How to Anonymously Buy Bitcoin Online and in Person. Buying bitcoin is a bit like buying contraception: it's a bASIC human right, you should be entitled to do so privately, and it's nobody's business what you plan to do with it. Whether you're buying bitcoin to set aside for a rainy day or to expend immediately in a fit of passion, you shouldn't have to broadcast your intentions to the world. Here's how to obtain bitcoin without forsaking your anonymity. Mine, Earn, Exchange or Buy? In 2020, you have four ways of acquiring bitcoin: mining, earning, exchanging, or buying. While anyone can mine bitcoin, only those with the dedicated racks of hardware can do so profitably. Thus, despite the lure of newly minted coins with no transactional history, mining is not a realistic way of obtaining bitcoin. Earning, typically through working for a crypto company, provides a more practical means of obtaining bitcoin , but isn't remotely anonymous since your employer will have all your pertinent details, and may be obliged to pass these on to government agencies. Exchanging - that is, swapping goods or services for bitcoin - is a more practical way to get your hands on cryptocurrency. You could set up your own bitcoin-only store , allowing you to sell physical and digital goods in exchange for crypto. With no fiat payment rails connected, you can run the website and accrue bitcoin without disclosing your identity. Naturally, you'll need to have something that people desire sufficiently to part with their beloved bitcoin; think high quality merchandise, tasteful art, bespoke bitcoin jewelry, or genesis block-inspired posters. Of course you don't have to set up your own website to sell goods for bitcoin; there are already dozens of online stores where you can become a vendor with no questions asked. Welcome to the darknet. Despite what mainstream media would have you believe, not everything for sale on darknet marketplaces (DNMs) is illegal. Thus, you don't need to break any laws in your quest to swap goods for bitcoin. In addition to legal paraphernalia of the sort found in head shops, DNM vendors sell medicinal items such as CBD oil. In truth, you can sell anything you can think of on the darknet; the only limits are your imagination and market demand. While selling on DNMs is one of the most anonymous ways to obtain bitcoin, it's not the quickest or most practical. If you're looking to acquire bitcoin in a hurry - be it to place a DNM order of your own or because the price of BTC is shooting up - you'll need to buy it directly. Thankfully, there are still ways to purchase bitcoin anonymously, or at least privately i.e. without needing to undergo KYC, with the complete loss of privacy and risk of identity theft this carries. How to Buy Bitcoin Anonymously in Person. There are two primary ways to buy bitcoin in person - that is, by leaving the house. One is to purchase bitcoin using a BATM - an automated machine that will let you swap fiat currency for cryptocurrency. Finding a bitcoin ATM near you is easy , and as a previous guide from news.Bitcoin.com explains , there are ways to purchase crypto from BATMs completely anonymously, if you don't mind bending a few rules. Even if you're a stickler for playing by the book, a BATM is typically more discreet than using a centralized exchange to acquire crypto. The second option is to find a bitcoin seller willing to meet you in person for a cash deal. Filter search results on Localcryptos , Localbitcoins , or local.Bitcoin.com by area, and then message sellers to see if they're willing to meet. Regardless of what the platforms' terms of service say (LBC doesn't permit in-person meets any more), many sellers will be happy to arrange a cash deal. Naturally, you'll need to establish trust on both sides, and it makes sense to start with a relatively small purchase before building up to larger amounts as trust develops. Another way to sniff out local sellers is to attend bitcoin meet-ups in your area and crypto conferences. Also search on Linkedin for OTC sellers in your region. There'll be some chancers and time-wasters to sift through, but once you find a reputable seller, you'll have your own private supply of bitcoin on tap. How to Buy Bitcoin Anonymously Online. If you're looking to anonymously buy bitcoin without leaving the house, your best bet is to use a P2P exchange such as Localcryptos or local.Bitcoin.com . There's a range of payment options available, from bank transfer to gift cards and Paypal, and your details will only be disclosed to the seller. If you're keen to conceal your identity from the seller altogether, it's conceivable to send funds from an account you control that's not in your name; a Paypal business account for "Acme Trading" for instance, or a Venmo account that a kindly friend will allow you to use. For a rundown of the main P2P bitcoin exchanges, see this guide from news.Bitcoin.com. Finally, there are rumors of individuals paying third parties - homeless; the unemployed; students - to complete KYC on their behalf, and then using their identities to obtain crypto debit cards . If such apocryphal tales are true, they would provide a means of purchasing cryptocurrency that cannot be traced back to its actual buyer. There are also rumors of readymade identities being bought on the darknet, and used in the same manner to anonymously buy bitcoin. Bitcoin is protection - yes, contraception - against the unexpected. It is a safeguard against account seizure, a protection against black swan events, and a hedge during economic uncertainty. You owe it to your present self to acquire bitcoin and you owe it to your future self to do so as privately as possible. Your bitcoin is nobody else's business. Don't let anyone tell you otherwise. What other private bitcoin buying methods can you think of? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool ? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what's happening in the industry. Anonymous Bitcoin miners are taking over the network. It seems Bitmain's influence is on the decline. David Canellis. The world's most popular cryptocurrency is a now a little bit more decentralized, thanks to the waning influence of Bitmain and the return of the anonymous Bitcoin BTC miner. Blockchain research unit Diar has published new data revealing exactly who has been validating the Bitcoin network. Analysts determined that mining pools either owned by or heavily tied to Bitmain (Antpool, BTC.com, and ViaBTC) are now validating far less Bitcoin blocks than this time last year. In fact, it is "unknown" anonymous Bitcoin miners who are currently validating more blocks than any individual pool. "[Unknown] miners closed December having solved a whopping 22 [percent] of the total blocks, up from 6 [percent] at the start of last year," reported Diar. "The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network." At pixel time, "unknown" miners accounted for more than 23 percent of the computing power driving the Bitcoin network (hash power).
