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BANGKOK 16 February 2019 20:07
Rugon

Withdrawing Bitcoin in Thailand

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I'd like to withdraw a large amount of cash( 30-50 bitcoin) to a Thai bank. 

 

Can anyone suggest a bank to do this, that wouldn't ask many questions about where it came from? I actually bought them years ago in Australia. 

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Send them to a broker that will allow you to withdraw them to a Thai bank account in your name, that's all you need. Most Thai banks will not raise questions as to where a transaction from abroad came from.

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Recommend you sell every single one you have, they are completely worthless. Even Gold is a better store of value as a large but deluded portion of human kind has been brainwashed into believing it is somehow special. Bitcoin and its crypto relatives? Snakeoil.

  • Haha 1

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Pawn them at nexo.io 😉 they send fiat to 200 different juristictions. And you dont have to sell them. Oh, and no 15% Thai tax.

Edited by DeeMak9

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You can do this safe via BX.IN.TH (Create account, verify passport and bankbook).
Withdrawals are near to realtime except in the evenings, then they will be processed the next day 8AM.

(Company is founded by a farang and you can also create macro's to auto-sell or auto-withdraw if you would like that, I use it daily for my trading as well and have good experiences but perhaps inform with them when doing large amounts at once and don't forget AMLO / Tax in your case).

 

Horrible timing to sell now though, hope you got much more than what you intend to sell.

Edited by tabarin
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Make sure whoever you choose is formally registered and approved in Thailand.

I'm using coins.co.th, it is one of a few that have been officially registered by the Thai government.

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12 minutes ago, VYCM said:

Make sure whoever you choose is formally registered and approved in Thailand.

I'm using coins.co.th, it is one of a few that have been officially registered by the Thai government.

BX.IN.TH is fully licensed and approved by the Thai government since 1-2 weeks too.

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20 hours ago, munchlet said:

Recommend you sell every single one you have, they are completely worthless. Even Gold is a better store of value as a large but deluded portion of human kind has been brainwashed into believing it is somehow special. Bitcoin and its crypto relatives? Snakeoil.

Speculators who flocked to this musical-chairs are wounded, but for the believers here are some points to ponder.

 

1. You are trading tokens attached to payment protocols which can be converted into currency of the buyer/seller in the transaction.

 

2. A decentralized network of 'miners' contribute processing power to make that transaction. Miners are paid for this service in bitcoins.  Unless the miners are off-grid, they run up huge utility bills in providing the processing power.

 

3. The cost of making a transaction is high like $40/transaction.  How does that compare to AMEX/VISA?

 

4. It takes about 90 minutes to process a transaction (has been as high as 24 hours). AMEX/VISA can process ~100,000/second.

 

5. The volatility is ~20 times the volatility of USD/CAD or USD/GBP- if you were able to pay for pizza, it could cost $140 or 35 cents (in bitcoin) by the time it was delivered.

 

6. The number of major retailers supporting bitcoin is low and diminishing.

 

7. Bitcoin has no demand outside of being a store of value, unlike gold, hogs, orange juice or tulips.

 

8. Any value bitcoin may derive from its use as a means to circumvent regulation is lost if nation states get into the act of sponsoring cryptocurrencies.

 

  • Confused 1

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My god, the nay sayers take every opportunity they can, dont they. Did someone ask you something?

 

@mshs Besides that your statements are highly exaggerated, some are even simply false.

 

Point 3. Untrue, it costs a few cents at the moment.

 

Point 4. Untrue, lightening network payments are instant. Otherwise its approx. 10 minutes. Besides, can you transfer money with your visa card to a friend of you across the world to his visa card?? Then you have a company deciding for you what you can and cannot do or can and cannot buy with YOUR money.

 

Point 7. Untrue, you just stated other use cases in your points above.

Edited by DeeMak9
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