FAQ: Everything You Should Know about Bitcoin in Malaysia, as a Newbie

bitcoin malaysia

Looking for information about bitcoin in Malaysia? I’m glad people are showing more interest in this, but it’s risky to dive in without sufficient information. From my experience admin-ing one of the Bitcoin Malaysia FB pages (here; join for latest news and updates), seems like many people like to promote unsafe bitcoin investment opportunities.

So here’s a FAQ about everything you should know about Bitcoin in Malaysia, as a newbie. This is kept fairly jargon free.

Versi Malay yang ditulis oleh SenangBit

What is bitcoin?

It’s a decentralised cryptocurrency and digital currency. Decentralised = not issued or regulated by any governments. Your RM was issued by Malaysian government right? So decentralised means that bitcoin (and most other cryptocurrencies) is not under any country. The easiest way to describe bitcoin is its an ‘internet currency’. Imagine the internet as a country and bitcoins can be sent anywhere without geographical borders.

Because it’s not bound by a country, you can effectively use it anywhere globally (online and offline), as long as you have access to it.

Oh, bitcoin is not anonymous btw. If you heard that, I’ll tell you now that it’s a myth. A criminal who uses bitcoin is a stupid criminal. Transactions are fairly easy to trace via Blockchain.info, but having said that there are ways to hide the trails if one is clever. If I’m a criminal I’d just stick to paper money tbh, that’s way more anonymous.

Decentralised? Is it legal/Is it considered money?

The legality of bitcoin can be debated. In Malaysia, it’s not considered as money at all (BNM don’t consider it legal tender). In some countries, the government wants to ban bitcoin or actively discourage it (Venezuala, for example, released propaganda against bitcoin). This Legality of Bitcoin by Country page has a good overview (though some not updated).

That said, there are some progressive countries. Japan recognises it as legal currency, and the Swiss city Zug allows local citizens to pay with bitcoins for government services.

Is Bitcoin halal?

Short answer: yes if you understand the risks associated. I wrote about this extensively in this and this articles – both of them are NOT opinion pieces. They are the result of hours of research; I read scholarly articles and interviewed an Islamic Finance Professor from INCEIF.

If you don’t know how bitcoin works, then it’s considered haram-ish because that’s just gambling.

What can I use Bitcoin for?

Let’s see:

  • Keep as investment (most popular among Malaysians it seems)
  • Use it to pay products and services (see my guide on places that accept bitcoins in Malaysia)
  • Use it to accept payments for your shop (I’ll cover this in a separate section below)
  • Use it as a method to send money, like an international money transfer of sorts, and you send it via the internet
  • Some people use it to donate, like when Visa and PayPal refused to become payment method for Wikileaks donations, they asked people to give bitcoins instead

How do I get bitcoin in Malaysia?

This is probably the most important question for some of you. There are two main ways: mining and buying.

How can I mine bitcoins in Malaysia?

Let me stop you there. Yes, you can mine bitcoins in Malaysia. Will you get fast profit from it? Most definitely not. Sorry. Better you hear it from me first.

Why? Because you need (1) expensive equipment to start and (2) you can’t compete with Chinese miners.

ONE bitcoin mining machine costs thousands of ringgit, and you’ll have to pay for electricity on top of that. If you mine bitcoins yourself, you’ll get your modal back in a few years (by which time new, better bitcoin mining equipment already come out).

Chinese miners have dedicated factories filled with thousands of these equipment. AND they have cheap (or free) electricity. See the video below, its an eye-opener.

My advice if you want to mine bitcoins? Do it as a hobby, and only as a hobby. It’s not recommended to do at home – it’s hot and noisy.

How about those Bitcoin cloud mining things?

I hear this a lot. So cloud mining is bitcoin mining factories that allow you to buy ‘shares’ or whatever in return for bitcoin profits. The idea is that someone else will do the actual mining for you, while you help them with the upkeep (usually to help pay electric bill). It sounds good on paper.

The problem is, most cloud mining companies are thinly veiled Ponzi/pyramid schemes instead (read my article on how to spot investment scams here). The profit you get is referral profit, instead of actual bitcoin mining profit. It makes money only for the top few people, while the rest will lose their investments.

For this reason, I actively discourage you to enter any cloud mining opportunities. Bitkingdom, HashOcean and other names included in this BadBitcoin BadList should be avoided. If you have money in there… take it out, while you still can.

Edit: There are legit cloud mining companies. One of them is Genesis Mining (note: not an endorsement). Reviews say that the profit rate is too small though, but I have not personally tried myself. Dividend Magic is trying this out, go read his experience here.

OK, I understand about bitcoin self-mining and the slow profit, but I still want to do it

The information in this section has been kindly provided by captminer, who have been mining bitcoins in Malaysia since 2013.

Where to buy mining equipment. You can buy mining equipment from Bitmain. This website is recommended as they provide warranty, although claiming said warranty can take a long time. You can also buy locally used mining equipment from Malaysians – this can be a cheaper option, but of course no warranty. There’s a healthy listing of mining equipment in the Bitcoin Malaysia #1 (Open) page.

Who mines bitcoins in Malaysia. The group is kind of scattered and low-profile, so the best bet is to join some bitcoin groups in Malaysia and ask. There’s no restrictions or clubs or permissions that you need to get to start mining bitcoins in Malaysia. But do be aware that the mining equipment will be noisy, heat up, consume a lot of power, comes with high setup fee, maintenance and time cost. To quote Capt, ‘it’s not as easy as one may think’.

