Opening Bitcoin Account in Thailand?

[BMW Overlander]

No clue how to go about this.

 

Is there a specific website to do so?

What are the requirements?

Is it legal in Thailand?

 

Appreciate any advice given.

[Swiss1960]

Forum is full of bitcoin threads, search and read.

Sent from my HTC 10 using Thailand Forum - Thaivisa mobile app

[speedtripler]

The search function usually doesn't work

 

 https://bx.in.th is where most thais trade CryptoCurrencys 

Edited July 8, 2017 by speedtripler

[BMW Overlander]

4 minutes ago, speedtripler said:

The search function usually doesn't work

 

Bx.in.th is where most thais trade CryptoCurrencys 

 

Thank you very much for helpful reply unlike that swiss tool.

[MJKT2014]

On ‎08‎/‎07‎/‎2017 at 11:02 AM, speedtripler said:

https://bx.in.th is where most thais trade CryptoCurrencys 

Anyone on TV trading on this? It looks a bit dodgy!! The web site doesn't work - but I haven't looked at it since last month, says latest info on Twitter and nothing about the web site being down today on Twitter.

 

[MJKT2014]

1 hour ago, MJKT2014 said:

nothing about the web site being down today on Twitter

Ok, now on Twitter "server being offloaded with high traffic." What a farce.

[speedtripler]

He's back... 5000+ thais trying to buy bitcoins is probably more than he's used to... 

[speedtripler]

4 hours ago, MJKT2014 said:

Anyone on TV trading on this? It looks a bit dodgy!! The web site doesn't work - but I haven't looked at it since last month, says latest info on Twitter and nothing about the web site being down today on Twitter.

 

 

He didn't used to be a scammer anyway, I have used that platform for years 

 

Ill update the thread if he scams me 

[speedtripler]

Still waiting on a withdrawl, will  update if/when he comes through.... 

[vandv]

1 Bitcoin equals

3337.44 US Dollar

 

 for a string of data?......

 

 

[ukrules]

On 05/08/2017 at 8:53 PM, speedtripler said:

 

He didn't used to be a scammer anyway, I have used that platform for years 

 

Ill update the thread if he scams me 

I have also used this site but not for some time now.

[MJKT2014]

On ‎05‎/‎08‎/‎2017 at 8:46 PM, speedtripler said:

He's back

And he's gone again! Funny how his web site goes tits up every time the market get interesting.

[speedtripler]

It's because btc price is mooning  ... 

 

even the big exchanges in USA like coinbase, poloniex and kraken can't cope with the traffic  and later  when the mainstream media reports bitcoin price at new record highs it normally fuels another wave of buying 

 

It's very cyclical and you can make money from it if you pay attention but I normally just buy and hold because swing trading gives me heart attacks lol

 

[Autonuaq]

I am not sure but for as far as I can recall was, and is cyber money like bitcoin illegal in Thailand.

 

Correct me if I am wrong.

[ThailandLOS]

On 8/5/2017 at 4:05 PM, MJKT2014 said:

Anyone on TV trading on this? It looks a bit dodgy!! The web site doesn't work - but I haven't looked at it since last month, says latest info on Twitter and nothing about the web site being down today on Twitter.

 

BX has been DDOS attacked repeatedly over the last few days - this is the reason it's hard to get thru at times. They even blacklisted a whole range of IP addresses wrongly today and then unblocked them.

 

Go in - do your business and withdraw your assets fast. This is general advice for most exchanges, as they have access to your cash or private keys.

[ThailandLOS]

33 minutes ago, Autonuaq said:

I am not sure but for as far as I can recall was, and is cyber money like bitcoin illegal in Thailand.

 

Correct me if I am wrong.

You are wrong - they are totally legal in Thailand. There are even bitcoin ATMs in BKK.

[ThailandLOS]

2 hours ago, vandv said:

1 Bitcoin equals

3337.44 US Dollar

 

 for a string of data?......

 

 

Best deal you can get for a piece of paper on strong decline (e.g. BTC is already legal tender in Japan and can be converted to almost any other currency at very low cost)- Or try taking your paper money to FED and ask to exchange for gold

Edited August 7, 2017 by ThailandLOS

[speedtripler]

1 hour ago, Autonuaq said:

I am not sure but for as far as I can recall was, and is cyber money like bitcoin illegal in Thailand.

 

Correct me if I am wrong.

