1000 USD to RMB - Convert $1000 US Dollar to Chinese Yuan ...
1000 USD to RMB - Convert $1000 US Dollar to Chinese Yuan ...
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1000 USD to BTC - Convert $1000 US Dollar to Bitcoin
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Living overseas, paychecks are deposited direct to US bank account and need to conduct multiple transfers for local currency. Looking for suggestions and wondering about potential risks.
TL;dr I live in China, monthly salary goes to my BofA checking account, so to get money I do US bank>US bank transfer with other Americans here and they give me equivalent in RMB. Is there a better way? Hey all, so here's some background.
I live and work in China for an American company.
I get paid directly to my Bank of America checking account, monthly.
Because of this, I'm periodically low on local currency (RMB) and need to do large transfers pretty regularly. I used to do some convoluted BTC transfers with a friend who has a Chinese Bitcoin account and essentially converted USD to RMB that way. When I found out other Americans here here needed USD, I just started transferring money from my BofA account to their US bank accounts, typically in 1000 USD (~6800 RMB) increments. Most of these people are not at BofA accounts, so there's a $3 charge for each transfer. It's faster and cheaper than a normal wire transfer, which would deduct a percentage. Transferring about 1.5 times a month this way, I spend annually about $54 on transfers. My 2 questions are:
Is there a cheaper way to do what I'm doing? I know I could just get the person receiving the transfer to cover the charge, but haven't for I don't know what reason.
I feel like I'm pulling one over on the banks since I'm saving quite a bit of money already doing transfers this way. Is there anything I should be worried about?
"These reports suggests that the adoption by Baidu is a signal that the big vendors are accepting bitccoin - consider the close tie between baidu and central government, that the government may be interested too. It is like saying Microsoft or Facebook started to accept bitcoin. That tapped on the emotion and BTC rose. I think the big vendors are no way closer to accepting bitcoin in the last week than any weeks before. It is indeed a small change, and signals nothing from big vendors nor the central government at all. Chinese information technology vendors, including the big ones, in general prefer the studio model. A big company is devided into multiple studios, some companys have 100 studios. They each compete against each other. They compete on revenue and profit, within the embralla of a same company. Each studio find their own ways of making profit, and enjoy freedom of decision as long as they are making money. The mother company acts like a referee, dismissing unprofitable studios and buying out (admitting) small competitors to form new studios; the mother company also act as a protector, backing the studios with tremendous PR and governmental relationship power in case their competitor choose to fight on a different level (which also happens). This fast-proliferating fast-evoluting style isn't very co-ordinated, but it is effective because in general in China our culture emphasize competition, and we like to compete and win and we work the best if competition is physically next door. If instead big vendors are organized like Microsoft to co-operate and create huge products (Windows 7) in 5-year span, the youngsters wouldn't stay on their edge - they need quick confirmation whether they are wining or not - they work very hard but doesn't have much patience. Skipping between studios is frequent, the fast-growing studios get more resource and people. The recent acceptance of bitcoin is likely a decision of a single stuidio in the embralla of baidu, perhaps trying to beat other studios of the same company. Baidu HQs speaksman said nothing about bitcoin in the whole year. How Baidu HQs treats the move is unkown, and they probably don't have an attitude, for it (bitcoin) is trivial compare to the huge online information market they are already on. News interview suggests this is a decision of an individual studio: "We always try to satisfy the webmasters, so when they want to pay with bitcoin, we accept them". Notice the interviewee said 'webmasters', that's the customers of this studio, not Baidu in whole, and he speaks for his own studio. Also take notice the customer of this studio (jiasule.baidu.com), the webmasters, happen to be the major group of bitcoin miners in China. So why such a small piece of news that indicates nothing for sure, stirs up such a rally? More important than the news itself it says Chinese investors are desperately looking for a reason to rally. They perhaps expected bitcoin to be above 1000¥ for a long time, now they only need a slight upward vibrate to rally. And they have a good reason to hope for a rally, for they bought huge