I would like to transfer large sum of money out of China to another country using bitcoin. China has a $50k limit on overseas transfer, so I thought bitcoin will be a good way to circumvent that.
How would I go about doing that?
Thanks in advance!
All you need to do is find someone to sell the amount you are looking for of bitcoins. After the bitcoins get to your address, you can spend them the way you like, anywhere in the globe (as long as you have internet access). So, if you wanna send them to someone abroad, all you need is get the bitcoin address of this person and transfer the amount you choose.
The main difficulty for you in China is, probably, find someone to sell the bitcoins in the first place. For that matter, you will have to do some searching in your local area.
It's gonna be hard to change the bitcoins back to USD or EUR as well. Be prepared to lose a lot of money on both sides.
Or use any other internet payment system e.g. buy first Webmoney and then change it to bitcoin e.g. on webmoney exchanger where currently bitcoins for couple of million Euro are available