Bitcoin has taken the world by storm creating a wake of new rich folk on the way. A lot of people however don’t realize, Bitcoin is not the currency of choice when it comes to making day to day crypto transactions which we will fast teach you how to get into…
Crypto… the broader term you will fast learn about if you want to jump into this exciting technology! Crypto is a hoard of superior technological projects to Bitcoin, all based on the same blockchain technology but with much faster transaction times and lower fees.
Bitcoin is comparative to gold in the global economy… it’s slow to trade and is often used as a fairly stable store of wealth. It’s also expensive if you want to move it around, not really realistic for buying cups of coffee at your local mocha stop!
US Dollar Tether (USDT) is one of the more popular tokens users like to use to make small payments. USDT transfers fairly fast, normally in a matter of minutes with small transactional fees; it’s also linked to the value of the USD so it’s easy to convert into whatever local currency you’re paying in. If you’re trying to pay for something here in Phuket with crypto, they will tell you which currencies they accept.
How to Buy Crypto in Phuket?
We recommend the exchange Bitkub for your buying, trading and selling needs.
Bitkub is owned by SCB Bank of Thailand, it’s ran extremely professionally and is the number one exchange of choice here in Thailand. As someone who has memberships on close to 10 exchanges globally, spanning over 5 years… I have to say Bitkub has by far the best customer service and I do trust them with my money, unlike many of the other global exchanges that have zero transparency on who is behind them.
The other reason I love Bitkub is if you make a mistake during your transfer which can and most likely will happen… there is someone available to help you fix the issue!
If you signup to Bitkub it’s much like signing up for a real bank account; you need to supply all your private details, passport etc and it takes some time for your profile to get verified. Once you’re signed up buying your first token is very straight forward with step by step guides along the way… You can signup by clicking here.
You will first of all transfer some money from a Thai Bank account to the exchange and you’re good to get going!
Where to Spend Crypto in Phuket
Sri Panwa Phuket
The Pavilions Hotel & Resorts
Quip Bed and Breakfast Phuket Town
Coffee Culture Thailand (online ordering)
Fufa Restaurant Cherng Talay
Nito Nitro Drink Phuket Town
Tukabkhao Phuket Town Local food
Rendez-Vous Coffee Wine Dine Phuket Town
Patong Bay Hill
Tiger Muay Thai Chalong
Scg Home Solution Chalong
Treating Crypto as an Investment
If you want to buy crypto in the hope your “investment” grows in value over time, I truly hope you look much deeper and further than this article while researching the topic. Crypto is a very volatile marketplace, although it’s improved a lot in recent years with global adoption, and mainstream legislation. If you invest in crypto, be prepared for it to potentially lose as much as 50 percent of it’s value overnight… maybe even more… when you “invest” in crypto, be prepared to lock it up for a year, probably more before you are going to need it again.
We highly recommend if you’re going to purchase a large sum of crypto you store it on your own hardware wallet, or at least a paper wallet. This means if ever an exchange is hacked, or some government intervention; nobody can touch your crypto apart from you! This is however a double edged sword as this means you are 100% responsible for your own mistakes also.
Nano Ledgers are pretty popular and they look cool, hardware encrypted wallets but if you’re not very technical I’d recommend just printing off your wallet details and storing in a safe place. You can make your first wallet over at My Ether Wallet, just google it.
We hope this helps you get started in the exciting and wonderful world of Blockchain; Phuket is full of crypto enthusiasts and an ever expanding network of vendors accepting it as payment.