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

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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