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 magical blockchain can achieve this.#
You must have heard stories about people around you making money by buying Bitcoin or Dogecoin and want to try buying some yourself? But you don't know how to purchase? For example, can you buy it domestically? Can you use Alipay or WeChat? Is it possible with RMB? How do you operate? What procedures are needed? Do you need to install a wallet? How much is appropriate for a first-time purchase? If you buy, will you make a profit? How do you withdraw your earnings?...
Don't worry! This article will answer these questions for you, ensuring 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 now a good time to buy Bitcoin? What is the best buying opportunity?
- What to do if the price of Bitcoin is too high?
- Didn't China ban cryptocurrency 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 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 regulatory policies from the government in the past two years, the only large 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 referred to as a ladder.
Additionally, it's worth mentioning that many people may not know that while opening a cryptocurrency exchange is illegal in China, the government has never prohibited individuals from investing in cryptocurrencies. Domestic exchanges, such as OKX, submit their backend data to the government, which is why you need to submit your ID for real-name registration when you register and undergo 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 behavior.
Many people also don't know that exchanges like OKX, Binance, and Bitget can directly bind bank cards, allowing you to conveniently purchase Bitcoin using 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 wish.
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 your money to gain experience. The sooner you get involved, the lower the cost of trial and error, preventing you from going bankrupt and causing family crises. Otherwise, you might as well avoid it for life; I'm not kidding.
Registration and Real-name Authentication#
As mentioned above, only 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 has not performed well since Sun took over, and its trading depth is concerning, so it ranks behind the other four exchanges.
We know that investing in cryptocurrencies carries high risks. According to national regulatory requirements, register using a mobile number or email from mainland China, or use a VPN and a Chinese ID for real-name authentication. The platform can complete identity registration verification as quickly as the same day. The registration link supports Chinese mobile numbers or foreign emails like 163, QQ, or Gmail. Currently, new registrations enjoy 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. (A VPN is required 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 (A VPN is required in China)
Gate#
Gate.io, also known as "Sesame Open," was originally called Biter, and later changed its name to Gate. Click here to register a Gate account (A VPN is required 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, ignore it; the system often misreports for virtual currencies. We downloaded it from the official website, so there is no risk, just ignore it.
If you are an Apple user, you need to use an overseas Apple ID to log into the App Store 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 transaction - 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, purchasing 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 purchases. A drop of 50%-80% from the peak is normal, and buying at the lows may yield potential returns.
Is now a good time to buy Bitcoin? What is the best buying opportunity?#
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%. 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 time their purchases, while those with more 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 smaller amounts. Don't worry about not being able to afford it; the key is how much you are willing to buy.
Didn't China ban cryptocurrency trading? How can you still buy?#
The government has banned cryptocurrency exchanges, but it has never prohibited cryptocurrency trading itself. Currently, domestic exchanges, such as the aforementioned OKX and Binance, have completed the migration of services to overseas exchanges and are now serving Chinese users. For us, it has merely raised the threshold for buying coins, such as requiring a VPN or using non-blocked addresses to bypass domain restrictions. The government has never prohibited individuals from investing in cryptocurrencies, and personal investment in Bitcoin is completely legal. However, remember not to borrow money to trade, as the risks are high.
Is it safe to buy Bitcoin? Will it 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 withdraw money after making money in the crypto world?#
Why do people keep saying that withdrawing money from exchanges is troublesome? I wonder if these people have ever truly withdrawn money.
I started trading on exchanges in 2014 and have withdrawn money almost every month. In the early days, I also deposited money, all directly linked to my domestic China Merchants Bank card, with amounts of tens of thousands each time, and it usually takes just 10 minutes to complete, without any issues. I don't know where all your problems come from.
When someone accidentally receives a suspicious amount of money (a few thousand) during a withdrawal, the bank 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 your 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 test the waters, level up through experience, and after going through this process three times or more, develop your own stable profit style before considering increasing your investment. Personally, I 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, it’s better to just take action once. You can only truly understand by making a purchase. This article is just to help you feel more confident in taking the first step and starting your investment journey in the crypto world. Wishing you endless profits!! 📈💰
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