What is the typical ROI (return on investment). It USED to be 3 months ROI. Now Capt said it’s closer to 6 months, BUT this does not take into account maintenance like electricity cost and rigging/setup. Miners will also need to know that there are other variables that will affect the potential profit, such as downtime, miner management, bitcoin prices, what to do once upon successful mining, equipment breakdown, spare parts, rental for dedicated space, and more.

Taking all these into consideration, its best to do this as a hobby – you have to be knowledgeable and passionate about equipment rigging and stuff. The money is a bonus.

Someone told me about Bitcoin faucets…

Bitcoin faucets give you ridiculously small amounts of bitcoins that you shouldn’t even bother. Once I spent days in tens of bitcoin faucets and earned… USD0.20. Some also give extras if you get lots of referrals, but in general not that profitable.

Your time is more valuable than that 🙂

Bitcoin faucets are easy to find. Just google them and many should pop up.

So if I want Bitcoins, my only option is to buy them?

Well you can also ask people to donate to you, or accept it as payment for your products/services, or work for it (google ‘work for bitcoin’). But the fastest is to buy them. There are a few reputable exchanges in Malaysia – see next section. The usual process to buy bitcoin is:

  • Select a bitcoin service provider with an exchange. Some bitcoin service providers are exchanges, but many offer beyond bitcoin buy/sell.
  • Perform verification. You need to send your ID and wait until you get verified. This may take days. I don’t know which one is the fastest.
  • Once you’re verified, transfer your money to the service provider. Usually by bank transfer, sometimes PayPal. This can also take days.
  • Buy bitcoin. After your money arrived to the bitcoin service provider, you can then buy bitcoin.
  • (If LocalBitcoin, Remitano or Coinexy) Choose a seller (pick one with good track record) and transfer to their bank account. Make sure to use Instant Transfer. Most seller will not release the bitcoin to you without the money in their bank account.

As a rule of thumb, the more relaxed the rule (buy with gift card, no verification), the higher the bitcoin price. There are exceptions, but this is usually the case. It’s also almost impossible to buy below market rate, unless you manage to negotiate a bulk deal.

Where can I buy bitcoin in Malaysia?

  • Buying with MYR (bank transfer to sellers) – Localbitcoin. Make sure to pick a seller with good track record. (note: referral link)
  • Buying with MYR (bank transfer to sellers) – Remitano. Make sure to pick a seller with good track record. (note: referral link)
  • Buying with MYR (bank transfer to sellers) – Coinexy. Make sure to pick a seller with good track record. (note: referral link)
  • Buying with MYR (bank transfer) – Luno (note: referral link; Get RM5 if buy/sell more than RM250) – formerly Bitx
  • Buying with MYR (bank transfer) – Coinhako (note: referral link; Get RM15 if buy/sell more than RM300)
  • Buying with MYR (bank transfer) – XbitAsia. I’ve not used this option.
  • Buying with MYR (via bitcoin ATM) – Pinkexc Malaysia in Ipoh
  • Buying with Paypal – Wirex (note: referral link; get 25% off plastic cards). Get a virtual card (the first one is free), verify account, then transfer money from Paypal into the card to buy bitcoin
  • Buying with debit/credit card – Cex.io (note: referral link)

To buy other types of cryptocurrency, please see the list in FAQ: How to Invest in Cryptocurrencies in Malaysia (Aside from Bitcoin)

What should I know before I buy?

You should know:

  • Bitcoin is considered a high-risk investment. The value rises and falls randomly. Once I’ve bought and immediately lost 15% of its value the next day. There are good days when Bitcoin ‘mooned’ (slang for sudden increase in price), but there are also bad days when suddenly prices fall and took a while to recover. Compare it to gold, if you will.
  • Bitcoin transactions are not reversible. When you send bitcoin, you can’t reverse the transaction.
  • Digital security knowledge is a must. There are plenty of scammers (read my guide on types of Bitcoin scams). You need to know how to set up 2 factor authentication and set strong passwords (ideally use a password manager).
  • When to be rude. Yup, politeness does nothing when it comes to money. A high level of skepticism is needed. ‘Hi sis nk btc x sy jual murah…’ ‘Tak’. ‘Jom join [random bitcoin cloud mining company], boleh kaya same same huhu’ ‘No thanks’.
  • How to store your bitcoins. There are two main ways (simplified version). One is via hardware bitcoin wallets, which are USB-type devices that you can store bitcoins and take it off the internet. Second is via reputable bitcoin services. I suggest you get 2-3 companies and spread your bitcoins around, you never know if they will suddenly go bust (this has happened before; it’s called the Mt Gox incident). I particularly like Wirex for this: 2FA, multi-sig wallets, and email confirmations for every transfer. (Disclaimer: I provide work for Wirex, but use it for personal use, too)
  • Common slangs. I mentioned ‘moon’, which refers to sudden increase in price (also; ‘to the moon’ and ‘rocket’). Goxxed refers to reputable-appearing services that may not be good after all. Hodl is to hold and keep bitcoins for long-term, even when a crisis happens (apparently someone misspelled it and it stuck lol).
  • How people usually scam in Malaysia. Usually they contact/get contacted by someone who offers to sell bitcoins below market price (see global average price here)
  • There are fees. Buying and sending bitcoin will usually incur a small fee. Specific bitcoin service providers have their own fees to use the service as well. Like how you pay bank fees to use bank facilities.
  • You don’t have to buy one whole bitcoin. One bitcoin has 10,000,000 satoshis. One satoshi is 0.00000001 bitcoin. It’s not common to buy less than 0.01 bitcoin though.
  • Use escrow services when buying/selling to other people (if not using bitcoin exchange). Escrow means there are protections in place for buyers and sellers. This way, you reduce chance of seller mysteriously disappearing after you bank in the money.
  • Bitcoin Cash (BCH) is different from bitcoin (BTC). They share the same ancestry, but Bitcoin Cash is treated as another cryptocurrency.

