Thailand is one of the most popular countries in terms of purchasing bitcoin. Not only is it legal to trade in Bitcoin there, but the country has also set up Thai Securities and Exchange Commission (SEC). Owing to the huge popularity, there are a number of ways a person can purchase Bitcoin in Thailand. A number of factors like security, transaction fee and privacy has to be kept in mind before deciding to buy bitcoin in Thailand using any option.
But first, it is important to understand the basics of cryptocurrencies like Bitcoin, ethereum etc. Bitcoin is one the most popular digital currency in the market. Created in 2009, its value has increased by more than 100% in the last years. People from all around the world have started investing in Bitcoin to maximize their profits. Unlike traditional banking systems, cryptocurrencies work in a ‘peer-to-peer’ network and allow easy transactions to its users. All the transactions are recorded through a blockchain method. There are several companies in Thailand as well as other parts of the world who record these transactions. It allows people to have secured transactions while maintaining their privacy. So, without wasting much of the time, let’s jump directly on to the best ways to buy bitcoin in Thailand.
Steps to Buy Bitcoins in Thailand
Despite having a number of trading platforms and middlemen, the procedure to buy Bitcoin in Thailand somewhat remains the same.
#1 Creating a Bitcoin Wallet
The first and foremost step in the procedure is to create a Bitcoin wallet. This wallet will hold the private key to the account. This private key will ensure that all the transactions are secure. It is the most important step as the private key prevents one’s account from getting hacked. Every cryptocurrency trading platform requires a Digital Wallet. Exodus is the best digital wallet for beginners as it is extremely simple to operate. It also allows people to trade in other cryptocurrencies apart from Bitcoin. People looking for additional security should opt for Electrum as it offers many security options,
#2 Different Ways to Buy Bitcoins in Thailand
The next step in the process is to choose the right purchasing platform depending upon the person’s needs. These platforms can further be divided down into:
Bitcoin brokers enable people to purchase Bitcoins using fiat money. Apart from that, they also allow payment through credit cards, bank transfers and mobile transfers. It is the simplest way of purchasing a Bitcoin, especially for beginners. There are many Bitcoin brokers in Thailand and a person should compare their fees before choosing the right one.
Coinmama is one of the most popular brokers, especially for foreigners. It operates in almost every country and also provides a low fee for customers. It is the best option for foreigners looking to buy Bitcoins in Thailand.
Coin.co.th and Bitcoin.co.th are also a common choice for people. They offer low fees, but require identification. Thus, it may not be the best choice for people who want to remain anonymous. Considering that they require a KYC, these brokers are highly secure and the best option for beginners.
Cryptocurrency Exchanges/Trading Platforms
There are many cryptocurrency platforms working in Thailand as well as other parts of the world. They allow the customer to purchase Bitcoin by using any other form of cryptocurrency. Their fees are low and customers can purchase other digital currencies as well. They are best suited for experts in this field. People can compare different digital currencies and invest accordingly.
Bitmart is one of the most popular trading platforms in the world of digital currency. It offers a low fee coupled with excellent customer service.
Another excellent trading platform is Binance. It allows the users to trade freely within the market and also charges a low fee. Apart from Bitcoin, it allows trade in many other digital currencies. It is the most opted trading platform of the world.
These exchanges eliminate the middlemen and allow the people to trade directly with one another. The fee or the price of the Bitcoin may depend on the seller. As there is no regulatory authority, these sellers may charge a higher price. People looking for greater privacy and to remain anonymous opt for this option. It is very easy to buy Bitcoins from this method in Thailand. There are many local shops which allow this service. Customers need to beware of the many frauds associated with this method too.
Mycelium Local trader is the most opted option for this type of trade. It allows buyers to connect with sellers in their local areas, just like a dating website! People can negotiate the price and can meet up for the trade. However, people living in low population density areas may have a hard time finding their suitable seller.
Local Bitcoins is another platform used by customers. It allows buyers and sellers to connect with one another. Apart from operating in Thailand, it also operates in the United States, UK, Singapore, Canada, Australia and many more countries. People should also be careful as these exchanges are filled with frauds.
Many people may not be aware of this fact, but Thailand has a number of Bitcoin ATMs from where people can buy Bitcoin in Thailand! Located in several parts of Thailand, they are easy to operate and work just like a normal ATM. The user should already have a digital wallet before using the ATMs. They allow people to buy Bitcoins using fiat money. The fees charged by these ATMs is slightly higher than any other platform.
Buying through services
As mentioned, Bitcoin is extremely popular in Thailand. Owing to this popularity, many shops, bars and restaurants accept payment in Bitcoins. Thus, people can demand payment in the form of Bitcoins for their services. This system works exactly like a bank transfer and is a quick method for payment. The only drawback is that some people may charge a higher price than required for their service to let you buy bitcoins in Thailand
3) Buying Bitcoins in Thailand
The last step is to buy the Bitcoin through the option chosen. No matter the option, the world of digital currency is filled with hackers and frauds. Thus, first time users should opt for secure platforms like Binance. As people gain experience, they may trade in other currencies and reap the benefits of digital currencies.