Bitcoin has surpassed $100,000 for the first time in history! In just 10 years, it has multiplied by tens of millions, and only the miraculous blockchain can achieve this.#
You must have heard stories about people around you who made money by buying Bitcoin or Dogecoin and want to try buying it yourself? But you don't know how to buy? For example, can you buy it in China? Can you use Alipay or WeChat? Is it okay to use RMB? How do you operate? What procedures are needed? Do you need to install a wallet? How much is appropriate to buy for the first time? If you buy it, will you make a profit? How do you cash out if you make money?...
Don't worry! This article will answer these questions for you, ensuring that even your 80-year-old grandmother can understand.
Table of Contents#
- How to buy Bitcoin in three steps?
- Can you make money by buying Bitcoin? What are the expected returns?
- How to choose an exchange?
- How to buy Bitcoin or Dogecoin with RMB?
- Is it a good time to buy Bitcoin now? 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 the exchange run away? How to store it?
- Is it troublesome to cash out after making money in the crypto world?
How to buy Bitcoin in three steps?#
A beginner's guide to buying Bitcoin in three steps:
Choose a suitable Bitcoin exchange#
First, let's talk about exchanges. Due to the government's regulatory policies over the past two years, the only major exchange currently supported and reliable for domestic users is OKX. We have no choice but to obediently register for an OKX account. For mainland users, OKX is the first choice, followed by Binance or the recently popular Bitget. Compared to other exchanges, these three are the largest, regulated by the government, and have security guarantees. Among them, OKX and Bitget can be accessed domestically, while Binance requires a VPN to access, commonly known as a ladder.
Additionally, it's worth mentioning that many people may not know that opening a cryptocurrency exchange is illegal in China, but the government has never prohibited individuals from investing in cryptocurrencies. Domestic exchanges, like OKX, submit their backend data to the government, which is why you need to submit your ID for real-name verification when registering and facial recognition when withdrawing funds, to prevent illegal activities.
On December 7, 2024, People's Court Daily: Mining condenses social abstract labor, virtual currencies have use value and exchange value. By the way, many people may not be aware that holding cryptocurrencies as an individual has never been classified as illegal.
Many people also don't know that exchanges like OKX, Binance, and Bitget can directly bind to bank cards, allowing you to conveniently purchase Bitcoin via WeChat or Alipay. Moreover, you don't have to buy 1 Bitcoin at once; you can buy as little as 1 yuan or 10 yuan, any amount you want.
When it comes to trading, the earlier you get involved, the better. Otherwise, it's best not to get involved at all. No matter who you are, you will definitely lose some money in the early stages, using money to gain experience. Getting involved early allows for lower trial and error costs, preventing financial ruin and family crises. Otherwise, you might as well avoid it for life; I'm not kidding.
Registration and Real-name Verification#
As mentioned above, choose from the four exchanges: OKX, Binance, Bitget, and Gate, in that order: OKX > Binance > Bitget > Gate > Huobi.
Huobi was good during Li Lin's era, but it hasn't been performing well since Sun took over, and its trading depth is concerning, so it ranks behind the other four.
We know that investing in cryptocurrencies carries high risks. According to national regulatory requirements, register using a mainland Chinese phone number or email, or use a VPN and a Chinese ID for real-name verification. The platform can complete identity registration review as quickly as the same day. The registration link supports Chinese phone numbers or foreign emails like 163, QQ, or Gmail. Currently, registering offers a lifelong 20% fee discount and a $600 newcomer gift. Taking OKX as an example:
OKX#
New users registering on OKX this month can receive a blind box or Dogecoin gift. You can register directly in China: Click here to register an OKX account, some regions may require a VPN or alternative link.
Binance#
Binance has always offered fee discounts and newcomer gifts, but domestic users need a VPN to register: Click here to register a Binance account. (Requires a VPN in China)
Bitget#
Bitget has risen rapidly in the past two years and has entered the ranks of top exchanges: Click here to register a Bitget account (Requires a VPN in China)
Gate#
Gate.io, also known as "Sesame Open," was originally called Biter before changing its name to Gate. Click here to register a Gate account (Requires a VPN in China)
By the way, if you need a VPN, please click the top right corner — Links — Recommended VPS for airports.
