How to Buy Bitcoin in Hong Kong
The Hong Kong protests have been raging since early spring, with no end in sight. As anti-government sentiment increases, many people are starting to buy Bitcoin, the global currency most associated with revolution. Here, we’ll take a look at the following:
Why Buy Bitcoin?
It makes sense that people in Hong Kong are starting to buy Bitcoin with more frequency; while Bitcoin has yet to break out of its use as an investment piece in much of the developed world, in recent years it has proven to be hugely popular for everyday use in countries facing heavy turmoil or government disruption. Venezuela, though different from Hong Kong in its situation, is the perfect example of how Bitcoin’s power works: with hyperinflation making the Venezuelan Bolivar practically useless, residents are turning to the stability of Bitcoin for their transactions, circumventing the government’s shady economic practices.
In Hong Kong, Bitcoin trading has been up since August and more and more retailers are accepting cryptocurrency for goods. It’s a clear indication that protesters may be looking beyond government-controlled currencies as the next step in their revolution, or at the very least, may be looking to protect their assets should the Hong Kong Dollar either fail or mainland China gain more control. If the political situation in Hong Kong continues, Bitcoin may provide people with greater financial autonomy.
Why buy Bitcoin with Coinmama?
For Hong Kong residents, Coinmama provides an easy way to buy Bitcoin instantly with a credit card or debit card, or to buy in approximately one business day with a bank transfer. Coinmama was founded in 2013 with the mission of simplifying the way the world does cryptocurrency. Today, we serve more than 1.5 million users in over 190 countries and territories worldwide. We’re proud to be on the forefront of the financial revolution, and to continue our mission of making cryptocurrency accessible to all.
What makes Coinmama stand out among other cryptocurrency vendors and exchanges?
Our commitment to customer financial autonomy. We never store customer funds. Instead, we send them to the third-party Bitcoin wallet of your choice, giving you complete control over your own coins.
Our commitment to customer service. Usually, buying cryptocurrency is smooth, but occasionally you need a helping hand. Our happiness heroes are always standing by to answer any questions or walk you through the process.
Our commitment to high spending limits. At Coinmama, we know that having the ability to buy the Bitcoin amount you want is important. It’s why we allow new users to buy up to 15,000 USD of Bitcoin, and make it easy to increase your spending limits to up to 1 million USD.
How to buy Bitcoin in Hong Kong
To buy Bitcoin in Hong Kong you simply need to:
Sign up for Coinmama
Complete your account set up
Click to buy Bitcoin
To get started, go to Coinmama.com/signup and fill out the short form. You’ll need to enter your email address, first and last name, your country of residence, and choose a password. You’ll receive a link by email to confirm your account. Click the link to complete your account set up.
Next, you’ll need to complete your account setup and get approved for purchase. Coinmama verifies all of its user accounts in order to comply with anti-money laundering and other regulations, and in order to protect its users. To speed up your account verification process and get approved quickly, it helps to have the following on hand:
A Hong Kong government-issued identification card (ID), such as an international passport, resident card, or driver’s license, containing your name, expiration date, and country of issue in the Latin (English) alphabet. You can also use a government-issued ID from another country we serve.
A piece of paper on which you’ve written “Coinmama” and today’s date.
A smartphone with a working camera.
Complete your account setup by adding your address and other information requested, then upload a copy of your valid ID, photographing both the front and back. Next, take a photograph of yourself holding your ID and the paper note on which you’ve written Coinmama, and upload it where the “selfie” is requested. Once you’ve uploaded your documents, submit them for approval to get verified.
When your account is verified, you’re ready to buy Bitcoin. Go to Coinmama.com/Bitcoin and select the amount you’d like to purchase, then click “Buy Now.”
Enter your Bitcoin wallet address. If you do not already have a Bitcoin wallet, you can learn how to set up the third-party wallet of your choice here.
Choose your payment method and enter your credit card details, or use the bank details provided to initiate a bank transfer from your own bank account.
Check your email for a link to confirm your Bitcoin wallet address. Once your wallet is confirmed and your payment has been approved, we’ll immediately send your coins. If you buy with a credit or debit card, you should receive your coins in approximately 15 minutes. If you buy with a bank transfer, you can expect your coins in about 1-2 business days.