Hi everyone,

 

Does the Bitcoin ATM still exist in Bangkok and can you pull cash out of it by selling Bitcoin? So can I use my bitcoin wallet and sell the bitcoin in it and take out the Thaibaht? 

 

If so, isn't this a cheaper and faster method for transferring money to Thailand? 

Since bitcoin is illegal in Thailand, it's highly unlikely.

 

The Bank of Thailand has stated "buying and selling bitcoins, using bitcoins to buy or sell goods and services, and transferring bitcoins in and out of Thailand were all currently illegal."

1 hour ago, Oxx said:

Since bitcoin is illegal in Thailand

How can this be so when there are Bitcoin exchanges operating in Thailand?

30 minutes ago, MJKT2014 said:

How can this be so when there are Bitcoin exchanges operating in Thailand?

so many here make pronouncements that are simply untrue:

 

Thailand Approves Fully-Legal Bitcoin Exchange (2014-07-10) – Help ...

https://support.coins.co.th/.../204112705-Thailand-Approves-Fully-Legal-Bitcoin-Exc...

1.  

May 1, 2016 - When most Westerners hear the word “Thailand” they usually envision and exotic tropical local where anything is available for a price. If...

 

furthermore the is at least one bitcoin atm in bangkok, though the video doesnt say where, however this site does - https://coinatmradar.com/city/14/bitcoin-atm-bangkok/ update, link indicates the atm may be down.

 

 

 

My understanding is that at one point Thai authorities declared bitcoin as illegal. This was subsequently changed though so that it was no longer specifically referred to as illegal.

 

On the other hand, bitcoin itself is not approved by the Thai authorities, nor is it sanctioned in any way by Bank of Thailand. So pretty much an unregulated grey area which I would probably describe as not legally sanctioned in any way for use as a currency, but not specifically referred to as illegal. 

 

As to the bitcoin exchanges operating, there is a difference between an entity being allowed to offer e-commerce activities which they do and bitcoin itself.

 

Bitcoin is not legal tender. People using it do so at their own risk

You can just use a regular atm to get cash for bitcoin/ether: https://www.tenx.tech/

I've heard the premium for using at ATM/BTC machine is quite high, like 10-20%.  But I have no first hand knowledge.  If your not in too much of a hurry you can open an account at www.bx.in.th

http://www.coindesk.com/bank-thailand-governor-heralds-blockchains-coming-impact/

 

14 hours ago, insertcoins said:

You can just use a regular atm to get cash for bitcoin/ether: https://www.tenx.tech/

that link is to a token sale. It would be great if they were up and running though. 

13 hours ago, chingching said:

I've heard the premium for using at ATM/BTC machine is quite high, like 10-20%.  But I have no first hand knowledge.  If your not in too much of a hurry you can open an account at www.bx.in.th

would this be a cheaper way than transferring to bangkok banks new york branch? 

3 hours ago, Sojuncoke said:

would this be a cheaper way than transferring to bangkok banks new york branch? 

 

It is possible that with specific amounts you may be able to make it cheaper, but it would be highly dependent on the exact value of the transfer.

 

There could possible be ranges where it is cheaper, but the BTC->THB exchange is going to kill you.  Bitcoin transaction fees are pretty steep these days as well. It is variable depending on how many accounts you have to aggregate to get your Bitcoin total, but my last BTC transfer was almost $6 just in mining fees.  That is unreasonable in my opinion, given how much you also lose in currency exchanges.

 

It is really hard to beat 500 baht plus $10 on a $50,000 transfer.

 

What amount are you thinking about transferring? That would get you a better answer.

 

BTW, bx.in.th charges 0.25% on all trades already, so there is probably no way that is going to be cost effective with that channel, unless you are talking about amounts under $2K where BKB charges a flat 200 baht.

 

Much better to use BTC for transferring out of Thailand, where BOT rules would otherwise make it difficult.

 

Serious question:  why would anybody use bitcoin for any legal purpose when the price is so volatile? Last week the price fell 12% last week.  The risk of such a sudden loss of value makes bank transfer charges seem insignificant.

1 hour ago, Oxx said:

Serious question:  why would anybody use bitcoin for any legal purpose when the price is so volatile? Last week the price fell 12% last week.  The risk of such a sudden loss of value makes bank transfer charges seem insignificant.

Seriously?  Volatility is not a one way street.   Since price declines are usually more sudden than price increases, I'd guess that 65% of the time, you can sell your btc for more than you paid for it,  thus making a profit as well as negating all your fees.  Since the thai market has less liquidity than a u.s. market  when transferring and cashing out immediately you can still make a few bucks while avoiding big price changes.