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BANGKOK 10 December 2018 16:55
bahtboy

First time wanting to buy Bitcoin...advice req'd

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Scenario...I live in Thailand. I have both UK bank account and 2 Thai bank accounts. I have some money sitting in my UK bank account which is currently earning very little interest. I can afford to lose all this money and it wouldn't really hurt. Consequently I would like to know the mechanics of purchasing Bitcoin from the very beginning, including recommendations for (brokers?) and if anybody can advise of pitfalls in the process. Regards, bahtboy.

Edited by bahtboy
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localbitcoins.com - they act as an escrow between you and another private party.. works in both UK & T/L.  I've bought in UK then sold (at a profit) in T/L, but there can be quite a large spread...

coinbase.com - you send cash to their platform, and you can buy (and then sell) as and when you want, keeping your BC on their platform or you can move them to a private wallet if desired....  much lower spread.

 

I've used both systems, although CB was before they accepted GBP directly, so it was a little more pricy then.

 

There are other systems available in T/L... many threads here on TV.

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my most important advice:  do not listen to the doomsayers about bitcoin

you can open account here and buy bitcoin

https://coins.co.th/

I have used this broker long time without any problems.

buy soon before the price is mooning😀😎

 

 

 

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55 minutes ago, uli65 said:

my most important advice:  do not listen to the doomsayers about bitcoin

you can open account here and buy bitcoin

https://coins.co.th/

I have used this broker long time without any problems.

buy soon before the price is mooning😀😎

 

 

 

He is looking for an exchange to use his UK account, not Baht. I wouldn't use a thai exchange for overseas funds.

 

I would recommend looking into alternative coins as investment ( but do some research ).

 

What worked for me:

coinbase.com to buy bitcoins ( using Euros )

binance.com to use my bitcoins and buy alt-coins

 

Once you're happy with your selection, look into offline wallets ( hardware device to store your coins )

 

Most important: remember your passwords and pass phrases!!!

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Thank you guys. Right now I'm exploring and trying to open an account with Coinbase. However, having registered, I am getting a message that Coinbase doesn't support buys in Thailand. I mistakenly thought that I could create an account on my laptop here in Thailand then select my UK bank account to fund a purchase. I have a very good VPN so could have used that to create the account as if I were in UK, but I didn't, and now I'm thinking that if I try to use my VPN to create an account as if I were in England, it will recognize the previous activity and block me. Also Coinbase sent me a code to my phone which I had to enter into the website. As I don't have a UK telephone number that wouldn't be possible on a second try using the VPN. 

With regard to the above would somebody have any suggestions?

 

Also, one further question...What is the difference between Bitcoin and Bitcoin Cash? Which should I opt for on a purchase?

Edited by bahtboy

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Have you seen the big drop in Bitcoin the last few days, it would be better to hold your savings in the bank even with the low interest rates. No one knows where crypto currencies are heading but they have been steadily going down over the last year.

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3 hours ago, userabcd said:

Have you seen the big drop in Bitcoin the last few days, it would be better to hold your savings in the bank even with the low interest rates. No one knows where crypto currencies are heading but they have been steadily going down over the last year.

So you probably think that it might be better to buy at the top of the market? I think I'd prefer to buy when the market is low. That's what has spurred me on to enquire about Bitcoin.

Edited by bahtboy
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Considering it hit another low and Nouriel Roubini just slammed crypto again I'd avoid it like the plague

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16 minutes ago, userabcd said:

No, not at all, just suggesting that maybe the bottom of the market has not been reached and that there is nothing behind these crypto coins, it's just people pumping up the price with money and others taking money out, me I would prefer to have my money in the bank than lose it on crypto. Just take a look on Reddit and see all the people in despair who are losing.

Let them catch the falling knife.

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8 hours ago, NiwPix said:

He is looking for an exchange to use his UK account, not Baht. I wouldn't use a thai exchange for overseas funds.

 

I would recommend looking into alternative coins as investment ( but do some research ).

 

What worked for me:

coinbase.com to buy bitcoins ( using Euros )

binance.com to use my bitcoins and buy alt-coins

 

Once you're happy with your selection, look into offline wallets ( hardware device to store your coins )

 

Most important: remember your passwords and pass phrases!!!

There are only 7 legal SEC registered exchanges in Thailand and as far as i am aware all transactions to and from Fiat to crypto must be THB and he must undergo a KYC process with the exchange

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6 hours ago, bahtboy said:

With regard to the above would somebody have any suggestions?

 

Also, one further question...What is the difference between Bitcoin and Bitcoin Cash? Which should I opt for on a purchase?

Do you think it's smart to try your best to trick an exchange into acting against their own policies? an organization that will have your ID, selfie, utility bill or bank statement as well as a full control over whatever you hold there, and then try to maintain that pretense with a VPN or whatever you use in any future dealings you have with them? verifications, support, withdrawals etc? why would you?

 

They don't accept purchases from Thailand? give them a pass and use someone who does. Simple.

 

 

 

 

 

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