Industrial level Bitcoin mining Accidents: Thailand. This is what a Bitcoin mining accident looks like. A Bitcoin mining facility in Thailand has been destroyed in a massive fire this week and foul play has not been ruled out, according to a local source. The 5-megawatt farm was operated by mining cooperative Cowboyminers and primarily relied on Spondoolies-Tech and Innosilicon hardware, with some additional miners from BitFury and Gridseed. According to Coindesk Cowboyminers was formed by a group of European expats living in Bangkok, who tried to maintain a low profile, but at the same time operated a relatively extensive mining operation. Details of the fire are hazy, though local media reported flames raging through a warehouse full of servers near Bangkok on October 14. This week, a photo of the devastation popped up on the forum BitcoinTalk, which identified the facility as one owned by the mining operative. Both Cowboyminers and Spondoolies-Tech, the company that made much of the mining hardware in the warehouse, have popped up in the BitcoinTalk thread to discuss the fire. It seems like no one was hurt, but the equipment was uninsured, so tough loss. What we still don't know is what started the fire. Cowboyminers denied that the electrical wiring caused the fire. A photo of the facility before the fire. BitcoinTalk. In any case, the fire highlights the possible pitfalls for any Bitcoin mining startup. Bitcoin mining's appeal is its relative simplicity--you just need computing power. But setting up a facility is more complicated than throwing a bunch of hardware together in a room. Every detail of the traditional data center is designed with cooling in mind, from the placement of vents to the hot aisle/cold aisle layout of the equipment. Regardless of how the fire started at the Thai facility, it clearly spread, possibly because of a flammable acoustic foam. A traditional datacenter would have also had sprinklers--or in fancier iterations, gas fire extinguishing systems--that detected smoke or heat early on to minimize the damage. Of course, these systems don't come cheap. Bitcoin mining accidents are a risk operators run when mining on a large scale. Mining for currency on expensive hardware may no longer involve people, but it still does involve monster machines--machines that are very expensive and very destructible. How to Buy Bitcoin in Thailand. It makes sense for Bitcoin and cryptocurrency to be used in the country of Thailand. This is one of the key travel destinations in southeast Asia, and frequent travelers have been known to be one of the key demographics that understand the value proposition of Bitcoin as soon as they hear about it for the first time. That said, the government of Thailand has not always been accepting of this new technology that has the potential to disrupt the traditional financial system in the country. There have been calls for bans on Bitcoin and other cryptocurrencies in Thailand, but it is completely legal to use this financial technology in Thailand today. Anyone who wants to purchase their first Bitcoin in Thailand will have a number of different options at their disposal, from Bitcoin ATMs in various cities around the country to global exchanges that allow users to trade a variety of different cryptocurrencies. Additionally, anyone who finds themselves in Bangkok will notice there are also a number of locations where you can actually spend your Bitcoin and use it as real money. What's on this page. Best Cryptocurrency Exchanges in Thailand Is Bitcoin Legal in Thailand? Best Cryptocurrency Exchanges in Thailand. Trustworthy exchange Supports many different funding options Accepts users from across the globe High trading volume. Binance. Easy sign-up process Lowest transaction fees of any major exchange 175+ different digital assets available Free deposits. Excellent customer support Very fast transactions Major coins are available for purchase, including Bitcoin, Ethereum & Litecoin Great security. Is Bitcoin Legal in Thailand? The rules and regulations around Bitcoin in Thailand are a bit more strict than many other countries around the world, but users of the cryptocurrency don't really need to worry about the specifics. As is the case pretty much everywhere else, users of cryptocurrency exchanges must provide these platforms with a large amount of personal data in order to trade cryptocurrencies. This information is collected from users on exchanges in order to prevent the use of cryptocurrencies in various forms of illicit financial activity such as money laundering. The key difference with how exchanges are regulated in Thailand is that these companies are not allowed to use fiat currencies other than the Thai Baht. This is an attempt to protect Thailand's own local currency against competition from the US dollar, the Euro, and the other major fiat currencies around the world. One side effect of this policy is that it has increased the liquidity of the THB/BTC trading pair. Most countries do not see much liquidity in trading pairs associated with their local currency, as the majority of the trading volume tends to be focused on large fiat currencies like the US dollar. It should be noted that Bitcoin was illegal in Thailand at one point in time, but this decision was eventually reversed. Those who are using Bitcoin in this country should still keep