It’s likely that over the past couple of years you have heard about cryptocurrencies or more specifically Bitcoin.
But what exactly is it?
Bitcoin is a form of digital currency that surged in both popularity and value.
It’s become popular for several reasons, mainly because of its immediacy, it’s lack of oversight – it’s not controlled by a supervising body – and its anonymity.
The only identifier of a Bitcoin account is its wallet ID, a long serial number that is used instead of names or addresses. A wallet is used to store Bitcoins online.
Coins can be bought and sold via a digital marketplace known as a Bitcoin exchange, which kind of acts as the middleman between traders.
You’ll need to setup an account with the respective exchange but once you’ve done that can buy and sell Bitcoin and exchange it for legal tender.
There are many different exchanges which you can use to buy and sell Bitcoin or indeed any other cryptocurrency.
Some exchanges are better than others, some charge higher fees than others and some have a better reputation than others.
Not all exchanges are equal and because the world of cryptocurrencies is almost entirely unregulated, you’d be wise to do some research on a particular exchange before jumping in with both feet.
As a guide, below are just a few examples of Bitcoin exchanges based both in Thailand and around the world.
But as mentioned, you’d be wise to do your own research before signing up with a particular exchange.
Founded in 2014 by by Silicon Valley entrepreneurs Ron Hose and Runar Petursson, Coins is perhaps the best known cryptocurrency exchange in Thailand.
For people living in Thailand, the good thing about Coins is that you can buy Bitcoins via a bank deposit, online transfer, CTM or ATM via most of the banks in Thailand.
When it comes to selling, you can also easily transfer the money into your bank account or even at 7-Eleven, Coins says on its website.
The video below shows how easy it can be to buy Bitcoin in Thailand with Coins.
Another popular Bitcoin exchange is bitcoin.co.th.
The site is available in both Thai and English language is known for its ease of use. It also offers a variety of payment methods and has low fees.
Coinbase is the largest cryptocurrency exchange online.
It operates in 32 countries worldwide, but not Thailand, but does support a variety of different currencies including British Pounds, Euros and US, Canadian, Australian and Singaporean dollars.
As well as Bitcoin you can also use Coinbase to trade other digital currencies such as Ethereum and Litecoin.
Coinbase employs a verification system for all new users.
Kraken is another large scale exchange. As well as Bitcoin you can also buy and sell a large variety of other digital currencies including Ethereum, Monero, Dash, Litecoin, Ripple and Tether.
Kraken’s verification differs from many other exchanges in that new users are required to confirm their address and submit some official form of ID as part of the signup process.