Buying Bitcoin with RMB#
Wait for your OKX account to be registered, then download and install the app. If the system prompts a security risk during installation, don't worry; the system often misreports for virtual currencies. We downloaded it from the official website, so there’s no risk—just ignore it.
If you are an Apple user, you need to log in to the App Store with an overseas Apple ID to download the app. I won't elaborate on how to apply for an overseas Apple ID; just search for it on Zhihu.
Patiently wait for the OKX app to install successfully. Then we will operate as follows:
Click on the app homepage — I want to buy coins (C2C buy coins) — Quick trade — Select USDT — Purchase the amount of USDT you want — Choose payment method: Alipay, WeChat, or bank card.
After completing this step, you will have exchanged RMB for USDT. USDT is what you need to invest in Bitcoin, and this step of exchanging RMB for USDT is essential.
Here, I will buy a bit more, buying 1000 USDT, which is about 7000 RMB.
Can you make money by buying Bitcoin? What are the expected returns?#
The logic of holding Bitcoin often mentions "inflation," as its total supply is limited, leading to long-term appreciation. Historically, Bitcoin has shown volatility, so it's important to be cautious about the timing of your purchase. A drop of 50%-80% from the peak is normal, and buying at a low point may yield potential gains.
Is it a good time to buy Bitcoin now? 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 has dropped by 80%. Choose your timing based on your capital and risk tolerance, as different amounts of capital will have different buying strategies. Those with less capital can choose their timing, while those with more capital can buy in batches. When the price is around $20,000, you can gradually purchase, or you can refer to a dollar-cost averaging strategy.
OKX Activities This Month#
New users registering on OKX this month can receive a blind box or Dogecoin gift. You can register directly in China: Click here to register an OKX account, some regions may require a VPN or alternative link.
What to do if the price of Bitcoin is too high?#
Bitcoin is divisible, and 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 buy.
Didn't China ban digital currency trading? How can you still buy?#
The government has banned cryptocurrency exchanges, but it has never prohibited digital currency trading. Currently, domestic exchanges, like the aforementioned OKX and Binance, have completed the migration of services from overseas exchanges to serve Chinese users. For us, this has only raised the threshold for buying coins, such as requiring a VPN or using addresses that do not require circumvention to avoid domain blocking. The government has never prohibited individuals from investing in cryptocurrencies, and personal investment in Bitcoin is completely legal. However, be careful not to borrow money to trade cryptocurrencies, as the risks are high.
Is it safe to buy Bitcoin? Will the exchange run away? How to store it?#
Bitcoin exchanges are stable and secure, suitable for long-term storage. For beginners, keeping it on the exchange is safer and easier to operate.
Is it troublesome to cash out after making money in the crypto world?#
Why do people say that cashing out from exchanges is troublesome? I wonder if these people have ever really cashed out.
I started trading on exchanges in 2014 and have cashed out almost every month. In the early stages, I also deposited money, all directly linked to my domestic China Merchants Bank card. Each time, the amount was several tens of thousands, and it usually took about 10 minutes to complete, with no problems encountered. I don't know where all your issues come from.
When someone around you accidentally receives a suspected dirty money transfer (a few thousand), the bank simply freezes the card for online transfers. You can verify this at the counter; just open the OKX app in front of the staff and show them the transaction history. They will just give you a brief education and let you go; the card will be unfrozen. It's not as terrifying as you all say; I suspect you are just trying to scare new investors.
In conclusion, trading carries risks. If you have no trading experience and rashly enter this market, I have only one suggestion for you: start with a small amount to experiment, level up, and experience losses at least three times. Once you have your own stable profit style, then consider increasing your investment. I personally haven't deposited money in the last three years. If you treat trading well, making a little money is not that difficult.
After saying all this, why not just try it out once? Only by buying once can you truly understand. This article is just to help you step confidently into the investment journey in the crypto world. Wishing you endless profits!! 📈💰
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