A Guide to Buying and Selling Bitcoin in Malaysia

Bitcoin is one of the currencies that were developed in 2009 by anonymous person alias Satoshi Nakamoto. The currency is not transacted via bank as it is traditionally done in other currencies. Instead, it is transacted through middlemen. Trading in this currency does not require your real name and there are no fees to be paid. However, one can use bitcoins to purchase products such as pizza, and services such as webhosting and manicures. The currency is becoming popular and more traders are starting to accept them.

Advantages of Using Bitcoins

With bit coins, one can buy merchandise incognito. Also, bitcoins are not attached to any country and is not subjected to regulations from any central bank. However, the currency can be used to make international payment easily and cheaply. It is an ideal currency for small businesses since no fees is charged as it is with credit cards. However, there are several people who have exchange bitcoins as a form of investment and are hoping that soon, the currency will appreciate in value.

How One Can Acquire Bitcoins

Bitcoin exchanges are markets where people can buy and sell bitcoins using various currencies. One of the leading bit coin exchanges is Mt.Gox.
In the past, it has been really difficult to obtain bitcoins in Malaysia. However, things are getting better and the process is now becoming easier because several new exchanges were opened in 2014. This article looks at the 3 leading places where you can buy bitcoins in Malaysia.

1. BitX Malaysia

BitX is one of the exchanges that made a late entry in the bitcoin market but has demonstrated that it is a better exchange. It targets both the emerging and established markets in African countries such as Kenya, South Africa and Namibia. BitX Malaysia has its headquarters in Singapore. In 2014 alone, the exchange was able to raise $1million in seed funding in partnership with development teams in South Africa. BitX is headed by Colbert Low who is also its founder.

2. btc.my

Arsyan Ismail is a founder of cryptomarket and the leader of btc. my. He owns a number of companies including 1337 tech sdn, Bhd. Arsyan btc and btc.my. He is a top bitcoin trader in Malaysia and has involved himself in a number of bitcoin activities such as bitcoin scratch card, and the Malaysian based bitcoin bill payment system and point of sales terminal. One of his top clients is is Nasi Dagang Capital located in Damansara uptown. As far as Arsyana is concerned, the biggest hurdle is that most people find it extremely difficult to accept bitcoins because they do not understand the bitcoin concept.

3 Localbitoins.com
This is a marketplace that brings together sellers and buyers of bitcoin. The sellers and buyers meet in person or online to trade bitcoins. They don’t operate as an exchange but it is a platform that helps people to buy bitcoins. One can buy his bitcoins without going through the traditional know-your –customer (KYC) procedures as required by most of exchanges. It is an important place that allows people to buy bitcoins. Even though, one must exercise caution and buy bitcoins from traders who have good reviews because trading on localbitcoins is considered unsafe.

This post has briefly reviewed the top websites in Malaysia where one can buy bit coins. Other than these exchanges, it is hoped that additional exchanges will be open in Malaysia to facilitate trading in bitcoins.

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