Regulators regulate digital currency in exchanges strictly, Bepal stood out in this circumstance.
ICO and cryptocurenncy had the strictest regulation since September from last year, it caused a very low transactions.
Platforms chose to do business overseas to escape the strict regulation.
The regulation with cryptocurrency is still getting more and more strict. Regulators issued a ban on domestic and foreign ICO and virtual currency transactions related businesses.
Under the pressure and regulation, BTC price has plummeted. BTC broke the mark of $7,000 by February according to Bitstamp.
Cryptocurrency exchanges go abroad to cross the bullets.
Blockchain assets exchange platform announced to quit the market in China mainland, including IOST、Kucon and UIP.
When you go to the online exchanges, there will just be a top service announcement or a page that shows 404 not found instead of big volume transactions in the past, since exchanges moved to foreign countries.
Users can only use VPN to enter the online exchange to do digital currency transactions. But VPN is not stabile and using it is not safe, because some VPN software vendors use private servers to use public networks.
Technician pointed out that users accounts and passwords might be seen by VPN providers.
Online exchange,light cellphone wallet and cold-storage wallet
In 2011, there was a top post on Quora about colledge students' financial management called The junior student has 6000 yuan on hand, any good financial investment advices? The founder of 8btc commented:
Buy bitcoins, save your wallet file, and forget that you've had 6,000 yuan.Check it in five years.
Yes, keep your BTCs in wallets like real money. Blockchain wallets are to protect assets safe. Suppose BTCs are money, your wallet address will be your bank account then,you will need the address for sending and receiving money. And your private key will be the only key to open the wallet.
Exchanges control the private key of your digital currency, the asset is just a piece of paper that exchanges gave you. The good things about exchanges are they are convenient and quick, easy to operate that normal people can use it and they secure the safety. But since exchanges have been moved to foreign countries, users have to use VPN to complete transactions which is unconvenient and unsafe.
Online wallets can be downloaded to cellphones and computers, very convenient and users can control the private key themselves. But there are some leaks and might be hacked.
Cold-storage wallets are the safest place to store digital currency. Your
assets will never be stolen by hackers. You can keep the private key yourself and do transactions anytime.
A clod and hot separated wallet, Bepal
Users better use cold-storage wallets together with hot wallets.
Cold-storage wallets help users to fully control private key and protect the transaction signing process away from network. Hot wallets help users to monitor addresses informations, conduct transactions quickly and broadcast transactions. They can send data to each other by cryptographic QR codes to prevent hackers so that the assets will be safe. That is to say, Bepal combined the advantaged of cold-storage wallets and hot wallets.
Bepal cold-storage wallets had been optimized and upgraded on February 7th, supporting BCH, OMG, PAY, SNT, BAT etc. ERC20 tokens.It also optimized the mechanism of mining fees. Choosing from the album while scanning had been added as well.