Bitcoin Bangkok: A Growing Local Market

As global Bitcoin markets fluctuate, a promising local market has been steadily establishing itself in Bangkok. While Bitcoin Bangkok is still in the early stages, there’s an energized community of traders, investors and developers that are slowly pushing the city towards a cashless future. Read on to learn more about this growing local phenomenon.

What Is Bitcoin?

 

Bitcoin is a decentralized digital currency that is “mined” by the computation of mathematical equations. It operates independently of a central bank, and it can be used to buy a growing list of products and services.

As we mentioned, Bitcoin is earned as a reward for a process known as mining. Miners keep the Blockchain consistent and complete, meaning that the value will not fall drastically once it is exchanged. Currently, the price of one Bitcoin near Bangkok is 140,764.64 THB. Don’t trust that number, though, as the rate is constantly changing, and could even be drastically different by the time you read this! 

Despite the volatility of cryptocurrencies, many people have had great success investing in the market. The first step to becoming a success story, however, is first locating the best place where you can exchange your cash or credit for Bitcoin. Here are some popular and secure ways to exchange Bitcoin in Bangkok.

 

Bangkok’s Bitcoin ATM

While they may look like any other bank ATM, Bitcoin ATMs, or BTMs, are special. Unlike a traditional ATM, you aren’t connected to a bank account, Instead, you’re connected directly to a Bitcoin exchange. You can use these machines to purchase Bitcoin using cash or a card. The downside to this exchange is that there are often 5-10% fees for these exchanges.

As of 2018, Bangkok had just one BTM located right outside Chitbeer, a local craft brewery. It’s hard to say if more machines will be added in the near future, but for now, traders are pairing their crypto exchanges with a cold pint. 

 

Alternative Local Exchange Methods

 

If you don’t want to hunt down Bangkok’s single BTM, you can go online or use a digital currency app on your phone instead. This method is often preferred for first-time buyers, and it offers a great variety of payment options. However, they do not allow buyers to store Bitcoin in their Bitcoin wallets, and they require identification upon purchase, so the privacy Bitcoin is known for may be compromised. 

  • Coins.co.th For first-time buyers, coins.co.th is a popular broker in Thailand. It allows users to buy Bitcoin via cash deposit, bank transfer and mobile payments. 
  • Bitcoin.co.th – Seen as the easiest way to buy Bitcoin in Bangkok, bitcoin.co.th allows you to fund your account through cash deposit, bank transfer or through any ATM.

With all of these options to exchange, bitcoin.co.th’s only pitfall is that the exchange fee is not listed and is instead included in the buy price. For those who like to know exactly what they are paying for and why, this could be concerning.

  • Bitcoin-OTC – Bitcoin-OTC, meaning “over-the-counter,” serves as an exchange among peers. Users must create or seek out other users’ ads in order to exchange Bitcoin. This method is one of the hardest methods, and you need to keep a watchful eye for scammers. You’ll need to build up your reputation as a seller in order to be successful on the OTC market.
  • Mycelium Local Trader – Much like OTC, this exchange is done by meeting in person. However, there is no uncertainty, because it automatically gives you reputable sellers. This is a great way to exchange without having to pay any fees. 
  • Coinmama – A great way to buy cryptocurrency online with your credit or debit card is through Coinmama. With this, there is no need to even leave your house, and it has the highest limits for buying Bitcoin with a credit card. While this process is among the easiest, Coinmama also is among the highest fees in credit/debit card exchanges. With its ability to work in almost all countries and reliability, the high fee may be the price that you pay for a reliable way to buy Bitcoin. 

So, while the local government hasn’t been too supportive of cryptocurrencies so far, people are still finding ways to exchange Bitcoin and create a vibrant community of traders in Bangkok.

 

The Future of Bitcoin Bangkok

 

While Bitcoin has many admirers, it also has many critics. It is a common held critique that cryptocurrencies are often used by criminals in illegal transactions. This problem is caused by the currency’s promise of confidentiality, and many call for a change in this security. Another common criticism that has kept it from thriving in Bangkok is that there is a lack of stability in prices, making it very risky for involvement. 

All in all, Bitcoin is widely used, so the benefits often outweigh the risks. Many experts recommend that you start out small with your purchases and that you do all the research necessary to understand all of the basics. From your first exchange to becoming the next creator of a new type of cryptocurrency, there are always ways to change the way you are buying and who you are buying from, and Bangkok is embracing this, unlike other markets like India.

 

Learn More About Asia’s Emerging Bitcoin Market

 

If you still want to know more about the exchange of different kinds of cryptocurrency and their future in Asia, join TokenomX in February 2019 for the Battle of the Blockchain. With guest speakers like Miko Matsumura, founder of Evercoin, Sally Eaves, cofounder and CTO of Project Shivom, Nicholas Merton, founder of DataDash, and Michael Nye, cryptocurrency trading expert since 2013, the conference will shed light on trading strategies, technical analysis, future industry rights and other tips to prevent investors from failing and losing their money. 

From Bangkok to Mongolia, Bitcoin is sweeping this side of the globe. For more information on where to get started and how to continue your success, join us in Bangkok later this year or at a number of other conferences.

TOKENOMX

Battle of the Blockchains

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27-28th February, 2019

The Athénée Hotel BKK — THAILAND

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