How to buy Bitcoin (BTC) for CNY
Available ways to buy BTC for CNY
There are two ways to purchase bitcoins for CNY with BestChange:
- by transferring to a bank card or account;
- via electronic payment systems.
Bank cards and transfers
A user can buy Bitcoin for CNY by transferring money from a bank account or card. However, such transfers may be scrutinized by banks, which are not very friendly to cryptocurrency transactions. If the bank suspects that the transaction is somehow related to a cryptocurrency exchanger, it may cancel it and temporarily freeze the user's account until the circumstances are clarified. This is especially true for large money transfers.
In addition, in some cases, bank transactions can be delayed for up to 3 days, which can cause inconvenience to users.
Electronic payment systems
This method is suitable if you need to make an instant transfer with minimal or no fees. On the BestChange website, you can exchange CNY for Bitcoin using the following payment systems:
How to buy Bitcoin for CNY on BestChange website
Following the instructions below, the user can quickly convert CNY to BTC and get the cryptocurrency to his personal bitcoin wallet.
Step 1: Selecting an exchanger
To display a list of relevant exchangers, a user needs to select a specific exchange direction, such as Visa/Mastercard CNY → Bitcoin (BTC) or Alipay → Wrapped BTC (WBTC) on the Ethereum network.
In the left column of the BestChange exchange table, the user needs to select the desired payment method:
- Bank transfer;
- Visa/Mastercard;
- Alipay or WeChat payment system.
In the right column, the cryptocurrency should be selected. If it is necessary to get precisely the native cryptocurrency in the original Bitcoin network, Bitcoin BTC should be chosen in the exchange table. If the user prefers to get Bitcoin in other networks, then one of the following items should be selected in the right column:
- Bitcoin LN — BTC cryptocurrency in the second-level network Lightning Network;
- Bitcoin BEP20 — wrapped BTCB token in the BNB Smart Chain network;
- Wrapped BTC — a wrapped ERC-20 token on the Ethereum network.
Once the user selects a direction, the BestChange website will display a complete list of target exchanges. If no exchangers were found for the chosen direction, another exchange option should be selected. The user can also set up notifications: in this case, when a suitable exchanger appears in the chosen direction, an e-mail will be sent to the specified e-mail address informing that such a service is now available.
What do I need to know when choosing an exchanger?
On the BestChange website, you can sort exchangers by various parameters:
- exchange rate (by default, exchangers that offer the most favorable BTC purchase price are displayed first);
- the amount of reserves available for exchange:
- the number of positive reviews.
It is also worth noting that not all exchangers work in automatic mode. Some of them process applications manually, which can increase transaction times. The type of exchanger can be understood by the icon located next to its name.
Some exchangers may change the exchange rate directly during the transaction or, for example, require identity verification (KYC) before confirming the application — the corresponding icons also signal this.
Step 2: Create a request
To create a request to exchange yuan for Bitcoin, you need to go to the website of the selected exchanger and fill out the form in which you should specify:
- The amount in BTC cryptocurrency that the user wants to purchase;
- Bitcoin wallet address to which the exchanger will send the cryptocurrency;
- E-mail address, which will receive a transaction receipt after the transaction is completed.
Exchangers may additionally request the number of a bank account or wallet, such as Alipay, from which the user will transfer funds. Some exchangers require the user to provide personal information to identify the client and undergo a verification procedure to confirm the user's identity. Some exchangers do not allow users to make transactions without identity verification.
When filling in the bitcoin wallet address, you should take into account that there are three different formats of BTC addresses:
- bc1q8cd35fqe3wfq7dha9x4p8ysqvqcr2r5avq85f7 (Native SegWit or Bech32 address is one of the newest and most used bitcoin address formats currently available);
- 3Ctic73cLRUdsVPhRkN3Rg9ztRmmMTgjJ5 (SegWit or P2SH — a slightly outdated but still frequently used format);
- 1FBwfVjhtMXztC69mPMYtUCQFmMTHqjpuR (Legacy or P2PKH — an obsolete bitcoin address format now used less frequently than the others).
All of these formats are compatible, so the user can provide the exchanger with any of them. However, in rare cases, exchangers may require the address of a specific format, such as SegWit or Native Segwit, as some wallets no longer support Legacy addresses.
Once completed, you must submit the form and wait for the exchanger to accept the CNY to BTC exchange request.
Step 3: Sending CNY and receiving BTC
Once the exchanger has accepted the user's request, you can proceed directly to the exchange. To do this, you must send yuan by the chosen method to the payment details specified by the exchanger (account number, card, or e-wallet).
After the user sends funds, the exchanger must confirm the transfer and send the cryptocurrency to the wallet address provided by the user.
Resolving possible problems
When buying Bitcoin for yuan, users may encounter delays in BTC transfers. This may be due to a high network load. The speed also depends on the commission the exchanger has set. Usually, exchangers set the commission depending on the current load of the Bitcoin blockchain and consider it when calculating the exchange rate.
Transaction confirmation time may take several minutes or more and increase if the blockchain network load increases during the confirmation process.
After sending the cryptocurrency to the user's wallet, the exchanger must provide a transaction hash (tx id), which can be used to track the transaction's current status in a browser such as Blockhair, Blockchain.com, or OKLink.
If, for some reason, the user is unable to detect the transaction based on the hash provided by the exchanger, the user should contact the exchange's support service.