Buying Ethereum in Thailand Safely

[FruitPudding]

Hi guys,

 

I am looking to buy some Ethereum here.

 

Just looking for any first-hand reviews of brokers/platforms.

 

Particularly concerned with account getting hacked or trouble withdrawing funds.

 

Any experiences would be greatly appreciated.

 

Thanks

[DeeMak9]

You can use www.bx.in.th . Works great for BTC as well as ETH.

[ThailandLOS]

Bx.in.th is the largest exchange here and they carry abt 15 crypto currencies, including ETH,

 

Used them for quite some time and never had any issue with them. Previously they had issues with denial of service attacks (extortion for ransom) but this is gone since they went behind Cloudflare.

 

Low fees and never any issues sending to private wallet or bank.

 

Btw, if you like the ETH concept, then you might want to look at OmiseGO (OMG) which is a similar token concept but for payments to merchants and loyalty point exchange. The mother company Omise has 50.000 merchants in SEA ready to launch OMG. Will be happening in the next 6 months and OMG price has already started to move (30x since Jan).

 

Same lead guys behind both ETH and OMG.

[FruitPudding]

2 hours ago, ThailandLOS said:

Bx.in.th is the largest exchange here and they carry abt 15 crypto currencies, including ETH,

 

Used them for quite some time and never had any issue with them. Previously they had issues with denial of service attacks (extortion for ransom) but this is gone since they went behind Cloudflare.

 

Low fees and never any issues sending to private wallet or bank.

 

Btw, if you like the ETH concept, then you might want to look at OmiseGO (OMG) which is a similar token concept but for payments to merchants and loyalty point exchange. The mother company Omise has 50.000 merchants in SEA ready to launch OMG. Will be happening in the next 6 months and OMG price has already started to move (30x since Jan).

 

Same lead guys behind both ETH and OMG.

Thanks a lot. Very interesting actually.

[speedtripler]

I buy  some btc and Eth regularly now for years and I am more than happy with the returns  ... 

 

Far exceeded the gains I've made in other assets and I only see the demand growing as adoption increases

 

Bx.in.th worked fine for me so far also

[ThailandLOS]

1 hour ago, FruitPudding said:

Thanks a lot. Very interesting actually.

You're welcome - always look at the use cases for the various coins and understand their individual potential before investing.

 

BTC is designed for value storage and I believe we will see it well above 100k USD in 2-3 years if they can solve the transaction bottlenecks it will face from more people jumping on it.

 

Whereas ETH is not designed for storing long term value, it's more of a tool and it's value can be changed by the developers by increasing the maximum number of coins.

[JohnLick]

The problem with ETH is that it is a platform used by the hundreds of scam ICOs ... once they will be pushed out the demand will go down by a huge %

 

I invest in Monero... it's the only coin usable for payments. Anonymous transactions, unlike BTC where if you send money the receiving party can see exactly how much money you have in your wallet. Not to mention tracking companies already have info of 50% users.

[FruitPudding]

12 hours ago, ThailandLOS said:

You're welcome - always look at the use cases for the various coins and understand their individual potential before investing.

 

BTC is designed for value storage and I believe we will see it well above 100k USD in 2-3 years if they can solve the transaction bottlenecks it will face from more people jumping on it.

 

Whereas ETH is not designed for storing long term value, it's more of a tool and it's value can be changed by the developers by increasing the maximum number of coins.

How do you think ETH will perform over the next 2-3 years?

 

I like it due to the number of applications its platform potentially has. It's the equavalent of the internet.

 

Bitcoin is the equavalent of gold?

[speedtripler]

16 minutes ago, FruitPudding said:

How do you think ETH will perform over the next 2-3 years?

 

I like it due to the number of applications its platform potentially has. It's the equavalent of the internet.

 

Bitcoin is the equavalent of gold?

That's a fairly accurate interpretation imo, although bitcoin will get faster and cheaper to use until it is suitable for micro txs like anti spam and pay per click ad revenue etc

 

Ethereum will probably  be a bigger  game changer overall from the amount of fortune 500 companies betting on it... 

 

The next major release is in late September so I expect the price to start rising soon to start pricing in the new functionality 

 

[ThailandLOS]

1 hour ago, FruitPudding said:

How do you think ETH will perform over the next 2-3 years?

 

I like it due to the number of applications its platform potentially has. It's the equavalent of the internet.

 

Bitcoin is the equavalent of gold?

ETH performance over the next years is anyone's guess right now. It is not designed for mission critical applications (admitted by the developers) as of now and the only widely adopted use case is ICO contracts.

 

BTC is very liquid and thus the preferred currency for value storage/transfer. It is also where money runs when the stock market/banking sector is in trouble.

