Can anyone compare between bitx and coinbox in terms of fees and service level? Are there many people who really use localbitcoins here to buy and sell??

any idea why the price fall?

any idea why the price fall?

BitX fees are based on maker/taker at 1%
Coinbox has no trading fees but if u want to withdraw in RM then they charge 1%

Therefore it is preferable to buy Bitcoin from Coinbox but sell on BitX (if u're the maker).

I like Coinbox because it has 24/7 service and accepts deposits in minutes while with BitX you kinda have to wait till they process.

BitX however has a very nice mobile app and a refined user experience.

Localbitcoins has a lot of scammers but there is decent volume.

Hi guys! I am a big cryptocurrency fan and thought I would like to share my knowledge with everyone as too often the lack of knowledge is being used to scam people such as unethical Ponzi/pyramid schemes like OneCoin, Capricoin, Utoken, MMM, Bitclubnetwork, BitKingdom, Coinbit, AviaBitcoin that use Bitcoin to evade BNM regulations by accepting Bitcoin deposits only.

Please feel free to ask any questions you may have about Bitcoins or other cryptocurrencies and I'll be happy to answer.

To begin with here's an introduction to the top 10 cryptocurrencies accurate as of today in terms of market capitalization.

SUMMARY OF TOP 10 CRYPTO CURRENCIES IN TERMS OF MARKETCAP

1. Bitcoin (6.3 bil market cap) The first decentralised cryptocurrency. Most merchant adoption and public awareness. Currently going through some disagreements on how to upgrade it to handle increased transaction load.

2. Ethereum (757 mil market cap) Very hot new crypto. Doesn't seek to be a currency but as a decentralised platform for applications to run. For e.g. self executing contracts that once placed in, will auto perform it upon conditions being met free from third party interference. Recently enjoyed a huge boost in price.

3. Ripple (271 mil) More aimed at banks/financial institutions and payment networks as a settlement infrastructure technology. This allows banks to settle with each other quickly at low cost reducing transaction fees.

4. Litecoin (145 mil) Used to be the no.2 cryptocurrency. Was the first altcoin that hoped to make transaction times faster and for mining to be decentralized. However these improvements have been replaced by better solutions in other coins. Development has slowed a lot and has not developed any innovative features in a while. However, still a lot of people invested in it which keeps it alive.

5. MaidSafe (45 mil): Recently gained a lot in price. Intends to replace centralized datacenters by building a fully decentralized data and communication network. That means people who participate in MaidSafe allow part of their computers to be used by other people in the network be it computing power/disk space. For e.g. it's like Dropbox except that instead of being held in Dropbox centres, your data is spread throughout the network by everyone who uses MaidSafe too in a safe and encrypted way.

6. Dash (26.6 mil): Aims to compete directly with Bitcoin as a digital curency by solving all major problems that Bitcoin has. This means instant transactions, anonymous transactions and eventually decentralized payment processors and easy to use APIs. Has a self governance model that allows stake holders to vote on the future and direction of Dash (unlike Bitcoin which relies on miners and core devs). One of the few currencies that derives its funding from its own blockchain.

7. Dogecoin (23.6 mil): Started out as a joke coin and has almost the same features as Litecoin. Fun and wide community support but little in the way of revolutionary features. One of the earlier cryptocurrencies.

8. Factom (19.7 mil): Aims to be the premier solution for records management and notarial services. For e.g. in medical records, supply chain management, voting systems, property titles. It creates an immutable audit trail. Whereas Bitcoin's blockchain stores transactions, Factom is designed to store any data.

9. NEM (15.2 mil): Experienced a huge gain in price recently. Doesn't require mining and uses POI. Has integrated messaging and multi-signature. Distributed its coins through a crowd sale. Secure messaging. Aims to be the premier solution for creating your own tokens, ledger system, asset listing without having to maintain or create your own blockchain.

10.  Monero (11.6 mil): Monero focuses on privacy with privacy at its very core. Unlike other blockchains which are transparent and publicly viewable, Monero's blockchain is opaque meaning people cannot trace your payments.

HOW DO YOU GET BITCOINS?

Get yourself a proper wallet. For Android, I recommend Mycelium, for iOS I recommend Breadwallet. For desktop usage, I recommend Multibit HD or Electrum.

You can technically also mine them but you won't get much in most cases for it to be meaningful unless you have a lot of money and a source of cheap electricity.

You can grab them off Malaysian exchanges or through trading groups.

These are the three I trust:
Coinbox Fastest deposits and withdrawals. Malaysian company. 1% fee on withdrawals but free trading.
BitX Great mobile app and website. Competitive market. 1% fee on taker.
Coinhako Buy and sell Bitcoins easily.

Although I trust them, they are by no means foolproof as regulatory approval is a bit grey. Trading groups can also be very risky so as a newbie I would advise sticking to the exchanges.

