China. This kind of bitcoin exchanges includes localbitcoins.com etc. and can be used as a platform or middle-man for people to trade bitcoins in a peer-to-peer fashion.
Some people suspected that the Chinese government might allow bitcoin exchanges to operate in China again in the near future. If that's the case, it will make buying and selling bitcoins in China become much easier.