Today I’ll be talking about something I’m really passionate about: cryptocurrencies. In particular, I’ll be talking about Bitcoin and how people from Malaysia (given that’s where I’m from) can buy Bitcoin.
Here are a few side notes:
a) I’m using the date 16th May 2017 as a reference for the technologies available. I may update this post in the future.
b) I’m assuming that you have no USD, but you have a Malaysian bank account that you can send money through.
c) These may very well not be the BEST, but these are ways which I personally have tried, tested and use to this very day.
So let’s just get started.
A kind of basic explanation about how this all works is that most systems (unless they are exchanges more like Luno – which integrates its wallet) is that they use an ‘escrow’ system. This means that when you start the transaction, the bitcoins that you have ordered will be stored on the site. You pay, say that you have submitted the payment and then the seller will confirm it. Once he confirms it, the bitcoins will be released to the bitcoin wallet of your choosing.
- Local Bitcoins
Local Bitcoins is pretty much how I started buying Bitcoin. Whilst there is definitely an extra premium you’re paying – their site is very reputable and you don’t really need any ID or such checks.
Quite frankly, its an excellent place for people new to Bitcoin can buy some for themselves.
Remitano offers slightly better rates, although they do take a pretty big cut as well. I reckon its slightly faster than localbitcoins. Although the website looks mighty shady, you can trust me when I say that it is a good service.
What’s really good about Luno is that I guess for more technical users, you can set market order prices. Its kind of like a marketplace where you can set orders for how much you want to buy bitcoins at. Funds are updated pretty quickly, and another advantage is the addition of those bitcoins to your wallet immediately. Really easy to use, but you might just want to play around first.
So those are my top 3 ways to buy bitcoins if you are Malaysian. Any that I have missed out? Leave them in the comments section below!