Bitcoin update: Haven’t lost my shirt yet

JISHOU, HUNAN — My “shirt” shrank a little, however, because the value of Bitcoin against the dollar has dropped from $864 to about $820 in the last four weeks. I’m still in the game, but bearish on the market for now. Not that it’s easy for me to get Bitcoins in China anymore. China’s financial overseers have choked off access to Bitcoin by forbidding China’s banks and third-party payment services — similar to PayPal — from trading in the crypto-currency. The big Bitcoin exchanges here, BTC-China, Huobi and OKCoin, soldier on, however. They have found ways to get around government restrictions, but they are not especially convenient. So, if I want to buy Bitcoins, I can transfer money from my Chinese bank to my American bank, then pull money from the American bank to fund my account at Coinbase, where I can buy Bitcoins. Easy, right? Aside from mining Bitcoins (see below), most people who want to own Bitcoins now have to exchange a fiat currency, like dollars or euros, for them. If that is hard to do, then most people will just forget the whole thing. Coinbase in the USA makes it fairly easy, but Bitcoins are a solution ...
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