Bitcoin in Malaysia – What You Need to Know

Bitcoin is seen as the future way of how people will be handling money. Soon, paper money will be gone as they say, but as of now it is still here to stay. However, many people these days, even businessmen and aspiring entrepreneurs are already harvesting for bitcoin.

What is bitcoin?

Bitcoin can be used anywhere and you don’t need to make “withdrawals” since it is a digital currency. It is a decentralized currency, which works differently from the currencies that each nation manages. Decentralized means that it is not regulated or issued by any governing bodies. For RM in Malaysia, it is issued and regulated by the Malaysian government. Since it is not bound or regulated by any country, you can use bitcoin anywhere, as long as you have access to the internet. It is referred to as an internet currency after all.

Is it legal?

The thought that you can’t touch bitcoin scares most people. You can’t blame others for their fear of something they don’t understand, especially when they are used to touching actual money. But when it comes to the legal side of bitcoin, it has gone through a lot of debate. This means to say that not all countries sees it as an alternative to money, and they are still considering whether or not they are going to accept it as it is. In Malaysia, it is not considered as money. So when you are cheated of your harvested bitcoins in the country, you can’t get any help from the police and they will just dismiss it as another scam issue. In other countries, they want to ban the use of bitcoin. Some simply made active discouragements, but are not banning it entirely. For example, in Venezuela, they have released a propaganda about the bad side of bitcoin. You might want to dig in further about the legality of using bitcoin according to the country. images-13

Some of the progressive countries like Japan wholly accept and recognize the use of bitcoin. Zug, a city in Switzerland, allows the local citizens to pay for their government services using bitcoin.

Bitcoin – is it halal?

If you understand the risks involved in using bitcoin, then yes.

Uses of bitcoin in Malaysia

  • The most popular use of bitcoin is putting it in as an investment.
  •  Pay for products and services. Keep in mind that not all places in Malaysia accepts bitcoin, so it is your responsibility to do a research on which places accept bitcoins
  •  It is a way to send money such as international money transfer, which is done via the internet
  •  Some individuals use bitcoins to donate. There is one example for online payment systems such as PayPal and Visa that refuse to send money to Wikileaks for donations, so bitcoin is used instead.

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You can acquire bitcoins in Malaysia in one of two ways: mining and buying. Many bitcoin experts in Malaysia advise against mining unless you are ready to equip yourself with all the expensive equipment needed to start it off. Also, it is difficult to compete against the Chinese miners. The experts in Malaysia say it is best to mine or buy bitcoins only as a hobby.

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