Bitcoin is undoubtably the most recognized cryptocurrency in the world, and even those with possibly very little interest in the crypto world will recognize the word “Bitcoin”. Bitcoin was first launched in 2009, as a new electronic cash system, a digital currency that operated peer to peer.
The creator or creators of Bitcoin are shrouded in mystery. All that is known is that they are an anonymous individual or group of individuals who used the alias name, Satoshi Nakamoto. After the creation of Bitcoin Satoshi disappeared and still to this day nobody knows who the person or persons were. This is ideal when it concerns the creation of a decentralized currency such as Bitcoin.
Bitcoin’s introduction to the world laid the foundations for the introduction of many other cryptocurrencies. Bitcoin and other cryptocurrencies are built upon blockchain technology and without getting too technical, as beginners we can simply imagine this blockchain is a digital ledger, where all transactions are recorded. The technology then saves all the data into blocks which are added together to form a blockchain. This data is spread across all users’ computers which makes it near impossible for hackers to cheat the system.
As a non-Thai you may be wondering if you can legally buy Bitcoin in Thailand. The simple answer is ‘yes’; you do not need to be a Thai citizen in order to sign up to any of the available Thai cryptocurrency exchanges. The Thai exchanges have made it a relatively straightforward process to buy cryptocurrencies. For all the Thai cryptocurrency exchanges you will need a local Thai bank account from which you can make transactions in Thai Baht (both deposits and withdrawals). You will also need to go through an identification process, which generally includes a copy of your passport and a selfie photo. Once you have a verified account you are ready to buy your first Bitcoin.
There are several licensed and regulated cryptocurrency exchanges in Thailand. The most popular and largest of these in Thailand is Bitkub Exchange. Bitkub was legally registered in Thailand in 2018. It offers 59 cryptocurrencies on its exchange including Bitcoin. Bitkub has become a well-respected and trusted exchange in Thailand. Due to its high volume of trade, the highest of any Thai Exchange, it is also very popular with cryptocurrency users and investors.
There are also the smaller exchanges of Satang Pro and Zipmex. Satang Pro was established and registered in 2017 but has a smaller trading volume than Bitkub. However, it is a good and trusted platform from which to buy Bitcoin in Thailand.
Zipmex is currently the newest exchange in Thailand, being legally registered in Thailand in 2019. It is also another exchange that offers its users the ability to buy Bitcoin in Thailand. While it is smaller than Bitkub, it still has a larger volume of trade than Satang Pro.
And maybe soon to join them on the Thai cryptocurrency exchange is the re-entry of Binance Exchange Thailand. Binance is the world’s largest cryptocurrency exchange and its reentry in Thailand may mean an increase in the number of crypto currencies as well as Bitcoin available to users in Thailand.
Should you be a resident in Bangkok then you also have the option of buying bitcoin from one of Bangkok’s two Bitcoin ATMs. There is also one Bitcoin ATM in Chiang Mai.
However, possibly the easiest way to buy Bitcoin in Thailand is to do so on one of the country’s legally registered and fully regulated crypto exchanges. It is important that you sign up with a trusted, secure and legal crypto exchange. Once you are verified on an exchange you are all set to buy your very first Bitcoin. On the exchanges you don’t have to buy a whole Bitcoin but can usually type in how much you would like to spend in Thai Baht and the calculator will do the rest. In the back on your mind, while on these exchanges, it is worth remembering never to invest more than you can afford to lose.
It is worth mentioning at this point that it is best to have a wallet already in place to store your Bitcoin. Many exchanges offer their own wallets, but for more security it is recommended that you look into offline storage devices.
