Bitcoins in Thailand

[rwdrwdrwd]

I wonder who is behind localbitcoins, since it is so vigorous promoted in this thread.

http://lmgtfy.com/?q=who+is+the+boss+of+localbitcoins&l=1

[thhMan]

Some group in Thailand have developed a coin to compete with Bitcoin.

There are plenty of alternatives out there to try out

[PattayaPete]

The bitcoin naysayers always make me laugh, then shake my head sadly.

For the last 8 years we have watched banks commit fraud, launder money for terrorists and drug cartels and almost destroy the world's financial system. As politicians kowtow to the bankers in exchange for "campaign contributions" a derivative mountain of crap has been created by banks which hangs over the world like the sword of Damocles threatening everyone's financial well being. Nearly every major bank in the world has admitted to these crimes and been fined, in some cases billions of dollars.

Meanwhile the Federal Reserve, the European Central Bank, The Bank of England and the Bank of Japan have engineered financial policies that have enriched the top 0.01% while impoverishing the rest of us. Politicians all over the world have changed banking rules so the next crash, which appears imminent, will be financed by the people with money in the bank. It's called "bail ins" and it means your money is not safe in any bank, regardless of claims that it is "insured".

The above claims are not controversial or conspiracy theory or crack pot ideas. Google any of them and you will find all have been reported on by the mainstream financial press and respected economists. The problems are well documented and understood.

Yet, despite this bitcoin is laughed at by ignorant people who have no understanding of the beauty and brilliance of the bitcoin system. With no serious research they parrot the claims of tulips, ponzi and fraud while continuing to use the fraudulent, ponzi creating, derivative loving banks. The share ignorance of it is breathtaking.

Will bitcoin save the financial world? Probably not as we are now too deep into the muck of the world's financial quagmire. Even as I write this many major banks have set up bitcoin departments and blockchain study groups to work out how they can subvert the bitcoin system as well. Subversion through control is what they are researching, not destruction. They know crypto currencies are the future but they want to control them. They will fail but cause plenty of damage along the way. Bitcoin itself will survive the next financial crises with ease and will provide some protection to people holding bitcoin (as will gold and silver).

Laugh it off at your own expense, I don't care. I've done the research and I understand why bitcoin is a revolution that could save all of us from the criminals that control the system now. With the internet the information is available to anyone who wants it. Do the research or return to your bubble of ignorant bliss. Your call, naysayers.

[chingching]

I buy bitcoins from coinbase using a u.s.a. bank account. I then transfer them to my localbitcoins wallet, and sell them here locally, through "national bank transfer". I get an SMS and an email, saying someone wants to buy bitcoins. When (and if) they deposit to my bank, I get an SMS from the bank, saying a deposit was made, and I can then release the coins.

For the buyer the whole transaction takes a few minutes. For me, I've transferred money from u.s.a. to here with no currency exchange rates. Localbitcoins, does charge a 1% fee, and coinbase - I believe has no fee, - but there is a "bid" and "ask" price, as it is afterall, an exchange.

I could be helped or hurt, if the price of bitcoins were to fluctuate dramatically. As it is now, it seems I can wait a bit, till the price comes up a few bucks, before I sell.

[speedtripler]

I have tried but failed to understand logic of bitcoins. Why does a btc have value? Someone told me that computers run algorithms to find prime numbers. Each new prime number found is a unique bit coin. If numbers are infinite, then prime numbers and btc are also infinite? Why would a btc go up in value if there is an infinite supply? How is that different from printing infinite amount of fiat currency?

I understand bitcoins for the dark web, but why would someone not trying to buy drugs or have someone murdered want to use bitcoins for everyday transactions?

Why would you think a virtual currency is safe from hackers? Obviously I have never purchased a bit coin.

You should read more about it or watch videos on YouTube, they're are some very unique benefits to a digital and contrary to your beliefs they cannot be reproduced, cloned or hacked ever....

People can get their personal coins hacked and regularly do but the system itself hasn't been hacked

[ChaangNoi]

over all im glad to see so many people understand and like bitcoin.

5 years ago no one knew what it was. 3 years ago it was a ponzi! progress!

