Withdrawing Bitcoin in Thailand

[Rugon]

I'd like to withdraw a large amount of cash( 30-50 bitcoin) to a Thai bank. 

 

Can anyone suggest a bank to do this, that wouldn't ask many questions about where it came from? I actually bought them years ago in Australia. 

[JimmyJ]

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Edited January 18, 2019 by JimmyJ

[BMW Overlander]

Sell them at localbitcoins.com .

Sale proceeds go direct into your Thailand bank account.

[bergan]

Send them to a broker that will allow you to withdraw them to a Thai bank account in your name, that's all you need. Most Thai banks will not raise questions as to where a transaction from abroad came from.

[seancbk]

bx.in.th

 

[348GTS]

Guess you're wishing you sold them a year ago.....

 

[munchlet]

Recommend you sell every single one you have, they are completely worthless. Even Gold is a better store of value as a large but deluded portion of human kind has been brainwashed into believing it is somehow special. Bitcoin and its crypto relatives? Snakeoil.

[DeeMak9]

Pawn them at nexo.io ???? they send fiat to 200 different juristictions. And you dont have to sell them. Oh, and no 15% Thai tax.

Edited January 18, 2019 by DeeMak9

[tabarin]

You can do this safe via BX.IN.TH (Create account, verify passport and bankbook).
Withdrawals are near to realtime except in the evenings, then they will be processed the next day 8AM.

(Company is founded by a farang and you can also create macro's to auto-sell or auto-withdraw if you would like that, I use it daily for my trading as well and have good experiences but perhaps inform with them when doing large amounts at once and don't forget AMLO / Tax in your case).

 

Horrible timing to sell now though, hope you got much more than what you intend to sell.

Edited January 18, 2019 by tabarin

[jasonsamui55]

Bx.in.th is an excellent service, with great rates and low fees. I highly recommend them.

[Cricky]

Make sure whoever you choose is formally registered and approved in Thailand.

I'm using coins.co.th, it is one of a few that have been officially registered by the Thai government.

[tabarin]

12 minutes ago, VYCM said:

Make sure whoever you choose is formally registered and approved in Thailand.

I'm using coins.co.th, it is one of a few that have been officially registered by the Thai government.

BX.IN.TH is fully licensed and approved by the Thai government since 1-2 weeks too.

[mshs]

20 hours ago, munchlet said:

Recommend you sell every single one you have, they are completely worthless. Even Gold is a better store of value as a large but deluded portion of human kind has been brainwashed into believing it is somehow special. Bitcoin and its crypto relatives? Snakeoil.

Speculators who flocked to this musical-chairs are wounded, but for the believers here are some points to ponder.

 

1. You are trading tokens attached to payment protocols which can be converted into currency of the buyer/seller in the transaction.

 

2. A decentralized network of 'miners' contribute processing power to make that transaction. Miners are paid for this service in bitcoins.  Unless the miners are off-grid, they run up huge utility bills in providing the processing power.

 

3. The cost of making a transaction is high like $40/transaction.  How does that compare to AMEX/VISA?

 

4. It takes about 90 minutes to process a transaction (has been as high as 24 hours). AMEX/VISA can process ~100,000/second.

 

5. The volatility is ~20 times the volatility of USD/CAD or USD/GBP- if you were able to pay for pizza, it could cost $140 or 35 cents (in bitcoin) by the time it was delivered.

 

6. The number of major retailers supporting bitcoin is low and diminishing.

 

7. Bitcoin has no demand outside of being a store of value, unlike gold, hogs, orange juice or tulips.

 

8. Any value bitcoin may derive from its use as a means to circumvent regulation is lost if nation states get into the act of sponsoring cryptocurrencies.

 

[DeeMak9]

My god, the nay sayers take every opportunity they can, dont they. Did someone ask you something?

 

@mshs Besides that your statements are highly exaggerated, some are even simply false.

 

Point 3. Untrue, it costs a few cents at the moment.

 

Point 4. Untrue, lightening network payments are instant. Otherwise its approx. 10 minutes. Besides, can you transfer money with your visa card to a friend of you across the world to his visa card?? Then you have a company deciding for you what you can and cannot do or can and cannot buy with YOUR money.