amount of mining equipments in anticipation of raise of bitcoin value. My reading of the event is, that Chinese investors are anticipating a rally for a long time, thus it won't cool down in just a few days. However they are speculating, not having much faith in sustanibility of bitcoin and may be frighten away by small bad news within China. They are less sensitive to western news like silkroad. In China we have highly centralized political power. The chance Chinese government allows bitcoin on the markets (when it calls their attention) is like the chance U.S. government raise debt in BTC. The big vendors foresee it and shouldn't be interested. Besides we have a monoplay business atomosphere in China (every player are greedy, wants to win and take all), and you don't monoplay bitcoin. I see no reason Baidu being interested to include bitcoin into their development strategy. Small vendors are much more likely to be interested in btc. (OP is a Chinese citizen in Beijing)" . If Chinese government pays attention to bitcoin, it would act the same way they do towards shadow banking: fine those involved in bitcoin yet backed by government, and prosecute the entities without gvernment backing (even execute a few, like the unlucky millionaire Wu Ying last year and Zeng Chengjie this year). The charge will be as usual: illegal fund-raising. Right now there are two points that needs to be considered on understaind Chinese behaviour:
Chinese traders speculate. Few believed in a non-governmental currency taking root, as few believed anything significant yet non-governmental can take root. This translate to a huge bear market when Chinese government acts.
The atomsphere in China is like the roaring twenties which I read from books. Everyone feels like they are ready to make a big fortune. This can translates to potential huge bulls.
So it is not the question whether bitcoin can be regulated, but whether bitcoin can obey. Bitcoin trading can be regulated but bitcoin itself bends to no one - which begets the question whether or not it will be allowed to live. On the other hand, if Bitcoin becomes so significant that the government has to make a decision, and they decided to let it live, the acceptance of bitcoin will have no consumer psychological barrier, because, as you said, we are pretty familiar with virtual currencies.
. . My personal opinion is that China is in not going to have a robust bitcoin economy anywhere in the medium or long term future.
China currently has a $50k USD restrictions on the amount of money its citizens can take out of the country. Bitcoin with its anonymous nature can easily by pass these restrictions. yeah i know there's AML/ KYC rules set up for BTCchina now but i know that if btc becomes a widely circulated "commodity" in exchange for services and goods that it will be easier to launder and hide illicit gains in bitcoin than it would be to hide them yuan. http://www.china-briefing.com/news/2011/11/11/getting-cash-money-rmb-out-of-china.html
if citizens in China start using btc as a "commodity" in exchange for services and goods that would threaten the stability of the chinese yuan. it certainly would not raise the value of the yuan. i don't see how the chinese govt would encourage this to happen.
the Chinese banks are banned from offering services/goods in bitcoin. that was NOT a good sign. it certainly wont make it easier to start bitcoin related businesses in china. Baidu/China Telecom's immediate removal of btc as a payment option following the offical govt announcement was NOT a good sign. i don't know how anybody can spin those actions as a positive for bitcoin.
i also don't believe that bitcoin is booming in China because it's citizens believe in it as an alternative currency. I believe the price skyrocketed due to greed and pure speculation. take a look at the 2010 China Garlic Bubble where in a few months the price of garlic rose 40-50x due to pure speculation, price manipulation and hoarding. Sound familiar to bitcoin in China? http://www.npr.org/templates/story/story.php?storyId=121125739
Plenty of redditors have claimed that China would be supportive of btc because it would devalue the US dollar and raise it's own yuan in value for foreign trade. that's highly unlikely since the Yuan is already the #2 most used currency for foreign trade in the world. China is about to start direct trade with the UK in yuan/pounds. the daily global trade in Chinese Yuan is over $120 billion which is 10x the market cap of bitcoin. http://www.bloomberg.com/news/2013-12-03/yuan-passes-euro-to-be-second-most-used-trade-finance-currency.html
China is a quasi-totalitarian regime that has no qualms about crushing any form of rebellion (labour camps for journalists, tiananmen square, human rights violations, highest # of executions in the world). Bitcoin by its very nature is designed to give the power back to its people, its users. China's entire recent history is about controlling it's people.