[VIPinthailand]

when one bitcoin will be 50'000 $ people will feel sorry to not have bought some.

anyway, you can not own bitcoin. bitcoin remain in the blockchain, it s not a physical coin like a coin. you can not transfer bitcoin to another country, Internet has no country, the blockchain is everywhere and nowhere in same time.

you can send the privat key to another country if you print the key and travel all around the world.

the privat key is used to send bitcoin; the public key is used to receive bitcoin.

you show your public key to someone to transfer the bitcoin. never show your privat key. make a copy of it and hide it

people will never understand that unless they start using it.

all you need is to generate a public key(cold wallet) at https://www.bitaddress.org

or open an account somewhere (hot wallet)

[ChaangNoi]

yeah, about the keys. what people need to understand is that the private key or "password" is the key here. no one has a bitcoin, the power of it is with the ability to move it to. but that might be a bit too technical i don't know. Anyway I have a masters in digital currency if anyone wants to know more PM me please.

[pkspeaker]

i think btcoin is excellent, but frustrated that almost noone is accepting them..i see orgs asking for donations and even they don't accept bitcoin, they want paypal, i hate paypal, fees ontop of the creditcard fees, no way i will ever use paypal but would use bitcoin if someone actually accepted them..

Sent from my iPad using Tapatalk

[speedtripler]

i think btcoin is excellent, but frustrated that almost noone is accepting them..i see orgs asking for donations and even they don't accept bitcoin, they want paypal, i hate paypal, fees ontop of the creditcard fees, no way i will ever use paypal but would use bitcoin if someone actually accepted them..

Sent from my iPad using Tapatalk

Thailand is as expected, well behind the times.... What would you expect from a country where most retailers still refuse credit or debit cards and still prefer a bundle of cash or charge extra costs for a card etc?

People will start using them more and more in future , kids growing up now will see it for what it is but their parents and grandparents are probably beyond help...

Singapore, Hong Kong and even the phillipines will adapt far quicker than Thailand who seem to be stuck in the past....

[ChaangNoi]

There is no reason for Thai shops to accept credit cards. In the west the fees and charge backs are passed onto the customers. People will clearly go to a store that is able to charge 10% less if only they use cash.

People only use them in the west is because they get air line miles or cash back. Credit cards are a scam.

I'm not saying bitcoin will take off in Thailand and really it should not. Bitcoin is good for buying something over the internet, storing wealth, sending money far away. Bitcoin is not better than cash at a 7-11.

[VIPinthailand]

is bitcoin used a lot in the USA? if it is, it s just a question of time to come to Thailand.

the other advantage with bitcoin, you just need a smartphone, no need of finger print. work with a simple laptop, tablet, or pc.

apple pay and Samsung pay is not used in Thailand and you need their expensive smart phones to use their system.

iphone 6 is around 30000 bahts, Galaxy s6 same price

with a cheap Android phone or even an old iPhone 4, install blockchain application and you can start to transfer bitcoin immediately.

just need to be careful when entering the amount and the address. but if the address is non existent the blockchain should send back the bitcoin to your address after a new block is started.

the guy Satoshi is a very clever man, a genius . did you know with bitcoin that we could even keep a type of digital passport? . all you need is a digital key(the public key) you can keep on a bar code like passbook( iPhone software) . our governments could save billions with the blockchain.

Edited October 16, 2015 by VIPinthailand

[ChaangNoi]

just about anything could be stored on the block chain. bitcoin 2.0 is putting assets like house deeds and contacts in the to get ride of all the lawyers and what not. its the crazy future.

[pkspeaker]

i meant on the internet, i would never use them in a store when i could just use cash, i would want to use them to reserve hotel room, airline tickets, etc instead of a creditcard

i think btcoin is excellent, but frustrated that almost noone is accepting them..i see orgs asking for donations and even they don't accept bitcoin, they want paypal, i hate paypal, fees ontop of the creditcard fees, no way i will ever use paypal but would use bitcoin if someone actually accepted them..

Sent from my iPad using Tapatalk

Thailand is as expected, well behind the times.... What would you expect from a country where most retailers still refuse credit or debit cards and still prefer a bundle of cash or charge extra costs for a card etc?

People will start using them more and more in future , kids growing up now will see it for what it is but their parents and grandparents are probably beyond help...

Singapore, Hong Kong and even the phillipines will adapt far quicker than Thailand who seem to be stuck in the past....

