Bixin – Top Trusted Instant Bitcoin Wallet Storage Service Provider?
Bixin is a Chinese company that operates a mining network and a cryptocurrency wallet, among other services. Read our Bixin review to learn more about the company and its suite of bitcoin-related services.
What is Bixin?
Bixin, found online at Bixin.com, is a Chinese company that offers a wide range of bitcoin-related services. The company is best-known for its multi-signature wallet and interest-generating savings accounts, but they also operate a bitcoin mining network.
Since August 2015, Bixin claims that they’ve been used by “over ten thousands of bitcoin users”. Since launch, the company has also paid over 400 BTC in dividends. They also claim to have processed over 1 billion RMB in transactions across their CNY/BTC pair.
Bixin is headquartered in Beijing. The company launched in 2014.
How Does Bixin Work?
Bixin’s best-known platform is its wallet. You can deposit BTC in your Bixin wallet, then let your BTC generate interest just like a traditional savings account you would open at a bank.
How does a wallet generate interest? Bixin claims that its wallet functions like a bank. After you deposit your BTC into the wallet, Bixin has full control over your funds. As the website explains, “Bixin retain full right in its sole discretion how to use users’ deposited funds.”
The interest, however, is generated solely through Bixin’s mining operations. Bixin has a mining network. You contribute BTC to that network, then receive interest based on your investment. It appears that Bixin puts your BTC towards expanding its mining operations. The more BTC it receives, the bigger its mining farm will become.
Bixin’s mining farm is located in Kangding, in the western part of Sichuan, China. The mining network is dedicated exclusively to bitcoin.
How Much Money Can You Make with Bixin?
In terms of ROI, users will receive an interest rate of 1% when depositing bitcoin through the wallet. For financing, interest rates start at 2% and are capped at 6.01%. Bixin offers both savings accounts and finance accounts. The finance accounts offer a higher rate of return, but it appears your money is lent to third parties. Bit Star Technology Limited, the Hong Kong-based company behind Bixin, manages the financing part of Bixin’s operations.
Why would you pay money to Bixin instead of using other investment vehicles – like mining contacts? The difference is like comparing stocks with a savings account. The stocks you buy may appreciate in value over time, but their value isn’t guaranteed. With Bixin, you have a savings account that is guaranteed to generate a specific return on investment.
Aside from the savings account, Bixin offers an exchange service where users can deposit cash (in CNY) from their banks to their Bixin accounts, then use that cash to buy BTC. Users can also sell BTC for CNY. Bixin accepts deposits from 11 Chinese banks, including some of the biggest banks like China Merchants Bank, Bank of China, and China Bank of Industry and Commerce.
As Bixin becomes bigger, they hope to add more pairs to their exchange beyond just BTC/CNY.
Bixin also offers a multi-signature wallet.
In the future, Bixin plans to release more bitcoin-related projects. The company claims that they’re “still under development.”
The Bixin mining network’s total hash rate, according to Bixin.com, is 147,488 T/S.
Bixin Verification Requirements
Bixin is not officially regulated. However, the company has chosen to comply with AML and KYC guidelines. Bixin users are required to provide personally-identifiable information. Right now, that means you need to take a selfie while holding your ID documents.
Bixin is based in Beijing, China. The company is solely owned by Bit Star Technology Limited. Bixin was incorporated in September 2014. Its founding members include graduates “from some of China’s top-notch universities and previously worked at leading tech companies such as Baidu, Microsoft, etc.”
Bixin claims that its userbase exceeds 30,000. The exchange has also facilitated over 1 billion RMB in transfers.
Bixin’s owner, Bit Star Technology Limited, is based in Hong Kong. The company was incorporated in January 2015, according to Hong Kong corporation registration listings.
Bixin is a unique concept: you can deposit BTC into a savings account and earn a 1% return on your investment (per year). That ROI comes from Bixin’s mining operations. However, Bixin doesn’t claim to guarantee your ROI. Bixin is also not regulated (although they still comply with AML and KYC protocols).
Ultimately, Bixin is one way for Chinese bitcoin users to deposit money in CNY, buy BTC, then watch their BTC grow over time. Bixin promises to offer fast transfers, rapid buying and selling, and a BTC savings account that gives you real interest. The interest rate is 1% per year for ordinary savings accounts, but you can increase that to 2% to 5% per year if you contribute to Bixin’s financing operations.
Whether you need a multi-signature wallet for buying BTC/CNY, or you want to grow your BTC over time with an interest-generating savings account, Bixin is one option available for residents of China.