There are other things to know, but the above covers pretty basic must-know information if you’re a bitcoin newbie.

When is a good time to buy?

Sorry my crystal ball haven’t arrive yet 🙂

I’m big on ‘dollar-cost-averaging’ method. Ie you buy little by little over a period of time. This way you’re less susceptible to effects of price swings.

Will I make money from bitcoin?

If the value goes up, yes. If the value goes down, no. Bitcoin is not a get-rich-quick scheme.

Bitcoin sells for different prices in different countries. In some countries, the value is higher than the global average price (see BitcoinAverage), so some people make money by buying in X country and selling in Y country. This is called arbitrage.

Which bitcoin wallet should I use?

The answer depends on what you want to use the bitcoin for. It’s common to open multiple bitcoin accounts and have multiple wallets. In fact, it’s recommended to do so – in case you lose access to one wallet, at least you don’t lose all your bitcoins. Some quick pointers:

  • If you buy bitcoin, your first wallet is probably with the bitcoin exchange. In Malaysian context, most probably the ones that accept your MYR for the payment. Leave it there or transfer it out, your call.
  • If you earn or collect bitcoin in other ways, you can use any wallet as receiving address, even the ones without Malaysian presence. Example includes Blockchain, Coinbase, etc. Check r/bitcoin and bitcointalk for recommendations. Some are known for good customer service, some highlight their security features, some focus on simple UI, some allows trading… this list is not exhaustive. I suffered from analysis paralysis too in the beginning. Then I realise that personally, I value being able to cash out bitcoin to RM quickly, so I don’t use companies that are not Malaysia-friendly.
  • If you want to sell or spend bitcoin, use bitcoin wallet from bitcoin service providers that allow you to do so. Like Luno, Localbitcoin (sell) and Wirex (spend).
  • If you want to keep bitcoin for long-term and just forget about it for now, keep bitcoin in hardware wallet,  or download secure mobile wallets like Mycelium, Copay or Jaxx (write down your private keys in case you lose your phone) or print out as bitcoin paper wallet and keep it securely. If you write or print anything out, laminate the shit out of it and keep it out of sunlight, fire sources etc. Keep your private keys safe, don’t post it online.

Aside from bitcoin, what other cryptocurrencies can I hold?

Please read new article: FAQ: How to Invest in Cryptocurrencies in Malaysia (Aside from Bitcoin)

How do I accept bitcoins for my business?

Follow the steps below. Also, here are some shops in Malaysia that accept bitcoin as payment.

  1. Print/include Bitcoin Accepted Here logo at your shop and announce on social media. Contact me and I can help to get your shop listed on guides, websites, etc.
  2. Have a secure bitcoin wallet. There are plenty, but you should look for something that has multiple layers of security – with multi-sig technology, can enable 2FA, email confirmation, new address generation etc. Get Wirex, it’s easiest for Malaysia.
  3. From your bitcoin wallet, generate (a) a bitcoin address and/or (b) a QR code. Customers who want to pay with bitcoin can then send bitcoin to these addresses, and it should arrive in less than 30 mins. All transactions are publicly-viewable on blockchain.info, so there are no way to make false transactions. Your wallet should also be able to notify you when you receive the bitcoins.
  4. For security, ensure to change your address every so often. Because transactions are transparent, there may (or may not be) people who scan the blockchain to look at ‘rich’ wallets to target.

Once you have the bitcoins, you can let it stay in your bitcoin wallet (note the volatility) or exchange it back to fiat immediately. How to do this? A few ways:

  • Sell on localbitcoins or Remitano. Not recommended for newbies, unless you’re naturally skeptical 🙂 Lots of scammers who claim to have sent money but did not and urge you to release bitcoins anyway. Plus it could take hours, or days. If you still want to do it, Ctrl+F ‘localbitcoin’ in the comments section for tips.
  • Sell to strangers/people. Not recommended, but if you want to do this, do it in public space, preferably near a police station or something. People have been robbed before during meetup.
  • Sell on exchanges. Sell at Luno (note: referral link; Get RM5 if buy/sell more than 0.1 btc) or other bitcoin exchanges. Alternatively, you can also transfer to Wirex (note: referral link for 25% off plastic card) and get a plastic bitcoin debit card, and withdraw your money from any ATM (but note the exchange rate).

Disclosure: I am affiliated with Wirex. Here’s an article of a case study on how a small business used Wirex to accept bitcoin. If you download Wirex app (android, iOS compatible), you’ll get to claim a free virtual bitcoin debit card to play around with.

Bitcoin debit card?

Yep. Not many places accept bitcoin as payment yet, but if you have a bitcoin debit card it makes it easier to spend it. Bitcoin debit cards are linked to Visa/Mastercard etc, so effectively you’ll get to spend it at millions more places. Here’s an article I wrote about the cards’ usefulness, published on CompareHero. Use this referral link to get 25% off plastic Wirex cards).

ProTip: Use my referral link to register an account, then install the Wirex app (android, iOS) and get free virtual card (tutorial). This way, you get both free virtual card AND the 25% plastic card discount.

If you prefer locally-issued credit cards instead, read my Hack: How to Maximise Cashback Credit Cards article.