Sent from my iPad using Tapatalk

[speedtripler]

There is no reason for Thai shops to accept credit cards. In the west the fees and charge backs are passed onto the customers. People will clearly go to a store that is able to charge 10% less if only they use cash.

People only use them in the west is because they get air line miles or cash back. Credit cards are a scam.

I'm not saying bitcoin will take off in Thailand and really it should not. Bitcoin is good for buying something over the internet, storing wealth, sending money far away. Bitcoin is not better than cash at a 7-11.

Big c, lotus and department stores all accept card payments as well as cash without charging 10% more , cash has disadvantages too...

Someone has to count it, bag it, process it to the bank and always protect it from theft etc and all that costs money too....

I think at some stage we will have a legit btc visa card that works in shops, online and can take cash out of atms etc... Just a matter of time... (I know it's been offered already but I dont trust banks in eastern Europe with something irreversible like my btc)

[ChaangNoi]

There is a place for credit cards in Thailand but it is nothing like the USA or Europe where everything is done on a card. Was just in Europe and I could not pay for parking my car on the city street if I did not have a card! Crazy.

Also Bitcoin Visa cards are going to be a hard thing to do. Visa is a "pull system" where it pulls money from your account or your credit. Bitcoin is push only as in you the person send the value to the other party. If someone gets access to your "bitcoin credit card number" or something then there will be no way to reverse the charges. I'm not sure a plastic card with a magnetic strip is going to do it.

However paying off credit card debt sure. Just heard today you can now fill up a paypal account with bitcoin. PayPal is getting into the game after all these years.

Edited October 16, 2015 by ChaangNoi

[blackcab]

There is a place for credit cards in Thailand but it is nothing like the USA or Europe where everything is done on a card. Was just in Europe and I could not pay for parking my car on the city street if I did not have a card! Crazy.

Also Bitcoin Visa cards are going to be a hard thing to do. Visa is a "pull system" where it pulls money from your account or your credit. Bitcoin is push only as in you the person send the value to the other party. If someone gets access to your "bitcoin credit card number" or something then there will be no way to reverse the charges. I'm not sure a plastic card with a magnetic strip is going to do it.

However paying off credit card debt sure. Just heard today you can now fill up a paypal account with bitcoin. PayPal is getting into the game after all these years.

Why not a pre-pay btc card? Not exactly a credit card, but nearly.

[VIPinthailand]

There is a place for credit cards in Thailand but it is nothing like the USA or Europe where everything is done on a card. Was just in Europe and I could not pay for parking my car on the city street if I did not have a card! Crazy.

Also Bitcoin Visa cards are going to be a hard thing to do. Visa is a "pull system" where it pulls money from your account or your credit. Bitcoin is push only as in you the person send the value to the other party. If someone gets access to your "bitcoin credit card number" or something then there will be no way to reverse the charges. I'm not sure a plastic card with a magnetic strip is going to do it.

However paying off credit card debt sure. Just heard today you can now fill up a paypal account with bitcoin. PayPal is getting into the game after all these years.

Why not a pre-pay btc card? Not exactly a credit card, but nearly.

these are called hot wallets.

you can have a blockchain wallet on the Apple or Android application.

send some bitcoin to your wallet on your phone and you can start to make payments .

you can not go below 0.just keep a few bitcoin (like for 200 or 300 dollars) on your phone in case your phone is stolen or the wallet compromised by hackers. keep the rest of your bitcoin on a paper(privat key) and a USB key that you hide at home.

lot of talk on the Internet how to manage your bitcoin . after you transfered your bitcoin by giving your privat key to a hot wallet, send back the rest of the bitcoin (you don't want to use on line) to a new paper private key. (your previous private key must have now 0 bitcoin as you will never use it again on line)

like this you are the only one to own the private key and you bitcoins are kept out of the www.

once a privat is in contact with the www, your bitcoin are at risk of being stolen.

some guys have even a laptop out of the www to generate privat key. their laptop is used only to manage a cold wallet.

Edited October 16, 2015 by VIPinthailand

[Langsuan Man]

i think btcoin is excellent, but frustrated that almost noone is accepting them..i see orgs asking for donations and even they don't accept bitcoin, they want paypal, i hate paypal, fees ontop of the creditcard fees, no way i will ever use paypal but would use bitcoin if someone actually accepted them..

