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BANGKOK 16 July 2019 11:28
edwardandtubs

bx.in.th or localbitcoins.com?

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I just want to buy some bitcoin to use for purchases not trading or investment. However, I do want to get the best rate which seems to be bx (current price is 273,900 compared to 280,773 on localbitcoins) but I'm not sure if this includes the commission. So which one usually works out cheaper?

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Go with bx, localbitcoins has plenty of scammers and criminals looking to hide (launder) their money.

 

I read of one case where a foreigner was arrested for money laundering - not so long ago. Was the proceds of crime, he didn't know that but it's still money laundering and he was in the shit. The case is discussed by the guy in question somewhere on this forum. Not sure how it turned out.

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6 hours ago, ukrules said:

Go with bx, localbitcoins has plenty of scammers and criminals looking to hide (launder) their money.

 

I read of one case where a foreigner was arrested for money laundering - not so long ago. Was the proceds of crime, he didn't know that but it's still money laundering and he was in the shit. The case is discussed by the guy in question somewhere on this forum. Not sure how it turned out.

I don't think that would be a problem if you go with high volume traders.

 

Does the initial quote you get from bx include their 0.25% or is that added later in the transaction?

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Posted (edited)

I've sold on localbitcoins regularly for years, haven't had any problems

Edited by phycokiller

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7 hours ago, phycokiller said:

I've sold on localbitcoins regularly for years, haven't had any problems

Yes, it's only the occasional person they put in prison.

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9 hours ago, edwardandtubs said:

I don't think that would be a problem if you go with high volume traders.

 

Does the initial quote you get from bx include their 0.25% or is that added later in the transaction? 

It's an exchange, there is no quote.

 

You're trading a live market.

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I prefer bx.in.th. It's usually cheaper and was faster for cashout. Still usually less than 24h for cashout. 

 

localbitcoins.com is faster but also more tedious and expensive. 

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Bx seems pretty expensive for small transactions. In addition to the 0.25% fee when you buy bitcoin you also have to pay 0.0005 BTC (about 140 baht) when you withdraw. I think localbitcoins.com is better if you just want to dip your toe in the water.

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23 hours ago, ukrules said:

Yes, it's only the occasional person they put in prison.

such is thailand

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Plenty of issues with localbitcoins.com but not a reason to completely stay away from the site.

Screen for those with 1000+ trades, 100% feedback (and actually read all recent feedback), 2+ years since registration, and use common sense.

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On 6/17/2019 at 1:13 PM, edwardandtubs said:

Bx seems pretty expensive for small transactions. In addition to the 0.25% fee when you buy bitcoin you also have to pay 0.0005 BTC (about 140 baht) when you withdraw. I think localbitcoins.com is better if you just want to dip your toe in the water.

The withdraw fee appears to be based on the amount of Baht you're withdrawing.

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Posted (edited)
On 6/18/2019 at 6:56 PM, ukrules said:

The withdraw fee appears to be based on the amount of Baht you're withdrawing.

It should be but it isn't, making bx completely unsuitable for buying say 1000 baht worth of bitcoin in order to buy something or pay someone. Clearly for smaller transactions localbitcoins is better. Of course I'm talking about withdrawing bitcoins here, not withdrawing baht. 

Edited by edwardandtubs

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Posted (edited)
1 hour ago, edwardandtubs said:

It should be but it isn't, making bx completely unsuitable for buying say 1000 baht worth of bitcoin in order to buy something or pay someone. Clearly for smaller transactions localbitcoins is better. Of course I'm talking about withdrawing bitcoins here, not withdrawing baht. 

Taking the rates you showed (different listings on localbitcoins.com have different rates so it's not very meaningful to speak about any one specific rate there),  localbitcoins is 2.5% lower. The bottom line difference is what, 100 baht?

 

If you are looking to do a single deal in BTC, does it really matter? dip your toe, 100 baht more or less... and do you have extra expenses using the payment method you like on lcl (for example, do you go and deposit money physically in a bank account)?

 

If you're going to be do many deals, then it's easier to just purchase a larger amount and keep it for whenever you need it. Sure, there'll be exchange rate fluctuations, but again, do they really matter with those small amounts?

 

Edited by XGM

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33 minutes ago, XGM said:

Taking the rates you showed (different listings on localbitcoins.com have different rates so it's not very meaningful to speak about any one specific rate there),  localbitcoins is 2.5% lower. The bottom line difference is what, 100 baht?

 

If you are looking to do a single deal in BTC, does it really matter? dip your toe, 100 baht more or less... and do you have extra expenses using the payment method you like on lcl (for example, do you go and deposit money physically in a bank account)?

 

If you're going to be do many deals, then it's easier to just purchase a larger amount and keep it for whenever you need it. Sure, there'll be exchange rate fluctuations, but again, do they really matter with those small amounts?

 

That's a bizarre way of looking at things. Nobody would say 'well this credit card company only charges an extra one or two hundred baht per transaction so what does it matter?' I think such attitudes reflect the mentality of bitcoin traders and illustrate why it will never become a widely adopted currency.

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Posted (edited)
3 hours ago, edwardandtubs said:

That's a bizarre way of looking at things. Nobody would say 'well this credit card company only charges an extra one or two hundred baht per transaction so what does it matter?' I think such attitudes reflect the mentality of bitcoin traders and illustrate why it will never become a widely adopted currency.

Nonsense. If the purpose is to learn, than a one time 100 baht more or less don't deserve the energy invested here (unless your time is worthless).

 

When you're doing ongoing business, yes, you better pay attention to all costs, but you're not there, and won't be having those issues anyway since you'd be dealing with larger amounts.

 

Your only problem is if you must handle tiny quantities. It has nothing to do with crypto, it is quite common in many cases that fixed costs make small transactions less interesting.

 

Also localbitcoins.com has a fixed cost for withdrawal. Did you notice that?

 

You need to understand that moving from fiat to bitcoin and back for each and every tiny payment you do isn't the way to go if you want to minimize fees.

Edited by XGM

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