Where can I buy hardware wallet for bitcoin storage in Malaysia?

I briefly touched on bitcoin storage above. There are several ways to keep your bitcoins safe. One of the most secure options is with hardware wallets, which essentially takes your bitcoins off the internet, so no one can take it. If you have a significant amount of bitcoins, it’s a good idea to get one of these for safe storage.

—EDIT:

I was sponsored a Ledger Nano S from BitStore.com.my, but the shop is no longer available. The other popular option for bitcoin storage is Trezor hardware wallet. Sometimes you can find people selling them on FB, Lowyat or Mudah, but you also make direct purchase from their official shops.

 

ledger nano s malaysia

Where can I hang out with other bitcoiners?

Facebook. If you type in ‘Bitcoin Malaysia’ in the search, a few will pop up. NOT ALL ARE GOOD – some promote HYIP/Ponzi schemes and some allow bitcoin buying/selling without escrow (no protection to both buyer and seller, easy to lose money this way).

The ones I can vouch for:

These should be ok to join, they have ok-to-good moderation. The majority of other bitcoin groups and pages look super spammy. Enter those at your own risk.

We’re also on Whatsapp and Telegram. I don’t have authority to give you access to these groups.

Anything else?

Yes. Don’t lose money to scammers. If you have specific questions not included here, comment below and I’ll get back to you.

Lastly

Obligatory disclaimer: The above is my opinion, and shouldnot be taken as financial advice. By reading this, you agree that you won’t hold me liable for any losses you may make. If you profit, good for you.

If bitcoin is not for you, there are plenty of other investment opportunities in Malaysia. Check out my investing with RM1000 article.

Like this article? Follow me on FB and Twitter (@surayaror). I promote safe investing, so share this article to your friends and keep them safe, too 🙂

Related: FAQ: How to Invest in Cryptocurrencies in Malaysia (Aside from Bitcoin)

Author

111 comments

        1. Oh! Thanks for clarifying!

          Bitcoinmalaysia.com sometimes has meetups and seminars going on. They also consultation services – ask website owner Colbert Lau

  1. May I know how you could profit in Bitcoin?
    Is it the same as forex? Where u get the profit from the growth value, difference from the price u buy and sell.
    When u said it’s liquidity, does it mean you can buy n sell the bitcoin any time, as long there is a buyer n seller

    1. [Example] If I buy 1 bitcoin at RM2000, and sell at RM3000, then that’s my profit. Compare it to keeping gold.

      It’s liquid because the buying/selling bitcoin in Malaysia is active.

  2. Hi Suraya, very interesting article. What are your thoughts on stable digital currency making its way into the market like Nubits and BitUSD? In some ways, would it mean I am able to use the same secure bank-less blockchain without the risks of price fluctuations. What is the acceptance of these currencies in Malaysia, or is it even acknowledged/accepted?

    1. As far as I know, no cryptocurrencies have been accepted in Malaysia. Also, I don’t know much about Nubits and BitUSD, but they’re not in Top 30. They might still be good, but I argue that a cryptocurrency is only as good as its community – the more people use it, the higher the likelihood of peer governance.

      There are no stable currencies imho. All currencies are subject to price fluctuations. That’s why its considered high risk.

      1. Agree with you. Having read a bit further, Nubits and BitUSD are pegged to USD1. However, there are no exchanges that would change your NBTs to USDs, so you still have to change it to BTC and then USD, which means you still lose in foreign currency. This cancels out whatever potential it had being pegged to a dollar.
        Very interesting blog you have on a topic that I hope more Malaysians will explore.
        Cheers, Mathan

  3. Nice article! Btw telegram group link is invalid. “https://telegram.me/btcmalaysia2.” Should be without “.” 🙂

    1. I don’t know about Magnum Options.
      If no one else knows either, I say go for a more reputable company.
      To be fair even reputable bitcoin companies can stab you in the back. Only invest what you can afford to lose.

  4. Hi Suraya,

    Interesting article on basic do’s and don’s for a newbie. Can you comment on the possibility of bitcoin investment generating constant returns like dividends or interests on a monthly basis, as articulated to me by a friend.

    Regards.

    1. Hi Hakim,

      That’s very little information to go by, but it’s enough to raise 2 red flags:
      a) constant returns every month – no investment, especially a high risk investment like bitcoin can guarantee constant returns.
      b) by a friend – this referral sounds like how piramid/ponzi investments operate.

      Check the name in Badbitcoin Badlist. If its in there, avoid. Better safe than sorry.

  5. Bitcoin based schemes are mushrooming like crazy right now. Thanks for your article to educate the masses. No doubt Bitcoin is a good hedge for our Ringgit but everyone must understand what it is and how to safely trade and not get into any schemes.

    1. Hi Kerry,

      I assume you mean ‘what the least amount of bitcoin I can buy at one time’.
      If localbitcoin, the sellers will set own rate and minimum amount. I’ve seen as low as RM50. They usually sell it around XE price, but sometimes, just to encourage fast deals, they might set it slightly lower.
      If bitcoin exchanges, usually the minimum purchase is 0.01 btc. Depends on which exchange, but this is the norm, as far as I know.

      If your question is about ‘where to get cheapest bitcoin’, that’s a hard one to answer. All bitcoin exchanges follow their own algorithm. Some display lower rates, but have fees. Some display higher rates, but are fee-free/ much less fees.
      In this case, use an exchange platform based on its reliability instead of the rates. Go with secure platforms with UX you prefer.

      Hope this helps!

