Chinese regulators may finally permit Bitcoin, Litecoin withdrawals

Chinese regulators may finally permit Bitcoin, Litecoin withdrawals
JISHOU, HUNAN — Word has it that the People’s Bank of China — China’s central bank — will finally allow exchanges to allow users to once again withdraw Bitcoin and Litecoin, possibly next month. Such withdrawals were halted in January as regulators examined the business practices of China’s major cryptocurrency exchanges. The supposed rationale was to limit fraud and criminal activity, but the basic reason was to stem a possible means of capital flight. The ban did not affect withdrawals to Chinese bank accounts, however. It applied specifically only to Bitcoin and Litecoin, the gold and silver of the cryptocurrencies. Other crypto-coins, like Ether and Zcash, were not included in the ban, as I later discovered. Anyway, as I’ve blogged earlier, the freeze on withdrawals closed off the principal method I used to transfer my monthly pay (in Chinese yuan) to my US bank account (in dollars). Bitcoin enabled me to move money quickly and cheaply. But since January, I’ve had to be more creative in transfers. A larger result of the withdrawal ban was to depress the market price of Bitcoin in China, sometimes by as much as $200, compared to the prices at foreign exchanges like Coinbase or ...

Loose change found in a sticky note on a wall

Loose change found in a sticky note on a wall
JISHOU, HUNAN — Last month I reported I had found “loose change” in a hard drive backup, but regretted losing the password to free some of it from captivity. I found the password today, and in the nick of time, too. What I had found in a backup were the wallet files for two cryptocurrencies I had bought in 2014, then eventually forgot about. One of the files held about $2.50 of Namecoin, while the other (at the time) held about $8 of PeerCoin. Trouble was, the PeerCoin wallet was encrypted with a passphrase I had long since forgotten. After wracking my brain for a few days and trying different possible passphrases, I gave up on the project, assuming those $8 would be forever out of my reach. Then today I learned PeerCoin’s value had shot up from 80 cents to $2, making my tiny holding worth $20. Once again, I attempted to guess the long lost passphrase, to no avail. Just before I had classes this afternoon, I went over to my desk to fetch something and noticed one of the sticky notes on the wall behind my computer screen had curled up enough to hide the note written ...

Bitcoin, Litecoin and Ethereum — oh my!

Bitcoin, Litecoin and Ethereum -- oh my!
JISHOU, HUNAN — It may seem like this blog is swinging toward the intensely techie, but bear with me. I’m your surrogate in the ever-changing financial technology (fintech) landscape. Government regulators required China’s Bitcoin exchanges to halt Bitcoin and Litecoin withdrawals back in January, and that situation still remains. But, when one door closes, another opens, as the saying goes. It turns out Bitcoin and Litecoin are not the only cryptocurrencies being traded in China. Yunbi.com is a Hangzhou-based exchange specializing in Ethereum, Zcash, Bitshares, and several other cryptocoins, as well as Bitcoin. I only learned about it a week ago, as it is relatively new. Curiously, government regulators have basically ignored Ethereum, which at this writing has the second-largest trading volume worldwide after Bitcoin, and just about every other token besides Bitcoin and Litecoin. Not that I’m complaining. Once I realized Yunbi would allow withdrawals of not-Bitcoins to recipients outside the exchange, I applied for an account. Yunbi required me to submit photos of my passport, bank card, and a selfie of me holding them, and within two days, I had opened an account there. While I may not be able to send funds outside China with Bitcoin or ...

Trying out Abra, a new mobile payment app 1

Trying out Abra, a new mobile payment app
JISHOU, HUNAN — While exploring ways to move my money more easily around, I stumbled across Abra, a mobile phone app that transfers funds using the Bitcoin network. I gave it a try, and I like it. For one thing, it simplifies my transfers from China to the USA. Before Abra, there were several steps to transfer money from my bank in China to my bank in the USA, whether I used PayPal or Bitcoin. Abra reduces that number, and removes some fees in the process. There still remains one major drawback: Abra has no working relationships with banks in China. So, I still need to jump through a few hoops to buy Bitcoin to drop into my Abra wallet, but once it is there, it’s a breeze to send it to my bank account in the States. I’ve done all sorts of stories about moving money across borders, but to review, here are the main steps. For PayPal: Log into my China PayPal account. Send funds from my Chinese bank to my American PayPal account. PayPal charges a 4% foreign exchange fee. Log into my American PayPal account. Transfer funds to my bank account. Not bad, right? Unless you ...