Sent from my iPad using Tapatalk

What fees on top of credit card fees ?

Costs me nothing in fees to use my US credit card for my US PayPal or my Bangkok Bank ATM card for my Thai PayPal account, so long as I pay the CC bill or make sure there is enough money in my BB account I don't pay a cent in fee's

I would have to buy bit coins to get them, since my pension and other revenue sources don't pay me in bit coins. So I should spend money (real) so I could use bit coins and save on all these onerously high PayPal fee's !

[Heng]

Glad to hear the BOT clarified that original statement about the legality of Bitcoins. Took this thread for me to Google it again. Thought I was doing something grey, but cheers, I guess not. Not that I would have stopped but I guess now I can post about it. :-)

With the nature of btc, there is no need to use a 'no name' or startup service like localbitcoins or whatever. There are plenty of established exchanges out there with real liquidity and nearly all accept wire transfers..... bitstamp, btc-e, bitfinex (my favorite), kraken, etc. I also use fybsg a lot because much of my funds are based in SG, but with the ease of Singapore online banking to zip funds anywhere with no 'paperwork' (unlike with some Thai banks), you can pretty much access every single major btc exchange.

Edited October 18, 2015 by Heng

[VIPinthailand]

what buy btc in Bangkok.?

Location: Kido 2 Cafe

Address:

Rca Alley, Bang Kapi, Huai Khwang

Bangkok 10310

Thailand

Direction: Fiat ⇄ Crypto

Supported coins: 

Fees: Unknown

Limits: 3000 THB per day

[ChaangNoi]

Glad to hear the BOT clarified that original statement about the legality of Bitcoins. Took this thread for me to Google it again. Thought I was doing something grey, but cheers, I guess not. Not that I would have stopped but I guess now I can post about it. :-)

With the nature of btc, there is no need to use a 'no name' or startup service like localbitcoins or whatever. There are plenty of established exchanges out there with real liquidity and nearly all accept wire transfers..... bitstamp, btc-e, bitfinex (my favorite), kraken, etc. I also use fybsg a lot because much of my funds are based in SG, but with the ease of Singapore online banking to zip funds anywhere with no 'paperwork' (unlike with some Thai banks), you can pretty much access every single major btc exchange.

The BOT did not "clarify their original statement". What they did was tell the media that they were wrong and should not listen to some dumbass farang who is talking out his ass on a blog.

All that drama was caused by one guy who I do not trust.

[fletchsmile]

There is no reason for Thai shops to accept credit cards. In the west the fees and charge backs are passed onto the customers. People will clearly go to a store that is able to charge 10% less if only they use cash.

People only use them in the west is because they get air line miles or cash back. Credit cards are a scam.

I'm not saying bitcoin will take off in Thailand and really it should not. Bitcoin is good for buying something over the internet, storing wealth, sending money far away. Bitcoin is not better than cash at a 7-11.

There is a place for credit cards in Thailand but it is nothing like the USA or Europe where everything is done on a card. Was just in Europe and I could not pay for parking my car on the city street if I did not have a card! Crazy.

.....

However paying off credit card debt sure. Just heard today you can now fill up a paypal account with bitcoin. PayPal is getting into the game after all these years.

Very narrow perspectives and understanding of credit cards. Have been using them for decades in the west and Thailand. Very convenient way of paying for things and then just settle once a month by DD. That cash backs and miles came in later was just an added bonus.

Thailand started later than the west, but usage of credit and debit cards has been growing. Apart from street vendors, markets and taxis, most of our expenditure can be done with CC. Internet shopping, Tesco, virtually all bars and restaurants, department stores, airline tickets hotels etc. Most things over say THB 1,000 I can and do pay by CC.

Just bought an iPad and there was a discount vs cash price if you have the right credit card. Then interest free credit for monthly installments. Booked an online flight and got free travel insurance for platinum members. How can such convenience and added benefits be scams?

You've obviously not met the many Thais who have credit cards from multiple issuers so they can pull out the particular one that has the discount at a particular outlet.

Maybe bit-coin will catch on one day, but for every day transactions for me, it's nowhere near the convenience and widespread use of CCs.

Also I don't like the idea that the value of a bitcoin changes, between buying and conducting a transaction / selling getting my money out again. My THB 1,000 is worth THB 1,000 at all times. No bid-offer spread. No fees.