 

So in that sense it is the equivalent of gold - or even better since the price can not be manipulated to the same extent (e.g. compare gold price in USD before and after Quantitative Easing - it doesn't add up with the trillions of new dollars being put in circulation - someone is holding gold price down).

[FruitPudding]

What do you guys make of Ripple? 

There isn't any coin info on it on the BX site (I opened an account, by the way).

[ThailandLOS]

2 hours ago, FruitPudding said:

What do you guys make of Ripple? 

There isn't any coin info on it on the BX site (I opened an account, by the way).

Here's a link to the coins available ranked by market cap :

https://coinmarketcap.com/

 

There are links from all coins to their respective web sites and social media. Useful if you want to read up on them.

 

I hold quite a few Ripple and waiting for it to take off - but they need to announce some significant deals with financial institutions before that happens. It's very cheap so worth the risk of an asymmetrical investment (low risk/high potential reward).

[FruitPudding]

Cheers

 

Been looking into Ripple and OMG more. Very interesting how much more efficient Ripple is than SWIFT. And OMG is really exciting, especially with the management team.

 

Further question(s) about safety. How safe is keeping the tokens on BX.in.th?  I hear people buy hardware wallets. Is the wallet online wallet offered by BX.in.th really secure?

 

Have you ever heard of people losing all their money on this site?

 

Thanks for all your advice. I am a total newbie. Literally just discovered this, but want to buy in soon.

[ThailandLOS]

2 hours ago, FruitPudding said:

Cheers

 

Been looking into Ripple and OMG more. Very interesting how much more efficient Ripple is than SWIFT. And OMG is really exciting, especially with the management team.

 

Further question(s) about safety. How safe is keeping the tokens on BX.in.th?  I hear people buy hardware wallets. Is the wallet online wallet offered by BX.in.th really secure?

 

Have you ever heard of people losing all their money on this site?

 

Thanks for all your advice. I am a total newbie. Literally just discovered this, but want to buy in soon.

General rule 1 - everything that's online can be hacked - exchanges are obvious targets. BX.in.th has never been hacked, but it's a small time operation for the very few people with these skills and they wouldn't waste their time.

 

General rule 2 - to mitigate the risk of hacking, never keep funds in the exchange account longer than necessary. Transfer it to a private wallet, local installation on your computer or hardware wallet - and keep your anti-virus up to date (ESET and Kaspersky are currently the best). Another alternative is to use a 'paper wallet', i.e. go completely offline and save the private key and public address of your account and recreate the wallet account the day you need it - the funds are still in the block chain.

 

Never ever use a smart phone wallet app to store any considerable value. Operating systems for phones are pushed out with very rushed timelines and are far easier to hack than a well secured computer (I know coz I've been working in this line of business).

 

Now, a lot of the emerging tokens such as OMG don't have a good wallet alternative yet. For those I would recommend to store on one of the more reputable exchanges (I use Bittrex). This is also where I would hold my investment funds, usually in BTC or ETH.

[ThailandLOS]

Also - with time, once you get into the crypto world properly and fully understand that behind this there are real companies with mind blowing business models making very real deals - your biggest problem will be to select in which ICOs (initial coin offerings) to participate in. The largest profit is not made by buying off exchanges like most people but to identify and select the winners from the get go.

 

This stuff is seriously disruptive for a lot of major global companies and we are only seeing the beginning.

[FruitPudding]

Thanks, man

[WorriedNoodle]

On 8/24/2017 at 7:48 PM, DeeMak9 said:

www.bx.in.th

 A couple of question related to this site if anyone can help:

 

1. Why does the site FAQ say all nationalities can register and use service except Americans?

 

2. The site says investing in crypto currencies is at users own risk since value can go to zero, OK. But what happens if the web site just disappears? There is no physical address or phone number contact - what would consumers be able to do then?

[ThailandLOS]

1 hour ago, WorriedNoodle said:

 A couple of question related to this site if anyone can help:

 

1. Why does the site FAQ say all nationalities can register and use service except Americans?

 

2. The site says investing in crypto currencies is at users own risk since value can go to zero, OK. But what happens if the web site just disappears? There is no physical address or phone number contact - what would consumers be able to do then?

 

1. The reason is that SEC has deemed some of the crypto coins as securities (which are strictly regulated by US law) - and a lot of exchanges and ICOs are excluding US citizens by default to not take any chances with the mighty and long arm of the US gov.

 

2. The Thai exchange is registered with the local authorities - so there is a record of who is behind and responsible. However, I doubt it would help much in case a situation as the you describe arises. My best advice is to not keep any funds on any exchange for longer than necessary.

[WorriedNoodle]

17 minutes ago, ThailandLOS said:

My best advice is to not keep any funds on any exchange for longer than necessary.

Thanks for the feedback.  This was my first thoughts as well to not risk putting anything on the site one isn't prepared to lose in full. There seems no recourse if things go tits up at their end.

