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I was having a conversation with a friend the other day about Bitcoin, the crypto-currency that is decentralized. I don’t know too much about Bitcoin nor have I ever bought any, but I’m wondering if anyone here has any more information. It seems like it could possibly be a reasonable way to get RMB outside of China, if it’s possible to acquire Bitcoin somewhere here with RMB.
Bitcoin has been in the news a lot over the last few days due to the value of Bitcoin reaching a new high: Ars Technica article.
Anyone ever bought Bitcoins or have any info?
Here’s an article on bitcoin. Generally can be seen as an investment, not sure how far it will go.
This could be one of the best way to transfer money. Buy a few bitcoins with RMB then cash out in USD and send to one’s bank account. Not sure what the fees are, but if fees are low.. This could be good. Also, since it’s ‘investing’ or ‘speculating’ i would just use this device to exchange money and not keep the coin for long term.
Crash? If another crash happens, ill gobble up some bitcoins and save them long term!!!
Also, not sure but do US banks/ATM’s have any Unionpay capabilities? While in HK, i was able to use my Chinese Debit card at a unionpay ATM at 2.5-3% per transaction.
They aren’t very good for transferring money because of the fluctuating price and you can’t just cash them out for money…you have to find a buyer and all that jazz first
You can buy them online with a debit/credit card pretty easily
https://mtgox.com/ is probably the largest seller
I use bitcoin-otc.com and buy it off the people in the IRC channel.
Usually there is a premium though
This is the first time I’ve checked bitcoin price in awhile and it really makes me wish I hung on to all those coins I bought for $5 a piece…
Quote:wow…bitcoins are up to +$100now i’m really kicking myself
Seriously… one Bitcoin was about $33 when I created this thread. And during that time everyone was talking about how the value of Bitcoins was skyrocketing!
I’ve almost got 1 whole bitcoin!
I think it’ll be great long-term, the technology behind it seems lasting. As mentioned above it’s fluctuating, however recently it has been fluctuating in the ‘right’ direction – and over it’s history it has a pretty solid record. You can *buy* a lot of coins to transfer, but I think there’s a limit on selling per day – on the big markets like Gox – to like 1000usd/day ? So since it may fluctuate down, you would have to slowly sell out into USD if that was your goal…. there is also a CNY exchange, and since there’s no way for the gov’t to prevent you from transfering bitcoins, you are essentially free of any of the legal red tape to get money out of China via BitCoin. The benefit is – no more red tape, the downside is – no really stable conversion, so selling it as say, a service, to someone, isn’t feasible at the moment.. I thought about that before 😀
Or do what I’d say is probably better long-term, just sit on yer coins if you can 😉
I recently purchased for long term investment. Probably never going to exchange back into sinking fiat currencies.
Charlie, here are all the general answers about the e-currency:
Quote:I recently purchased for long term investment. Probably never going to exchange back into sinking fiat currencies.A few questions:
– Which Bitcoin exchange did you buy on? I just registered on Mt Gox
– Did you do a bank transfer from a Chinese account into it? If so was it easy, any problems?
I got some help by my friend along with some Chinese guy using his bank account for transferring rmb on a Chinese traders site.
I could find out the website today.
Transfer fee was around 50 rmb, took less than 24 h to complete.
Once confirmed, its easy to purchase BC and keep them in your PCs wallet.
Here you can see different exchange rates and exchange volumes by main traders:
http://bitcoinity.org/markets?theme=dark
The cost for purchasing BC-s in China is remarkably higher than in the West.
Another overview.
Quote:I got some help by my friend along with some Chinese guy using his bank account for transferring rmb on a Chinese traders site.I could find out the website today.
Transfer fee was around 50 rmb, took less than 24 h to complete.
Once confirmed, its easy to purchase BC and keep them in your PCs wallet.
I wonder if it’ll be an issue for a foreigner to do a bank transfer from a Chinese account into a BTC exchange. Is the help of a Chinese person required?
It’s absolutely insane how fast the value is rising. I’ve been trying to buy a bitcoin all day but I keep being told that “the maximum number of daily purchases has been reached”. During the time that I’ve been trying to purchase, the cost of a single BTC has gone up about $8 (5%).
Charlie, we experienced that few days ago when it was literally skyrocketing and even every 20 min was at stake.
Btw, in the near time we might organise some sort of small meeting for those interested in the perspective of BC.
In Depth: Bitcoin: the revolution has its risks, but this is just the beginning
I wish I had listened to my instincts and bought some a few years ago when I first heard of them after one of the big hacking incidents and the price on them dropped like 50% and was in the single digits.
Or, even when Crete was first announced and they were still in the $30’s and I was thinking again about buying some (apparently so did a lot of other people.)
But, at this point, my instinct is saying there is a huge bubble and people are buying purely for speculation. Since I’m interested in them more long term, I’m going to wait for the bubble to pop before buying any.
I guess I should go ahead and establish an account with one of the exchanges so that when the time comes I will be ready to buy some. But, of course, with the possibility of exchanges getting hacked I am somewhat wary of attaching my bank account info to one of them in the first place.
No worries about being hacked via traders website.
The only thing that traders themselves risk is their BC account and reserves not yours.
Nobody hacks your bank account nor BC wallet via website.
BC-s should also kept in your wallet in your PC.
The whole thing is based more or less on speculation. Financial market inherently is based on a speculation (which also means having a trust and a good faith).
In case of these E currencies, US as the early adopters (still considered) tend to believe in the alternative monetary system a lot more than debt based consumption economic model along with failing banking system, bailouts, money printing and growing inequality, corrupted politicians, artificial demands and wars. Really difficult to keep oneself motivated…
There is always a chance that BC can loose trust and fail. Nevertheless by that time there will be many other E-competitors (as there already are) based on the same decentralised platform, that people still find as a parachute against fiat currencies.
At the end it all comes down to a simple choice – trust a BANK for keeping you savings and believe their stories that DEBTOCRACY will recover OR investing into something exciting and innovative that has a potential for stability and brighter future.
All in all, that is my belief 🙂
The other problem is that there is no simple way to open an account and just buy some if you want them. Every site I’ve looked at requires you to jump through too many hoops to just open and fund an account. It seems like you have to open an account at a 2nd site just to put money in to transfer to the 1st site so that you can then buy coins. And, of course each step charges a transaction fee as well.
Just seems like a big hassle to me.
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