tldr: bitcoin gives freedom and power to the Chinese citizens, the chinese government is realizes this and will move to prevent China from ever having a robust btc economy where btc will be widely traded for services/goods. Chinese citizens have a history of participating in mass speculative bubbles without caring about the fundamental value. (i could be wrong about the future of bitcoin in China but based on China's history i unfortunately might be right. also if any college students are reading this, please don't take out student loans to buy bitcoins, it is a huge speculative bubble in China and if the chinese govt comes down, you will see the bitcoin economy cut in half or more.)
People don't care about the 2 decimal remaining from uBTC, for the simple reason there is nothing you can buy with, at least for a very long time in the most optimistic scenario.
The conversion is not easy at all, i mean the change is way to radical. We are talking about move 6 decimal point, which is way more than 3 for mBTC.
With mBTC we can provide to BTC a long term "parity" with main currency of the world (EURO, USD, RMB) ... between 800$ to 10 000$ and even more there is not a psychological problem about "bitcoin is so expensive, it's maybe too late to invest in".
To stay on the psychological aspect, uBTC will make look like Bitcoin such as a monkey money, is not a good sign of vitality when you have an currency you buy some thousand for few dollars... Bitcoin is VALUABLE.
There is i think more argument in favor of mBTC but i just don't understand why we are talking about uBTC right now ? Did mtgox reach high time all to 1,000,000$ / BTC and i'm finally rich or what ? yaaaaay.. mBTC is fine, it's just will be perfect at 1000$ with dollars parity, and will be still fine at 10,000$ and more. We need to have something comparable to other currency in the world, for many obv reasons... mBTC we need it so bad.
01-06 13:08 - 'Some people are offloading - But it means nothing on long term.' (self.Bitcoin) by /u/darkvador1900 removed from /r/Bitcoin within 142-147min
''' Besides the usual speculations, someone should keep themselves with the volume level of transactions. Some people are offloading their coins. The volume of transaction from the hour of the first dip till now is over 1,2 billion Usd (around 40-48hours). Some transactions by the 1000's of bitcoins and most of the rest falls on the range of 700-800 bitcoins sold/shorted. It will take a few days for a new stabilization and i believe like i predicted a few days ago that we will see around $900. We are going back and forth on on $920ish to $970ish. Instead of panicking, most probably newcomers, Spend your time reading. There are a lot of factors which affects bitcoin price. There is also the amount of sell not able to match the amount of buy which result to the inevitable drop in price when a big sell order hit the wave. Yesterday we heard about Yuan appreciation. from 6.98 to 6.88 Rmb per Usd. However today we are at 6.92 Rmb per usd. The media is also not helping the newcomers. There is always shitty news being posted when bitcoin price falls suddenly. but those media cover only 0:10 seconds of bitcoin price appreciation. But when it falls, you will see experts from anywhere making a statement that the price will fall and yada yada yada.. Always remember, do not blindly trust the media.. For me personally, The minute they sold me that "a group of nomads from the desert took out the twin towers and the pentagon" i switched off the Tv and never switched it back on again after that.. Do your own research, there are several platforms, several places to read correct info.. but even then, dont just believe. research again. Bitcoin is a beautiful technology. True its a good investment, but that does not mean price is the only factor you should consider. Try understand bitcoins for a change. Check websites like [link]1 and [link]2 as well as several cryptocurrency media for more proper information.. however if you are in it just for financial purpose. when you see the price plummet and you bought higher, the basic of trading is "buy low, sell high" so HODL and wait for your buy-in price to be LOW and then sell on its HIGH... DarkVador Out! ''' Some people are offloading - But it means nothing on long term. Go1dfish undelete link unreddit undelete link Author: darkvador1900 1: www.coinmarketcap.com 2: www.bitcoinwisdom.com
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