  6. Im thinking of turning some ringgit to bitcoin and put some of it in an australian based exchange. Or a forex that accepts bitcoin deposits. could you recommend some?

    1. Hi Stelrabi,

      Your question is confusing. Bitcoin exchange in Australia? What would be the benefit of that? People choose exchanges based on their reputation, not location.
      As for forex, I already gave a Malaysian-based trading platform in the article 🙂

  7. Hi Suraya,

    First of all BIG thanks for your efforts putting these together, I am new to Bitcoin world and you are right, it is rare to find adequate resources in Malaysia discuss/study/share about Bitcoin challenge and opportunity.

    Is there any way to reach out to you directly, PM, FB, etc. if you don’t mind?
    Look forward to hear from you.

    Sincerely,
    Alex

  8. Hi Suraya,

    I have some bitcoin which I would like to sell to MYR. Which platform is the safest way. I’m trying out BITX.CO and wondering if its safe? Thanks.

          1. Could you recommend another platform on which to buy or sell bitcoin in MYR? I would like to avoid the conversion and transaction cost of paypal. Do you know any reputable sellers on Local bitcoin whom you have made transactions with?

    1. Joe,
      If u trust me (*lol), and can quote me a price that is reasonable, I don’t mind giro’ing the money once i see the bitcoin in my wallet… But if I were you and you were the one saying this to me… yeah, I wouldn’t trust you to send bitcoin 1st lol.

      Maybe you can try local bitcoin. I read they have an escrow service, but i think it will charge 0.5% or some sum like that… But i’ve never tried it myself so i don’t know how safe it is.

      1. Guide to use localbitcoin safely

        Seller
        – When you set your trade to active, be online and/or have Local Trader app in your phone. This is to ensure smooth communication
        – Once a buyer makes an offer and said they have transferred the money, personally check your bank account (having online banking helps). I’ve had buyers who claim they sent the money and pressured me to release the bitcoin. They did not. No money in your account=don’t release.
        – Just because someone is a previous buyer doesn’t mean you can trust them. I had someone who bought RM2000 worth of bitcoin from me with no problem, then tried to buy RM500 and tried to cheat me. He even opened internal dispute wtf
        – Do NOT agree to sell bitcoin to buyers outside of localbitcoin. There’s a reason why escrow system is in place.

        Buyer
        – When you make a bid, send the money instantly. Use instant bank transfer
        – Be courteous and follow the damn instruction. The seller should have posted their bank account info. Read the post carefully before asking bank account info! This happens way more frequently than you think.
        – If you want to buy RM1000, then bank in RM1000. Don’t ask for discounts AFTER you bid, that’s rude.

        Hope this helps

  9. Hey Suraya,

    Your article is very nice but i have a question for you.How do i use my bitcoins for buying online stuff like Tremor Coins >link=http://www.tremorgames.com/index.php?action=bitcoin

    1. Hey Bolibear,

      All bitcoin payments are actually bitcoin transfers from one wallet to another. So the steps are:
      1) Have a bitcoin wallet with enough bitcoin inside
      2) Find a shop that accepts bitcoin (in this case, Tremor)
      3) Find their bitcoin address
      4) Find out how much the stuff costs in bitcoin (usually they will use their own internal exchange rate for this)
      5) Use your bitcoin wallet to transfer the amount (each bitcoin service provider have slightly different, but generally the same methods)
      6) Wait until it arrives. Depending on your wallet/fee, this may take a while
      7) Transaction cleared, receive item. Like how you give proof of bank transfer, give proof of your transaction ID to the merchant

      Something like this 🙂 All the best!

  10. Hey Suraya,
    It’s me again 🙂
    I was wondering I downloaded a bitcoin tapper 2 app and started using it to collect satoshis,and I check what is the usage is then I wondered how do I change my satoshis to bitcoin as I’ve downloaded Coinbase app.Can you help me how?

    1. You don’t have to change satoshis to bitcoins. Satoshis ARE bitcoins 🙂 There are 100 cents in a dollar. There are 100,000,000 satoshis in a bitcoin. Just send it to any wallet you prefer.

  11. Hi Suraya, I buy round £100,000 worth of bitcoin a week. Could you put me in contact with any bulk suppliers that can give me a rate close to or below the market rate?
    Thanks

  12. Hi Newbie for bitcoin here.
    Why I can’t find “Bitcoin Malaysia” Groupon telegram?
    Compare to Wirex and Coinbox, which one is better?

    1. Hey Alvin,

      You’re right, the telegram link no longer works. I tried to fix it but can’t seem to find the new (?) link. Hold on until I can fix that yeah.

      Wirex is better if you want all-in-one service (bitcoin debit card, accept altcoin, etc); Coinbox is better for trading in BTC and RM. The former is more ‘service’ in nature and the latter is more straightforward for single purpose (trading). Hope this helps!

  13. Hi Suraya,
    I just signed up for Wirex and awaiting my verification. There are a few questions I would like to ask you
    1. What is the difference between Wirex and CoinHako, which one do you recommend?
    2. How to stored the bought bitcoins, can I just leave it on my Wirex account or must I get the hardware you stated?

    Thank you for such an informational write up. Really useful for people like me who are looking to start investing.

    1. Hi Mugilan,

      1) Wirex is better if you want all-in-one service (bitcoin debit card, accept altcoin, buy bitcoin etc); CoinHako is more straightforward for single purpose (buying). Although now I hear CoinHako’s local Malaysian bank account was closed down so its harder to buy via bank transfer from Malaysia. I don’t use it often myself so I can’t comment much for CoinHako.

