Bitcoin exchanges are vital in using bitcoins and other crypto currencies. You cannot use bitcoins without converting or buying in an exchange. Due to the number of Bitcoin users, there are a lot of companies that decided to start a Bitcoin exchange. One of the leading Bitcoin exchange is BTCChina, an exchange for the China market. Find out more about this exchange and why it is trusted by many.
Advantages of BTCChina
As an important element in the Bitcoin ecosystem, this exchange pushes itself to be a trusted currency exchange. It secures each transaction and ensures clients that each conversion is correct. The exchange also improves by allowing other crypto currencies be converted as well. This is to give users more options on what fiat currency to use.
The company that led BTCChina also offers a mining pool, Bitcoin wallet, and a digital payment method. To ensure the safety of your account, the company created security procedures to make sure that even hackers will never get in. If you think that exchanges do not need security, you are mistaken because these sites are prone to hacking as well. Knowing that an exchange holds fiat currencies and altcoins, there are a lot of instances of hacking and theft.
Even if BTCChina is well-known and trusted by many Chinese users, unfortunately as of this writing, China has banned Bitcoin exchanges. After this was announced, Bitcoin’s value immediately dropped on China’s market. This decrease will not slow down as long as the ban continues.
Experts are expecting that the trading volume would sink even if China has the most Bitcoin miners around the world. The country has been loyal to the crypto currency and currently holds about 23 percent of the Bitcoin trades. Not only that, China is also responsible for more than 90 percent of the Bitcoin transactions around the world.
Although users can still use their bitcoins, it will not last long until these users will need to buy and sell in order to convert their bitcoins. There will also be a problem in adding new users because of the exchange ban. Fortunately, there are still users who decided to trade with one another. Even if this could help others, it is still not enough to maintain the circulation of bitcoins in China.
With the current status of BTCChina and the rest of the exchanges, it just proves how important an exchange is. Without it, there would be limited bitcoins. New users cannot play Bitcoin dice without bitcoins. Therefore, there would be less users going to Bitcoin dice sites or those who will play Bitcoin dice game.