Buying Bitcoin in China: A Step by Step Guide for 2022
Bitcoin is a decentralized digital currency that can be used to buy goods and services online, as well as store value and hedge against inflation. Bitcoin is also a global phenomenon that transcends borders and regulations, making it accessible to anyone with an internet connection and a compatible device.
However, buying Bitcoin in China can be challenging due to the strict rules imposed by the Chinese government on cryptocurrency trading and exchanges. In this article, we will show you how to buy Bitcoin in China in 5 easy steps, using peer-to-peer platforms that connect buyers and sellers directly.
1. Choose a Payment Method
The first step to buy Bitcoin in China is to choose a payment method that suits your needs and preferences. There are many options available, such as bank transfers, WeChat Pay, PayPal, Payoneer, Litecoin, American Express Card, and more. You can compare the best offers and prices on platforms like Paxful and Changelly, which support multiple payment methods and currencies.
2. Register at LocalBitcoins or Paxful
The next step is to register at a peer-to-peer Bitcoin exchange that operates in China, such as LocalBitcoins or Paxful. These platforms allow you to buy and sell Bitcoin directly from other users, without intermediaries or centralized authorities. You can browse through the listings of sellers and buyers, check their reputation and feedback, and choose the one that matches your criteria.
Just a quick note: If youâre in mainland China, youâre going to need a VPN to access these platforms, as they are blocked by the Great Firewall of China.
3. Choose a Bitcoin Seller
Once you have registered at a peer-to-peer Bitcoin exchange, you can choose a seller that offers the payment method and the amount of Bitcoin you want to buy. You can also filter the results by location, price, limits, verification level, and more. Make sure to check the sellerâs profile, ratings, reviews, and terms of trade before initiating a transaction.
4. Send a Bitcoin Trade Request
When you have found a suitable seller, you can send them a trade request with the amount of Bitcoin you want to buy and the payment method you want to use. The seller will then respond to your request and provide you with their payment details. You will also see the escrow service that holds the sellerâs Bitcoin until you confirm the payment.
5. Make a Payment
After you receive the sellerâs payment details, you can proceed to make the payment using the agreed method. You should follow the instructions carefully and provide any proof of payment if required. You should also mark the payment as complete on the platform and notify the seller.
6. Check Your Bitcoin Wallet
Once the seller confirms that they have received your payment, they will release the Bitcoin from escrow to your wallet address. You should check your wallet balance and confirm that you have received the correct amount of Bitcoin. You can also leave feedback for the seller and rate their service.
Congratulations! You have successfully bought Bitcoin in China!