      2) If you have a lot of bitcoins, get USB devices and keep it yourself. This is the safest way. If you don’t want to, then spread your btc around a few reputable bitcoin service providers. Keeping btc in them is generally free. Get service providers that have good reputations and use 2FA and other security features. Use at least 3. That way if you get hacked or the provider goxxed, your other bitcoins are safe. There is very little you can do if you lose your bitcoins.

      Hope this helps!

  14. It is debateable that BitCoin assets are Islamic. There are gold backed coins in market and and it fluctuates on the basis of gold price and any time can be liquidated. Less risk.

    The all crypto currency has to showcase usage or use case of products to transact these coins and this will be mature in coming years.

    Good effort to explain in simple way.

    1. I’m not convinced by gold-backed coins to be honest :/ I’d argue it’s riskier than bitcoin; if bitcoin is considered high-risk, top 30 altcoins are higher risk, and gold-backed coins is not even one of them, as far as I know. Thanks for your comment!

  15. Suraya, any other alternative to withdraw btc to malaysia local banks now that bitx and coinhako malaysia bank accounts are closed down apart form local bitcoin and wirex? Prefer to have direct transfer to my bank account like coinhako and bitx seems easier.

    1. Hi there MyBitcoin,

      You can use Pinkexc, or perhaps try ask in one of the FB groups for suggestions? Sometimes new services pop up.

      Best,
      Suraya

  16. Hi Suraya, Thanks to the effort you put in this entry. It opened eyes and made me understand much better about bitcoin etc. Have you heard or experienced Xapo? It looks like similar to Wirex but I am not sure.

    1. Hi Wan A,

      You’re welcome!
      Xapo is another type of bitcoin debit card. Have not used it but should be similar in function

  17. Hi Suraya,

    Have you heard about Getthiss? I was introduced by a family member to this but I’m still doing my own research whether they’re a legitimate organization. I do not understand their business concept but I think they are a company who mines bitcoin and a bit of MLM. They have a weekly talk in bangunan Getah Asli, infront of KLCC every wednesday night at about 8.30 PM. You can also check their FB page. Another family member introduced me to ethereum, and provide a link for buying and selling this coin – https://remitano.com.
    I do not know whether I should get into this bitcoin stuff or not. If I do, which organization should I refer to for trading bitcoins?
    Thanks for sharing the BlokTex 2017. I’m planning to attend the exhibition.

    1. Hi Abang Anuar,

      I haven’t heard of Getthis. Just did a quick search. Has red flags – business model looks similar to pyramid schemes. http://www.shamsuriyadi.com/scam-alert/apa-yang-perlu-anda-tahu-tentang-skim-getthiss/

      About Remitano, I’ve seen people vouching for it on FB, but personally have not used. Maybe others can confirm its a legit platform.

      If trading is what you want, I have no platforms to suggest. I buy and hold, very boring (and safest for this risky type of investment).

      I’ll be at Bloktex too, InsyaAllah 🙂 See you there! Use discount code RINGGIT5 for extra 5% off 🙂

  18. Hi Suraya

    I was introduced to invest into bitcoin through a crowdfunding program with some bitcoin donation and stacking method. Have you heard of this?
    I am new to bitcoin investment.

    Also is it safe to buy bitcoin from local broker?
    Is bitcoin wallet blockchain safe?
    And lastly

    What do I need to do if I want to convert back my bitcoin back to cash?

    Thanks a lot from a novice needing help

    1. Hi Patrick,

      I don’t know what programme you went into, but do check if they’re listed in BadBitcoin Badlist in case it’s a scam.

      To answer your questions:
      – Safe to buy from local broker? Always use escrow systems or reputable bitcoin exchangers. They protect both buyer and seller.

      – Is blockchain safe to use? – It’s popular and many people use it. The safety part is largely up to you – use 2FA and other security measures to protect your account. There is a small (but plausible) chance any bitcoin service provider can get hacked. For this reason, spread your btc around in a few reputable exchangers or get a hardware bitcoin wallet.

      – how to convert bitcoin back to cash? Either sell it to someone (via Localbitcoin or other services that offer escrow), or sell it back to the exchange. Another way is to get bitcoin debit card so you can withdraw it from ATM or spend it like normal mastercard/visa card.

      Hope this helped and all the best!
      Suraya

  19. Hi Suraya,

    It seem that Ether’s price is picking up quite fast and steady now.
    I am wondering which wallet you are using to keep them safe?
    I checked that Wirex and Luno are both only for BTC.
    Is it advisable to get a wallet which handles multiple altcoins?
    Jointly for above 2 questions, any recommendations for which wallets may suits better for location in Malaysia?

    Cheers!

    1. Hi Wan A.,

      You can use Poloniex or similar – it can keep a few currencies and popular among community members in Malaysia. The Ledger Nano S hardware wallet can also keep Ether. Hope this helps 🙂

  20. hi Suraya, I’m new into crytocurrency and I stumble upon ur blog while doing my research on it. Very informative! I have bought some bitcoin few months ago, but the price is way too high. I found that etheruem/litecoin/ripple are much cheaper n a good time to invest in. I’m still very new to this n I’m not sure how n where to purchase it. Any suggestions would be very helpful 🙂

    1. Hi Janice, glad to hear that 🙂 You can’t directly buy altcoins yet. Usually people buy bitcoin, transfer to Poloniex or similar and convert to other currencies there. Good luck!