Hi, first of all thank you for opening up this topic for person like me who has 0 info on bitcoin. But i'm curios to know based on your statment below;

"lack of knowledge is being used to scam people such as unethical Ponzi/pyramid schemes like OneCoin, Capricoin, Utoken, MMM, Bitclubnetwork, BitKingdom, Coinbit, AviaBitcoin that use Bitcoin to evade BNM regulations by accepting Bitcoin deposits only"

because someone close to me is so obsess and currently with BitKingdom. How does this relate to pyramid scheme? Appreciate your explainantion.

Thanks

Coinhako puts a good writeup here: https://www.coinhako.com/blog/scam-alert-july-2016/
Scroll down to the part which talks about Bitkingdom.

Note that by using Bitcoin or tokens, Bitkingdom neatly bypasses the requirement for a license to take money deposits which is why it has perhaps stayed under the radar.

A pyramid scheme is one where profits are derived from incoming participants, meaning they take the incoming funds of other people to pay you. The success of pyramid schemes lies in that not everyone will withdraw their funds at the same time and you merely trust that the figure they say you have are funds that they actually have. As long as people don't pull out, they can 'guarantee' profits by just arbitrarily bumping up your figure without really having it. How do you verify that the 'money' that you say you have is actually there?

Bitkingdom's modus operandi is to say that this is all pooling of funds which is kinda like 'hoi'. Everyone contributes and when it's their turn, they take the money which everyone contributed on the understanding that they will continue to contribute. The main flaw with this is that with a 'hoi' system no one 'earns' money. It's just a way whereby when people need the money, they can use the money in the 'hoi' by effectively borrowing from the other participants and then eventually repaying it back through subsequent contributions. There is no profit element.

Bitkingdom is different in that it promises a huge 1% profit everyday. If everyone is just chipping in 'to help', where is this 'profit' coming from? Doh, classic pyramid scheme, from other people la! What happens when there's no more new people to recruit? Where would the profits come from then? In fact in Bitkingdom's own Terms and Conditions, it says there is a possibility of loss, so what is all this guarantee??

If you google up MM Global a proven Ponzi scheme, you will see how similar MM Global's operations are. One of the main guys behind Bitkingdom ('Dato' Fadino), is an experienced ponzi scheme operator. Google up BitAnt and GWGFX which were both under him as well. Why he isn't in jail...well you know Malaysia la.

Key differences between a bank and a Ponzi scheme

Now the argument they make is that banks do the same thing. Which is true up to a certain extent. For every RM100 you put in, banks loan out a more than RM90 of it but note that banks charge interest as earnings and therefore they have a source of income. So if you suddenly want to take your RM100.00, they'll have to find other people's funds to return that money to you. The difference is banks are an essential part of the economy and most people don't keep their money in cold hard cash so in most cases it's just a figure. Estimates put it at 5-8% of the world's currencies exist in PHYSICAL cash. Also, in the event that the bank does suddenly find itself facing issues in supplying enough cash to its depositors, it has a further fall back with the central bank (in our case Bank Negara).

In short:

A bank takes depositors' money, and lends it out to people who will (theoretically) pay it all back, and collects interest as its source of income. This is frequently sustainable. The income usually is sufficient to cover the low interest rates that banks pay to depositors (3% FD for instance) and also to cover those loans that default.

A Ponzi scheme like Bitkingdom takes depositor's money and uses it to pay the depositor as "interest". There is no 'income' activity. Then, before they run out of the first depositor's money, they try to attract more money. Eventually they must run out of people to take money from. It is fundamentally unsustainable.

There are of course arguments that the fractional reserve banking system is all rubbish and there is actually a lot of arguments that such a system is haram.
You can read the arguments for and against here:
http://www.daruliftaa.net/index.php/islami...e-banking-halal
http://www.ahamedkameel.com/ownership-effe...ic-perspective/
http://mises.org.br/Article.aspx?id=1006

Thank you for your kind response.
Further to that, is it advisable to call it quit or is a person able to transfer the bitcoin posession to another "system" away from BitKingdom and it's known associate?
If yes, what is your advise and recommendation?

Thank you very much.

Well with these systems, often you can't really 'withdraw' all of it or if so it takes a long time.
I would suggest to withdraw as much as you can without penalty and keep doing it. Early on, such schemes often allow you to withdraw easily but as the Ponzi grows, they will make it harder and harder to withdraw so they can prolong the life of the Ponzi. A lot of people realize that the money they say they have in the system is just a figure when they try to withdraw.

Keep the Bitcoin to yourself. Use your own wallet (not a web-based one). Consider getting something like a hardware wallet like Trezor if it's a big amount. If smaller amounts you can use Mycelium for Android or Breadwallet for IOS (just remember to keep backup and to lock your phone).

Thank you for your kind response.
Further to that, is it advisable to call it quit or is a person able to transfer the bitcoin posession to another "system" away from BitKingdom and it's known associate?
If yes, what is your advise and recommendation?

Thank you very much.

Well with these systems, often you can't really 'withdraw' all of it or if so it takes a long time.
I would suggest to withdraw as much as you can without penalty and keep doing it. Early on, such schemes often allow you to withdraw easily but as the Ponzi grows, they will make it harder and harder to withdraw so they can prolong the life of the Ponzi. A lot of people realize that the money they say they have in the system is just a figure when they try to withdraw.