 

Point 7. Untrue, you just stated other use cases in your points above.

Edited January 19, 2019 by DeeMak9

[DeeMak9]

Also, point 5. Usdt runs on the bitcoin network. In case you look for a 1-1 usd rate.

[SAFETY FIRST]

Posted 6 hours ago

  On 1/18/2019 at 3:17 PM, munchlet said:

Recommend you sell every single one you have, they are completely worthless. Even Gold is a better store of value as a large but deluded portion of human kind has been brainwashed into believing it is somehow special. Bitcoin and its crypto relatives? Snakeoil.

Speculators who flocked to this musical-chairs are wounded, but for the believers here are some points to ponder.

 

1. You are trading tokens attached to payment protocols which can be converted into currency of the buyer/seller in the transaction.

 

2. A decentralized network of 'miners' contribute processing power to make that transaction. Miners are paid for this service in bitcoins.  Unless the miners are off-grid, they run up huge utility bills in providing the processing power.

 

3. The cost of making a transaction is high like $40/transaction.  How does that compare to AMEX/VISA?

 

4. It takes about 90 minutes to process a transaction (has been as high as 24 hours). AMEX/VISA can process ~100,000/second.

 

5. The volatility is ~20 times the volatility of USD/CAD or USD/GBP- if you were able to pay for pizza, it could cost $140 or 35 cents (in bitcoin) by the time it was delivered.

 

6. The number of major retailers supporting bitcoin is low and diminishing.

 

7. Bitcoin has no demand outside of being a store of value, unlike gold, hogs, orange juice or tulips.

 

8. Any value bitcoin may derive from its use as a means to circumvent regulation is lost if nation states get into the act of sponsoring cryptocurrencies.

 

_____________________________________________________________________________________

 

 

 

Can you guys get a life and stop annoying everyone.

 

Negative crypto, why?

Are you disappointed you never got in when things were LOW and now its too late to make a Buck?

 

[vinegarbase]

You really want to sell at such a low point in the market? To each his own I guess.

[jasonsamui55]

On 1/18/2019 at 4:03 PM, VYCM said:

Make sure whoever you choose is formally registered and approved in Thailand.

I'm using coins.co.th, it is one of a few that have been officially registered by the Thai government.

True, they are registered in thailand like Bx.in.th but their fees are much higher to convert from crypto to fiat.

[jasonsamui55]

7 hours ago, mshs said:

Speculators who flocked to this musical-chairs are wounded, but for the believers here are some points to ponder.

 

1. You are trading tokens attached to payment protocols which can be converted into currency of the buyer/seller in the transaction.

 

2. A decentralized network of 'miners' contribute processing power to make that transaction. Miners are paid for this service in bitcoins.  Unless the miners are off-grid, they run up huge utility bills in providing the processing power.

 

3. The cost of making a transaction is high like $40/transaction.  How does that compare to AMEX/VISA?

 

4. It takes about 90 minutes to process a transaction (has been as high as 24 hours). AMEX/VISA can process ~100,000/second.

 

5. The volatility is ~20 times the volatility of USD/CAD or USD/GBP- if you were able to pay for pizza, it could cost $140 or 35 cents (in bitcoin) by the time it was delivered.

 

6. The number of major retailers supporting bitcoin is low and diminishing.

 

7. Bitcoin has no demand outside of being a store of value, unlike gold, hogs, orange juice or tulips.

 

8. Any value bitcoin may derive from its use as a means to circumvent regulation is lost if nation states get into the act of sponsoring cryptocurrencies.

 

3 is totally false. It takes literally a few cents.

4 is true if you wait for the full 6 confirmations. Most recipients credit on the first which is just a few seconds or second which can be a few minutes. Credit the lightning network from early last year for this.

5 for most of the last several months its been less volatile than the US stock markets.

6 Actually the number of retailers accepting bitcoin and other crypto as a form of payment is exploding. Some merchants accept directly, and there are middle-men like BitcoinShopper.io that allow you to spend bitcoin to pay any of your bills or online merchants, and there are several new credit card providers that allow you to spend bitcoin anywhere visa and master card are accepted.

