How to Purchase Bitcoin (BTC) in Mainland China - 2024 Latest Tutorial
Directory
1. Introduction to Bitcoin (BTC)
2. Preparation Work
3. Steps to Purchase Bitcoin on Binance
4. OTC Purchase Tutorial
5. Use wallet to store Bitcoin
6. Frequently Asked Questions
1. Introduction to Bitcoin (BTC)
Bitcoin (BTC) is the most popular cryptocurrency in the world. As a decentralized digital asset, it is widely used for payments, investments, and store of value. Due to Bitcoin's transparency and limited supply, it is seen by many as 'digital gold'.
2. Preparation Work
Register a Binance account
The most common way to purchase BTC in mainland China is through Binance. First, you need to register an account on the Binance platform. If you have not registered yet, please refer to the Binance registration tutorial and unlock trading permissions through identity verification (KYC).
Prepare Renminbi funds
Make sure you have available Renminbi (CNY) in your account. You can recharge your account via bank transfer or other payment methods.
Download the Binance APP
Download the Binance APP to trade anytime and anywhere. Android users can download it via the official link https://download-1306379396.file.myqcloud.com/pack/BNApp_F0000170.apk, while Apple users need to download it from the App Store using an overseas Apple ID.
3. Steps to Purchase Bitcoin on Binance
Step 1: Log in to your Binance account
Open the Binance APP or official website, enter your account and password to log in. If you have not completed identity verification (KYC), please do so first.
Step 2: Enter the fiat trading (P2P trading)
Click the 'Trade' button on the homepage, then select 'P2P Trading' (peer-to-peer trading).
Step 3: Select BTC and payment method
On the P2P trading page, select 'Buy', then click BTC. Choose 'Bank Transfer' or other payment methods that support Renminbi.
Step 4: Select a seller and place an order
Browse the seller list, choose a seller with a good reputation and reasonable price. Enter the purchase amount or BTC quantity, and click 'Buy BTC'.
Step 5: Complete payment and confirm
Complete the transfer within the specified time according to the seller's payment information. After payment, click 'I have paid', and wait for the seller to confirm receipt. Once confirmed by the seller, BTC will automatically transfer to your Binance wallet.
4. OTC Purchase Tutorial
If you need a larger amount or more flexible trading methods, you can choose over-the-counter trading (OTC).
1. Log in to the Binance APP and enter the 'OTC Large Transaction' page.
2. Contact the OTC trader to negotiate the purchase amount and price.
3. Complete the transfer according to the payment information provided by the trader.
4. After the trader confirms receipt, BTC will be transferred to your account.
5. Use wallet to store Bitcoin
Binance Wallet
After purchasing BTC, you can choose to store it in the Binance wallet for easy trading or withdrawal at any time.
Independent Wallet
For higher security, you can also transfer BTC to a cold wallet or independent cryptocurrency wallet (such as Trust Wallet or Ledger).
• Click 'Withdraw' on the Binance APP.
• Enter the BTC receiving address of the independent wallet and the withdrawal amount, and submit after completing the double verification.
6. Frequently Asked Questions
Q1: Is it legal to purchase BTC in mainland China?
It is legal for individuals to purchase and hold Bitcoin, but Bitcoin is prohibited as a payment tool and related trading platforms from operating in mainland China.
Q2: Why hasn't my payment been confirmed by the seller?
Please ensure that the payment information matches the order, and contact customer service through the Binance platform or communicate with the seller.
Q3: How to ensure transaction safety?
Using Binance's P2P trading platform, all transactions are guaranteed by the platform, ensuring the safety of funds.
With the above tutorial, you can easily purchase Bitcoin in mainland China. If you have other questions or need assistance, please feel free to contact Binance official customer service. Act now and start your Bitcoin investment journey!
