Bitcoin has first broken through the $100,000 mark! Over the past decade, its value has skyrocketed by tens of millions of times, which is the magic of blockchain technology.
You may have heard stories of people around you profiting from buying Bitcoin or Dogecoin and are eager to try it yourself, but don't know where to start? For example, is it allowed to purchase domestically? Can you use Alipay or WeChat? Is Renminbi feasible? What is the specific operation process? What procedures are needed? Do you need to install a wallet? How much is appropriate for a first purchase? Can you make a profit after buying? How to withdraw after making a profit?...
No need to worry! This article will provide clear answers to these questions, ensuring that even an eighty-year-old grandmother can easily grasp it.
Table of Contents#
- How to buy Bitcoin in three steps?
- Can you make money buying Bitcoin? What are the expected returns?
- How to choose an exchange?
- How to buy Bitcoin or Dogecoin with Renminbi?
- Is now a good time to buy Bitcoin? What is the best time to buy?
- What to do if the price of Bitcoin is too high?
- Didn't China ban digital currency trading? How can you still buy?
- Is it safe to buy Bitcoin? Will it run away? How to store it?
- Is it troublesome to withdraw money after making money in the crypto circle?
How to buy Bitcoin in three steps?#
A three-step guide for novice investors to buy Bitcoin:
Choose a suitable Bitcoin exchange#
First, let's discuss exchanges. For domestic users, due to recent policy adjustments, among the currently recognized and reliable large exchanges, OKX is in a leading position, and we have no choice but to register for an OKX account with peace of mind. For mainland users, OKX is the first choice, followed by Binance or the recently popular Bitget. Compared to other platforms, these three exchanges are the largest, accept national supervision, and have guaranteed security. Among them, OKX and Bitget can be accessed directly in the country, while Binance requires a VPN (commonly known as a ladder) to access.
Additionally, it's worth noting that many people may not understand that operating a cryptocurrency exchange is illegal in the country, but the state has never prohibited individuals from investing in cryptocurrencies. Domestic exchanges like OKX submit backend data to national supervision, which is why real-name verification with an ID is required during registration, and facial recognition is needed when withdrawing or transferring coins, aimed at preventing illegal activities.
On December 7, 2024, People's Court Daily: Mining condenses social abstract labor, virtual currencies have use value and exchange value. Moreover, many may not be aware that holding cryptocurrencies as an individual has never been classified as illegal behavior.
Many people also do not know that exchanges like OKX, Binance, and Bitget can be directly linked to bank cards, WeChat, or Alipay for convenient Bitcoin purchases. Moreover, you do not need to buy 1 Bitcoin at once (which may be unaffordable); you can purchase small amounts like 1 yuan or 10 yuan at your discretion.
If you want to get involved in trading, the sooner the better; otherwise, it's better not to touch it at all. No matter who you are, initial losses are inevitable, and you need to accumulate experience with funds. The earlier you get in, the lower the cost of trial and error, which won't lead to bankruptcy or family crises. Otherwise, it is advised to stay away for life; this is not an exaggeration.
Registration and Real-name Verification#
As mentioned earlier, the exchanges recommended are OKX, Binance, Bitget, and Gate, in that order: OKX > Binance > Bitget > Gate > Huobi.
Huobi performed well during Li Lin's tenure, but declined after Sun Yuchen took over, with insufficient trading depth, thus ranking fourth.
Investing in cryptocurrencies carries high risks. According to national regulatory requirements, you need to register using a Chinese mainland mobile number or email, or verify your identity with a VPN and Chinese ID. The platform can complete the review as quickly as the same day. The registration link supports Chinese mobile numbers or foreign emails like 163 email/QQ email/Gmail, and registering now can enjoy a lifelong 20% fee discount and a $600 newcomer gift package. Taking OKX as an example:
OKX#
New users registering for OKX this month can receive a blind box or Dogecoin gift package, and can register directly in the country: Click here–>Jump to the official website to register an OKX account, some regions may need a ladder or Alternative link
Binance#
Binance has long provided fee discounts and newcomer gift packages, but domestic users need a VPN to register: Click here-->Jump to the official website to register a Binance account. (Domestic users need to use a ladder 🪜)
Bitget#
Bitget has rapidly risen in the past two years and has entered the ranks of first-tier exchanges: Click here-->Jump to the official website to register a Bitget account (Domestic users need to use a ladder 🪜)
Gate#
Gate.io, also known as "Sesame Open the Door," was formerly known as Bter: Click here-->Jump to the official website to register a Gate account (Domestic users need to use a ladder 🪜)
By the way, if you need a VPN, please click the upper right corner——Friend Links——Airport VPS Recommendations.
Buying Bitcoin with Renminbi#
After waiting for the OKX account registration to be completed, download and install the app. If the installation process prompts a security risk, there is no need to pay attention; this is a false positive from the system regarding virtual currencies; we downloaded it from the official website, with no actual risk, so just ignore it.