an eye on the news related to how Bitcoin is regulated in Thailand, as it's possible this decision could be reversed again in the future. What is the Fastest Way to Buy Bitcoin in Thailand? If you're more worried about getting your hands on some Bitcoin as fast as possible rather than factors like privacy or cost, then a Bitcoin ATM or some form of P2P exchange is going to be your best option. These sorts of solutions can help you turn the cash in your wallet into Bitcoin or another cryptocurrency in a matter of minutes. Going through one of the large, global Bitcoin exchanges will not be the best option if you're worried about speed due to the fact that you'll need to go through additional layers of verification before you can make your first purchase. Coins.so.th is a well-known Bitcoin and cryptocurrency exchange in Thailand, and this platform will allow you to gain access to the cryptocurrency market quickly via a number of different payment options. They are even integrated into many traditional bank ATMs, which will be your best bet if you're starting with cash and want to convert those bank notes to Bitcoin as quickly as possible. What is the Cheapest Way to Buy Cryptocurrency in Thailand? If you're interested in making large buy orders on the cryptocurrency market, then you'll want to look at the well-known, global exchanges that have high levels of liquidity. Kraken is an excellent option for anyone around the world who is interested in trading at a low cost, and they have a number of different interfaces for both beginners and veterans of the online trading world. You also need to consider the cost of getting your funds onto one of these exchanges before you make your first deposit. The global exchanges don't have trading pairs that involve the Thai baht, so you'll need to convert your local currency into US dollars or euros before you can start trading. This transition from bahts to another fiat currency will also come with fees, and those fees will depend on how you're making that conversion. What is the Best Cryptocurrency Exchange to Use in Thailand? When you're buying Bitcoin, Ethereum, or some other cryptocurrency in Thailand for the first time, your best option will likely be Coins.co.th. This platform is extremely easy for new traders to understand, and they have a customer support staff that can help you through your first few orders. In addition to Bitcoin, this platform also offers trading in a number of different altcoins. Additionally, Coins.co.th allows its users to use many of the commonly-used mobile payment options to get their Thai baht onto the exchange. It should be remembered that, since this exchange is based in Thailand, you will only be able to trade Thai baht in exchange for cryptocurrencies, but the good news is this allows you to avoid having to convert into another fiat currency before finally being able to trade cryptocurrencies on the platform. As an added bonus, Coins.co.th also allows their users to use Bitcoin to purchase mobile airtime minutes. Bitcoin.co.th is another Thailand-based option for purchasing Bitcoin; however, it should be noted that this exchange tends to have higher fees than Coins.co.th. Additionally, the amount of fees that are tied to a trade on Bitcoin.co.th isn't entirely clear, as it's hidden in the price that is displayed on the screen when making a trade. If you can't wait to make your first purchase, you can head to most ATMs to purchase Bitcoin via one of these two Thailand-based cryptocurrency exchanges. 5 Best Anonymous Bitcoin Wallets of 2021: Top Picks By CoinSutra. Did you know that Bitcoin transactions are not anonymous and can be tracked with just a little effort? Yes, tracked, if you don't take proper measures. Being private isn't possible with Bitcoin as it is a permission less protocol. However, you can secure your privacy and become its anonymous user if you take care of certain things. First of all, you must not let your Bitcoin address get exposed in public. For this, you should use a new Bitcoin address every time, post which you can use IP obfuscation methods. Or you can switch to anonymous Bitcoin wallets that do it for you at the backend. Also, a genuine anonymous wallet will never ask for your personal information such as your name, Email address, phone number or postal address. A lot of new users are not aware of it, and end up using a wallet, that are not truely anonymous, and which is not idle for your privacy. Wait, but are there any anonymous BTC wallets out there? Wallet Name Type Ledger Nano X (Recommended) Hardware Ledger Nano S Hardware Samourai Wallet Mobile Bitcoin Paper Wallet Paper. 5 Best Anonymous Bitcoin Wallets. 1. Ledger Nano X: Nothing beats the security and privacy of Ledger Nano X hardware wallet. In my testing, this turns out to be the best Bitcoin wallet that ensures maximum privacy. This hardware wallet is available to be purchased from Amazon or official ledger site. Here are some of the features of Ledger Nano X wallet: Hardware wallet Create unlimited Bitcoin account Supports multiple cryptocurrencies Doesnot need your email address, phone number Works on any device Easy to use due to Bluetooth connectivity Most secure anonymous wallet. If you are looking for single untraceable wallet recommendation, than grab a Ledger Nano X. It takes a few days to get delivered to your doorstep, but once you have it, you never have to look for any other wallet. 