Opening Bitcoin Account in Thailand?

[metisdead]

Inflammatory posts and replies have been removed:

 

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[speedtripler]

On 16/08/2017 at 0:38 AM, Rc2702 said:

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?

Bitcoin runs on a  public ledger called a blockchain  so its not best suited for crime and legislation is catching up fast

 

There are CryptoCurrencys that are designed to be untraceable 

 

Monero is the best of the bunch when it comes to privacy

[simplysocial]

what is the legal status of bitcoin in thailand? My lawyer told me that it is now illegal? How can bx do business then here?

[ukrules]

32 minutes ago, simplysocial said:

what is the legal status of bitcoin in thailand? My lawyer told me that it is now illegal? How can bx do business then here?

You need a new lawyer, he's wrong.

[speedtripler]

CryptoCurrencys and the blockchain that enables them is a radically new idea, I wouldn't expect 99.98% of the population to understand the implications yet

 

It's like trying to explain how big the internet will be to people who have never seen a computer before back in 1990

 

 

 

 

 

[ukrules]

12 minutes ago, speedtripler said:

CryptoCurrencys and the blockchain that enables them is a radically new idea, I wouldn't expect 99.98% of the population to understand the implications yet

 

It's like trying to explain how big the internet will be to people who have never seen a computer before back in 1990

 

I remember those days well, "the information superhighway is coming...."

[FarangFB]

On 09/08/2017 at 11:44 PM, jspill said:

 

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've been told something similar. However, I was also advised to be very careful with destop wallets. A personal attack from a hacker or a hardware failure could compromise your wallet.

 

Is it true about the hardware failure? So I could lose hundreds of thousands of baht simply because a hard drive died? If this is true, I'd never do it unless my desktop had some ultra safe redundant array.

[ukrules]

1 hour ago, FarangFB said:

I've been told something similar. However, I was also advised to be very careful with destop wallets. A personal attack from a hacker or a hardware failure could compromise your wallet.

 

Is it true about the hardware failure? So I could lose hundreds of thousands of baht simply because a hard drive died? If this is true, I'd never do it unless my desktop had some ultra safe redundant array.

Making a regular backup of the small wallet.dat file to a USB drive also works assuming you're using the Bitcoin core client.

 

For other clients there are different ways - like the 'seed words' with the Electrum client.

[jspill]

2 hours ago, FarangFB said:

I've been told something similar. However, I was also advised to be very careful with destop wallets. A personal attack from a hacker or a hardware failure could compromise your wallet.

 

Is it true about the hardware failure? So I could lose hundreds of thousands of baht simply because a hard drive died? If this is true, I'd never do it unless my desktop had some ultra safe redundant array.

Exodus has a backup / restore feature built in, no need to do anything

Edited August 30, 2017 by jspill

[seancbk]

13 hours ago, FarangFB said:

I've been told something similar. However, I was also advised to be very careful with destop wallets. A personal attack from a hacker or a hardware failure could compromise your wallet.

 

Is it true about the hardware failure? So I could lose hundreds of thousands of baht simply because a hard drive died? If this is true, I'd never do it unless my desktop had some ultra safe redundant array.

 

Technically your 'coins' only really exist on the blockchain.   All wallets are simple interfaces that allow you to 'see' your holdings.  

The passphrase and/or private keys are all you need to recover any wallet in the event of hardware failure. 

 

[phycokiller]

I find localbitcoins.com works well, seems to have slightly better prices the Thai exchanges as well

Edited September 5, 2017 by phycokiller

[Minnehaha]

On 8/20/2017 at 7:15 PM, ukrules said:

You need a new lawyer, he's wrong.

And yet, Bx.in.Th is declining Americans from registering on their site, so I am told. 

 

Any exchanges in LOS that allow American nationals ? 

just wondering...

[ukrules]

7 hours ago, Minnehaha said:

And yet, Bx.in.Th is declining Americans from registering on their site, so I am told. 

 

Any exchanges in LOS that allow American nationals ? 

just wondering...

There is a list of banned countries, I guess these countries make it hard to do business internationally so they're not worth bothering with. this is the list from the website :

 

American; USA, Bosnia and Herzegovina, Ethiopian, Iranian, Iraqi, North Korean, Syrian, Ugandan, USA; American, Vanuatuan, Yemeni

 

The American government like to control US Citizens and their money wherever they are, use an American exchange.

[speedtripler]

On 07/09/2017 at 11:22 AM, Minnehaha said:

And yet, Bx.in.Th is declining Americans from registering on their site, so I am told. 

 

Any exchanges in LOS that allow American nationals ? 

just wondering...

Coins.co.th and localbitcoins.com can be used as an American AT THE MOMENT! 

 

There is no guarantee that they will not restrict Americans like bx.in.th as serving Americans mean they have to operate by a specific  set of FATCA and SET rules  that even some Asian and euro  banks no longer want the hassle of complying with

 

Being American is a financial handicap thesedays... 

[phycokiller]

On 8/16/2017 at 0:38 AM, Rc2702 said:

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?

its not completely anonymous as all transactions are recorded. if you buy from an exchange, for example, with an ID then that address can be associated with your ID, and hence transactions from or to that address. there are companies that specialize in tracking bitcoins and with computer algorithms claim to be able to attach identities to about half the addresses in existence. Im my opinion this is a weak point of bitcoin. what person or business wants the public to see what is in effect their bank account and all the transactions going in and out? personally Im looking at monero as an alternative in the long run

[wgdanson]

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.

 

On Tuesday I put Bht 5000 with coins.co.th to buy Bitcoin via bank transfer, cost Bht50. This morning it was worth just over Bht 6000 so, just to test the system, I withdrew my original Bht 5000. Back in my bank within 20 minutes. So now I have put considerably more into Bitcoin now I know the system works.

[wgdanson]

On 8/31/2017 at 1:07 AM, FarangFB said:

I've been told something similar. However, I was also advised to be very careful with destop wallets. A personal attack from a hacker or a hardware failure could compromise your wallet.

 

Is it true about the hardware failure? So I could lose hundreds of thousands of baht simply because a hard drive died? If this is true, I'd never do it unless my desktop had some ultra safe redundant array.

Or how about doing a backup regularly.

[Scott]

A questionable post and reply removed.