Anyone here invest or trade in Bitcoins using a Thai exchange?

[thailiban2]

Appreciate if you can share experiences of opening the account, depositing funds, any issues, pit falls etc. Any other helpful input... Thank you!!

Sent from my iPhone using Thaivisa Connect

[alocmrlj]

I did test it. You will need to verify your account if you wish to withdraw baht. I only traded for 100k so my suggestion would be to only risk what you can afford to lose...same as goes for everything else in life

[DaveBKK]

Use it regularly. No problems.

[Halfaboy]

Does it really need a long and complex code to get access to your account ?

[DaveBKK]

On 3/17/2017 at 4:58 PM, Halfaboy said:

Does it really need a long and complex code to get access to your account ?

Nope. Just have to prove ID.... photo copy of passport and picture with  you and passport. 

[DaveBKK]

On 3/17/2017 at 4:58 PM, Halfaboy said:

Does it really need a long and complex code to get access to your account ?

 

Sorry... unless you mean passcode to get into the account? I think it would be wise to use a long passcode since you're dealing with real money here. And also take advantage of the 2-factor they offer.

[speedtripler]

17 hours ago, DaveBKK said:

 

Sorry... unless you mean passcode to get into the account? I think it would be wise to use a long passcode since you're dealing with real money here. And also take advantage of the 2-factor they offer.

I was under the impression he means the Bitcoin address which is a long and random alpha numerical code but there is no need to remember it, you just copy/paste 

 

The 2FA to log in is only a 6 digit code and as stated by the above user, you SHOULD be using it because of the safety benefits as its function is protecting your cash if someone manages to get your passwords, they still can't steal anything unless they also had your smartphone to get the code as well... 

 

I have used Thai exchanges regularly for years and can recommend bx.in.th and coins.co.th and localbitcoins.com is also thriving in Thailand

 

 

 

 

 

[chingching]

I don't see how anyone could reply to the OP, before speedtripler, as the OP does not state what  exchange he is talking about.  As speedtripler points out there are at least 3 exchanges that do business in Thailand. Those are the only 3 I know about, but there could be more.

[taiping]

I think Speedtripler is correct from my limited experience.

[edgarfriendly]

what is a thai exchange?

 

id be amazed such a thing would last more than a week.

 

ive had no end of grief (scam attempts) with thai traders.

 

 

Edited March 25, 2017 by edgarfriendly
missed links

[Shiver]

I've never used them.  The spread looked high and the volume  thin,  If they can get more business or be/provide a market maker then it could be useful.

 

If you dropped a serious amount of coins on there I think the roof would fall in and you'd bottom out the market, Locking in a loss.

 

[Shiver]

On 3/17/2017 at 4:58 PM, Halfaboy said:

Does it really need a long and complex code to get access to your account ?

If you're talking about your public address (a long string of numbers and letters) then that can either be copy/pasted or use the QR code. which contains the same information - then the answer is no.  Ideally you'd use a different public address for every transaction which is generated automatically, just so you know whether you used it to buy a washing machine or a car to keep decent accounts of your own.  There is nothing stopping you using the same Public address over and over if you prefer though since is unique to you.

Your *private* key you never ever reveal to anyone, and preferably keep on a couple of hardware wallets on different continents..  They start at about $20 and up eg. Trezor wallet.

[speedtripler]

5 hours ago, Shiver said:

I've never used them.  The spread looked high and the volume  thin,  If they can get more business or be/provide a market maker then it could be useful.

 

If you dropped a serious amount of coins on there I think the roof would fall in and you'd bottom out the market, Locking in a loss.

 

5 hours ago, Shiver said:

 

You set your selling price yourself on bx and localbitcoins , it's impossible to "lock in a loss" 

 

If you want 45,000 per btc, they will not be sold for a penny less, if there is not enough liquidity in the market you can sell slowly and in smaller batches..... 10 at a time usually works well ime but they're are some big fish that buy much larger amounts than that.... 

[Sambotte]

On 14/03/2017 at 1:11 AM, thailiban2 said:

 

Appreciate if you can share experiences of opening the account, depositing funds, any issues, pit falls etc. Any other helpful input... Thank you!!

Sent from my iPhone using Thaivisa Connect

 

I am interested too by those questions.

 

Since it looks to be in the middle of legal/illegal, any information ? I have read about BANK account closed for that reason, but not in Thailand i think. But this is a very needed information. In short is it more on the side of legal transaction, or the other ?

 

And by the way, since bitcoin is in the middle of a crisis (versus coin unlimited) right now, what about Etherum?

[speedtripler]

Whether Bitcoin forks or not, you still get a coin for both chains.... 

 

In my opinion, anyone who buys bitcoins now in this time of uncertainty in the market will be handsomely rewarded when the scaling battle is resolved (by softfork, hardfork or a compromise between both sides) 

 

I buy every week and dollar cost average it out and have been  since 2011

[Shiver]

On 3/29/2017 at 4:20 PM, speedtripler said:

Whether Bitcoin forks or not, you still get a coin for both chains.... 