I keep an open mind, but for now using bitcoin would simply be doing so for the sake of it

Cheers

Fletch

[ChaangNoi]

I never claimed credit cards were a scam. It is just more likely for the store to have to pay for stolen cards and charge backs. This is why I find it very odd that the store would give you a discount to take a credit card over cash. The store has to pay a monthly fee plus a 2.5 to 3.5% off the top. If they are giving you that discount for their store card then maybe, if not, I find it hard to understand.

Bitcoin can be used for things credit cards can not. That being said, I disagree with other bitcoin supports that seem to think Bitcoin is good for use at a bar or stuff like that. Cash is better and even credit cards.

Bitcoin is used as a store of value and can be used well over the internet. No charge back so merchants can accept them with no risk of Visa messing with them. Also try moving $10,000,000 from the USA to Thailand with your credit card in less than an hour.

[fletchsmile]

There is no reason for Thai shops to accept credit cards. In the west the fees and charge backs are passed onto the customers. People will clearly go to a store that is able to charge 10% less if only they use cash.

People only use them in the west is because they get air line miles or cash back. Credit cards are a scam.

I'm not saying bitcoin will take off in Thailand and really it should not. Bitcoin is good for buying something over the internet, storing wealth, sending money far away. Bitcoin is not better than cash at a 7-11.

I never claimed credit cards were a scam. It is just more likely for the store to have to pay for stolen cards and charge backs. This is why I find it very odd that the store would give you a discount to take a credit card over cash. The store has to pay a monthly fee plus a 2.5 to 3.5% off the top. If they are giving you that discount for their store card then maybe, if not, I find it hard to understand.

Bitcoin can be used for things credit cards can not. That being said, I disagree with other bitcoin supports that seem to think Bitcoin is good for use at a bar or stuff like that. Cash is better and even credit cards.

Bitcoin is used as a store of value and can be used well over the internet. No charge back so merchants can accept them with no risk of Visa messing with them. Also try moving $10,000,000 from the USA to Thailand with your credit card in less than an hour.

You never claimed credit cards were a scam?

My mistake.

When you wrote: "credit cards are a scam" it sounded like you were claiming "credit cards are a scam"

[VIPinthailand]

most people who are against bitcoin didn't tried it. so try it before accusing bitcoin of this and that. install a bitcoin application on your phone or tablet and figure by yourself how it works.

[blackcab]

As a total bitcoin novice I have a question. If someone did buy $10,000,000 of bitcoins in the US, could they actually sell that many bitcoins for Thai baht?

Would you make or lose on that deal? If so, how much? How long would it take to buy and sell that many bitcoins? Would that be one large trade or a series of smaller trades?

I apologise for all the simplistic questions in advance.

Edited October 19, 2015 by blackcab

[VIPinthailand]

As a total bitcoin novice I have a question. If someone did buy $10,000,000 of bitcoins in the US, could they actually sell that many bitcoins for Thai baht?

Would you make or lose on that deal? If so, how much? How long would it take to buy and sell that many bitcoins? Would that be one large trade or a series of smaller trades?

I apologise for all the simplistic questions in advance.

yes you can as long someone buy your bitcoins.

it will be one transaction of around 37000 btc with a fee of 0.02$ for miners.

[speedtripler]

As a total bitcoin novice I have a question. If someone did buy $10,000,000 of bitcoins in the US, could they actually sell that many bitcoins for Thai baht?

Would you make or lose on that deal? If so, how much? How long would it take to buy and sell that many bitcoins? Would that be one large trade or a series of smaller trades?

I apologise for all the simplistic questions in advance.

The price swings quite a lot (more so than gold etc) so you could make or lose on a deal like that... Its very improbable you could sell them all at once, the US sheriffs office are having another auction soon with the bitcoins they confiscated from ross ulbricht ...

I think they sell them in batches of 2 thousand coins per batch but you need to make a deposit of $100,000 to be allowed to bid

That's out of range of most everyday folks but if there's a new all time high (as happened previously a few times) you could make a killing if you can afford to deal in numbers that large...

[VIPinthailand]

poor Ross. I guess he is still in New York in his cell waiting for his second trial.?

Edited October 19, 2015 by VIPinthailand