Bitcoin, Litecoin withdrawals resume at Chinese exchanges — woo hoo!

Bitcoin, Litecoin withdrawals resume at Chinese exchanges -- woo hoo!
JISHOU, HUNAN — After five months of shutdowns, Chinese cryptocurrency exchanges have resumed Bitcoin and Litecoin withdrawals, meaning I could finally move the coins I’ve had at Huobi.com since February to my other wallets. Chinese regulators forced BTCChina, Huobi and OKCoin to halt the withdrawals (but not Chinese yuan withdrawals) in January, pending “investigations.” Basically, it boiled down to the government telling the exchanges to tighten ship, monitor who was moving money through the exchanges, and add policies to limit margin trading and end fee-less trades. Resumption of Bitcoin and Litecoin withdrawals comes a week after the three exchanges announced they would offer trading May 31 in Ethereum and Ethereum Classic — two of the hottest tokens in the markets. Interest in Ethereum has picked up in China, as I’ve mentioned before here. Makes me wonder if the exchanges did some bargaining with the national regulators to allow the new trading platforms in exchange (pardon the pun) for complying with the new rules. In any event, Bitcoin prices rose today over $2,400, perhaps in response to the Chinese exchanges regaining full integration with the world markets. The other two were also trading strongly today.

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

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. ...
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