2. Samourai Wallet (Mobile Wallet) Samourai wallet is a modern ananoymous bitcoin wallet, hand forged to keep your transactions private, your identity masked, and your funds secure. I got serious about this wallet when I read this statement from its development team: "We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VC's will never invest in. We build the software that Bitcoin deserves." ...which shows that they know what they are doing and are serious about it. Samourai wallet is encrypted on the device using AES-256 encryption and never communicates with any servers. Apart from that, you get robust features such as PIN code and seed word backup to store your funds safely. More Privacy Centric USPs Of Samourai Wallet Are: No address reuse: Therefore, Samourai will alert you if you have sent to an address before, helping prevent unintentional address reuse. Protection with STONEWALL : Samourai provides, by default, a transaction that increases the difficulty of linking inputs to outputs of a transaction, making clustering wallet addresses and associated metadata more difficult. Also, STONEWALL enables Samourai transactions to produce higher entropy than standard bitcoin transactions and often resemble CoinJoin transactions on the blockchain to make it more complicated to analyze. Tor and VPN Support : The wallet is Tor and VPN enabled, allowing you the ability to route all transactions through an anonymous IP address. Lastly, the wallet also comes with segwit support which naturally helps in lowering your BTC transaction cost. 3. Ledger Nano S (Hardware Wallet) Ledger Nano S is one generation older version of Ledger Nano X wallet. Ledger is a dynamic startup company, produce high-grade Bitcoin and cryptocurrency hardware wallets. The unique thing about this wallet is it produces a range of hardware wallets, especially for privacy-centric users. It is called Ledger Nano S and a remarkably anonymous wallet. With this privacy set, you get the absolute best-in-class privacy solution - an unbeatable Ledger Nano hardware Bitcoin wallet. Some other features of Ledger Nano S are: NIST certified True Random Number Generator to secure your signatures. HD wallet provides over 100 wallets, each of which can generate millions of unique addresses. Hidden Wallets: Hidden wallet data is indistinguishable from random bytes - only YOU can know they are there. 24-word mnemonic backups enable recovery of all funds if your Ledger Nano X is ever lost or stolen. These features and privacy, however, come at a price which is clear from the fact that Ledger Nano cost $119. Note: Use a No logs VPN Such as NordVPN to become more untracable. 4. Rahakott Wallet (Web Wallet) Not available anymore.. Rahakott wallet is for those who want to protect their privacy and remain anonymous while transacting in several other currencies (including BTC). Rahakott is a web multi-currency wallet that allows its users to make anonymous transactions. And in its short period of existence, it has processed 20 million dollars in BTC. Moreover, you don't need your phone number or email ID to make a wallet on Rahakott, so there is no question of losing your personal data. As of now it is available in 4 languages (English, Chinese, Japanese, Russian) and supports 6 cryptocurrencies (BTC, BCH, LTC, ETH, DASH, ZEC) including segwit support. Apart from that, you have the option to select security features such as OTP, password, or 2-FA authentication for your Rahakott wallet. More Privacy Centric USPs Of Rahakott Wallet Are: Mixer: Built-in mixer for cryptocurrencies make it impossible to track transactions. HD Wallet: HD wallet ensures there is no reuse of the same addresses. Tor: Wallet can be accessed on the Tor network to enhance your IP privacy. 5. Electrum On Tails Operating System (Desktop Wallet) Electrum is one of the oldest lightweight Bitcoin wallets operating in this space since 2011. It is also one of the most trusted Bitcoin wallets available in the market and is an open-source wallet under an MIT license. It also supports integration with third-party hardware wallets such as Ledger, Trezor, and Keepkey but is not an anonymous wallet by default. However, if you use Electrum wallet on Tails operating system which is very privacy-centric and is Tor enabled, it can be anonymous. Here is a simple explanation of Tails: "Tails is a live system that aims to preserve your privacy and anonymity. It helps you to use the Internet anonymously and circumvent censorship almost anywhere you go and on any computer but leaving no trace unless you ask it to explicitly." Apart from that, there is no other requirement for protecting your privacy as it is an HD wallet that provides you with seed and takes no personal information. At present, it is available for Windows, Mac OSX, and Linux. Conclusion: How To Setup An Anonymous Bitcoin Wallet. Getting your required amount of privacy with Bitcoin transactions is quite possible. You only need to take care of a few things that I mentioned in the introduction. But if you don't want to do that, you should use either of the wallets mentioned above. You can also set up your custom-made wallets or methods to get an anonymous Bitcoin wallet. This exclusive guide will help you: 6 Ways To Make Untraceable Transactions With Bitcoin. That's all from my side in this article. I hope it helps you in choosing the right wallet. Don't forget to share your choice with us in the comments below 🙂 Like this post? Share it with your friends on Facebook & Twitter!! Suggested Further Readings On CoinSutra: Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He founded CoinSutra in 2016, and one of the industry's most regarded professional blogger in fintech space. An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology. An international speaker and author who loves blockchain and crypto world. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Join us via email and social channels to get the latest updates straight to your inbox.
The only notable drawbacks about BX exchange is that the site is down for maintenance a lot, especially during periods of high trade volumes. Which leads to investors losing out on trades. If you are interested in trading cryptocurrencies in Thailand, I would highly recommend the BX exchange. You can sign up here. It's hard to imagine with all the old mom-and-pop shops and noodle stands and markets that bitcoin will ever replace cash-money in Thailand. But I wouldn't be surprised if the cryptocurrency becomes the choice payment method for Thailand growing digital nomad community. Hashcube Announces Bitcoin mining Investment Forum in Thailand. This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Hashcube, a Korean Bitcoin miner retail and mining company, is proud to present Thailand's first ever Bitcoin mining investment forum on 21st September at the Amari Watergate Bangkok. Together with large players from the crypto-industry such as Bitkub, BTC.com, Coolbitx