Good news from Huobi.com about my Bitcoin account 2

Good news from Huobi.com about my Bitcoin account
JISHOU, HUNAN — The Bitcoin winter in China may be thawing finally. I can use my bank card at the Huobi.com Bitcoin exchange once again. As I related earlier, the new national regulations concerning Bitcoin exchanges seemed to have shut me, and other foreigners, out of the exchanges indefinitely. BTCChina told me flat out that foreigners would not be allowed to trade with them anymore. Huobi did allow me to re-register with my name exactly as it is listed on my passport, but I could not bind my Chinese debit card to the account because I had no Chinese ID number. That ended Monday, when I got a call from Huobi saying I could again use my Chinese Unionpay card. Huobi’s system now accepts my US passport number as a proper form of ID to be linked with the card. I also had to do a “video verification” by participating in a video call on the QQ messaging client with a Huobi agent. She asked me a few questions, like my name, the source of the funds I would be using, and my reasons for trading in Bitcoin. I also had to show her my passport and my debit card. ...

This term’s schedule

This term's schedule
JISHOU, HUNAN — Rather than blather on about Bitcoins and Ripple, this post is about teaching — y’know, my job. Last term, I had 10 sessions of teaching the freshmen and sophomores, plus a biweekly session with five Ph.D. candidates needing practice in speaking English. Each session is 100 minutes long, including a 10-minute break. This term I have only eight sessions, because another teacher (actually, the associate dean of the college) has taken the two sophomore Listening Comprehension sections. Whether this has anything to do with nine of those 75 students failing my final exam last fall, I cannot say, but the lighter course load is a nice relief. So, this term I meet the two sophomore sections on Mondays for Oral English. The end of the week is much busier, with Listening Comp with the three freshmen sections on Thursdays, and Oral English the day after. Each term, I settle into a new work routine. Saturdays and Tuesdays are what I call goof-off days, meaning I use them for non-teaching activities, like laundry or writing on this blog. Sundays and Wednesdays are class-prep days. I give the freshmen a listening quiz each week, so that means I have ...

Cherry blossom time

Cherry blossom time
JISHOU, HUNAN — These are from two weeks ago, when the blossoms were just coming out. Sorry for the delay. (Taken with with my cellphone.) ——— Tipjars: [paypal_donation_button]

Loose change found in a backup

Loose change found in a backup
JISHOU, HUNAN — You know that nice feeling you get when you reach into a pocket and find a $20 bill you’d forgotten all about? Imagine it happening while you’re rooting around a computer backup file. I’ve been dabbling in cryptocurrencies, like Bitcoin, since 2013. At the beginning, I was pretty much at sea, and in any event it was hard to see which of the several cryptocoins back then would really catch on. Then, as now, I had small caches of Bitcoin and Litecoin on my computer. But I also had even smaller amounts of two other lesser known tokens, Namecoin and Peercoin. Neither of these seemed to be catching on, so over time I just forgot about them. Day before yesterday, a friend asked me if I could send her some photos I took in 2015. This required me to hunt through my backup drive for the pics. After I found the photos and emailed them, I decided to poke around my backups a little more. Scrolling through the list of program files, I came across Namecoin and Peercoin wallets. Hey, I asked myself, I wonder if there’s any money still in those wallets? Really, I had no ...

