Thailand is one of the most popular countries in terms of digital currencies like Bitcoin. The Thailand government has initiated many steps to encourage the use of cryptocurrency in day to day lives. Unlike many countries that are still skeptical about digital currency, Thailand has proven to be extremely favorable towards it. People around the world visit Thailand to get a glimpse of the daily usage of Bitcoins. Many people also use Bitcoins as a normal currency and make payments with it. The Thailand government has also established the Thai Securities and Exchange Commission (SEC), which ensures the security of digital transactions related to cryptocurrency. YOU CAN DEFINITELY BUY BITCOIN IN THAILAND!!
There are many ways to purchase Bitcoins in Thailand. The person should consider the pros and cons of every method and choose the right option. The options can vary according to the fees, security, privacy, and time. Before moving ahead to discuss the options, it is important to understand how Bitcoins actually work. Wondering How to buy bitcoins in Thailand? Follow the given link. The first requirement to purchase any form of cryptocurrency is creating a Digital wallet.
How to Buy Bitcoins in Thailand
If you wondering how to buy bitcoins in Thailand or any other cryptocurrency then you must begin by reading this article on “Baht, Bitcoin & Blockchain: Thailand’s regulatory and industry outlook 2021” by Pugnatorius. Also if you want to buy bitcoins in Thailand you have to begin with having a digital wallet, Cryptocurrency exchanges like Bitmart let you buy, invest, store or sell your cryptocurrency online very easily!
Types of Bitcoin Wallets
A Bitcoin wallet or a Digital wallet is the most important aspect of any form of digital currency. Since Bitcoins is a form of cryptocurrency, it cannot be stored anywhere. A Bitcoin wallet, thus, holds the private key of the person. It acts as a signature which enables people to trade in Bitcoins securely. A Bitcoin wallet comes in many different forms mainly, web, mobile, desktop, and hardware. There are a large number of bitcoin wallets for Thailand, which are categorized as follows:
“Web wallets store your private keys on a server, which is constantly online and controlled by a third party.” People owning a web wallet can access their wallet anytime and from any device which has an internet connection. The main concern regarding this method is the level of security. These online platforms can access the private key of the individual and hack the account.
2) Mobile Wallets:
Mobile wallets work like a normal banking app. People can scan the QR codes in shops and pay for the products or services. Most of these apps are both android and IOS friendly. It is the best option for people who use Bitcoins in day to day life. Again, care should be given to research and choose the most secure option.
A desktop wallet is essentially a software that is installed on a person’s computer. These wallets are highly secure as they don’t involve a third party. People can have access to their wallets only through the computer in which the software is installed.
The hardware wallet is the most secure wallet than the other options mentioned. It stores the wallet in a hardware device that can be plugged into a computer. Since there is no third party or internet involved, these wallets are extremely secure.
Choosing the Right Option
As mentioned, there are several ways in which a person can buy Bitcoins in Thailand. Some of these options are mentioned here.
1) Bitcoin ATMs
Thailand is the only country in the world that has opened up Bitcoin ATMs. Since the use of cryptocurrencies is highly common in Thailand, these ATMs have proven to be extremely useful. They work as an ordinary ATM. A person can deposit cash either in dollar or Thai baht and purchase Bitcoins. The fee of this method may be high when compared to other methods. These ATMs are located in all parts of Thailand.
2) Bitcoin Brokers
Bitcoin brokers are highly recommended for people who are just starting out in the world of cryptocurrencies. They usually charge a low fee and are highly secure. Most of these platforms are user-friendly which makes it easy for a beginner to understand. These platforms also require proper identification of the users to ensure the safety of transactions. It may not be the best option for people looking to remain anonymous. The most popular Bitcoin brokers are Coins.co.th and Bitcoin.co.th.
3) Peer-to peer
These types of exchanges allow people to trade with each other, thereby cutting out the middlemen. It is suitable for people who have some knowledge about Bitcoins and are looking to buy locally while remaining anonymous. People have to be extremely cautious while choosing this method as it is susceptible to fraud. People may also charge a much higher price for the Bitcoins. Local Bitcoins is the best platform in this type of method.
4) Trading platforms
Trading platforms allow people to buy Bitcoins in Thailand using any other form of cryptocurrency. Thus, a person should already own some other cryptocurrency to choose this option. This method is recommended for people who have experience in dealing with digital currencies. People usually opt for this method to buy and sell currencies to gain profits. They study the graphs of other currencies and invest accordingly. The fee charged is low but identification is needed. Trading platforms are also suitable for people looking to expand to other cryptocurrencies other than Bitcoin like the VELO Token or Tweebaa. Binance is the most popular platform in this category.
5) Other methods
In a country like Thailand, there is an infinite number of ways a person can buy Bitcoins in Thailand and nearby areas. People may accept payments for their services in the form of Bitcoins. Local shops also accept Bitcoin as a mode of payment. Several restaurants and bars also encourage payment in Bitcoin. The basic requirement for all these methods is to own a digital wallet.