7 bitcoin has as much demand if not more than gold. It’s a store of value that can be spent. It’s a safe haven and refuge when the rest of the asset classes go south.

8 bitcoin derives much of its value specifically because it is untied to any nation’s fiat currency and cannot be devalued like the dollar and the euro. It is specifically because it has no attachment to any nation state and no nation state can control it that it derives it’s value.

[mshs]

12 hours ago, DeeMak9 said:

My god, the nay sayers take every opportunity they can, dont they. Did someone ask you something?

 

@mshs Besides that your statements are highly exaggerated, some are even simply false.

 

Point 3. Untrue, it costs a few cents at the moment.

 

Point 4. Untrue, lightening network payments are instant. Otherwise its approx. 10 minutes. Besides, can you transfer money with your visa card to a friend of you across the world to his visa card?? Then you have a company deciding for you what you can and cannot do or can and cannot buy with YOUR money.

 

Point 7. Untrue, you just stated other use cases in your points above.

@DeeMak9

3 Untrue, https://bitinfocharts.com/

 

4 Untrue see the link above.  And even if it is 10 minutes, that would be a long time even in the 20th century.

Can you not transfer money with ACH. SWIFT in seconds?  AMEX/V is in the context of a transaction.

Some entity ALWAYS decides what you can and cannot do with YOUR money.

    

7 Untrue - only used as a store of value.  Cannot be used in your teeth, unlike gold.  Cannot be consumed at your wedding, unlike swine. Cannot be used in a bouquet of flowers, unlike tulips.

 

5 The reference is to volatility, not whether there is 1-1 USD exists.

[mshs]

9 hours ago, SAFETY FIRST said:

Can you guys get a life and stop annoying everyone.

 

Negative crypto, why?

Are you disappointed you never got in when things were LOW and now its too late to make a Buck?

 

Can you stick with the life you have and stop worrying about others?

 

If you can't fly and jump off of the 33rd floor you are going to go splat.  If that sounds negative to you, that is you, not the jump or the 33rd floor.

 

As a means of speculation, BTC-USD could hit $100,000 this year or in the next decade.  It could also hit $100.  Means nothing to me.

 

And are you disappointed you never got out when BTC-USD was $13,000?

 

[mshs]

8 hours ago, jasonsamui55 said:

 

5 for most of the last several months its been less volatile than the US stock markets.

6 Actually the number of retailers accepting bitcoin and other crypto as a form of payment is exploding. Some merchants accept directly, and there are middle-men like BitcoinShopper.io that allow you to spend bitcoin to pay any of your bills or online merchants, and there are several new credit card providers that allow you to spend bitcoin anywhere visa and master card are accepted.

7 bitcoin has as much demand if not more than gold. It’s a store of value that can be spent. It’s a safe haven and refuge when the rest of the asset classes go south.

8 bitcoin derives much of its value specifically because it is untied to any nation’s fiat currency and cannot be devalued like the dollar and the euro. It is specifically because it has no attachment to any nation state and no nation state can control it that it derives it’s value.

5 You must not looked at the US stock markets.

Last 6 months the S&P 500 ranged from 2900 to 2300.

Last 6 months BIT-USD ranged from 8300 to 3800

 

6 Who are the major retailers accepting BIT?  Walmart? Home Depot? CVS? Exxon?  Jiffy Lube? Marks & Sparks?

 

7 No demand and that is why BIT is currently sold at $3,800, seems to have gone south from $16,000

 

8 Countries like Israel, Russia or Sweden among others are examining the possibility of having a state sponsored cryptocurrency, at which point any purported value bitcoin may derive from its use as a means to circumvent regulation (as you so eloquently put as "untied to any nation’s fiat currency and cannot be devalued like the dollar and the euro. It is specifically because it has no attachment to any nation state and no nation state can control it") disappears.

[SAFETY FIRST]

11 hours ago, jasonsamui55 said:

True, they are registered in thailand like Bx.in.th but their fees are much higher to convert from crypto to fiat.