Yes, you're wrong

Bitcoin exchanges are licensed and allowed now

 

Bitcoin ban was fake news from 2013 and Thai exchanges have been gaining marketshare since.... 

 

Getting very competitive thesedays 

[Sapporillo]

10 hours ago, vandv said:

1 Bitcoin equals

3337.44 US Dollar

 

 for a string of data?......

 

 

Considering that our currencies aren't backed by gold anymore, a string of data has just as much value as $-bill: Whatever value we attribute to it, from zero to...? 

[speedtripler]

1 hour ago, Sapporillo said:

Considering that our currencies aren't backed by gold anymore, a string of data has just as much value as $-bill: Whatever value we attribute to it, from zero to...? 

Apple is the world's richest company, they wouldn't be there without "strings of data"... 

 

Not every product needs to be something you can eat to be valuable ... 

[patfaure]

hello

I have been using coins.co.th for 2 years.

They are fast, reliable, easy to deal with and they are also in Philippines (coins.ph) which makes it easy when you travel there (you can get ph pesos directly at the atm machine with your bitcoin account!...)

Easy to transfer money also to your bank account in Bangkok bank, kasikorn or whatever

[seancbk]

On 8/5/2017 at 4:05 PM, MJKT2014 said:

Anyone on TV trading on this? It looks a bit dodgy!! The web site doesn't work - but I haven't looked at it since last month, says latest info on Twitter and nothing about the web site being down today on Twitter.

 

 

I've been using them for a while.  Very easy to use, very fast and never had a problem.

All websites have to do occasional maintenance.



 

[ghworker2010]

I've been doing a lot of research and investigation in the last week or so. I was clueless like OP at that time but now more knowledgeable. 

 

In principle it's considered safer not to keep money in the exchanges.

 

Bitcoin works with addresses. You send and receive money from/to addresses. For an address to be yours, you have to have the private key for that bitcoin address.

 

When you open an account with an exchange, what happens is they manage the address for you. This means they hold the private key, not you. So when you buy/sell cryptocurrency on an exchange, everything you buy goes into a Bitcoin address controlled by the exchange. On some occasions, there's a fine print or policy or something like that that can screw you out of your money. For example, what if you get banned from Kraken for whatever reason? What happens to your money then? It's a gray area. These things do happen.

 

The normal way people get around this is to trade on the exchanges, and then withdraw the cryptocurrency balance to a wallet that you control.

 

A wallet is basically software that lets you manage your private key, to access a bitcoin address (and send/receive coins with that address).

 

However Bitcoin Cash is still new created after the fork 1st Aug. The wallets don't seem very mature. Also, because Bitcoin Cash is a fork of Bitcoin, there is no error message if you try to send Bitcoin Cash to a Bitcoin (not Bitcoin Cash) address - in that situation, you simply lose what you sent!

 

In addition, there are currently some issues if you install a Bitcoin (Bitcoin Core) wallet and a Bitcoin Cash wallet on the same machine.

 

Ive read so many dodgy stories about exchanges and wallets. Heres an interesting one about Jaxx wallet:

 

https://www.cryptocoinsnews.com/users-report-losing-400000-due-to-jaxx-wallet-vulnerability/

 

I can't believe that a CTO would say: '' Please please please, if you do not feel comfortable with our security model do not use our products. We’re are creating for the masses a multi-platform, multi-coin interface for the blockchain ecosystem where users are in full control of their digital lives.''

_____________

Its like he is saying its not his problem. Completely rogue if you ask me. 

 

Ive also read not to use a 'cloud' wallet at all as theres too much risk of hacking. 

 

I hope that helps OP

[ghworker2010]

Personally I would never use a Thai exchange. I would only use a U.S based one for sure. 

[jobsworth]

18 hours ago, vandv said:

1 Bitcoin equals

3337.44 US Dollar

 

 for a string of data?......

 

 

yes i agree but that is all money is.

as long as other people will accept it for goods and services, and they will, it is money.

read the book "stay alive my son" about cambodia under polpot

and how he created a market for tins of rice and useless $100 bills.

it is the same principle.

and no i don't have any bitcoins.

now if only i had bought at 15 cents

when somebody paid 10,000 bitcoins for a pizza.

equivalent today to $33,374,400.

 

 

 

Edited August 8, 2017 by jobsworth

[ukrules]

3 hours ago, ghworker2010 said:

The normal way people get around this is to trade on the exchanges, and then withdraw the cryptocurrency balance to a wallet that you control.