and Cryptomind, we're hosting an event where top industry leaders will be discussing the current landscape and sharing inside knowledge of profitable crypto investment and top solutions to building your crypto portfolio. In addition, company exhibits and networking opportunities will also be available for everyone to connect and ask questions to help ensure a profitable journey through crypto investment. Topics that will be covered includes: - The current landscape of cryptocurrency and where its headed. - Investment opportunities that yield high rate of return today and in the future. - The opportunity and high ROI that mining crypto yields. - Crypto Exchange and how you can invest and benefit through it. - How to set up your own wallet or crypto pool. With an audience of crypto enthusiasts and top crypto visionaries all gathered together at the Amari Watergate for an eventful forum, you will build knowledge and network that will help you be successful in building your very own crypto investment portfolio. We hope to see you there! Register Today! -- Cryptocurrency Mining Investment Forum. SEVEN QUESTIONS: BITCOIN TAXATION IN THAILAND. Dr. Ulrich EderFollow. Director and Co-Owner, Pugnatorius Ltd. Like 20 Comment 7. Cryptocurrencies have gained pretty much in value, and it is no surprise that the tax authorities all over the world are greedy enough to take their share of profits easily earned. Bitcoin millionaires all over the world will not expect concessions or a honeymoon period with the tax authorities in their home country. Should they expect that Thailand is an easy cryptocurrency tax paradise? The Thai government made it already clear: "The Revenue Department has been assigned to tax such transactions," said Deputy Finance Minister Wisudhi Srisuphan according to the Bangkok Post (18/12/17). You have been warned. The public, immutable and time-stamped blockchain is everywhere. Thailand has for personal income tax purposes a territorial tax system. As a consequence, taxpayers in Thailand aim to avoid taxation of their BitCoin or AltCoin business, and taxpayers might use a move to Thailand as a smart tax planning tool to prevent taxation of the BitCoin profits they obtained while being resident in their home country. However, it is a highly optimistic viewpoint that such tax avoidance can be accomplished without careful tax structuring and expert tax advice. The following seven questions have to be answered. Moreover, it is excellent advice to get the full picture before the very first step is made to cash out the profits. 1. The character of cryptocurrencies: The legal viewpoint of the Securities and Exchange Commission (SEC) of Thailand can be found here: However, is this statement relevant from a tax point of view and will the Revenue Department agree with the SEC? Above other aspects, different AltCoin cryptocurrencies might be treated differently, because of their different technical nature. It is naive to uncritical equate BitCoins with funds on a foreign bank account. Same same but different? 2. The acquisition of cryptocurrencies: Thai tax implications have to be examined in the case of BitCoin acquisition by Thai residents as well as the use of Thai exchange agents in case of non-residents. Entering Thailand with a BitCoin wallet might be taxwise the same as the acquisition in Thailand itself. How is it treated when the Bitcoin leaves the country temporarily or permanently? Does it make a difference to keep the coins in the exchange server or transfer to the wallet? As a general taxation principle, profits are taxed when they are realized. Individuals are taxed when the income is received. Does this mean that the increase in value - while the taxpayer is resident in Thailand - is not taxed? What does "realization" mean in the digital world? 3. Purchase of goods with cryptocurrencies: Is the purchase of goods in Thailand (re-)qualified as an exchange of BitCoins into THB combined with a local purchase? How is this different if goods or services are paid abroad? How is the tax treatment if the type of digital currency is changed (BitCoin2AltCoin)? In which cases is a combination of transactions taxed as one task? What are the chances of double taxation in Thailand as well as in the country of the contract partner? 4. Exchange of BitCoins: Does it make a difference to exchange against Baht or foreign currencies or cryptocurrencies? Does the tax treatment differ for tax residents and non-tax residents? Which exchange agencies are under the observation of the Thai government? How big are the chances to keep the transaction under the radar? Is there an eligibility limit? Is the exchange of BitCoins outside of Thailand never ever a Thai tax event? Which foreign taxation should be considered? Will the foreign transaction trigger a reporting obligation in Thailand? Which tax structuring is possible to minimize the tax risks? Conversion of purchased into self-made crypto coins: How to transfer tax-contaminated local bitcoins into a cloud mining business abroad to obtain foreign-sourced crypto mining income to void the Thai taxation. 5. Utilizing of crypto losses for tax purposes: How to deduct losses from cryptocurrency investments from previous or future profits? Tax-loss adjustment with different coin classes. Cross-border offset strategies with international exchanges in different jurisdictions. How to transfer crypto coins between taxable and non-taxable areas? What are the right procedures, applications, and documentation standards under Thai legislation and industry practice? 6. Transfer of foreign Bitcoin profits to Thailand: Is it a bullet-proofed solution to defer the money transfer into the next year? Do BitCoin generate foreign-sourced income because these peer-to-peer decentralized cryptocurrencies are property located outside of Thailand? How can the taxation in Thailand be avoided? Which documentation and receipts have to be prepared? 