 

In my opinion, anyone who buys bitcoins now in this time of uncertainty in the market will be handsomely rewarded when the scaling battle is resolved (by softfork, hardfork or a compromise between both sides) 

 

I buy every week and dollar cost average it out and have been  since 2011

Looks to me like a long drawn out wait for the soft fork, and BU has very little chance of activating  Even BitFury has committed to SegWit now, whatever Ver (the bitcoin Judas) says about hashing power, the users have spoken.  If you take out all other hard for kattempts  though (BTX etc) it still doesn't reach 'consensus' of 96%, but we can see what happens when Rootstock goes live end of June (20,000tps on chain, 200,000tps off chain), not to mention LN.

I guess you can tell by my writing that I'm on the Seg side, but I don't have plans to spend any time moving coin near this event, so can still see huge (much larger than we've seen in a while) short term volatility while they duke it out.

I was just installing an alpha 'eclair' LN on my spare computers node when I glanced across this page whilst waiting for the download.  Just doing my bit for the community.

 

[speedtripler]

1 hour ago, Shiver said:

Looks to me like a long drawn out wait for the soft fork, and BU has very little chance of activating  Even BitFury has committed to SegWit now, whatever Ver (the bitcoin Judas) says about hashing power, the users have spoken.  If you take out all other hard for kattempts  though (BTX etc) it still doesn't reach 'consensus' of 96%, but we can see what happens when Rootstock goes live end of June (20,000tps on chain, 200,000tps off chain), not to mention LN.

I guess you can tell by my writing that I'm on the Seg side, but I don't have plans to spend any time moving coin near this event, so can still see huge (much larger than we've seen in a while) short term volatility while they duke it out.

I was just installing an alpha 'eclair' LN on my spare computers node when I glanced across this page whilst waiting for the download.  Just doing my bit for the community.

 

Core has launched a new plan to activate segwit via mandatory UASF (User Activated Soft Fork) on the 1st August)

 

I respect all opinions but I think the way forward is a dynamic blocksize and that's what I'll be directing my resources towards.... 

 

We can STILL have LN WITHOUT segwit, anyone who tells you different is lying 

 

Let the chips fall where they may.... 

 

One chain will gain the support majority rapidly due to the inherent design of bitcoin

 

 

Nakamoto consensus rules still apply so the Chinese are going to steamroll over Bitfury if push comes to shove and the longest chain is the valid one

 

 

 

[whoareyou]

Only used it to buy stuff on the net. Usually a substantial discount of around 20% compared to credit cards

[JimmyJ]

On 3/23/2017 at 5:56 PM, speedtripler said:

 

 

The 2FA to log in is only a 6 digit code and as stated by the above user, you SHOULD be using it because of the safety benefits as its function is protecting your cash if someone manages to get your passwords, they still can't steal anything unless they also had your smartphone to get the code as well... 

 

 

 

 

 

 

Is Google Authenticator the 2 FA used by the exchanges you mention?

 

I've dealt with several BTC related companies and the 2FA is sending me an email, I click on a link,  a code is then sent to my cell phone which I add to my login.

 

But I recently joined 3 exchanges which don't offer this but instead the 2FA is Google Authenticator.

 

I've been getting away from everything Google for privacy reasons except my Android (on which I'm denying all  Permissions I can and still have the phone function).

Now adding the Google Authenticator is disturbing.

But I agree that some sort of 2FA should be used and I guess I'll be adding it to my phone as it's that or no 2FA with many exchanges unfortunately.

[chingching]

2 hours ago, JimmyJ said:

Is Google Authenticator the 2 FA used by the exchanges you mention?

 

 

It is but you can use 'AUTHY' instead.   Works the same, and will work anywhere you need to use google authenticator.   I'm still disturbed that noone mentions the exchange by name.  There is more than one exchange serving Thailand.  They are not identical.

[Sambotte]

So... no one want to answer the basic for potential beginners ? :)

- Legal ? Or if non determined, no problem possible ? For selling, you can put your gains in your Thai bank account with no stress ?

[JimmyJ]

1 hour ago, Sambotte said:

So... no one want to answer the basic for potential beginners ? :)

- Legal ? Or if non determined, no problem possible ? For selling, you can put your gains in your Thai bank account with no stress ?

In the US it's legal.

It's still possible to have a bank account closed, not because it's illegal but because the banks are running scared of falling afoul of the USA's AML/KYC laws and they'd rather be safe than sorry (and because they're idiots).

 

In Thailand since 2 Thai btc exchanges are listed in this thread I assume it's legal as well.

 

The info below could be outdated...

Legality of bitcoin by country

 

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#Thailand

 

The guys here trading on the Thai exchanges should be able to tell you more.

[Sambotte]

Yes...