Apple users need to log in to the App Store with an overseas Apple ID to download the app. There are detailed tutorials on how to apply for an overseas Apple ID on Zhihu, which will not be elaborated here.
Patiently install the OKX App. Then follow these steps:
Click on the app homepage——I want to buy coins (C2C buy coins)——Quick transaction——Select USDT——Enter the amount of USDT you want to purchase——Choose payment method: Alipay, WeChat, or bank card.
Completing the above steps will allow you to exchange Renminbi for USDT. USDT is a necessary medium for investing in Bitcoin, and this step of converting Renminbi to USDT is indispensable.
For example, if I buy 1000 USDT, it is approximately 7000 Renminbi.
Can you make money buying Bitcoin? What are the expected returns?#
Holding Bitcoin is often based on the logic of "inflation," as its total supply is limited, and it is expected to rise in the long term. Historically, Bitcoin has shown significant volatility, so choosing the right time to buy requires caution. A drop of 50%-80% from the peak is normal, and buying at the low can yield potential returns.
Is now a good time to buy Bitcoin? What is the best time to buy?#
It is recommended to start buying when the price has dropped by 50% from the peak, and to fully invest when it drops by 80%. Timing should be based on the amount of funds and risk tolerance, with different strategies for different amounts. Those with less capital can choose to enter the market at opportune times, while those with more capital can build positions in batches. When the price is around $20,000, you can gradually purchase, or refer to a dollar-cost averaging strategy.
OKX Activities This Month#
New users registering for OKX this month can receive a blind box or Dogecoin gift package, and can register directly in the country: Click here–>Jump to the official website to register an OKX account, some regions may need a ladder or Alternative link
What to do if the price of Bitcoin is too high?#
Bitcoin can be divided; you can purchase 0.01 or even less. Don't worry about not being able to afford it; the key is how much you are willing to invest.
Didn't China ban digital currency trading? How can you still buy?#
What the state prohibits is the operation of digital currency exchanges, not the trading of digital currencies themselves. Currently, domestic exchanges like OKX and Binance have completed the migration of overseas services and continue to serve Chinese users. For us, it has only raised the threshold, such as using a VPN or unblocked addresses to bypass restrictions. The state has never prohibited individuals from investing in cryptocurrencies, and purchasing Bitcoin as an individual is completely legal. But remember not to borrow money or take loans to trade cryptocurrencies, as the risks are extremely high.
Is it safe to buy Bitcoin? Will it run away? How to withdraw after making money?#
Bitcoin exchanges are stable and reliable, suitable for long-term storage. For novices, storing in exchanges is safer and easier to operate.
Is it troublesome to withdraw money after making money in the crypto circle?#
Why do some people always say that withdrawing money from exchanges is difficult? I wonder if these people have actually operated before.
I have been trading on exchanges since 2014, withdrawing money almost every month, and initially depositing as well, all directly linked to my domestic China Merchants Bank card, with amounts in the tens of thousands each time, completed within 10 minutes, and I have never encountered any problems. I don't know why you all have frequent issues.
Of course, some have received suspected dirty money (a few thousand yuan) when withdrawing, leading to the bank freezing online transfers. You just need to verify at the counter, show the transaction history on the OKX app, and after a simple explanation from the staff, it will be unfrozen, far from the terrifying rumors. I suspect these statements are meant to scare new investors.
In conclusion, trading carries risks. If you enter the market recklessly without experience, the only advice is: start with small amounts to test and accumulate experience. After going through a few rounds of losses, develop a stable profit style before increasing your investment. I have not deposited in the past three years, and treating trading seriously makes it not difficult to earn daily expenses.
No amount of theory is better than practicing once. Only by purchasing personally can you truly understand. This article helps you confidently take the first step and embark on your investment journey in the crypto world. Wishing you endless profits! 📈💰
🔥 Solving the issue of being unable to access OKX exchange in China#
Many exchanges' original domain names may be listed on restriction lists, or access speeds may be affected due to servers being located overseas. For ordinary users, this situation often leaves them feeling at a loss, even doubting whether the exchange itself is having issues. In fact, this is more due to the network environment than a service interruption from the platform itself. To cope with this situation, exchanges like OKX and Binance usually update backup domain names regularly to ensure users can continue to access the official website through alternative addresses.
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- OKX backup domain Overseas OKX-need a VPN or Alternative link
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- Binance backup domain Binance
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- Bitget backup domain Bitget
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- Bybit backup domain Bybit/Bybitglobal
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- Huobi HTX backup domain Huobi/HTX
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- Gate backup domain Gate.io
🔥 Further Reading#
🔥 Useful tools for finding gold dogs#
1️⃣ Axiom Dog Rush Tool https://axiom.trade
2️⃣ Gmgn Dog Rush Tool https://gmgn.ai
3️⃣ dbot Dog Rush Tool https://app.debot.ai
4️⃣ Morelogin Multi-account Fingerprint Browser www.morelogin.com
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