7. Bitcoin mining taxes and TICO taxation: Thailand is much too hot for mining operations, but the physical mining can be done by Thai residents in the cryptocloud. When are mining activities starting to be work and a business? What is the tax basis of mining operations and how to efficiently move the mine to a cryptocurrency-friendly jurisdiction? What are the tax planning opportunities in a TICO (Thai Initial Coin Offering), apart from its regulatory hurdles? How to optimize the TICO for its participants and to protect the AltCoin owners from Thai taxation? What are the tools of the Revenue Department to identify taxable transactions and to efficiently tax based on justified or estimated profits and tax bases? When will the wealth and investment management convert into a Bitcoin business? When will VAT occur (and when is this all qualified as work in the meaning of the foreigner laws)? Finally, if Thailand is such cryptocurrency tax paradise, wouldn't it make sense for BitCoin millionaires abroad to become resident in Thailand to avoid the foreign taxation burden? The blockchain as tax inspector's paradise. Cryptocurrency transactions are stored on a public, immutable, time-stamped ledger, called blockchain. Therefore, in the digital currency world, transactions are forever documented. The transaction is not linked to a real name, but just to the specific key. Such public key makes it possible to conclude the individuals behind if it has ever been used on an exchange server or other platforms that require identification. Due to such a semi-anonymous character of the blockchain, digital currency ownership could be, in a tax audit subject to complete disclosure. The inquiry would not be limited to a current snapshot. The tax authorities will look at account histories and title chains and scrutinize transfers made in the past and immediately before a tax audit to flush out potential tax evasive transfers.
Spend and Accept Bitcoins. Here are a few ways you can spend and accept bitcoins in Thailand. Spend Bitcoins in Thailand Smiling Albino tour company started accepting Bitcoins on August 1 st , 2017. Since then, the tour guide company has seen 2% of their payments made by Bitcoins. Stephanie Rowe, director of business development and marketing at Smiling Albino, said her decision to open Bitcoin payments was for their customers. "Moving money internationally via bank wire is expensive and slow," said Rowe. "Credit card fees in Thailand are quite expensive. As a service-based company we're always looking for solutions to make payments as painless and easy as possible for our clients." Stephanie is optimistic about Bitcoins in Thailand. She sees the kingdom as one of the early adopters of cryptocurrency, a currency that she believes is only going to grow. "Bitcoin payments and ATM's are popping up all over Bangkok," Rowe continued. "Some of the most known examples are the BTM's on Koh Kret, and payments accepted at trendy bars like Sway in Thonglor, all the way down to noodle shops in Siam square. There is such a variety of places accepting Bitcoin." Adam Ivory, of Eat Me Restaurant also sees potential with Bitcoins in Thailand. The operations manager told me they started accepting Bitcoins four years ago, and although Bitcoin use has been growing slowly, it's also been growing steadily. "When our customers pay with Bitcoins, they are very quick to spread the word," Ivory said. If you're looking for other places to use Bitcoins in Thailand, check out this Bitcoin merchant map. Although there are few options, I suspect the map will grow as more businesses start accepting Bitcoins. If you'd like to pay your monthly rent with Bitcoins, you can sdo so at XVI Condominium Bangkok. XVI Condominium Bangkok is a condo project developed by AP (Thailand), located at Soi Phai Sing To, Khlong Toei, Bangkok 10110. There are several rooms in the condominium that allow you to pay your rent using either Bitcoin or ripple. Bad Burger Bangkok, located on 392/9, Sukhumvit Rd, is often described a one of the best burger joints in Bangkok. And they also accept Bitcoins. Lastly, there is Pattaya Beer Garden, perhaps one of the first businesses in Thailand to accept Bitcoins. This is one of the most popular places to start off a night in Pattaya's walking street. The beer garden offers a selection of beverages and food that you can pay for using Bitcoins. Accept Bitcoins in Thailand. If you're a business owner interested in accepting Bitcoins check out Coin Pay. They're the main way to accept Bitcoin payments in Thailand. Brick and Mortar Businesses Joining Coin Pay lets you print a Bitcoin sign for your business. You can also get paid in Bitcoins or the Thai Baht equivalent. So if a person pays in Bitcoin, you'll get Thai Baht at the current exchange rate. Coin Pay also offers a mobile app so you can accept payments anywhere. Web-Based Businesses You can use Coin Pay on your website with e-commerce plugins for Woo Commerce, Zen Cart, and Open Cart just to name a few. Woo Commerce offers Stripe. ZenCart offers The Coin Pay and LitePaid. Open Cart offers Coinbase, Bitcoin Payment Method, and CoinGate. Trade Bitcoins. Editor's Note: This section was added on February 3, 2018. It was a contribution made by a Thailand Starter Kit team member who trades Bitcoins and other cryptocurrency. Although there are a few cryptocurrency trading platforms in Thailand, Bx.in.th is Thailand's biggest and oldest and is owned by Bitcoin Co. Ltd. The company has been in operation since 2013 and allows registered users to buy and sell various cryptocurrency for Thai baht. Setting Up an Account. The initial registration process for the Bx exchange is quite straightforward, you are simply required to submit your email, username, first and last name. But the verification process gets a bit tricky and somewhat old school. After verifying your email via a link sent to you after registration, you are then required to verify your identity by uploading a selfie of yourself holding your ID or passport with the information page facing the camera and an A4 paper with "bx.in.th" written on it and your signature. The platform usually takes anywhere between one to twenty-four hours to verify your identity. Once your identity is verified, you are then required to verify your Thai bank account. The site unfortunately does not allow the exchange of foreign currency or third-party transfers, so you are required to have a Thai bank account