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Introduction to bitcoin in chinese
and financial security. In short, you can use bitcoins for all sorts of transactions. If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. It's the first example of a growing category of money known as cryptocurrency. Bitcoins can be used to buy merchandise anonymously. The price broke 1,000 on January 1 and, last week, it broke through an all-time high. In this article we will explain what is Bitcoin and how it is changing today's business world. Then There Was Bityuan, in the latter half of January, it became public that the PBoC was researching how to implement its own digital currency, rmbcoin, to truly achieve the goal of money for the people. No single institution controls the bitcoin network. Btcc, Huobi and OKCoin introduced fees on or around January. On January 20, btcc tweeted that it was reviewing the operating experience of foreign counterparts and the charging of transaction fees, aiming to further curb speculation and prevent violent price fluctuation.
Lets say youre running low on the cash you need for food other utilities while in China. How Can Bitcoins Still be Purchased in China? Chinese can still buy coins from overseas exchanges. Among other things, the Chinese exchanges would have to cease zero-fee margins trading in bitcoin.
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Then Came Inspections, the PBoC Shanghai and the Shanghai Municipal Finance Office were already inspecting popular Bitcoin service provider and exchange, btcc. OKCoin, which held the largest amount of bitcoin futures, saw its volume drop by more than 20,000 bitcoins from February 16-17. It's completely transparent, bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all. On January 11, Peoples Daily, Chinas official paper, published a story on blockchain technology which included a graphic explaining Bitcoin. Unlike dollar, pounds or rupees, bitcoins are not backed by any government; not linked to any sort of central banking system or issuing authority. Through bitcoins, you can shop at your favorite shopping mall, subscribe to an online dating service, buy pizza, food coupons and almost everything you want. Bitcoins are 'mined using computing power in a distributed network. All the payments are cheap because bitcoins are not tied to any country or subjected to any rules or regulations. That means that, in theory, one central authority can't tinker with monetary policy and cause a meltdown - or simply decide to take people's bitcoins away from them. Little explanation was given. China Business Network, a financial and business news portal, said on Thursday that the authorities in Shanghai, where BTC China is registered, would close all Bitcoin exchanges within their jurisdiction by the end of the month; and the report piled on further uncertainty.
China-based Bitcoin twitter account and news source, CnLedger, tweeted the following day: btcc, OKCoin, Huobi: will upgrade AML system according to laws regulations, pausing BTC LTC withdraw during the upgrade. Transaction fees are miniscule, your bank may charge you a 10 fee for international transfers. Estimated time: 1 month.