Learn how to buy bitcoin in China whether you are a foreigner or a local.
Bitcoin trading was restricted by the Chinese government starting in early 2018. The restrictions grew to such a point that the government decided to do away with trading in cryptocurrency completely. This presented a big problem for bitcoin enthusiasts. However, there are still some ways to overcome the government ban on bitcoin. Therefore, in this article, you are going to learn how you can buy Bitcoin in China.
Choose a Bitcoin Exchange
Since bitcoin trading is under a ban in China, you are going to register to one of these platforms using a VPN. A VPN hides your traffic thus ensuring that whatever you are doing online is hidden from prying eyes.
You can use ExpresVPN or NordVPN for signing up to a bitcoin exchange.
LocalBitcoins
Head to the LocalBitcoins website and create an account. Proceed to verify your email address, and you should now be able to see the option Quick Buy.
Choose the currency (CNY), and LocalBitcoins will now list all the people around China who are looking to sell their bitcoin. A small point to note is that with LocalBitcoins, the higher the amounts of bitcoin you purchase, the better the rates.
Next, you have to identify a seller. The ideal seller should have a 100% feedback score. Ensure that you have an idea of who they are by looking into their history and the number of confirmed trades.
If they seem legit and trustworthy, you can click on Buy. Then proceed to choose the amount of money you want to use to purchase bitcoin. Proceed by clicking Send trade request.
The seller is notified that someone is interested, and then he will proceed to provide his payment details and a preferred payment method.
LocalBitcoins will send all information from the Seller into your registered email address, therefore when trading, keep on checking your mail.
Payment Methods
To pay the seller, you can either use WeChat Pay or Alipay. For the former, click Transfer, add the sellers’ ID into the contact fields, enter the amount and transfer the funds. For the latter, you need to click on Transfer then To Alipay Account and proceed to enter the sellers’ payment details. Finally, you can transfer the funds.
After you have made the payment, and the seller has accepted it, LocalBitcoins provides button for reporting that the seller has received payment. Once you report that the transfer of funds has happened, the seller has to send bitcoins into your account.
The bitcoins may not show immediately, so you might have to refresh your webpage. However, once you receive the bitcoins into your account, give the seller a good ranking so that other buyers can easily identify good sellers.
Final Thoughts
In this easy guide on how to buy bitcoin in China, you have learned how to buy bitcoin in China. Since Bitcoin is under a ban in China, the only way to buy Bitcoin without incurring the wrath of the Government is by using a VPN. The VPN hides what you are doing online making tracking your activities very hard for third parties. You have also learned that LocalBitcoins is the best method to use to buy Bitcoin in China. If you follow the outlined steps above, you will have an easy time buying bitcoin in China.