Good news from Huobi.com about my Bitcoin account

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. ...

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 ...

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

Revisiting Ripple (not the wine) amid China's Bitcoin clamp-down
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 it worked! I’ll explain why this is noteworthy later on. Since I’ve been focusing on Bitcoin in China lately, I’ve been spending more time reading up on Bitcoin and the other cryptocurrencies, including Ripple. A lot has been happening there, and not just because of China’s regulation of Bitcoin. Bitcoin and similar electronic currency tokens verify transactions using a public electronic ledger, called the blockchain. In other words, if I send you some Bitcoin, it is entered on the blockchain, as is ...

Animation shows #Bitcoin transactions happening in real time

Animation shows #Bitcoin transactions happening in real time
If you don’t pay attention to the Bitcoin world, you probably aren’t aware how active the Bitcoin system (other known as the blockchain) is. Now there’s an app for that. It won’t fit on your phone, but a web visualization at bitbonkers.com (screencap above) will show you in real time what the Bitcoin world is doing After a rough-and-tumble beginning that saw Bitcoin prices soar to more than $1,000 from a measly $1, the computer-based currency has settled into a more settled dollar-exchange zone between $300 and $500 as it has become more widely used. Each cube represents a block of transactions within the Bitcoin shared ledger, the blockchain. The balls represent individual Bitcoin transactions, with different colors representing the size of the exchanges. Reds — representing transactions up to 1 BTC ($420 at this moment) — are the most common, but blues (100 – 1000 BTC) are pretty frequent, too, suggesting some users with deep pockets are using Bitcoin. Click on a ball to see the exact amount displayed on the right. If the sound effects get on your nerves, click the mute button at upper right to quiet things down. The project is part of the WebGL project, ...

Bitcoin in China update 4

Bitcoin in China update
JISHOU, HUNAN — #Bitcoin is still alive and well in China, a year after the central banking authorities clamped down hard on banks doing Bitcoin-related business. We can still exchange renminbi for Bitcoin; it’s just not as easy as it was before December last year. Before the big crackdown, it was easy to transfer money from one’s bank account to any of several Bitcoin exchanges in China using the UnionPay interbank debit card system or the AliPay or TenPay third-party processor systems. So easy, that it appears Chinese Bitcoin speculation was pushing the exchange rate well over US$1,000. After the central bank restricted bank transfers and required banks close the exchanges’ bank accounts, the value of Bitcoins tumbled very quickly and has yet to return to the $1,000 level. Today, it was trading around $325. All but a few of the Bitcoin exchanges in China closed their doors. BTC China is one of the few that survives. It works around the banking restrictions by using vouchers as an intermediate step, and two representatives who accept the bank transfers. I took advantage of this system this week to transfer part of my paycheck to my US bank account. Previously, I had ...
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