OKCoin Introduces New Recharge Code Method For China

OKCoin has announced new updates regarding recharging methods that were affected by all the rumors regarding Bitcoin in China. As a result of the confusion, bank recharges will not be processed any longer until this matter is clarified. From now on, OKCoin will be using a “Recharge Code” method that can be used with every large bank.

OKCoin Updates Recharging Methods

An OKCoin representative translated OKCoin’s announcement on Reddit. It said, in the announcement, for users to log onto OKCoin and try the new recharging method. It was also written to contact OKCoin any time during the day if users run into problems while recharging.

How does this recharging method even work? The announcement continues and explains how the recharge code works. Through a recharge code, users can easily withdraw their money and can then transfer it to other OKCoin customers who need to recharge. No fee is involved while withdrawing through a recharge code. OKCoin writes,

“These codes can be circulated, recharged, and withdrawn freely among OKCoin users. A customer can also simply withdraw via a bank withdrawal as these remain unaffected.”

The Chinese Bitcoin exchange continues the announcement by explaining in more detail what the recharge code is. The recharge code has two different parts to it. Part A is the public key which can allow users to check the amount that belongs to the code and also the validity. Part B is the private code that is used for recharging. In order to successfully recharge a code, a user needs both part A and part B. OKCoin asks that users do not tell their private key(part B) to other people.

Since part A is used to validate transactions, after it receives an inquiry code it will be frozen for an hour. During this time other users can’t ask about this code, thus, it is the perfect time to complete a transaction. After the hour is up, everything will go back to normal. For part B, after the buyer takes control of it, recharges will be frozen for one hour.

“After the seller confirms the transaction the code can be used to recharge the account. If the buyer doesn’t confirm the transaction for 7 days, it will automatically be transferred to your account.”

In order to withdraw with no fees, a user can withdraw a minimum of 100RMB up to 1,000,000RMB. OKCoin asks users to choose a trustworthy seller to buy recharge codes. It recommends customers to buy them from a certified OKCoin dealer.

Image Via OkCoin