  21. Hi Janice,
    I’m new in this digital currency investment. I have read all your Q&A comments, i noticed that you were saying something about Malaysian bank account is closed down . What is that means? does it mean that if we would like to purchase bitcoin 1 need an alternative bank account that is not from Malaysia ? If i dont have bank account other that Malaysia then which platform should i sign up in order to buy bitcoin ?
    Thank you

    1. Hi Dan,

      No, let me re-clarify (that section I updated). That means last time, there were more bitcoin exchanges in Malaysia that has local bank accounts in Malaysia, but now situation has improved. You can see the section on buying bitcoin again, plenty of options. Hope this helps!

      1. Thank you! One last question ? what is the difference between setting up an account that you have listed above than going directly to Bitcoin.com and buy ? Isn’t it better to go straight to the source rather going through 3rd party ? And where can i buy the original market value of bitcoin? it seems like every platform have their own current buy and sell value.
        Thank you

        1. Hi Dan,

          Bitcoin price is dependent on the country. Some countries like China and South Africa sells it for more than the average, there is no ‘set’ one per se. Average bitcoin price is at bitcoinaverage.com

          Bitcoins are mined by miners, so if you want direct source, there you go. But miners don’t usually sell bitcoins themselves, therefore the third parties. To buy in other countries, usually you must have bank account from those countries.

  22. Hi Suraya i am having some difficulties getting started.
    I need to make a transaction of USD 500 to a merchant in Canada.
    I have downloaded the wirex app for android but have noo clue how to get started.
    Help!
    Indarpal

    1. Hi Indarpal,

      To use Wirex for online transactions, use these steps:
      – transfer bitcoins to your Wirex bitcoin wallet
      – order a virtual Visa debit card (first one is free). It’ll arrive to your email inbox
      – use Wirex app or desktop to top up your wirex card with bitcoins
      – use like a normal debit card for online transactions

      If you don’t have bitcoins yet, either get one first (see section on where to buy bitcoins in Malaysia) or use other payment options. Hope this helps!

  23. Hi Surya,
    I’m totally new to the crypto-world, and feel excited to jump into it. I just want to double check with you that all the exchange platforms that you listed above (eg. Localbitcoin, Luno, Remitano, Pinkexc etc) are supported with the so called escrow services? Have u heard of the Coinpayment wallet? Is it good and safe? Thanks in advance.

    1. Hey Timetraveller,

      Escrow is more for buy/sell between users (P2P), and I know LocalBitcoin uses it.

      For Coinpayment, I’ve not used it but it looks alright. If you try it, give feedback in FB ya 🙂

      1. Hey Suraya,
        So I have been using Coinpayments wallet app for almost 1week+ now. So far so good, it accepts quite a number of cryptocurrencies, and it also converts/exchanges BTC to a dozen of other cryptocurrencies too which is very handy (with a conversion fees of course).
        However, the only one problem i find is that, whenever you receive coins from others, you may have to close the app and re-open it again.
        Well, since i’m a newbie, i haven’t used any other wallet before, so i can’t really compare to others.
        Please can you recommend some good, secured and reliable crypto wallets? Many thanks. 🙂

  24. hello suraya,
    would like to buy mining hardware from antminer,china. do you know how much for malaysia custom tax? do they allow? worry got block after buy. thanks in advance.

    1. Hi edi,

      I don’t know the answer to that question. Why don’t you join the fb group and ask? Some miners in there.

  25. Any views on how BTC and other cryptocurrencies will fare in Malaysia in the coming years seeing bank accounts were shut down, Suraya? Are all your bitcoins (10k last i read) in Wirex alone?

    I’ve been using Coinbox for a few months as one of my investment vehicles, before that, but quite discouraged to seek out another local company. Might be looking to quit it altogether by selling them on Localbitcoin. Wirex is fine except for the exchange risk so transactions in MYR for a minnow like me is preferred.

    1. I’m not going to say where I keep my btc for obvious reasons 🙂

      How will it fare in Malaysia? Demand is quite strong. It’s only entering mainstream, so I’m bullish long-term.

  26. Hi,thank you for the informative article! Is it safe to submit the all the docs for verification on Wirex? Thanks

    1. Hi Jason, you’re welcome!
      Well, I provide work for Wirex and they are quite professional. Wirex follows regulations set as per EU and Japan, so that’s a good indicator I hope 🙂

  27. Assalamualaikum. Ms Suraya. Nak jumpa pls. I want to buy bitcoin and ethereum. Kindly assist and guide. I’ m from shah alam.

  28. Thank you for the very informative article.i am an absolute crypto newbie.Just wish to clarify whether Luno is an exchange or wallet or both.Do you have any comment about their service?Do they keep our crypto private keys?
    I notice that the link to putchase nano s wallet given in this post is no longer available.Do you know where one can buy it?I hope my questions make sense.
    Thanks again

    1. Hi Mike,

      Luno is a bitcoin service provider, in this case, a buy/sell platform. Most bitcoin service providers offer free bitcoin wallets. Bitcoin wallets offered by third party providers keep private keys, yes. The only ways to keep your own private keys are to 1) run bitcoin node yourself 2) use hardware wallet 3) keep offline via paper wallets.

      Ledger Nano S is hard to find nowadays, frequently out of stock. Some people buy Trezor (another brand of hardware wallet) instead from the official website.

      Hope this helps!

      1. Thanks for the clarification.may i know whether it will be fifficult or complex to transfer one’s bitcoin from a service provider wallet to another like blockchain.info or hardware wallet?

