Bitcoin seems to be on everybody’s mind right now. It’s THE success story of the year and its value has probably been quadrupled (SLIGHT exaggeration, maybe) since you started reading this post. How do we participate in the hype though? Where can we got use some Bitcoins here in Thailand? Excellent question, as it might not be as easy as in other countries. Or is it? Let’s see.
What you need before joining the Bitcoin hype
A bitcoin wallet. As the name suggests that’s the place where you store your bitcoin. Wallets come, more or less, in two forms. One: As a software program. Many of the basic ones are free to use. Simply search “Bitcoin Wallet” and you’ll see lots of search results that could fulfill your basic needs. If you don’t trust yourself and that crazy thing that is the internet, you might want to opt for the more expensive, but also more secure, option of buying a hardware wallet. That requires more initial budget but might make you sleep safer once you start putting money where your bitcoin dreams are.
Find a Bitcoin Exchange in Thailand
After you decided on the type of wallet you want to use, it’s time to exchange some money for bitcoins (unless you’re opting for mining right away). In order to exchange your Thai Baht for Bitcoin you need to navigate to one of the few Bitcoin exchanges that operate here. For example:
From what I’ve seen bx.in.th has been around for quite a while but, in my humble opinion, lacks a bit of user friendliness (I’m still using it though! U/X is not everything). If you’re familiar with other trading platforms it might be right up your alley though and hence offer that familiar investment broker style approach that you like. This platform is operated by https://bitcoin.co.th/.
Once you exchanged your bitcoins it is, obviously, advisable to stay up to date with BTC developments and maybe also think about diversifying your investments into other cryptocurrencies, as this platform offers a lot of them (more than other platforms). Lastly they also offer a mobile wallet which is just nice to have to keep taps on your finances while on the move. More on that in a later article though. If you want to give it a try, why not use my affiliate link here: https://bx.in.th/ref/T2WLA6/
Looks nicer, usually has bit lower rates though. However, in order to be transparent, they even explain how ‘it works’:
Basics for new users
After you’ve signed up, we will generate your first Bitcoin address and you can start using this address right away. You can disclose your address to your friends so that they can pay you. In fact, this is pretty similar to how email works.
It is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the blockchain. The integrity and the chronological order of the blockchain are enforced with cryptography which is the branch of mathematics that lets us create mathematical proofs that provide high levels of security.
Pay into bank account or in person
You have a wide range of payment methods from bank transfer to cash deposit. Most payments from the listed banks will arrive instantly but some take up to 24 hours. After we confirm the payment, we will send Bitcoin to your assigned address right away. We want to complete the trade as quickly as you do!
Coins.co.th claims to be the ‘biggest’ bitcoin exchange operating in Thailand and claims to have partnerships with all the big banks and other service providers which might make it interesting to give this one a try. I found the rates here to be less competitive than on other platforms. Also they don’t offer as many currencies as bx.in.th for example.
bitcoin exchange thailand – https://localbitcoins.com/country/THLocalBitcoins helps you to compare rates according to your location and lets you find the best possibility to get the most for your Baht.
Bitcoin Mining in Thailand
If you don’t just want to exchange THB for BTC but actually start mining your own bitcoins you can certainly also try our luck here with retailers such as http://miner.in.th/ offering the appropriate equipment. If it’s really feasible is obviously up to you and your setup. Let us know if you made it work. If your Thai is good enough you might also want to check out some of the pantip discussions (https://pantip.com/topic/31499119) as those are always fun to search for interesting content. Genesis Mining seems to be the most common / well known way of mining bitcoins and one can obviously also try that here in Thailand (be aware of fakes / scams though) or try different types of mining arrangements (e.g. over here at HashBx). The follow up article will focus on mining cryptocurrencies here in Thailand in particular so stay tuned for that one.
Do you have experience with trading / mining BTC or other Cryptocurrencies in Thailand? Shout out in the comments below!
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