How to Buy Bitcoin in Malaysia? This guide will give all the details on buying bitcoin in Malaysia, in the easiest and most secure manner
For those looking to learn how to buy bitcoin in Malaysia, this post explains the easiest ways to acquire the cryptocurrency. Below we will list the best options featuring the easiest ways to buy bitcoin in Malaysia. It will also explains the advantages of buying bitcoin not only in Malaysia, but anywhere.
What is Bitcoin and Why It Is a Good Idea
If you are new to bitcoin but interested in the subject, there are probably many questions you have about. How to buy bitcoin in Malaysia? Is it safe? What is the advantage of buying bitcoin.
Perhaps we should start by asking ourselves, what is bitcoin? Bitcoin is decentralized cryptocurrency, which allows users to make peer to peer transactions in a safe, digital environment.
The decentralization of bitcoin is the first advantage one can notice about bitcoin. Instead of national currencies, which are controlled by a state, bitcoin is controlled by a network of computers. Each computer part of this network is called a bitcoin node, and the network of nodes confirms and validates each transaction. This way, bitcoin transactions remains pretty secure and a bitcoin is never spent twice.
The second advantage of bitcoin is the fact that is not regulated by a company. Unlike Western Union, or Wire Transfers between banks, Bitcoin can be moved around freely. This means that a bitcoin can be trade from Malaysia to USA and back to Malaysia for example, paying 0% in fees.
How to Buy Bitcoin in Malaysia
When I was new to bitcoin I was really attracted to the advantages of bitcoin. However, I had one huge problem that took me quite a while to solve. How to buy bitcoins in an easy and stress free manner?
At the first moment, most ways to buy bitcoin seemed a big risky to me, and involved numerous degrees of complex verification and waiting.
That seemed perfectly understandable as online frauds are quite frequent. But I just wanted to buy bitcoins, fast and easy.
After browsing around and researching, I found the options below as the easiest ways to buy bitcoin in Malaysia.
Best Ways to Buy Bitcoin in Malaysia
Now we will check what are the best ways to buy bitcoin in Malaysia. Firstly starting with Localbitcoins, which I consider the easier way to buy bitcoin not only in Malaysia, but in most countries.
Buying bitcoin on Localbitcoins
Buying bitcoin on localbitcoins is one of the easiest methods to get bitcoin in Malaysia. Localbitcoins is a company based in Helsinki that facilitates peer to peer bitcoin transactions. It has its own escrow system, which makes localbitcoins extremely safe to buyers and sellers of the cryptocurrency
Step 1 – Registration
Registration is pretty straight forward and you will need a valid email to confirm your signing up process. You can click here to open your account on localbitcoins.
Step 2 – Editing your profile
Editing your profile is very important on localbitcoins, as some of the steps here are crucial for successfully purchasing bitcoins. Unlike other trading platforms and exchanges, Localbitcoins requires less verification. But there are still some verification needed.
There is the real name verification, which most traders will require you to have. Just insert your real name there (matching your bank account’s name).
There are also other degrees of verification, which peers may or may not require. I have personally done it, but you can do just some of them, ore even none (as long as the trading part agrees with trading without it). I believe most traders require at least a verified phone number.
All the verification process is done instantly and in an automatic way. You don’t need to wait for a human to check your data.
Step 3 – Choosing a peer to buy your bitcoin
In localbitcoins, you choose traders, from whom you can buy or sell bitcoins. You don’t have to necessarily choose a trader from Malaysia, but it will be usually faster to do so.
Just click on buy bitcoins and select Malaysia. You will see a number of users selling bitcoin in Malaysia, the payment methods they accept, and they price per 1 BTC. You can buy any bitcoin, even much lower than 1, like 0.005 for example. This also changes from user to user, each one of them has their own limit.
Click on buy, and you will be redirected to the buyers terms for the purchase.
4 – Buying the bitcoin
As on the example below, you will see the buyers terms on the right. Make sure you agree with them and you are able to fulfill them.
After you click on buy bitcoins for MYR, your transaction will be initiated
5 – Finishing transaction and getting the bitcoins
Once you started the transaction, you have to send the money to the buyer according to the instructions. After the money is sent you can attach a print screen of the transfer and click to mark the transfer as paid.
Once the user confirms that the money has arrived, the bitcoins will be transferred to your bitcoin wallet on local bitcoins. From there you can click on Wallet on the top right and send them to any wallet you want.
6 – Other ways to buy bitcoin in Malaysia
Another option to buy bitcoin in Malaysia is using Wirex. Wirex is great bitcoin solution providing an wallet app and also a debit card.