        1. It’s very similar to sending to an email address. Just put in the destination bitcoin address in the ‘To’ column (depends on the interface), and depending on the blockchain fee it should arrive in a reasonable timeframe

  29. Hi suraya thanks for this article.
    i have a question if i wants to buy and sell bitcoin do i need to register anywhere?
    I mean if i buy few bitcoin daily and sell is it legal in malaysia? do i need to pay income tax?

    1. Hey puniytaa,

      Yes, you have to register an account at the buy/sell platforms of your choice. The platforms are listed in the article.

      Rather than legal or illegal, cryptocurrencies exist in a grey area in Malaysia. It’s not considered legal, and there is no obligation to pay income tax on it.

  30. Hi Suraya, thanks for this informative article, I’m new to Bitcoin and I have few questions:

    1. – I’m wondering how people usually invest in Bitcoin. Do they buy Bitcoin and wait for its value to rise and then withdraw some money (If you are using wallet like Wirex that allow you to withdraw money) and buy more Bitcoin with the money (and the process repeats)?

    – or they just buy Bitcoin and keep it (leaving it for future use).

    2. If I use Wirex, can I withdraw Ringgit Malaysia from any ATM in Malaysia with the Bitcoin debit card? If so, will there be any extra charges for withdrawing from ATM in Malaysia?

    3. I’ve heard someone talking about needing to pay taxes for using Bitcoin. Is it true? If its true, what am I suppose to do in paying taxes for using Bitcoin and everything related to needing to pay tax?

    Thanks in advance.

    1. Hey Shane,

      About your Qs:

      1 – How people invest. Depends. Some people buy and hold (me). Some trade (like forex). Some do arbitrage, some mine bitcoins. Depends on their skillsets and time commitment I suppose.

      2 – Yes, there are fees. You can check the latest at https://help.wirexapp.com/hc/en-us/articles/207870335-Wirex-card-fees

      3 – As far as I know, bitcoin is not considered currency in Malaysia and thus not subjected to taxes. May change in the future though. Waiting for more updates from BNM.

      All the best!

    1. Hi Hazel,

      Yes, you can buy mining machines from Bitmain. Some cautions:
      – Last I heard, many latest bitcoin machines in Bitmain is out of stock
      – Bitmain Malaysia is not official Bitmain
      – The ROI is not as quick as you think
      – You need technical expertise in equipment rigging

      There are also some people selling bitcoin mining equipment in the FB pages. You can look there.

  31. Hi Suraya,

    I been doing some research for a week before joining the crypto world.
    There are still few things not clear to me. Appreciate is very much if you could advise me on this.

    1. I am trying to get an iOS mobile wallet that support multi-crytocurrency (Bitcoin & ALTcoin). I did try to use JAXX but noticed it has less type of crypto coins while Coinomi wallet (not released in iOS version) has plenty. Please can advise this?

    2. I am going to sign up an account with Luno and buying bitcoin. To purchase ALTcoin, I am planning to use poloniex for the convertion.
    -First, do I need to sign up an account if using poloniex?
    -Second, is it possible to explain the steps how to use poloniex to purchase ALTcoin?
    -Third, how poloniex work if would like to purchase ALTcoin?

    Thanks in advance, suraya

    1. Hi Kenny,

      Attempting to answer your Qs:
      1) Crap, I don’t know, I don’t use iOS. Perhaps others reading this can share, or ask around in a bitcoin fb group or forum
      2) Answered in full here: ringgitohringgit.com/invest-cryptocurrency-malaysia/

      All the best!

  32. My question is this : can individual trade bitcoin openly in Malaysia or is it considered illegal business since it’s not regulated

    Thanks

    1. Not regulated doesn’t mean not monitored. The bitcoin groups that I know are transparent about it, it’s not technically illegal.

  33. Could you do up a list of diff types of bitcoin wallets or altcoins wallet?
    Also which wallets is friendly to Malaysia
    Thanks!

    1. There’s already a list of bitcoin wallets in this article?

      On altcoins, good idea, I’ll add a bit more info on that in ringgitohringgit.com/invest-cryptocurrency-malaysia/

  34. Hi Suraya, I’ve tried to verify my newly registered Wirex but unable to do so. Below statement arise:-
    We’re sorry, this country is currently not supported Malaysia.Check the full list of supported countries.

    Any suggestion for me to be verified or any other medium? looking forward for your feedback

    1. Hi Syahrul,

      I’ll update this section soon. There’s a recent ruling from Visa prohibiting card orders outside of Europe. Should resume in a couple of months. To be updated, follow facebook.com/WirexMy/

  35. Hi Suraya, stumbled upon your site and what a find! Thank you for the insights into cryptocurrency….

    I registered myself on coinhacko but couldn’t get past ordering a card (required before verification can happen) because Malaysia is not one of the supported countries.

    How did you do it?

    1. Hi Kenny,

      Do you mean Wirex instead of CoinHako? Yes, its a new ruling by Visa 🙁 Now all crypto debit card providers are not available for non-Europeans. Wirex is planning to resume back in October, fingers crossed!

  36. Hi Suraya,

    It is a great website for almost complete information on Cryptocurrency investment for especially Malaysians…Awesome work!!

    Lately a friend of mine approached me to join the Bitclub Network. From my reading I found that it’s actually investing in the club’s mining operation and in return we receive a share of the profit of the mining operation for certain period.

    Please share your opinion on Bitclub network.

    Thank you

    1. Thanks Ragu 🙂

      Re: Bitclub. My understanding is its a legit mining pool with MLM business model. I don’t like MLMs in general, so I don’t like Bitclub advocates. Everywhere looking for downlines.

Leave a Reply

Your email address will not be published. Required fields are marked *

Close