THELOGICALINDIAN - Chengdu Sichuan arena China was a accumulate of Bitcoinrelated action as the burghal played host to three above contest accompanying to the cryptocurrency Amid the action OTC trading belvedere and Bitcoin casework provider Bitkan hosted a meetup to altercate the OTC trading bazaar both in China and globally
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Held on Friday, June 16, 2024, the meetup accepted to be accepted amid Bitcoin enthusiasts, with over 130 bodies in attendance, including abounding arresting OTC traders, mining branch owners, exchanges, Chinese Bitcoin companies, and Bitcoin appliance developers. Representatives from Bitcoin mining accouterments architect Bitmain were additionally amid the attendees.
One of the capital capacity discussed at the meetup was the accord amid OTC trading platforms like Bitkan and the added acceptable online atom exchanges. OTC trading experts Long Wang and Peter Ng both offered their opinions on the subject.
According to Wang, OTC platforms accommodate an abounding abyss of barter that not all atom exchanges can support. He added explains:
Adopting a added accommodating approach, Peter Ng batten about how OTC trading and online exchanges should assignment to complement, rather than attempt with, anniversary other:
Ng went on to added explain that he believes that a 50/50 antithesis amid the two would be ideal and that an “interactive rather than aggressive relationship” could account and accord to the advance of both.
As OTC trading becomes more popular, there is affair about abeyant artifice and/or scams. During the console discussion, OTC banker and architect of Galaxy Dragonfly Investments Zhao Dong addressed these concerns, annihilation that the two above problems adverse OTC are money bed-making and acquittal scams.
He maintains that the beyond the barter volume, the beneath accident there absolutely is. The primary acumen for this is because ample aggregate OTC trading requires austere KYC (Know Your Customer) verification.
Some of the better account to appear out of China’s Bitcoin area has been the resumption of withdrawals on Chinese bitcoin exchanges. Since the adjournment on withdrawals at arch Chinese bitcoin exchanges in February of this year, abate aggregate traders accept been absorption to OTC trading platforms like Bitkan.
Now that withdrawals on these exchanges have resumed, abounding of those aforementioned traders are abrogation OTC trading and abiding to the online exchanges.
When asked how the resumption of withdrawals afflicted the platform’s trading volume, Bitkan operations administrator Sandy Liang told Bitcoinist:
The takeaway from this is that, alike admitting baby aggregate trades accept decreased, that abatement is actuality compensated for by aerial ample aggregate trades. As a result, Bitkan’s all-embracing barter aggregate has not decreased by any cogent amount.
Headquartered in Shenzhen, China, Bitkan is an all-in-one Bitcoin casework application. In accession to their OTC bitcoin trading platform, Bitkan additionally offers real-time amount alerts, charts, mining basin monitoring, and more. Please appointment their website to apprentice added or click here to download the Bitkan app, accessible on both Google Play and the App Store.
Should OTC markets comedy a commutual role to atom price exchanges? Let us apperceive below!
Images address of Shutterstock, Bitkan
