Everything You Need to Know About Blockchain and Bitcoin in Thailand

Thailand is emerging as a front runner in the developing cryptocurrency and Blockchain market. The country is on the route to becoming the first nation with Central Bank Digital Currencies (CBDC) and has legalized several forms of cryptocurrency already. While many nations are stepping forward with support for Blockchain development, Blockchain Thailand is remarkably open already.                                                                                                                                                       

Bitcoin operates as a digital currency with a peer-to-peer network for instant payments. There is

no central authority for transaction management or money issuance. Blockchain operates as a public ledger that shares confirmed transactions with the entire network. It enables Bitcoin wallets to determine balances and verify transactions. Cryptography guarantees the integrity and timestamp of the Blockchain.

Why Thailand Is an Emerging Market for Blockchain Technology

 

Already, the country has taken steps that make it a solid emerging market for Blockchain technology. The growing list of legal cryptocurrencies in Thailand currently includes:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Ripple
  • Litecoin
  • Stellar

Additionally, Thailand has developed a regulatory process for any new ICO’s (Initial Coin Offerings), which helps wary investors in a growing market. Unregulated markets present risks in terms of investor confidence. Thailand is circumventing that risk by providing broad crypto regulation.

Thailand has also brought in foreign companies and provides clear guidelines for the operation of these foreign Blockchain entities. This pattern is spreading across Southeast Asia and should be taken into consideration by cryptocurrency and Blockchain Thailand startup founders as they begin to expand globally.

Where and How to Exchange Bitcoin in Thailand

As a digital currency with no central authority, there is a growing market of where to find and exchange Bitcoin. To utilize this cryptocurrency, a Bitcoin wallet is necessary. This can typically be downloaded straight to a mobile phone. Many of these wallet apps are trusted as an exchange service in the country.

After choosing and downloading a wallet app, finding Bitcoin Thailand will occur in one of three ways. Exchanging Bitcoin typically requires a debit or credit card and exchanging currency for the cryptocurrency.

1. Bitcoin Exchange: The first method is to use a Bitcoin exchange. These exchanges utilize bank accounts to purchase cryptocurrency through businesses. Locating exchanges requires a little research for reputation and reliability. Exchanges to look into are BX, Coinmama, LocalBitcoins and coins.co.th.

BX has the reputation of the best exchange in Thailand. Founded in 2013 by Bitcoin Co. Ltd., it operates three websites: Bx.in.th, Bitcoin.co.th and CoinPay.in.th. The exchange takes security seriously, with company owners being the only people with physical access to the wallet servers. And with all large withdraws being manually processed and checked by humans, it is no wonder that Bx.in.th boasts the largest volume of Bitcoin transactions in the country. In addition, the service operates a full reserve, guaranteeing to keep the entirety of the deposited funds and to cover all potential losses from their own assets. Finally, the service offers full transparency, with a list of all positive-balance addresses being available through its exchange transparency system.

BX uses 2-Factor Authentication (2FA) for added safety. Users may opt to install an authenticator app (i.e., Google Authenticator), which generates a new six-digit code every 30 seconds to be used upon each login. In this way, even if a user’s email is compromised, intruders won’t be able to manipulate their BX account.

Most importantly, BX offers affordable fees (currently standing at 0.25 percent per trade). The fee is charged on the primary currency of the pairing and is deducted automatically upon the execution of the trade. This is to say, users are free to create and cancel orders without any fees being applied.  

With Bitcoin exchanges, it is important to be on the lookout for scams, potential privacy breaches and high prices. Since the industry is still on its way to being fully regulated, exchanges have an essentially free reign in determining how to run the business.

2. Peer-to-peer Networks: The second method is to browse a peer-to-peer network directory and search through various sellers. With reviews and feedback available on some directories, it can be instrumental in making a safe choice. Just like with exchanges, always watch for scams, price gouging and other potential issues. An unregulated peer-to-peer network leaves plenty of room for shady actors, especially in a digital market.

3. Bitcoin ATMs: The final method of finding bitcoin is to use a Bitcoin ATM Thailand, which operates like a regular ATM. More on that next!

Where to Find Bitcoin ATMs

The Bitcoin Thailand market is growing, with cities serving as major hubs for the Thailand Bitcoin exchange. Bitcoin ATMs are sometimes marked as BTMs. Currently, they can be found in Bangkok and Chiang Mai. These Bitcoin ATM Thailand locations allow users to buy and sell bitcoin using any of the cryptocurrency that has been approved by the Thai government.

How to Start Bitcoin Mining in Thailand

Currently, Bitcoins are capped at a certain number in circulation that is tracked through the Blockchain public ledger. In 2017, that number was 21 million, with about 12 million in circulation. That left 9 million Bitcoins to enter circulation.

Bitcoins enter circulation through mining since the digital currency doesn’t exactly need to be printed. Mining is a complicated process that more are turning attention on.

Bitcoin mining Thailand operates through several methods and requires a commitment to the work it takes to succeed. The computer typically does most of the work and has to solve a complicated equation in order to mine the cryptocurrency – this requires special mining hardware.

The solution to the equation gets added as a block to a Blockchain, which serves as a history of all the equations that have been solved to date, successfully solving the equation results in new Bitcoin. As more Bitcoin enter the market, the number of bitcoins per solved equation gets lower, thus increasing the cryptocurrency value.

There are several methods of Bitcoin mining Thailand, some of which include:

  • CPU mining
  • GPU mining
  • FPGA mining
  • Cloud mining
  • Pool mining

Each type has pros and cons with differences in efficiency, equipment needed and the money it takes to be successful.

Even though the mining is virtual, equipment is still needed. Potential hardware includes processors for mining that can run from hundreds to thousands of dollars. Mining for extended periods of time with significant use of equipment will mean increased electricity costs as well.

Where to Use Bitcoin in Thailand

Now, with any digital currency, the big question is: where can it be used? What businesses are accepting Bitcoin as a valid form of payment?

Surprisingly, with the introduction of broad regulations, more businesses have become open to the idea of using cryptocurrencies. Businesses across Thailand are beginning to accept it, mostly in urban areas. Some bars and restaurants, like The Pink Panther in Bangkok or Bad Burger Bangkok, will gladly accept it. XVI Condominiums has even allowed residents to pay rent with cryptocurrencies.

Why to Keep Your Eye on Blockchain

In many ways, Bitcoin is becoming the currency of the future. With steps toward regulation and a willingness to accept the changes, Thailand is stepping forward and embracing those changes. With the right information and knowledge, more people are becoming invested in the potential of the Thailand Bitcoin exchange.

TOKENOMX

Battle of the Blockchains

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27-28th February, 2019

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