This is 100% the most updated list of where you can spend your bitcoins in Malaysia. Accurate as of 30 June 2016. If I missed any, please let me know. EDIT: article is super outdated.
At the end of the article I will also teach you how to spend your bitcoins in Malaysia using a debit card.
Spend Bitcoins in Malaysia – Restaurants
Here are all the restaurants you can visit and make payment in bitcoins!
1. Viv’s Boutique Cafe & Restaurants, TTDI
They just started to accept bitcoins in Jan 2016 🙂 Fancy fusion food, gorgeous interior – check out their review in Eat Drink KL here.
2. Jeq in the House, PJ
Serves breakfast and brunch – the cakes seem to be the reason why people keep coming back. Check out a review here.
Spend Bitcoins in Malaysia – Online Shopping
Here are all the online shops that accept payment in bitcoins and ships to Malaysia
What can you buy?
Any gadgets and tech items. Includes: mobile phones and accessories, tablets, notebooks, desktops, projectors, printers, cameras, gaming stuff, home appliances, and other stuff.
What can you buy?
‘Overstocked’ items – or products that exceeded demand so selling for cheaper. Overstock has a lot of home and furniture stuff. They also have clothes, jewellery, watches, beauty products, electronics.
Oh, this is important to highlight: this website sells ‘premium cheap’, not ‘cheap cheap’. Not the place to expect China-made prices 🙂
Spend Bitcoins in Malaysia – IT
What is it?
VPN services. I’m not the most IT-savvy person in the world but I believe that means better digital security for you.
What is it?
Hosting services for your website. Can’t elaborate more, no expertise haha.
Spend Bitcoins in Malaysia – Others
1. Nook Bangsar
What is it?
An ‘anti-office coworking space’ in Bangsar. Pretty cool concept, and replied to my inquiry really fast on FB!
2. Al-Mithaq Enterprise
What is it?
An all-in-one service. NOW YOU CAN PAY BILLS with bitcoin! How amazing is that? (Syabas, Celcom, Umobile, Streamyx, Unifi, TM). Also sells ONEXOX Simcards and general topups.
Whatapp/Telegram owner Adib at 017-292 3740, or email him at email@example.com
Spend your Bitcoins in confidence 🙂
I verified all of these links and even contacted some of them – this list is accurate. Some other businesses reportedly accept bitcoin, but they did not reply back to me or did not update their websites/FBs (assume dead), so I did not add them to the list. Yes, I err on the side of caution when it comes to money 🙂
If your business accepts bitcoin as payment OR if you know any other places that accept bitcoins as payment, and you would like me to add it to this list, please contact me by tweeting to me (@surayaror). Please note that I might need proof that your transaction was accepted.
But what if you want to spend your bitcoins beyond all these places?
Bitcoins, Blockchains and Malaysia
I make it no secret that I’m pretty crazy into bitcoin right now. So that’s why I write articles like these to help the community to spend their bitcoins in Malaysia. It’s also nice for my readers to know that yes, there is a small but active community right here in Malaysia.
But that’s exactly the problem. It’s small. Malaysia can’t keep being slow like this. Singapore’s bitcoin community is 100x more vibrant. We have to catch up.
Whether you like bitcoin or not, you should know the underlying technology behind it- called the blockchain. Oversimplified, blockchain is simply data that cannot be tampered, even by its creators.
Turns out, incorruptible data is great for financial transactions. Bitcoin is one (and most popular) example. You can send bitcoin from your digital wallet to another person’s digital wallet, and the record of that transaction cannot be amended, altered, reversed, or deleted.
This is why many financial institutions are investing big time into blockchain technology.
But you know what? This is where it gets interesting.
Turns out, with blockchain, you don’t need banks for financial transactions. You can bypass them completely.
(banks =/= financial institutions; btw)
I’m going to share with you one way how we can do that.
Financial transaction without… banks?
Okay, so perhaps its hard to wrap your head around this. Your debit cards have always been issued by banks. To you, they are the intermediary between yourself (the buyer) and the seller (the merchant). You hand over a piece of plastic (basically, pretty much) that just says, hey, this bank vouched that I have the money to bring this product home/ pay for your services. The money will be transferred into your account. You can trust me, because you trust [insert bank name]. So the merchant happily enjoys your patronage without suspecting you are a scammer.
But all you did was to hand over that piece of plastic.
You can re-create the same happy scenario without banks if something else replaced that trust between both parties.
Blockchain’s incorruptible nature can substitute the bank’s trustworthiness. All those businesses above that I gave you? Those are all examples of how buyers and sellers conduct financial transactions bypassing banks. In all those cases, buyers just had to send bitcoin straight into the merchant’s wallets, straight from their smartphone.
But I get it. It’s hard to move away from the idea that ‘money’ is physical – cash or plastic card. We’re used to it. No one says, hold on, let me get my money and out pops the phone. (Yet). (This is how bitcoin payments are made btw).
In comes bitcoin debit cards.
How to Spend Your Bitcoins in Malaysia Using a Debit Card
Bitcoin debit cards allow you to insert funds (bitcoins) into a card and use it in many types of financial transactions. They do this by partnering with border-friendly banks. Border-friendly means that the banking account is cloud-based rather than location (ie: Malaysia, etc) based, so you access your money online.
I’ll give you an example I’m most familiar with – Wirex. Disclaimer: I provide some work for Wirex, but I am also a user.
So I created an account, and applied for a debit card from Wirex. There are 2 options: virtual and physical cards. I took the virtual one first and literally received the card number and CVC in my email in like, 5 minutes.
Wirex cards come with Visa and Mastercard so I can use it anywhere they are accepted. This is huge, because suddenly I’m no longer limited to spend my bitcoin in only a handful of places – I can now use my virtual card anywhere online!
The card supports USD, GBP and EUR. So say if I buy something at USD20, the card will deduct USD20 from my card, which I converted from bitcoins.
I have the plastic card as well and use it to withdraw money from ATM and use it for general shopping in shops.
ProTip: Use my referral link (or click image below) 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.
Note: You can only buy the cards in bitcoins, which means you need a small amount to begin with.
Bonus: If you prefer locally-issued credit cards instead, read my Hack: How to Maximise Cashback Credit Cards article.
Who should you get the Wirex bitcoin debit cards?
If you already have bitcoins and want the option to spend it, Wirex is a convenient way to do it because they support Malaysian audience too. Disclaimer again: I provide work for Wirex, but I’m a user too.
If you don’t have bitcoins, but would like to try out the future of financial technology (I’m not even exaggerating this part), you can try to get a small amount to check out how it works. Again, it’s even cheaper with my 25% off referral link above.
Questions? Go to Wirex Help Center – it will answer all your immediate questions about the Wirex debit card.
I dove into the bitcoin world for purely investment reasons (also read – 6 reasons why I invest in bitcoins), but I would like to do my part to increase the popularity of bitcoins in Malaysia. Wirex helps in this mission – making it a bit more practical to keep and invest your money while at the same time, allowing you to spend it when you want to.
That said, if you are not comfortable with bitcoin as investment (it’s still considered high-risk), then don’t do it for the investment, but do it for the exposure – you definitely have to get familiar with blockchain technology infused in our financial system in the future. It is not a question of if, it is a question of when. Wirex can help you with that exposure.
I enjoy discussions and questions about this. Agree or disagree – if you have comments or queries, feel free to reply here or tweet me at @surayaror okay 🙂