Withdrawal Options after Bitcoin Ban in China (Bought 1000 Bitcoins for 1 Yuan on Taobao)
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Seeds
How can I withdraw my Bitcoin from BTC China after it has been banned? (I purchased 1000 Bitcoins on Taobao for 1 RMB each, how can I go about this?)
2023-06-04 05:35
Answer list:：
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Josephine
Release time 2023 06 04
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Shawn
After China banned Bitcoin, it became difficult to withdraw funds. If someone had purchased 1000 Bitcoin for 1 yuan on Taobao, they would have to find a foreign exchange or peer-to-peer platform to sell their Bitcoin and receive cash. This is because Chinese cryptocurrency exchanges were shut down and banks were prohibited from conducting transactions related to cryptocurrency trading. As a result, individuals who held Bitcoin were forced to find alternative methods to realize their gains.
Release time 2023 06 04
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Eleanor
After China banned Bitcoin, it became difficult to withdraw the cryptocurrency. The option to sell on exchanges was no longer available. As for those who bought Bitcoin on Taobao (an online shopping platform), they would have to find a way to transfer or sell the coins to someone willing to take the risk of buying and holding them. The process of finding a buyer or a trading platform that accepts Bitcoin became more challenging, potentially resulting in lower prices for Bitcoin transactions.
Release time 2023 06 04