For a little over 6 months I have been buying Bitcoin and other cyrptocurrency in Thailand. Whilst there is a lot of general advice out there I wanted to do something dedicated to Thailand. This isn’t a complete list of option but just what I do.
Also I am not a professional in this field so all information should be taken as a guide and not 100% set in stone. I also have a lot of opinions below and you should certainly do your own research.
I’m not here to say you should buy these coins or invest but it is a big topic of conversation right now.
Thai or International Exchange?
Buying crypto coins means using an exchange. They are like the online shop where buyers and sellers meet. Exchanges charge transaction fees to make money.
One of the first decisions I made was whether to use an international exchange or a Thai one. My first thinking behind buying Bitcoin was to use savings from my UK account but then overtime I have used my Thai savings instead.
I first started using one of the best known exchanges, Coinbase (affiliate link). It allows you to buy Bitcoin, Bitcoin Cash, Litecoin and Ethereum. They also have plans to add further coins throughout the year. You can open accounts in US Dollars, British Pounds and Euros which meant it was perfect for my needs.
The signup process for Coinbase was pretty straightforward and took around 15 minutes.You can deposit directly from a credit or debit card which makes it easy. The fees charged on buys and sells are clear and shown before confirming your transaction.
There is also an app which you can use to buy/sell and check your portfolio.
The negative I found with Coinbase was the limited amount of coins but if you are looking at buying the above mention 4 currencies in your home currency then it is a great option.
After a while I wanted to use Thai savings to invest and was recommended bx.in.th as the best Thai exchange. The site is in both Thai and English as is the email and phone support. Their app is in English but you do have to pay a fee to use the full version.
Setup takes a little while as you need to submit your passport, a signed piece of paper and a picture of you holding your passport and a signed paper. Depositing is also a longer process than Coinbase as you have to do it via bank transfer. You also need to submit your proof of transfer to confirm the deposit. The process usually takes around an hour to get funds into your account.
The major benefit of BX is that you have a larger number of coins to buy. Ripple is probably the big name in crypto in the last few weeks and you can buy it with Thai Baht on BX. There are 11 coins you can buy for Baht and many others in Bitcoin or Ethereum.
Wallets are online applications you can use to store your various coins. They are used to keep your coins safe. Right now I have two different apps which I use. The first is called “Bread” which is used to store Bitcoins. The second is “Toast” which is used to hold Ripple. Both apps can be easily downloaded and you create complex passwords to keep your coins safe.
Right now I have 5 different coins in my portfolio. Bitcoin, Litecoin, Ethereum, Ripple and Omise Go. I’ve been lucky that all 5 have gone up since I bought them. Since starting in July I have purchased extra every month.
I only invest what I am prepared to lose and although the returns probably wont be life changing it has been interesting to see what has happened.
Before purchasing any coins I always carry out research. All coins have a whitepaper which goes through their use and future plans. I don’t always read it but it does contain a lot of information. I do a lot of searching online to read stories and get feedback.
Initial Coin Offerings, ICOs, are used by companies to create money for a project by offering coins in return. The hope is that these will increase in value overtime when the projects goes successfully.
I personally avoid these and wait until coins come onto the market.
A lot of people I speak to worry the whole crypto field is one big scam or bubble. Also there are many coins which are also considered to be scams. Whilst there are certainly scammers out there they can be avoided by using common sense.
In my office I talk about it and the reactions are 50/50 between those who think crypto is great and others who think we are throwing money away in online coins.
Buying Bitcoin and other cryptocurrency in Thailand
If you are looking to take the next step and buy coins then start small. Put in a small amount and do your research. Only put in what you can afford to lose. When you feel more comfortable then you can adopt your own strategy.
Look at the exchange options and look at a few different coins before buying. Consider if you are looking at a short term gain or looking for a long term investment.