Looking to sell your Bitcoin in Malaysia? Here’s a quick and easy guide on how to do it!
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Selling bitcoin in Malaysia is easy and straightforward. All you need is a Malaysian bank account and a bitcoin wallet. There are many exchanges that trade in Malaysian ringgit (MYR), but not all exchanges allow you to sell bitcoin. This guide will show you how to sell bitcoin on an exchange that allows you to do so.
What is Bitcoin?
Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is decentralized, meaning it is not subject to government or financial institution control. The network that supports Bitcoin is a peer-to-peer network, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public dispersed ledger called a blockchain
How to Sell Bitcoin in Malaysia?
There are several ways to Sell Bitcoin in Malaysia. The most popular way is through Bitcoin Exchanges such as Luno, LocalBitcoins, and Paxful. However, there are also other ways such as through ATM machines and face-to-face meetups.
Bitcoin Exchanges in Malaysia
Bitcoin Exchanges in Malaysia
LocalBitcoins is the largest peer-to-peer service which helps to match Bitcoin buyers and sellers who live close to each other, enabling face-to-face and online trading.
There is a large number of people using LocalBitcoins in Malaysia. The most popular bitcoin broker in Malaysia is probably Luno, but unfortunately, they only offer BTC/MYR trading pairs. So if you’re looking to trade other cryptocurrencies, you’ll have to look elsewhere. LocalBitcoins is probably your best bet.
Coinmama is another popular cryptocurrency broker which allows people to buy Bitcoin and Ethereum with a credit or debit card. Coinmama also allows you to buy Bitcoin with a bank transfer.Coinmama offers very high limits and relatively low fees, making it a great choice for large purchases or trades.
Paxful is another popular peer-to-peer Bitcoin marketplace which connects buyers with sellers, allowing them to trade Bitcoins for a wide range of payment methods, including PayPal, Western Union, Amazon gift cards, Skype credits, and much more.Paxful has a very wide selection of payment methods available and allows for some very high limits, making it ideal for large purchases or trades.
Bitcoin Wallets in Malaysia
Bitcoin wallets are software programs that store your Bitcoin and enable you to transact with other users. There are many types of wallets, and the best one for you will depend on your needs and preferences.
You can think of a Bitcoin wallet like a physical wallet, except that instead of storing cash or credit cards, it stores your Bitcoin. There are many different types of Bitcoin wallets, each with its own advantages and disadvantages.
The most important thing to remember when choosing a Bitcoin wallet is to ensure that it is compatible with the exchange or site that you want to use it on. If you want to use a particular wallet on multiple exchanges or sites, make sure that it is compatible with all of them.
There are three main types of wallets: software wallets, hardware wallets, and paper wallets.
Software wallets are programs that you install on your computer or phone. They are convenient because they can be accessed from anywhere, but they are also less secure because they can be hacked.
Hardware wallets are physical devices that store your Bitcoin offline. They are very secure because they cannot be hacked, but they are also less convenient because you need to have the device with you in order to use your Bitcoin.
Paper wallets are pieces of paper with your Bitcoin public and private keys printed on them. They are very secure because they cannot be hacked, but they are also less convenient because you need to keep them safe and dry.
In Malaysia, there are a few ways to sell your Bitcoin. You can do so via online exchanges, or through direct trade with another person. Both methods have their own advantages and disadvantages, so it’s worth considering both before deciding on the best way to sell your Bitcoin.
If you’re selling Bitcoin via an exchange, you’ll need to make sure that the exchange is trusted and has a good reputation. LocalBitcoins is a good option for those looking to trade directly with another person, as it offers an escrow service to ensure that both parties are protected.