Even if you are a beginner to cryptocurrency you will no doubt have heard of Bitcoin. It is the most popular cryptocurrency to date. Bitcoin was first launched in 2009, and operates on the blockchain technology, basically a digital ledger that is very difficult to hack into and change. Even to this day no one knows who actually created Bitcoin, we only know the alias name, Satoshi Nakamoto, who may have been one individual but it is also possible that it was a group of people. After the creation Satoshi seemed to disappear into thin air.
Bitcoin laid the foundations for the introduction of many other cryptocurrencies. Bitcoin and other cryptocurrencies are built upon blockchain technology and without getting too technical this blockchain is a digital ledger that records all transactions ever made, saving the data into blocks which are added together to form a blockchain. This is a decentralized form of currency. The data is spread across all the users’ computers which makes it near impossible for hackers to cheat the system.
While the cost of one whole Bitcoin is high and generally beyond the reach of the regular person, fractions or pieces of a coin can be bought on any cryptocurrency exchange. Still it is worth remembering not to invest more than you can afford to lose.
There are already a few cryptocurrency exchanges in Thailand offering the opportunity to buy your first Bitcoin. However, the entry of Binance onto the Thai cryptocurrency market is exciting news for any users. Binance has teamed up with Gulf Thailand in a joint venture in order to establish a fully regulated cryptocurrency exchange in Thailand. We can assume that the procedure for setting up an account and buying cryptocurrency including Bitcoin on Binance Thailand will be the same as for Binance. The name Binance is actually derived from the two words ‘Bitcoin’ and ‘finance’
First you will need to set up and register an account with Binance Thailand. At this stage it is not known if US citizens will be allowed to register, however, there is every possibility that they will not be. This is an easy step requiring a Thai bank account to make withdrawals and deposits to. One point worth noting is that Binance has the lowest transaction fees of all the exchanges. We will have to wait to see if this will also be true in Thailand.
Once you have an account, you are all set to go. Log into your account using the email and password you registered with.
You then have two ways in which to buy Bitcoin or any other cryptocurrency either by using your debit or credit card from the Thai bank account that you used to set up your account.
The second way you can buy Bitcoin from Binance is on the Binance Peer-to-Peer market place, in peer-to-peer trading (P2P).
Either way requires a verified account on the exchange with a linked in Thai bank account. Then it will be merely be a question of signing into your account, deciding on the amount you wish to spend and choosing which method you would like to use, whether to buy now or to buy in the market place.
These are the methods that are options on the Binance Exchange and we can expect that Binance Thailand will follow pretty much the same pattern. One easy to read feature is that once you have entered the amount you would like to spend on the Bitcoin, the page will automatically calculate how much Bitcoin you will get for your money, at the current market price.
Please note that if you are buying now, placing a Market order, you will need to confirm your order within one minute or the amount of Bitcoin you receive will be recalculated according to the current and changing market price. Once you have confirmed your order your Bitcoin will immediately pop up in your wallet.
The second way to purchase Bitcoin is through the peer-to-peer (P2P) Binance market place. Once you have logged into your account you can once again enter the mount you wish to spend, and after choosing P2P the Binance market place will match you with a seller.
