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.

Another fascinating infographic: the explosion of Bitcoin and the altcoins 1

If you’ve read my blog, you know I’ve been involved with Bitcoin and its progeny since 2013. This month, the cryptocurrency markets have exploded, though there was a market correction a few days ago. To get a handle on what all this means, check this inforgraphic from the Visual Capitalist. Courtesy of: Visual Capitalist If you’re interested in getting started with Bitcoin, Litecoin or Ethereum, you can open an account at Coinbase using my referral link here. We each get $10 in Bitcoin free if you spend more than $100. With Coinbase, you link your bank account, so you can buy and sell those three cryptocurrencies with US dollars. There is also the option to link a credit card, so you can receive the coins instantly, rather than waiting a few days for the ACH withdrawal to clear. I’ve been debating whether to post a tutorial on how to mine, buy, sell and trade Bitcoin and the altcoins, but have hesitated because so many other bloggers have already done the same. Let me know if you want the Wheat-dogg version.

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 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 ...

Now accepting Bitcoin, Litecoin donations

JISHOU, HUNAN — A growing number of merchants, including most recently TigerDirect, are now taking Bitcoin payments. So, now so am I. If you look in the right hand sidebar, you’ll see two little widgets: one for Bitcoin (the gold-colored one) and one for Litecoin (the silver-colored one). Clicking on either one will reveal my public wallet address and QR code, which you can use to send donations to help support this site. Any donation, no matter how small, will be gratefully accepted. The widget comes courtesy of Coinwidget. You can visit their site to get your own widget. I’ve still got a wait-and-see attitude toward Bitcoin and the many crypto-currencies it has inspired. Its value against the dollar and euro has settled down around $800/€600 these last few weeks, so it seems to heading toward some kind of stability. In addition, several online merchants, including TigerDirect and Overstock.com, are now accepting Bitcoins as a payment option. ATMs in Hong Kong and elsewhere are doing a brisk business, and the Chinese continue to buy Bitcoins at a phenomenal rate. You visit fiatleak.com to see a realtime graphic showing the flow of Bitcoins into major national markets. Most of the flow ...
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