Chinese cryptocurrency exchanges are where virtual money lives

New Chinese cryptocurrency

Replacements for Bitcoin are being launched at high speed. Ethereum, Litecoin, they are all considered breakthroughs. But Neo is getting the most attention. What's special about it?

The founder of this currency is Da Hongfei. It is based on the principles of accessibility to Chinese citizens and digital identity verification.

In 2014, Antshares, a prototype of Neo, appeared. The cryptocurrency itself began to function two years later.

What is the working principle:

• works with many popular software systems (Java, C#, Microsoft, etc.);
• all transactions are accepted through a single OnChain system;

Disadvantages:

• mandatory registration on the wallet;
• the platform is publicly available, so its reliability is questionable;
• It is impossible to collect money from taps and get it using special devices.

All operations are carried out under state control. The above methods of earning money may amount to fraudulent activities.

Dcep

The abbreviation DCEP stands for Digital Currency Electronic Payment - “digital currency and means of electronic payment.” This project is the main part of the NBK's plan to create its own cryptocurrency. The Chinese DCEP app will use NFC technology with support for Touch and Pay and QR codes.

On the one hand, analysts view the implementation of the project as an opportunity to accelerate the adoption of crypto-assets by the world community, but on the other hand, it is not yet clear how China’s digital cryptocurrency 2020 will affect existing assets.

Already in May, some Chinese officials will partially receive their salaries in the new digital currency using newly created electronic wallets - involving ordinary users in the testing process could be very useful. However, it is still unknown whether the digital currency can be cashed out into traditional yuan, how one can invest in it, and how to buy dcep in the near future. At the same time, it is known that DCEP can be used when paying for trips on public transport and when purchasing food.

We have previously reported on testing the emerging digital yuan at pilot sites in the cities of Suzhou, Shenzhen, Xiong'an and Chengdu. And also about how the Chinese media are diligently distancing the future currency from the popular Bitcoin.

Bitcoin in China

In 2020, the authorities banned Bitcoins. How the cleaning steps were carried out:

1. On September 4, operations were carried out to seize bitcoins and tokens.
2. On September 30, the BTCChina and ViaBTC exchanges were closed. It cannot be stored in small companies either.
3. The Chinese, who had invested their savings in electronic currency, hastened to withdraw it in order to avoid fines and other persecution.
4. The exchange rate fell by 15%.
5. Foreign investors began to buy cheaper currency, which resulted in a sharp rise in price.

Mining farms to this day are located on the site of abandoned factories and buildings. Why is it thriving in this country:

• in China, land outside megacities has a low cost;
• increased desire of citizens to get rich due to low wages;
• electrical and technical resources are inexpensive;
• the opportunity to create your own energy consumers due to the favorable climate.

Due to the ban on bitcoin, miners exchange for yuan and American dollars. But they also began to have their access to electricity limited, thereby trying to control the flow of cryptocurrency savings.

Phoenix cryptocurrency

Rumors and ambiguity of opinions haunted the mysterious “bird” already at the stage of news from the PRC government. But it is officially called LCFHC.

The currency was launched as a joint collaboration between the National Bank of China and the Rothschild family. Thus, it was planned to finally eliminate Chinese Bitcoin from existing monetary units.

The main offices are located in Beijing and Shenzhen. The second representative is still in the works.

In 2020, a recruitment of 100 million testing volunteers was announced, who will subsequently be able to participate in China's stock exchange operations. To do this, after registering in the system, they are given 1380 coins, which is equivalent to the American dollar. $100 goes to the commission, the remaining funds are distributed for purchases in online stores, exchange for phoenixes and their transfer to the wallet. By activating your referral link, you can earn an additional $100 for each person you invite. The more people there are, the greater the opportunity to create a structure, significant earnings and rise through the leader-stars.

Registration is possible by invitation only. But unlike the usual system, data entry is carried out by the link creator. Verification using passport data is required.

Chinese Yuan: cryptocurrency rates to the ruble

Current rates of cryptocurrencies to credits – follow the fluctuations online. Information comes from the largest exchanges and is processed in real time. You can see exchange rate changes for most of the most popular fiat currencies. Online charts, automatic converter and news will allow you to quickly navigate the current market trends in the ratio of credits and cryptocurrencies.

It is always worth remembering that the cryptocurrency exchange rate is quite volatile. It can either grow by several percent in a couple of minutes or fall. This volatility attracts most investors, who constantly monitor the price of cryptocurrency in order to buy at the lowest price, and then wait for growth to sell at the highest. You can buy cryptocurrency quickly and at a favorable rate in the Matbi online exchanger. The service has been operating for more than five years and can offer users not only the exchange of cryptocurrencies, but also their reliable storage. Matbi's built-in crypto wallet supports four leading cryptocurrencies: Bitcoin, Litecoin, Dash and Zcash. A high level of protection for users’ crypto assets is provided by “cold” wallets, as well as three-factor authentication when entering your personal account (PIN code, email code and SMS code, which can be replaced with Google Authenticator). The service is also interesting to users, as it includes a multi-level affiliate program. 24-hour technical support promptly answers all user questions. How to become the owner of cryptocurrency in Matbi is discussed in detail in this video.

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Popular cryptocurrency exchanges

Which exchanges are currently relevant in China:

1. Bitfinex. One of the few where cryptocurrency trading is possible. The head office has been located in Hong Kong since 2013. The site interface is made in three languages, including Russian. The virtual account can only be adjusted in Chinese currency. The main advantages are the completion of all transactions without registration, high dynamics of trading operations, the highest possible security of IP addresses, minimal commission (the larger the transaction, the lower the payment). But shortcomings could put the future of the exchange in question - a reluctance to introduce mandatory registration, which prevents the government from collecting data, and a large theft of virtual money from users amounting to over $70 million. These factors have reduced trust among the Chinese.
2. OkCoin. Opened five years ago in Beijing. The interface is made in English, Chinese and Cantonese. Unlike a competitor, here you need to register and go through multi-stage data confirmation (from a cell phone number, e-mail, sending a page from a passport or other main document. Pros - high trust, high rates of trading with the most profitable rates, the ability to use money as collateral, low commission amount Disadvantages - no translation into Russian, lack of anonymity, limited amount of virtual currency.
3. Huobi. Appeared in the same year as the two previous exchanges. The main office is located in Shanghai. The main feature is the ability to use additional applications for analyzing and forecasting the exchange rate, as well as regulating trading. What else is good about it is a variety of banknotes, many languages, reliable protection from hackers (special wallets have been created with no access to other persons), commission, preservation of anonymity for individuals. Disadvantages: tools for collateral transactions have not been introduced.