StoneSoup Posted March 31, 2014 Report Share Posted March 31, 2014 For anyone who might be interested in the Bitcoin phenomenon, from the standpoint of how things work in Thailand, I have launched a website to serve as a central clearinghouse for relevant information. You can find a directory listing the (very few) business in Thailand that currently accept Bitcoin at: http://www.bitcoinrealmthai.com/ You can read an accurate summary of Thai government treatment of the first fully-legal Bitcoin exchange in Thailand at http://www.bitcoinrealmthai.com/thai-government-regulation-bitcoin-trading/ If anyone is interested in learning more, there is weekly meetup of Bitcoin enthusiasts, as posted at: http://www.meetup.com/Bangkok-Satoshi-Square/ Bitcoin has three main uses: 1. As a store of value - and it continues to take periodic beatings in this regard, due to whipsaw price volatility. 2. As a means of carrying out convenient retail or on-line financial transactions - with an app on your mobile phone, you can make a payment down to 25 satang very quickly and easily, at a merchant set up to acceopt payments; in the future, it will be easy to make (or receive) on-line micropayments - of, say, 20 or 30 baht - opening up new ways of delivering paid content at a very low threshhold of entry. 3. As a method of transferring funds internationally - quickly and inexpensively. In this role, Bitccoin van be thought of as a "magic envelope". You purchase as envelope to hold a specified amount of funds in whatever currency you are using to purchase the envelope at your end. The size of the envelope is determined by the amount of money it contains. You then send the "magic envelope" off to its destination - similary to sending a e-mail message or Tweet - but to a very strange looking alphanumeric address. The "magic envelope" reaches its destination within a few minutes - anywhere in the world that has internet. It can move 24 hours per day, 365 days per year. The "postage" for the trip is about 1 Satang - regardless of the size of the envelope. The recipent "opens the envelope" by "cashing it in" for an amount of money in local currency, roughly equivalent to what you orginally put into the envelope. The "magic envelope" is then ready for reuse by someone else. Right now, due to limited numbers of exchange points, the "exchange rates" between Bitcoin and local currencies can be somewhat unattractive - but that situation will improve, as more players begin enterring the market, increasing competitiveness. Resistance to Bitcoin in 2014 is almost perfectly mirroring resistance to e-mail in 1994. It is only a matter of time before digital currencies become ubiquitous. Cheers! SS Link to comment Share on other sites More sharing options...
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