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As Chinese authorities closed the domestic encrypted currency exchange at the end of last year, the underground ecosystem and the P2P platform, composed of bitcoin "cross border smugglers", sprang up, driving the bitcoin trade to flourish and avoiding the sight of regulators.
Mr. Li, a 20 year old Chinese banker in Canada, is one of those underground dealers. He buys encrypted money in other markets, and then sells it to Chinese investors who can't buy it through regular channels.
In January, during the peak period of demand craze, Mr. Li and other traders could sell bitcoins in China at a price higher than 30-40% elsewhere. After 20 times of inflation in 2017, the price of bitcoin was close to 20000 dollars.
But in a few months, with the influx of a large number of bitcoin cross-border smugglers, the premium level of bitcoin in China has dropped to around 7% or even lower. At the same time, encryption Monetary Fund and personal computer aided traders also enter the market.
This eroded the price difference and profits, and also showed the fast development of the encrypted money market, and how fast it changed the course.

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