A Guide to Buying Bitcoin in Malaysia

Bitcoin is an innovative currency that was developed in 2009 by an anonymous person going by the alias Satoshi Nakamoto.  There are no banks involved since the transactions are made without any middlemen, like in Coinbox. Besides, there are no transaction fees and one doesn’t need to provide his or her real name. You can use bitcoins for purchase of webhosting services, pizza or even manicures since more merchants are now starting to accept them.

Advantages of Using Bitcoins

Bitcoins, allow you to buy merchandise incognito. Also, the fact that bitcoins are not attached to any country or subject to regulation makes international payments easy and cheap. Small businesses may prefer them since no credit card fees are charged. There are a number of people who are purchasing bitcoin as a form of investment with hope that they will appreciate in value.

How Bitcoins are acquired

There are a number of market places referred to as “bitcoin exchanges” where people can buy or sell using various currencies. The biggest bitcoin exchange is Mt. Gox.

Historically, it has been rather difficult to obtain bitcoin in Malaysia. Although there was a huge friction in obtaining this cryptocurrency, the process is now much easier, thanks to the opening of a number of new exchanges in 2014. This article is aimed at introducing you to places you can buy bitcoin in Malaysia.

1. BitX Malaysia
Although BitX Malaysia made a late entry in the game, it has proved to be among the better exchanges in Malaysia. It targeted emerging markets and has established markets in some African countries including South Africa, Kenya and Namibia. In August 2014, BitX Malaysia, which is headquartered in Singapore, raised $1 million in seed funding with a development team in South Africa. Colbert Low is the founder of Bitcoin Malaysia, which he also heads.

2. btc.my

btc.my is headed by Arsyan Ismail who is a local entrepreneur and the founder of cryptomarket. Through his company1337 Tech Sdn. Bhd. Arsyan btc he owns btc.my.  He is into a number of Bitcoin initiatives in Malaysia.  A  Bitcoin ScratchCard, a Bitcoin bill payment system for the Malaysian market and a Bitcoin Point-of-Sale terminal and are some of his other projects. Nasi Dagang Capital which is located in Damansara Uptown is one of his clients. The restaurant uses the Bitcoin Point-of-Sale terminal to accept bitcoin for making purchases. Arsyana says that the biggest hurdle to the acceptance of bitcoin in Malaysia is that the majority of people still find it extremely difficult to understand the concept.

3. Localbitcoins.com

Localbitcoins.com is a marketplace where buyers and sellers can meet either in person or online to trade bitcoin. As such, it is not an exchange.  It is helpful as a place for people to buy their first bitcoin without having to go through a lot of know-your-customer (KYC) procedures as exchanges customarily require.  Its significance as a place to buy bitcoin should however not be misplaced. But you need to exercise caution and only buy from traders with good reviews because trading on Localbitcoins is generally more unsafe.

The above are the 3 major websites to buy bitcoin in Malaysia. It is hoped that additional exchanges will open in Malaysia shortly in order to create a livelier ecosystem in the country.

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