Epilogue to my Bitcoin dilemma: I got my money back

Epilogue to my Bitcoin dilemma: I got my money back
JISHOU, HUNAN — So, after three telephone calls and four chat sessions on Huobi’s customer service chat window, I finally got my 500 yuan ($73) deposit back two weeks after I sent it. All is well now. I won’t bother you with all the details, but bank-to-bank transfers in China are persnickety affairs. The sender has to specify the exact bank branch at which the recipient opened his or her account. And my branch at the university is a sub-branch of another branch, so the system was not allowing the transfer to go through. Or something. Anyway, I got my money back. I am still unable to bind my bank card at Huobi without a national ID number, so obtaining Bitcoin using Huobi or BTCChina, despite my previous relationships with them, is impossible for the foreseeable future. In education news, I am spending this weekend recreating my lesson plans and syllabi for courses I taught in 2014-15 to submit to the college. Why, you ask? Well, the college needs to get accreditation (if that’s what it’s called here) from the provincial education bureau. To get it, each instructor has to provide detailed lesson plans and syllabi for courses taught in ...

Revisiting Ripple (not the wine) amid China’s Bitcoin clamp-down

Revisiting Ripple (not the wine) amid China's Bitcoin clamp-down
[UPDATE Jan 6, 2018: With the sudden boom in Ripple’s price lately, I’ve had some inquiries from readers wanting to buy Ripple XRP with Chinese yuan. The Ripple vouchers mentioned in this post are no longer for sale on TaoBao, and as far as I know, there is no convenient way to buy XRP with yuan available now. It is possible to buy Bitshares, Bitcoin, Litecoin or Ethereum over the counter (OTC) with the apps I discuss in this more recent post.] JISHOU, HUNAN — Out of curiosity yesterday, I checked up on Ripple, a cryptocurrency I honestly had not used or paid much attention lately, just to see what all the buzz about it was. I was pleasantly surprised for two reasons. One, the value of Ripple against the dollar (well, cents, really) has more than doubled since last year. It seems Bitcoin’s inherent limitations have encouraged investors to look at altcoins — the bazillions of alternative electronic currencies to Bitcoin — resulting in sharp price spikes for several since January. Second, it’s once again possible to buy Ripple tokens (XRP) using the Chinese shopping website, Taobao, or payment processors like Alipay. So, I gave it a try and ...

Update to the update to the Bitcoin saga

Update to the update to the Bitcoin saga
JISHOU, HUNAN — So, I got a reply from BTCChina today to my inquiry about continued use of their services. You can guess what it was. But here it is from the horse’s mouth. Good day! Our sincere apologies for this matter. BTCChina will no longer allow foreigners to use our services. You cannot use BTCChina from now on. Should you have further concerns, please do not hesitate to let us know anytime. Thank you very much and have a nice day! Best Regards, Customer Service 1011 This reply has two explanations. Given that both Huobi and BTCChina had no problem before with my using their exchanges with a foreign passport as ID, this new policy confirms that the government is trying to restrict the flow of Chinese yuan out of the country, other than by official channels, and that government regulators want the Chinese Bitcoin exchanges to only deal with Chinese citizens, who would be easier to control legally (or extra-legally) than foreign residents. While I have not heard back from Huobi about my bank card + passport issue, I can now assume that they will tell me the same thing as BTCChina — that Huobi can no longer ...

Update to the China Bitcoin saga

Update to the China Bitcoin saga
JISHOU, HUNAN — I talked to customer service at Huobi today, and it seems enabling deposits with my Chinese bank card is not easy as one would think — all because of the lack of a Chinese national ID number. So, they will refund my 500 RMB ($73) deposit in two to three days. If Huobi’s coders don’t edit the backend to allow linking passport numbers to Chinese bank cards, I may be shut out of Huobi indefinitely. There’s really no point in using an exchange if you can’t, you know, exchange stuff. Meanwhile, I sent an email to BTCChina’s support staff to inquire if I would have similar difficulties trading on their exchange. I’m waiting for their reply. BTCChina has this message on their website now. As with Huobi, I had already provided BTCChina with all that when I first opened the account a couple of years ago. Huobi required me to do it all over again, because the name issue I explained yesterday. I’m hoping I don’t have the same hassles with BTC China. In the meantime, if I want to buy Bitcoin in China, I can still use LocalBitCoins.com or BitKan (a China-based P2P service). While these ...
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