Bitcoin has first broken through the $100,000 mark, setting a new historical high! Over the past decade, its value has skyrocketed by tens of millions of times, showcasing the extraordinary charm of blockchain technology.
You may have heard stories of people around you profiting from investing in Bitcoin or Dogecoin and want to try buying some, but don’t know where to start. For example: Can you buy it domestically? Can you use Alipay or WeChat Pay? Is it supported in RMB? What are the specific steps? What procedures are needed? Do you need to install a wallet? How much is appropriate for the first purchase? Can you make a profit after buying? How to withdraw profits?...
Don’t worry! This article will answer all these questions for you, ensuring the content is easy to understand, even for an eighty-year-old.
Table of Contents#
- How to buy Bitcoin in three steps?
- Can you make money buying Bitcoin? What are the expected returns?
- How to choose an exchange?
- How to buy Bitcoin or Dogecoin with RMB?
- Is it a good time to buy Bitcoin now? What is the best time to buy?
- What to do if the price of Bitcoin is too high?
- Didn’t China ban digital currency trading? How can you still buy it?
- 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 circle?
How to buy Bitcoin in three steps?#
A simple three-step tutorial for novice investors to buy Bitcoin:
Choose a suitable Bitcoin exchange#
Choose a popular, safe, reliable, and low-cost exchange, as a fully functional one is easier to profit from.
Due to domestic policy impacts, currently, the only reliable exchange supported by the state is OKX, leaving domestic users with no other choice but to register an OKX account directly. For mainland users, OKX is the first choice, followed by Binance or the recently popular Bitget. These three exchanges are the largest, regulated by the state, and have high security. Among them, OKX and Bitget can be accessed directly in the country, while Binance requires a VPN (commonly known as a ladder).
To add, while it is illegal to establish cryptocurrency exchanges in the country, the state has never prohibited individuals from investing in cryptocurrencies. Data from domestic exchanges like OKX is submitted to state regulation, so registration requires real-name verification with an ID card, and facial recognition is needed for withdrawals to prevent illegal activities.
On December 7, 2024, People's Court Daily pointed out: Mining condenses social abstract labor, virtual currencies have use value and exchange value. It should be clarified that holding cryptocurrencies as an individual has never been classified as illegal.
Many people are unaware that exchanges like OKX, Binance, and Bitget can be directly linked to bank cards, WeChat, or Alipay to purchase Bitcoin. There is no need to buy a whole Bitcoin at once; you can start with small amounts, such as 1 RMB or 10 RMB.
Investing in cryptocurrencies is better done sooner rather than later; early losses are a necessary process for gaining experience. Early exposure can reduce trial-and-error costs and avoid financial ruin. Otherwise, it is advisable to stay away from this field entirely.
Registration and Real-name Verification#
The recommended exchanges are limited to OKX, Binance, Bitget, and Gate, in that order of priority: OKX > Binance > Bitget > Gate > Huobi.
Huobi performed well during Li Lin's tenure, but after Sun Yuchen took over, trading depth declined, hence its lower ranking.
Given the high risks of cryptocurrency investment, according to national regulatory requirements, registration must be done using a mobile number or email from mainland China, or through a VPN combined with real-name verification using a Chinese ID. The platform usually completes the review on the same day. Registration supports Chinese mobile numbers or 163 email/QQ email/Gmail, etc. Registering now can enjoy a lifelong 20% fee discount and a $600 newcomer gift package. Taking OKX as an example:
OKX#
New users registering on OKX this month can receive a blind box or Dogecoin gift package. Register directly in China: Click here –> Jump to the official website to register an OKX account, some regions may require a VPN or alternative link
Binance#
Binance has long offered fee discounts and newcomer gift packages, but domestic users need a VPN to register: Click here --> Jump to the official website to register a Binance account. (A VPN is needed in the country 🪜)
Bitget#
Bitget has risen rapidly in recent years and has entered the first-tier exchanges: Click here --> Jump to the official website to register a Bitget account (A VPN is needed in the country 🪜)
Gate#
gate.io (formerly Bit) is now named Gate: Click here --> Jump to the official website to register a Gate account (A VPN is needed in the country 🪜)
If you need a VPN, please click the top right corner –– Links –– Airport VPS recommendations.