[ThailandLOS]

2 minutes ago, WorriedNoodle said:

Thanks for the feedback.  This was my first thoughts as well to not risk putting anything on the site one isn't prepared to lose in full. There seems no recourse if things go tits up at their end.

Well, you could just do the trade and then withdraw it immediately to a private wallet or paper wallet (see my previous comment).

 

The risk of something hitting the exchange in that exact moment (10 min or less) is microscopic - and you could even do it in parts if you planning on putting in a lot of money.

 

[Pdaz]

On 8/28/2017 at 8:09 PM, ThailandLOS said:

Well, you could just do the trade and then withdraw it immediately to a private wallet or paper wallet (see my previous comment).

 

The risk of something hitting the exchange in that exact moment (10 min or less) is microscopic - and you could even do it in parts if you planning on putting in a lot of money.

 

Been looking at the bx.in.th site ( I've used coinbase and coins previously) and registered an account. I can't see where to transfer directly to my hardware wallet only their bx mobile wallet. Will the destination wallet address show when I purchase bitcoin/other currency on their site first ? Not keen to leave coins on the exchange.

[3421abc]

I have a whatsapp buy sell crypto group. Anyone wants to join please send me a message for the invitation

[ThailandLOS]

51 minutes ago, Pdaz said:

Been looking at the bx.in.th site ( I've used coinbase and coins previously) and registered an account. I can't see where to transfer directly to my hardware wallet only their bx mobile wallet. Will the destination wallet address show when I purchase bitcoin/other currency on their site first ? Not keen to leave coins on the exchange.

You can withdraw to any blockchain address you like - as long as it supports the currency you are withdrawing. Under 'My funds'/'Withdraw' you select the currency and just enter the destination address. Then you can access the funds thru your preferred wallet.

 

The destination address will show up in the blockchain (unless you use Dash, Monero or some other coin obfuscating this), but you can always generate a new address on the wallet side, if you want to prevent tracking.

 

Hope that helps.

[Pdaz]

1 hour ago, ThailandLOS said:

You can withdraw to any blockchain address you like - as long as it supports the currency you are withdrawing. Under 'My funds'/'Withdraw' you select the currency and just enter the destination address. Then you can access the funds thru your preferred wallet.

 

The destination address will show up in the blockchain (unless you use Dash, Monero or some other coin obfuscating this), but you can always generate a new address on the wallet side, if you want to prevent tracking.

 

Hope that helps.

Cheers. Can see the "address" box now. Guess that's what threw me I was looking for something saying "send" like on copay. Thanks again

[speedtripler]

Metropolis is coming ,this is probably a good time to get cheap eth in this dip 

i doubt it will be this cheap in a month or two 

[FruitPudding]

Anyone know if there is a withdrawal limit on bx.in.th?

[OzyInThailand]

On 8/24/2017 at 9:51 PM, FruitPudding said:

Thanks a lot. Very interesting actually.

Hi Folks,

 

Like so many others it seems, I am a brand new one to Crypto Currency, I just signed on to BX last night, just want to know whether you can transfer from the BX wallet to another, all I see is cash out and I haven't used it yet so thought I would ask the question...

 

Any help would be great....

[speedtripler]

On 9/7/2017 at 10:09 AM, FruitPudding said:

Anyone know if there is a withdrawal limit on bx.in.th?

no ,you can withdraw as much as you like daily to a bank account that matches your own name 

they never had an issue with 3 million in  a day 

[speedtripler]

On 9/8/2017 at 1:20 PM, OzyInThailand said:

Hi Folks,

 

Like so many others it seems, I am a brand new one to Crypto Currency, I just signed on to BX last night, just want to know whether you can transfer from the BX wallet to another, all I see is cash out and I haven't used it yet so thought I would ask the question...

 

Any help would be great....

 

yes you can click withdrawl and copy your personal address into the box 

withdrawls are normally complete within an hour 

you can also send to another exchange from there if you want to use other exchanges as well 

[ThailandLOS]

Here is a nice way of earning dividends on Ethereum - since it's yet not paying anything (other than the potential value increase by just holding them. Ethereum will move over to Proof of Stake arrangement in the future, that will pay dividend - but meanwhile I put them to work.

 

https://bitpetite.com/?aff=jerkar

 

This is a 'tumbler' service that processes transactions and makes them fully anonymous for open blockchain coins such as the above. Basically, the way it works is that other coins come out at the other end than the deposited, i.e. 'tumbling'

 

For this they need a pool of coins and pay interest of 80% over 9 weeks on deposits (they claim it's 180% but this includes the principal). Still pretty good and the company is registered in the UK and legit as far as I can see. I've been using their investment program for a while and they pay out daily - no problem. Wouldn't put in enormous amounts of coins though.