OKCoin Xu Mingxing: Bitcoin technology can solve the high barriers of traditional payment

The latest news: Bitcoin exchange CEX.io announced that it has teamed up with payment solution provider AstroPay to launch local currency deposit and withdrawal services in Latin America. Before the launch of this feature, Latin American CEX.io users could only deposit and withdraw cash through banks.

"Previously, CEX.io users could only deposit and withdraw in US dollars and euros, which was very expensive for them," said communications officer Helga Danova. She added that the new service will allow customers in Argentina, Brazil, Chile, Colombia, Peru, Mexico and Uruguay to buy bitcoin using their local currencies. Chinese and Turkish consumers will also be able to top up their CEX.io accounts using local currencies through AstroPay. According to a statement from CEX.io, Astropay charges a 2.5% fee for deposits and withdrawals made through online banking. Danova noted that users may also be charged transaction fees by their banks.

Since CEX.io stopped its bitcoin mining business, its platform's 24-hour trading volume has become lower than other trading platforms (about $102,624), while BitFinex's 24-hour trading volume is $13,587,900. CEX.io launched deposit and withdrawal services in 23 states in the United States in April this year, hoping to further expand its market. Danova concluded: "We are committed to providing the best solutions for users from all over the world, aiming to become a global bitcoin trading platform suitable for local people."

Xu Mingxing from OKCoin Bitcoin Trading Platform said that Bitcoin can reduce the cost of the deposit and withdrawal market. For many low-income families in Latin America, high deposit and withdrawal transaction fees hinder the road to wealth for many families. Bitcoin technology can perfectly solve the high cost problem of traditional payment systems and help people reduce deposit and withdrawal fees. Relatively speaking, the transaction fee of Bitcoin will be much lower than the fee charged by banks. As a globally freely circulated virtual currency, Bitcoin can help people freely choose from BTC to legal currency, and from legal currency to BTC. Only when Bitcoin is truly flowing can its value be reflected.