How to cash in Bitcoin in China

Ways to monetize Bitcoin in China

Bitcoin, as a decentralized digital currency, is regulated in China. Therefore, monetizing Bitcoin in China requires legal and secure channels.

Legal channels

1. Cryptocurrency Exchange

• Choose licensed and compliant trading platforms such as Binance, Ouyi and Sesame Open .
• Complete the identity verification and link the bank card or Alipay account.
• Transfer Bitcoin to an exchange account and sell it through fiat currency trading pairs.

2. OTC platform (OTC)

• The OTC platform provides peer-to-peer trading without the need to go through an exchange.
• Look for reputable OTC platforms like LocalBitcoins or Paxful.
• Negotiate the exchange rate with the buyer and reach a transaction, transfer the Bitcoin to the buyer and receive fiat currency.

3. Merchants who accept Bitcoin

• Some brick-and-mortar merchants accept Bitcoin payments, such as some e-commerce websites and brick-and-mortar stores.
• Pay directly to merchants with Bitcoin in exchange for goods or services.

Other precautions

1. Understand regulatory policies

• China has strict regulatory regulations on the transaction and use of cryptocurrencies.
• Ensure compliance with relevant laws and regulations and avoid illegal acts.

2. Choose a reputable platform

• When choosing a monetization channel, priority is given to licensed, compliant and reputable platforms.
• View user comments and feedback to ensure the platform is reliable.

3. Protect safety

• Properly keep the Bitcoin private key to avoid information leakage and assets theft.
• Enable two-factor verification and update your password regularly.