in order to use the platform. The platform requires you to provide details such as your Thai bank account number, name, branch location, and requires you to upload a scanned copy or picture of the bank book linked to that account. Deposits. The process of depositing funds into your bx.in.th account is a bit tedious. You are initially required to create a deposit on the website and deposit the exact amount into the Bitcoin Thailand's bank account. You can do this either by bank transfer or direct deposit at the Bank or ATM. Once you have made the deposit, you are then required to submit a receipt showing the exact deposit amount and your account details. The process usually takes between fifteen minutes to one hour, but if there are any discrepancies between the deposit amount or your details on the receipt, your deposit would need to be verified manually and this usually takes up to twenty-four hours. Once the deposit is verified, the money is added to your BX account and you are ready to trade. All Thai baht deposits must come from within Thailand. You can also deposit other cryptocurrencies into your BX account and the amount is immediately added to your account once the cryptocurrency has enough confirmations on its blockchain network. You are also required to ensure all deposits involve only Thai baht and no other foreign currencies. Most deposits on the site are free. The process of withdrawing funds from your BX account is fairly simple. If you wish to withdraw your money in Thai baht, you simply have to sell your cryptocurrency at your preferred rate and withdraw your Thai baht directly to your Thai bank account. The time it takes for the money to reflect in your bank account is highly reliant on the following factors: the amount of money you wish to withdraw which bank you use where your branch is located the amount of withdrawals the platform has to process on that day. The process usually doesn't take more than twenty-four hours. The platform also allows you to make cryptocurrency withdrawals and this takes about fifteen minutes, but it could take longer for withdrawals of large sums. The withdrawal fees charged by the platform are not fixed and they are subject to change at any time without notice. So I would encourage you to check their fee schedule before making your withdrawal. Trading. Trading on the BX platform is fairly easy. After you have deposited your funds in either Thai baht or cryptocurrency, you can simply go to the trading section of the platform and purchase whichever cryptocurrency you wish to purchase. The platform has three different markets: Thai Baht (THB) Markets - This market allows you to purchase up to eleven different cryptocurrencies, including Bitcoin and popular altcoins like Ethereum, Litecoin, and Ripple using Thai baht. Bitcoin (BTC) Markets - This market allows you to buy up to thirteen different cryptocurrencies using Bitcoin, which means you would have to purchase Bitcoin using Thai or cryptocurrencies in your portfolio in order to purchase coins that are only available in this market. Ethereum (ETH) ERC20 Tokens - This market houses ERC20 tokens. These tokens piggyback on the Ethereum network, are hosted by Ethereum addresses, and are sent by Ethereum transactions. You can purchase these tokens using Thai Baht. The platform also allows you to create, buy, and sell orders so you can take advantage of trading opportunities and mitigate your risk. The platform charges trading fees; the standard fee is 0.25% per trade. I got bitten by the cryptocurrency bug about a year and a half ago. At the time I was highly motivated by the high profit margins that a few of my friends had made from Bitcoin. At the time most of my friends where using the Coins mobile app to trade Bitcoin but I was having great difficulty getting my identity verified by the exchange and after numerous attempts I decided to give up and look for alternative cryptocurrency exchanges. The problem was that I could not trade in Thai baht on most of the popular cryptocurrency exchanges, such as Bitstamp, Bitfinex, Coinbase, Cryptsy and BTC-e. This meant I had to buy Bitcoins on an exchange in Thailand and transfer it to one of these exchanges which brought me back to the point where I started. I still needed an exchange based here in Thailand. This led me to discover the BX exchange and I felt like I had hit the jackpot. The exchange not only allowed me to buy Bitcoins without the hassle of having to go through many different exchanges but the exchange also allowed me to trade other variations of cryptocurrencies, which are known as altcoins. The BX exchange currently allows me to trade twenty-one different types of cryptocurrencies and at very reasonable fees. Unlike many other exchanges, BX exchange has never been hacked and has excellent security, which is a big plus considering the large amount of money that people have lost to hacks on a lot of exchanges recently. The exchange also allows me to withdraw my money easily in Thai baht directly to my bank account as compared the the international exchanges where I would have to use the difficult Bitcoin route I mentioned above.
Mining Gear. So how much will setting up a Bitcoin mining operation run you? It depends on quite a few factors. And unless you're willing to put up some big money, you may never see a return on your investment in mining gear. But if you're interested in making the jump, here are a few things to consider. Hardware The first is hardware. You can get yourself an Avalon6 for $750 or go all in and get the Antminer S9 for $4,263. In Thailand, there's actually a lacking of ASIC machines (Application-specific integrated circuit) for Bitcoin mining. They have a better processer and consume less power than GPU. If you want to buy one, you can order it from Amazon. Here's the top three models for Bitcoin miners. Electricity The second is electricity costs. But don't fret, you can calculate your mining costs by using this handy calculator by TradeBlock.com. If you're mining in Thailand and get your electricity from the Metropolitan Electricity Authority, then you're paying about 4 baht per kWh of electricity, which comes out to roughly $0.12 