 

A wallet is basically software that lets you manage your private key, to access a bitcoin address (and send/receive coins with that address).

 

This is about the best you can do, but beware : if the exchange goes bankrupt while you have deposits you can lose it all.

 

For example,  I had plenty of Bitcoin (well over 100) on MtGox back in 2014 when it went bankrupt, they were there only for a few days as I sold them all immediately as the price started to rapidly descend. I bought them back in stages as the price continued downwards withdrawing when I made each purchase.

 

Then at some point the withdrawals stopped working which left me with only a bankruptcy claim.

 

The court appointed company administrator does have about 202,000 Bitcoin under his control which were found at the point of bankruptcy and they have been processing claims. I will get something back but it probably won't be much more than 20-25% from what I've been reading as that's how many bitcoin they had left.

 

Nearly all the original Bitcoin exchanges from 2012-2014 have now disappeared.

 

[speedtripler]

On 08/08/2017 at 4:52 PM, ukrules said:

This is about the best you can do, but beware : if the exchange goes bankrupt while you have deposits you can lose it all.

 

For example,  I had plenty of Bitcoin (well over 100) on MtGox back in 2014 when it went bankrupt, they were there only for a few days as I sold them all immediately as the price started to rapidly descend. I bought them back in stages as the price continued downwards withdrawing when I made each purchase.

 

Then at some point the withdrawals stopped working which left me with only a bankruptcy claim.

 

The court appointed company administrator does have about 202,000 Bitcoin under his control which were found at the point of bankruptcy and they have been processing claims. I will get something back but it probably won't be much more than 20-25% from what I've been reading as that's how many bitcoin they had left.

 

Nearly all the original Bitcoin exchanges from 2012-2014 have now disappeared.

 

Nearly all the people who used to run coffeehouses in my soi in 2012-2014 have also now disappeared.... 

[jspill]

Coins.co.th as mentioned above, works, if all you have is a Thai bank account you can buy and withdraw on there. The spread isn't great (their price to buy / sell), you lose about 2%, but the site works. Alternatively go on localbitcoins.com, filter for thailand, and shop around for an individual Thai seller / buyer to trade with. Pick one with good feedback and many trades. But the site acts as an escrow so you can't really be scammed. At certain times coins.co.th is better value, at other time localbitcoins.com is better.

 

Bear in mind though if you have more than a Thai bank account, if you still have your home country bank accounts, you don't actually need to 'open an account in Thailand', you can just buy bitcoin on Coinbase.com at 1%. 

 

The advice 'don't use Thai exchanges' more specifically should be don't hold coins on any exchanges, Thai or not. As soon as you buy on Coins.co.th, Localbitcoins, or Coinbase, all three of which are exchanges, send the coins to yourself at Exodus.io desktop wallet. That is your 'bitcoin account' to hold coins on. Don't hold large amounts of coins on any online exchanges.

 

 

[coolcarer]

On 8/9/2017 at 11:44 PM, jspill said:

Coins.co.th as mentioned above, works, if all you have is a Thai bank account you can buy and withdraw on there. The spread isn't great (their price to buy / sell), you lose about 2%, but the site works. Alternatively go on localbitcoins.com, filter for thailand, and shop around for an individual Thai seller / buyer to trade with. Pick one with good feedback and many trades. But the site acts as an escrow so you can't really be scammed. At certain times coins.co.th is better value, at other time localbitcoins.com is better.

 

Bear in mind though if you have more than a Thai bank account, if you still have your home country bank accounts, you don't actually need to 'open an account in Thailand', you can just buy bitcoin on Coinbase.com at 1%. 

 

The advice 'don't use Thai exchanges' more specifically should be don't hold coins on any exchanges, Thai or not. As soon as you buy on Coins.co.th, Localbitcoins, or Coinbase, all three of which are exchanges, send the coins to yourself at Exodus.io desktop wallet. That is your 'bitcoin account' to hold coins on. Don't hold large amounts of coins on any online exchanges.

 

 

I dived in and bought a couple of bitcoins for the first time recently when the price was $3,700 each from bx.in.th

 

I was just researching which desktop wallet to transfer them to and was going to opt for Electrum but having looked up that Exodus one you mentioned it looks fr easier to use so I think I will use that one instead.

[Rc2702]

Ok here's a question about bit coin. 

 

It is completely anonymous no one to trace who you paid?

 

I ask because these ransomware attacks give info on BC accounts. Surely at some point bit coin may become more transparent about account IDS if this mass extortion continues?