More importantly, the move has led to a big drop in the value of Bitcoin as Chinese investors used to invest substantially in ICOs in the country, so freezing them out has dented the value of the cryptocurrency. This created speculation that Bitcoin in the country can be used for making payments, especially considering that certain establishments such as hotels were accepting payments in Bitcoin. Before you buy, make sure you double-check the legal status of Bitcoin in your country. We also have a detailed guide which reveals your options for buying without verification or ID. All Bitcoin transactions are public but it is not always known the real identity behind any give Bitcoin address. Not surprisingly, the blanket ban on cryptocurrencies in China has given rise to a thriving P2P Bitcoin industry.