per kWh. So you'd enter that number in the Electricity Costs section of the TradeBlock calculator. On Quora, John Bailey, who earned himself the Top Writer award for cryptocurrency, calculated mining costs based on equipment, global electricity costs (when pool mining), and a few other factors. He estimated that it takes about 48,800 kWh's to mine one Bitcoin. Based on his math, that brings the average electrical mining cost to about 195,200 baht per Bitcoin. Now, before you go spending your money on a bunch of mining gear and electricity, you'll probably want to know if Bitcoins are legal in Thailand. Regulations. When I saw the BTM in Koh Kret, I wondered if Bitcoins were legal in Thailand. Back in 2013 the Bank of Thailand banned the use of Bitcoins even though they didn't have the power to do so. The Bank of Thailand even denied Bitcoins Co., Ltd., a registered cryptocurrency trader, the right to buy, sell, or exchange Bitcoins the same year. This further confused the Bitcoin community in Thailand. It turns out, though, Bitcoins weren't actually illegal. The Bank of Thailand just had no way of regulating Bitcoins. In 2014 The Bank of Thailand lifted their Bitcoin ban. But because they can't regulate Bitcoin usage, they refuse to take responsibility for personal loses. More recently, though, Thai Deputy Prime Minsiter Somkid Jatusripitak ordered the Bank of Thailand to relax their strict rules. He wants the BOT to study the use and potential benefits of Bitcoin. As it stands, Bitcoins aren't illegal in Thailand. But any Bitcoin bought or sold in Thailand cannot touch foreign currency transactions. According to the Ministry of Finance in Thailand, that would make Bitcoin use illegal. Despite the grey area, over 520 million baht in cryptocurrency have exchanged hands--or digital wallets--in Thailand in 2016. Wallets. Now that you know how to mine yourself some Bitcoins, and that it's okay to use Bitcoins in Thailand, let's find out how to store them for use. Here are four popular Bitcoin wallets in Thailand. BX Wallet. BX Wallet lets you exchange bitcoins with person-to-person or person-to-business exchanges. But what sets them apart is their bitcoin knowledge base. You get to see up-to-date exchanges, trading charts, and a slew of other information. ✓ Low exchange fee ✓ Extensive knowledge base ✓ 2-Factor authentication. × Aimed at experienced traders × Limited privacy × Unstable verification processes. Bitcoin Thailand. Bitcoin Thailand is one of the easiest ways to exchange bitcoins. They are one of the most trusted bitcoin exchange services in Thailand. And they make exchanging bitcoins easy, even for first time users. ✓ High exchange limits ✓ Solid reputation ✓ Easy to use interface. × Undisclosed exchange fees × Fees hidden in exchanges × Limited privacy. Coins. Coins is a bitcoin broker in Thailand. With a Coins account, you can buy and sell bitcoins using popular banks like Bangkok Bank, SCB, and Kasikorn Bank. You can also buy and sell bitcoins with your cell phone or through an ATM. ✓ Simple user interface ✓ Variety of exchange methods ✓ Cash out using Thai banks. × 150,000 baht limit with email verification × Limited privacy × High exchange fee. Local Bitcoins. Local Bitcoins is a person-to-person bitcoin exchange. You can post advertisements selling bitcoins, or you could respond to advertisements and buy bitcoins. After an agreement is reached, you have a two options for following through with the exchange: 1) pay in cash, in person, or 2) pay online. ✓ Private, in person trades ✓ Cash purchases allowed ✓ Quick exchanges. × Limited access with unverified accounts × Higher rates with unverified accounts × High exchange fee. Here's an overview of bitcoin exchange choices, their rates, and verification requirements. Bitcoin Exchange Exchange Fee Verification BX Wallet 0.25% National ID/Passport Bitcoin Thailand n/a Case by Case Coins 1% Selfie and Address Local Bitcoins 1% Case by Case. Bitcoin Teller Machines or BTMs. If there's a BTM on Koh Kret, I thought there must be other BTMs in Thailand. But because it would be impossible to traverse the country looking for BTMs, and because I don't know a single person who openly uses Bitcoins in Thailand, I had to do a digital search. Coin ATM Radar was the only reliable and interactive BTM map I could find. And a search for BTMs in Thailand showed the only BTM in Thailand sits on Koh Kret. Or perhaps the system doesn't get updated. ( If you know of one, please drop me a line in the comment section .) Bitcoin Debit Cards. Bitcoin debit cards work the same way as most other debit cards. You can buy things on- and offline with them. You can withdrawal money from the ATM. But you're faced with similar restrictions as debit cards, such as monthly limits and max purchase prices. Shift. Shift is a cryptocurrency debit card that connects to your Coinbase account. It was the first Bitcoin debit card in the United States, and you could use it on- and offline. There's a $10 issuance fee for the card. But there's no annual fee to use the card. And domestic transactions are free. However, domestic ATM withdrawals are $2.50 each, international transactions are charged at 3%, and international ATM withdrawal fees are $3.50. And if you lose your card, you'll have to pay $10 to replace it. Coins Bank. Coins Bank debit cards are different from Shift because they offer cashback rewards and multiple card choices. For example, you can pick between a Named, Named White, Virtual, or Virtual Prepaid card. Each card comes with their own benefits. The Named cards are long-term cards with low monthly fees. Whereas the Virtual cards are for online purchases only. The Named card is $9.95 and the Named White card is $99.95. The Virtual card is $2.95 and the Virtual Prepaid is $100. There's no limit to how much money you could for transactions per day with Coins Bank Named cards, but you'll be allowed to withdrawal $2000 max. With their Virtual cards, you'll be allowed to make online purchases of $2000 max. Shift and Coins Bank are two popular choices for Bitcoin debit cards. But they're not your only choices. Steemit has a lengthy list of Bitcoin debit card providers worth checking out.