I am a legitimate Chinese citizen living in abroad, last year I was doing some online business and needed to withdraw my money back, of course, to get more merchandise. Since there’s limitation in my country that each person can only send 50,000 USD equivalent out of China, I had no choice but to withdraw from my bank account, and I could only withdraw 1400 USD equivalent on each card. Note that withdrawing from my own my account is LEGAL.
All the sudden, all my bank account that had withdrew money abroad was frozen by the authority and made me upload some personal ID with a current date newspaper.
I went Google it only to find there are so many people just like me got their bank account frozen, and some very nice people have provided the way to get unfrozen.
Source http://ebigmoney.pixnet.net/blog/post/208022638
I did and all of them were unfrozen after 2 weeks. And here’s the fun part, as I learned how to use bitcoin and started using bitcoin to retrieve merchandise funds. In January, the central bank halted bitcoin withdrawal on all bitcoin exchanges under their jurisdiction. After months long ‘investigation’ they finally reopened withdrawal.
Source http://bitcoinist.com/big-three-chinese-bitcoin-withdrawals/
And then, yesterday I checked only to find that my bank account is FROZEN again!! I promise I did nothing illegal and it was all government with central bank trying their best to stop capital flight, with either 'legal' way or ILLEGAL.
I once were a non-believer to bitcoin and upset by its high volatility. Now I get why people say it’s going to skyrocket. Governments and central banks can freeze your money whenever they want, and print money out of thin air and fiat currencies are constantly facing devaluation. Banks cannot freeze your money if you put it into your bitcoin wallet, and it's just like 'a swiss bank account in your pocket.' quote obama.
Source
As many evidence suggests that China’s economy is going down, huge bubble in the housing market and government is doing whatever they can to stop capital flight. And don’t think that you a non-chinese won’t get affected by this if you remember what happened in 2008. And Chinese government is implementing tax investigation by 2018. I hate to say this but the price will definitely surge due to all the corrupt officials have no other way but to buy bitcoin to protect their assets.
Source http://www.gov.cn/xinwen/2017-05/20/content_5195356.htm
As of now 2017-06-03 the bitcoin price is stabilized around 2300~2400 USD, I think the high volatility will be gone with everyday surging mass adoption. And with no doubt that the value will go up because bitcoin is by design a deflationary currency.
I am here strongly advice everyone who read this article to use bitcoin or crypto-currency, because it’s way better than storing your money into time bomb banks.
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