Bitcoin has first broken through the $100,000 mark, setting a historical record! In just ten years, its value has skyrocketed by tens of millions of times, achievable only through the miraculous blockchain technology.
You may have heard stories from people around you who have profited by buying Bitcoin or Dogecoin and want to give it a try? But you're not sure how to start? For example, is it allowed to purchase in the country? Can you use Alipay or WeChat? Is the renminbi feasible? What is the 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 answer all these questions, ensuring that even an eighty-year-old can easily understand.
Table of Contents#
- How to buy Bitcoin in three steps?
- Can you make a profit by buying Bitcoin? What are the expected returns?
- How to choose an exchange?
- How to buy Bitcoin or Dogecoin with renminbi?
- Is it a good time to buy Bitcoin now? What is the best timing?
- What to do if the Bitcoin price is too high?
- Didn't China ban digital currency trading? How can it still be purchased?
- Is buying Bitcoin safe? Will it run away? How to store it?
- Is it troublesome to withdraw after making a profit 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 policy adjustments in recent years, the only large exchange currently recognized and reliable in the country is OKX, leaving us with no choice but to register an OKX account. Users in mainland China should prioritize OKX, followed by Binance or the recently popular Bitget. Compared to other exchanges, these three are the largest, regulated by the state, and ensure 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 realize that opening a cryptocurrency exchange in China is illegal, but the state has never prohibited individuals from investing in cryptocurrencies. Domestic exchanges like OKX submit backend data to the state, so real-name authentication with an ID card is required during registration, and facial recognition is needed for withdrawals or transfers to prevent illegal activities.
On December 7, 2024, the People's Court Daily pointed out: mining reflects social abstract labor, and virtual currency has both use value and exchange value. Moreover, many may not know that holding cryptocurrency as an individual has never been defined as illegal.
Many are also unclear that exchanges like OKX, Binance, and Bitget can be directly linked to bank cards, WeChat, or Alipay to purchase Bitcoin. Furthermore, you do not need to buy a whole Bitcoin at once (which may be unaffordable); you can purchase 1 yuan, 10 yuan, or any amount.
For trading, if you plan to get involved, the sooner you start, the better; otherwise, don't try. Anyone can incur losses initially; this is part of the experience accumulation process. The earlier you get in, the lower the trial-and-error cost, avoiding bankruptcy or family crises. Otherwise, just never get involved; that's the truth.
Registration and real-name authentication#
As mentioned earlier, the recommended exchanges are OKX, Binance, Bitget, and Gate, in that order: OKX > Binance > Bitget > Gate > Huobi.
Huobi performed well during Li Lin's tenure, but has declined since Sun Yuchen took over, with insufficient trading depth, thus ranking last.
Investing in cryptocurrencies carries high risks. According to national regulations, you need to register using a mobile number or email from mainland China or use a VPN with a Chinese ID for real-name authentication. The platform usually completes the review on the same day. The registration link supports Chinese mobile numbers or 163 emails, QQ emails, Gmail, and other foreign emails. Registering now can 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 package. You can register directly in the country: Click here to register an OKX account on the official website; some regions may require a ladder or alternative link.
Binance#
Binance continues to offer fee discounts and newcomer gift packages, but domestic users need a VPN to register: Click here to register a Binance account on the official website. (A ladder is required in the country.)
Bitget#
Bitget has rapidly risen in the past two years and has entered the ranks of first-tier exchanges: Click here to register a Bitget account on the official website (A ladder is required in the country.)
Gate#
gate.io, also known as Sesame Open, was originally named Biter: Click here to register a Gate account on the official website (A ladder is required in the country.)
By the way, if you need a VPN, please click the top right corner — Links — Airport VPS recommendations.
Buying Bitcoin with renminbi#
After waiting for the OKX account registration to complete, download and install the app. If the system prompts a security risk during installation, you can ignore it, as virtual currency applications are often falsely reported. This is downloaded from the official website and poses no risk.
Apple users need to log in to the App Store with an overseas Apple ID to download the app. For methods to apply for an overseas Apple ID, you can refer to searches on Zhihu.
After patiently installing the OKX app, follow these steps:
Click on the app homepage — I want to buy coins (C2C buy coins) — Quick trade — Select USDT — Enter the purchase amount — Payment method select Alipay, WeChat, or bank card.
Completing this step means converting renminbi to USDT, which is a necessary step for investing in Bitcoin. For example, purchasing 1000 USDT (about 7000 renminbi).
Can you make a profit by buying Bitcoin? What are the expected returns?#
The "inflation" logic often mentioned regarding Bitcoin stems from its limited total supply, which is expected to rise in the long term. Historical prices show significant volatility, so the timing of buying needs to be cautious. A price drop of 50%-80% from a high point is normal, and buying at a low point may yield volatility profits.
Is it a good time to buy Bitcoin now? What is the best timing?#
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 the timing based on your capital and risk tolerance. Small investors can choose to enter the market at the right time, while large investors can buy in batches. When the price is around $20,000, you can gradually purchase or adopt a dollar-cost averaging strategy.
OKX Activities This Month#
New users registering on OKX this month can receive a blind box or Dogecoin gift package. You can register directly in the country: Click here to register an OKX account on the official website; some regions may require a ladder or alternative link.
What to do if the Bitcoin price is too high?#
Bitcoin can be purchased in fractions; you can buy 0.01 or smaller units. 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 it still be purchased?#
What the state prohibits is the operation of digital currency exchanges, not personal trading. 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. Personal investment in Bitcoin is completely legal, but avoid borrowing to trade to prevent high risks.
Is buying Bitcoin safe? Will it run away? How to store it?#
Bitcoin exchanges are stable and secure, suitable for long-term holding. Novices are advised to keep their assets in the exchange for ease of operation.
Is it troublesome to withdraw after making a profit in the crypto circle?#
Why do some people always complain about difficulties in withdrawing from exchanges? I wonder if these people have truly operated before.
I have been trading on exchanges since 2014, withdrawing almost every month, and I also made deposits in the early stages. I directly linked my domestic Bank of Communications card, withdrawing tens of thousands each time, completed within 10 minutes, and have never encountered any issues. I don't know where your troubles come from.
Of course, some have received suspected dirty money (thousands of yuan), and the bank froze the online transfer function. You just need to show the transaction history from the OKX app at the counter, and after a simple explanation from the staff, it will be unfrozen, far from the terrifying rumors.
Finally, trading carries high risks. If you have no experience, entering the market rashly is not advisable. I suggest: start with small amounts to test and accumulate experience, and after incurring losses a few times, form a stable profit model before increasing your investment. I haven't deposited in the past three years, and treating trading seriously makes it not difficult to earn a living.
It's better to practice once than to talk about it on paper. Only by purchasing personally can you truly understand. This article helps you confidently take the first step and embark on your crypto investment journey. Wishing you endless profits! 📈💰
🔥 Solving the issue of accessing OKX exchange in China#
Many exchanges' original domain names may be listed on restriction lists, or access speed 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 has issues. In fact, this is more about the network environment rather 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 - requires 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 backup domain Huobi/HTX
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- Gate backup domain Gate.io (Sesame Open)
🔥 Related Reading#
🔥 Useful tools for finding gold dogs#
1️⃣ Axiom Dog-Charging Tool https://axiom.trade
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3️⃣ dbot Dog-Charging Tool https://app.debot.ai
4️⃣ Morelogin Multi-Account Fingerprint Browser www.morelogin.com
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