I had read a more recent update, here :

http://www.profitconfidential.com/bitcoin/top-countries-bitcoin-legal-illegal/

But the page dosen't work anymore or today, but you can have it with google cache.

 

No precision for Thailand except : "

Most other countries have implicitly accepted the reality of Bitcoin, and have finally raised their white flags.

Take, for instance, the two countries that had previously banned Bitcoin. Russia and Thailand, both banned Bitcoin back in 2014, but finally started opening up to the idea of cryptocurrencies in 2016."

 

And i know Thailand want to be on top for new technologies like the one behind bitcoin, so it looks ok... Will ask to my bank anyway.

 

A very interesting article on the bangkok post :

http://www.bangkokpost.com/news/special-reports/1217429/bitten-by-the-bitcoin-bug

19 march, so very fresh. But again not clear on how it's legal. But actually not illegal :) Just not regulated i guess...

[Shiver]

On 3/31/2017 at 5:17 AM, chingching said:

It is but you can use 'AUTHY' instead.   Works the same, and will work anywhere you need to use google authenticator.   I'm still disturbed that noone mentions the exchange by name.  There is more than one exchange serving Thailand.  They are not identical.

Google this" alternative to google authenticator".

[Shiver]

On 3/30/2017 at 8:17 PM, speedtripler said:

Core has launched a new plan to activate segwit via mandatory UASF (User Activated Soft Fork) on the 1st August)

 

I respect all opinions but I think the way forward is a dynamic blocksize and that's what I'll be directing my resources towards.... 

 

We can STILL have LN WITHOUT segwit, anyone who tells you different is lying 

 

Let the chips fall where they may.... 

 

One chain will gain the support majority rapidly due to the inherent design of bitcoin

 

 

Nakamoto consensus rules still apply so the Chinese are going to steamroll over Bitfury if push comes to shove and the longest chain is the valid one

 

 

 

I didn't know there was an activation data for UASF, thanks for that.

I did ask on the Bitcointalk forum a couple of years by why couldn't  the block size just shrink and grow according to demand.  I can't remember the exact answer, but it was made clear to me that it was a non starter to go smaller as it would open a new attack vector, so I guess it's growth only.

Hopefully in a year or so we can look back and have avoided a hardfork, perhaps increased block size in spite of seg (much easier to implement LN with Seg though, apart for fixing some other issues, then if the SPV's come along purely as users on 'lite' devices, the rest of us can be full node in archie capacity, and hopefully we start to see some of the heavy mining being done in other parts of the world rather than just one nation.  There must be quite a few hot spots for low cost electricity surely(?).

[JimmyJ]

8 hours ago, Shiver said:

...and hopefully we start to see some of the heavy mining being done in other parts of the world rather than just one nation.  There must be quite a few hot spots for low cost electricity surely(?).

I thought Thailand is one.

 

I read of a large mining operation there due to cheap electricity (and I think the article mentioned others there), and then about a year ago they were wiped out by a fire.

[Shiver]

On 4/2/2017 at 3:00 AM, JimmyJ said:

I thought Thailand is one.

 

I read of a large mining operation there due to cheap electricity (and I think the article mentioned others there), and then about a year ago they were wiped out by a fire.

I thought Thailand was a net importer of electricity from Laos (perhaps just for northern region though?).

 

[Duff]

BTC seems quite illiquid in Thailand...

The discrepancy between the spot price (THB82,600 as of right now) and the selling price on bx.in.th, bitcoin.co.th (same company) and localbitcoins.com is huge... selling on average at THB 88,000 ...

 

Which platform have you guys used to buy bitcoins and/or ethers with THB?

[Sambotte]

There is enough liquidity for me on Bx :) For BTC, ETH, and XRP (added recently).

I see orders of 1Mo bahts on the lists everydays, so it depends, if you want to buy/sell 10Mo bhts, Bx could be short :)

 

Prices are around 10-15% more than average market price, but no problem if you buy-sell on the same platform. Or you can buy somewhere else and sell on Bx. And every market has his price, and varying. US, Japan, Korea, China, Europe, there are differences. I think prices in Thailand are like in Japan, around 10-15% up the average price.

 

Not a problem here i would say, volume and prices are ok on Bx. Inscription is very fast, Support is reacting pretty well, bank cash deposit are very easy and quick. Not like some other big exchanges... Bitstamp, Kraken... No support.

 

Localbitcoin is P2P so you have to be carefull, and paiement options are very slow sometimes.

 

Bitcoins.co i think they have a strange fee of 1%.

And Coins.co witch is from Philippines is a brocker, they sell you BTC taking 8-9% fee but on both way i think (buy and sell), so you lose a lot, it's a fee, not a price upper. Normal fee is 0.25% so to compare.

 

Bx.In.th is pretty good i find.

[Sambotte]

EDIT : i may have confused coins.co and bitcoin.co not sure about the fees (8-9% is more like the "coinmama" fee), but when i searched, i found Bx was just the best here in Thailand.