Exchange UnionPay CNY to Bitcoin

China UnionPay, also known as UnionPay or by its abbreviation, CUP, is the only domestic bank card organization in the People`s Republic of China. Founded on March 26, 2002, China UnionPay is an association for China`s banking card industry, operating under the approval of the People`s Bank of China. It is also the only interbank network in China excluding Hong Kong and Macau, linking the ATMs of all banks throughout mainland China and widely accepted by the ATMs in Hong Kong and Macau. It is also an Electronic Funds Transfer at Point of Sale network.

Bitcoin is a peer-to-peer electronic cash system that uses units of account under the same name. Bitcoins may be used to pay for goods and services provided that the suppliers accept them. There is a mechanism that allows to exchange bitcoins for traditional currencies with the help of special currency markets and exchange offices. On of the major Bitcoin distinctions is that it has no centralized issuing authority. The issuing mechanism can be used by anyone but within strict limits and only by using computational resources of the special hardware that is used to avoid double-spending. The base element of Bitcoin is an open-source code client application. The client applications are peer-to-peer networked with the help of an application layer protocol. For ensuring normal functioning and security of the system, cryptographic methods are used.