BTCTrade Halts Deposits as China Ban Taking Hold

BTCTrade, a China-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange, has announced "with a heavy heart" on their website that it is halting deposits. They received a phone call from their bank saying that they are required to close their account due to it belonging to Bitcoin-related business, effective April 15.

As a remedial measure, they plan to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term operations in Hong Kong, Japan and the U.S., allowing for dollar deposits. The announcement ends off by saying that as these developments are put behind us, the future is bright for Bitcoin and BTCTrade.

Bitcoin prices have tumbled, hitting fresh 2014 lows near $400. Altcoins have followed suit.

Their announcement comes at roughly the same time as that they too have received notice of a bank account closure and will be halting deposits.

With the ban in China appearing to take hold, the question remains if/when the remaining exchanges like BTC China and OKCoin will follow suit. BTC China recently that they have not received any notice. One also wonders if exchanges will be able to find a workaround. For example, having funds sent to aliases or holding companies not directly involved with Bitcoin business, although it is easy for banks to catch on.