Keep the Bitcoin to yourself. Use your own wallet (not a web-based one). Consider getting something like a hardware wallet like Trezor if it's a big amount. If smaller amounts you can use Mycelium for Android or Breadwallet for IOS (just remember to keep backup and to lock your phone).

Hey Reuben, awesome thread and replies! 

I wrote a detailed article this week on how to identify (and avoid) Bitcoin scams.

Hopefully readers of the thread will find it useful: https://www.bitx.co/blog/bitcoin-scams/

Hey again Reuben Y

I have an account with CoinHako and I notice the spread for MYR is a lot. Any input why? And where do I purchase alternatives to Bitcoin?

Yeah their prices not that competitive I believe coinbox.biz is better. BitX is having some issues atm.

For altcoins, Bittrex or Poloniex.

Hi guys! I am a big cryptocurrency fan and thought I would like to share my knowledge with everyone as too often the lack of knowledge is being used to scam people such as unethical Ponzi/pyramid schemes like OneCoin, Capricoin, Utoken, MMM, Bitclubnetwork, BitKingdom, Coinbit, AviaBitcoin that use Bitcoin to evade BNM regulations by accepting Bitcoin deposits only.

Please feel free to ask any questions you may have about Bitcoins or other cryptocurrencies and I'll be happy to answer.

To begin with here's an introduction to the top 10 cryptocurrencies accurate as of today in terms of market capitalization.

SUMMARY OF TOP 10 CRYPTO CURRENCIES IN TERMS OF MARKETCAP

1. Bitcoin (6.3 bil market cap) The first decentralised cryptocurrency. Most merchant adoption and public awareness. Currently going through some disagreements on how to upgrade it to handle increased transaction load.

2. Ethereum (757 mil market cap) Very hot new crypto. Doesn't seek to be a currency but as a decentralised platform for applications to run. For e.g. self executing contracts that once placed in, will auto perform it upon conditions being met free from third party interference. Recently enjoyed a huge boost in price.

3. Ripple (271 mil) More aimed at banks/financial institutions and payment networks as a settlement infrastructure technology. This allows banks to settle with each other quickly at low cost reducing transaction fees.

4. Litecoin (145 mil) Used to be the no.2 cryptocurrency. Was the first altcoin that hoped to make transaction times faster and for mining to be decentralized. However these improvements have been replaced by better solutions in other coins. Development has slowed a lot and has not developed any innovative features in a while. However, still a lot of people invested in it which keeps it alive.

5. MaidSafe (45 mil): Recently gained a lot in price. Intends to replace centralized datacenters by building a fully decentralized data and communication network. That means people who participate in MaidSafe allow part of their computers to be used by other people in the network be it computing power/disk space. For e.g. it's like Dropbox except that instead of being held in Dropbox centres, your data is spread throughout the network by everyone who uses MaidSafe too in a safe and encrypted way.

6. Dash (26.6 mil): Aims to compete directly with Bitcoin as a digital curency by solving all major problems that Bitcoin has. This means instant transactions, anonymous transactions and eventually decentralized payment processors and easy to use APIs. Has a self governance model that allows stake holders to vote on the future and direction of Dash (unlike Bitcoin which relies on miners and core devs). One of the few currencies that derives its funding from its own blockchain.

7. Dogecoin (23.6 mil): Started out as a joke coin and has almost the same features as Litecoin. Fun and wide community support but little in the way of revolutionary features. One of the earlier cryptocurrencies.

8. Factom (19.7 mil): Aims to be the premier solution for records management and notarial services. For e.g. in medical records, supply chain management, voting systems, property titles. It creates an immutable audit trail. Whereas Bitcoin's blockchain stores transactions, Factom is designed to store any data.

9. NEM (15.2 mil): Experienced a huge gain in price recently. Doesn't require mining and uses POI. Has integrated messaging and multi-signature. Distributed its coins through a crowd sale. Secure messaging. Aims to be the premier solution for creating your own tokens, ledger system, asset listing without having to maintain or create your own blockchain.

10.  Monero (11.6 mil): Monero focuses on privacy with privacy at its very core. Unlike other blockchains which are transparent and publicly viewable, Monero's blockchain is opaque meaning people cannot trace your payments.

HOW DO YOU GET BITCOINS?

Get yourself a proper wallet. For Android, I recommend Mycelium, for iOS I recommend Breadwallet. For desktop usage, I recommend Multibit HD or Electrum.

You can technically also mine them but you won't get much in most cases for it to be meaningful unless you have a lot of money and a source of cheap electricity.

You can grab them off Malaysian exchanges or through trading groups.

These are the three I trust:
Coinbox Fastest deposits and withdrawals. Malaysian company. 1% fee on withdrawals but free trading.
BitX Great mobile app and website. Competitive market. 1% fee on taker.
Coinhako Buy and sell Bitcoins easily.

Although I trust them, they are by no means foolproof as regulatory approval is a bit grey. Trading groups can also be very risky so as a newbie I would advise sticking to the exchanges.