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.

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 any other cryptocurrencies) is not under any country. The easiest way to describe bitcoin is its an ‘internet currency’.

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.

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 (they don’t consider it legal tender), so if someone cheat you out of bitcoins, there’s not much the police can do aside taking police report. 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.

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, Bitclub, 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.

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. Browse Lowyat, sometimes people sell there – obviously look for trusted sellers as scams can happen there too. Or you can ask in the Telegram chat group. EDIT: link no longer works

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 🙂

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 easiest is to buy them. There are a few reputable exchanges in Malaysia – see CoinGecko’s list on How to buy bitcoin in Malaysia (note: outdated info). 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. Some are trading-centric, some are personal finance platform-centric, some are remittance-centric.
  • 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) 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?

The bad news is that many bitcoin buy/sell platforms in Malaysia had their Malaysian bank accounts closed down, so options to buy with MYR is limited. CoinHako and CoinBox all used to offer bitcoin buy/sell service.

  • Buying with MYR (bank transfer to sellers) – Localbitcoin. Be careful of scammers.
  • Buying with MYR (bank transfer) – Luno (note: referral link; Get RM5 if buy/sell more than 0.1 btc) – formerly Bitx
  • 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 (formerly E-Coin); use this referral link to get 25% off plastic bitcoin cards. You can also bank transfer MYR to their USD/GBP/SGD/JPY accounts, but note the exchange rate.

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. If you want to get one, read on below. 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’ (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; usually in Malaysia people follow XE price).
  • Where local bitcoin community hangs out. We’re on FB (search ‘Bitcoin Malaysia’), and are quite active on Telegram – join here. EDIT: link no longer works
  • 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.

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.

Aside from Bitcoin, what other cryptocurrencies can I hold?

Not OneCoin lol. That’s straight up Ponzi masquerading as investment opportunity.

There are more than 4000 cryptocurrencies around. Not all are good. As a general rule of thumb, anything in the CoinGecko Top 30 list has potential. I’ve held Ether before. Now I also hold Ripple and Dash. The easiest way to buy cryptocurrencies (also called alternative coins, or ‘altcoins’) is to buy bitcoin then convert via Poloniex or Shapeshift.

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. Not recommended for newbies. 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 for the same reason.
  • Sell on exchanges. You could transfer to Bitx, Malaysia’s most popular bitcoin exchange and sell your bitcoins there. CoinHako works. Use my referral link and get RM15 when you start with RM300. Alternatively, you can also transfer to E-Coin (also known as Wirex) and get a plastic bitcoin debit card, and withdraw your money from any ATM. EDIT: Bitx Malaysia and CoinHako bank account was closed down

As mentioned above, I myself am pro E-Coin/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.

Myazri, a respected (and more importantly legit) member from the Bitcoin community sells bitcoin hardware wallets. Click here for his online store. I was sponsored a Ledger Nano S (direct link to purchase, or click on the image below) to try out – this one is just RM299 (a review said that this device is so user-friendly, even a 7-year-old can use it). The other popular option for bitcoin storage is Trezor wallet at RM449 (direct link to purchase). EDIT: Shop is now down. Please share in comments if you know where to buy this.

Ledger Nano S can also be used for Ether storage, which I believe is the first of its kind!

ledger nano s malaysia

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.

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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 🙂



        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.


    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.


  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

        – 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.

        – 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?

  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.


  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 🙂

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