Wow, I thought they were roughly the same fees.

 

Have you got some figures?

 

[uli65]

do not waste your time with clueless nay sayers, some people will never understand about bitcoin,

 

 

 

[mshs]

Yes, you are right!

 

You understand bitcoin like no one else.

And while others out there think they understand, they know a lot less than you understand.

An understanding like none other on planet earth!

 

Just because so many clueless naysayers got burnt as bitcoin collapsed from 13 to 3, your understanding will see you walking hand in hand with bitcoin into the sunset.

[SAFETY FIRST]

5 hours ago, mshs said:

15 hours ago, SAFETY FIRST said:

Can you guys get a life and stop annoying everyone.

 

Negative crypto, why?

Are you disappointed you never got in when things were LOW and now its too late to make a Buck?

 

Can you stick with the life you have and stop worrying about others?

 

If you can't fly and jump off of the 33rd floor you are going to go splat.  If that sounds negative to you, that is you, not the jump or the 33rd floor.

 

As a means of speculation, BTC-USD could hit $100,000 this year or in the next decade.  It could also hit $100.  Means nothing to me.

 

And are you disappointed you never got out when BTC-USD was $13,000?

The post heading is

“Withdrawing Bitcoin in Thailand”

Yes, I get annoyed when members have nothing better to do than comment OFF Topic and negative.

 

5 hours ago, mshs said:

33rd floor you are going to go splat

I hope you don’t try that

 

5 hours ago, mshs said:

are you disappointed you never got out when BTC-USD was $13,000?

nope, but if I did get out at 13k I would be when it hits BTC hits 20K

[Ks45672]

On 1/18/2019 at 3:37 PM, DeeMak9 said:

Pawn them at nexo.io ???? they send fiat to 200 different juristictions. And you dont have to sell them. Oh, and no 15% Thai tax.

How do they apply the 15%. Tax if they don't know what price you paid for them and whether or not you made a profit or a loss? 

 

Not selling mine, just wondering how it works? 

[Rugon]

On 1/18/2019 at 2:52 PM, 348GTS said:

Guess you're wishing you sold them a year ago.....

 

I sold the majority of then at $18,000. I'm going to sell this week and rebuy in a couple of months. maybe.

[348GTS]

On 1/21/2019 at 9:49 AM, Rugon said:

I sold the majority of then at $18,000. I'm going to sell this week and rebuy in a couple of months. maybe.

 

Well if 30-50 btc represents "a minority" of what you have/had and you sold the rest at 18k then you did well sir. I wouldn't be selling now if I were you unless you think that btc is going to drop over the next couple of months even more than it has the last couple. By the way that is just an observation not advice!

[DeeMak9]

On 1/20/2019 at 4:31 AM, mshs said:

@DeeMak9

3 Untrue, https://bitinfocharts.com/

 

4 Untrue see the link above.  And even if it is 10 minutes, that would be a long time even in the 20th century.

Can you not transfer money with ACH. SWIFT in seconds?  AMEX/V is in the context of a transaction.

Some entity ALWAYS decides what you can and cannot do with YOUR money.

    

7 Untrue - only used as a store of value.  Cannot be used in your teeth, unlike gold.  Cannot be consumed at your wedding, unlike swine. Cannot be used in a bouquet of flowers, unlike tulips.

 

5 The reference is to volatility, not whether there is 1-1 USD exists.

My god. Do some better research. You can send for a few cents, it will be included in every block as none is full.

 

4. You have no clue. The average block time is 10 minutes. Even your website states this. 6 PER HOUR.  And you'll need only 1 confirmation if no exchanges are involved. The rest you wrote sums up why theres crypto. I'm my own bank, SWIFT transfers abroad are not seconds, and even from a bank to another bank in developed countries like The Netherlands it is longer than 10 minutes. FYI, if you care to read and absorb; Lightening Network is instant.

 

7. If you value gold because you can use it in your teeth, jewelry or flowers because you can give them, you are insane.

 

5. Its still crypto you dumbass. Read up about stable coins.

Edited February 4, 2019 by DeeMak9