Have you ever thought that even if you bought Bitcoin at a low price many years ago, can you really exchange it for cash easily now?
In China, Bitcoin trading is not officially recognized. Because Bitcoin is too mysterious and accessible to everyone, it allows illegal activities like money laundering to take advantage of loopholes. Although some countries have legalized Bitcoin trading, the regulations in those places are lacking, and their reputations are not very good. So even if you make money trading Bitcoin, you need to be careful when trying to cash out, lest you accidentally break the law. Therefore, we should earn money that we are sure about, rather than take risks.
In fact, Bitcoin's status globally is quite awkward. Some places say it is money, while others say it is a commodity or security. This makes cross-border Bitcoin transactions particularly troublesome. Many countries also require Bitcoin trading platforms to verify customer identities to prevent financial crimes like money laundering. If you don't comply, you might face fines or even lawsuits.
In China, although you can have Bitcoin and private trading is not illegal, all public exchanges have been shut down. If you want to buy or sell, you can only find some informal channels, like P2P trading. This method of trading carries significant risks, especially concerning anti-money laundering and anti-terrorism financing; if things go wrong, you could get into trouble. Additionally, with Bitcoin prices fluctuating like a roller coaster, investors must be cautious of market risks. Moreover, the Bitcoin market is not large enough; if you hold a lot of Bitcoin and want to sell quickly, the price will be affected.
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