Buying Bitcoin with RMB#
After completing the registration of your OKX account, 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; the official website download is safe and reliable.
Apple users need to log in to the App Store with an overseas Apple ID to download the APP. The application method can refer to tutorials on Zhihu.
After installing the OKX APP, follow these steps:
Click on the homepage –– I want to buy coins (C2C buy coins) –– Quick transaction –– Select USDT –– Enter the purchase amount –– Payment method select Alipay, WeChat, or bank card.
This step completes the exchange of RMB for USDT, which is a necessary medium for investing in Bitcoin. It is recommended to start with a small amount for the first purchase, such as 1000 USDT (approximately 7000 RMB).
Can you make money buying Bitcoin? What are the expected returns?#
Bitcoin is often seen as an anti-inflation asset, with a limited total supply and a long-term bullish outlook. Historical price fluctuations are significant, so be cautious of the risks when buying. A 50%-80% pullback from the peak is normal, and buying at the low can yield fluctuating returns.
Is it a good time to buy Bitcoin now? What is the best time to buy?#
It is recommended to start buying when the price has pulled back by 50% from the peak and to fully invest when it has pulled back by 80%. Timing should depend on the amount of funds and risk tolerance: small amounts can wait for the right opportunity, while large amounts should be built up in batches. Around $20,000 can be gradually purchased, or a dollar-cost averaging strategy can be adopted.
What to do if the price of Bitcoin is too high?#
Bitcoin can be purchased in fractions, such as 0.01 or less. There is no need to worry about the price; the key is the willingness to invest.
Didn’t China ban digital currency trading? How can you still buy?#
The state has banned the operation of digital currency exchanges, not personal trading. Domestic exchanges like OKX and Binance have completed the migration of overseas services and provide compliant services to Chinese users. Only the threshold has increased, requiring a VPN or non-blocked addresses to bypass restrictions. Personal investment in Bitcoin is completely legal, but avoid borrowing to trade.
Is it safe to buy Bitcoin? Will it run away? How to withdraw profits?#
Mainstream exchanges are stable and secure, suitable for long-term custody. Newbies are advised to store assets in exchanges for ease of operation.
Is it troublesome to withdraw money after making money in the crypto circle?#
Those who question "Is it troublesome to withdraw money?" may not have actually operated before.
I have been withdrawing money every month since 2014, binding my China Merchants Bank card, with single withdrawals of tens of thousands, completed within 10 minutes, and have never encountered any obstacles. Occasionally, some users receive illicit funds (like a few thousand RMB) that lead to their bank cards being frozen; they only need to show the transaction history from the OKX APP at the counter, and after some education, it can be unfrozen, with risks being controllable.
Finally, a reminder: trading risks are high, and those without experience must start with small amounts to trial and error. After several zero balances, a stable strategy can be formed before increasing investment. I have not deposited money in the past three years, focusing on trading to achieve stable returns.
Practice is better than empty talk. You can only truly understand by purchasing once; this article helps you confidently take the first step and start your crypto investment journey. Wishing you a prosperous return! 📈💰
OKX Activities This Month#
New users registering on OKX this month can receive a blind box or Dogecoin gift package. Register directly in China: Click here –> Jump to the official website to register an OKX account, some regions may require a VPN or alternative link
🔥 Solving the Problem of Inaccessibility to 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 a problem. In fact, this is more due to the network environment rather than a service interruption of 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 HTX backup domain Huobi/HTX
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- Gate backup domain Gate.io
🔥 Related Reading#
🔥 Useful Tools for Finding Gold Dogs#
1️⃣ Axiom Dog Charging Tool https://axiom.trade
2️⃣ Gmgn Dog Charging Tool https://gmgn.ai
3️⃣ dbot Dog Charging Tool https://app.debot.ai
4️⃣ Morelogin Multi-Account Fingerprint Browser www.morelogin.com
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