Ok, I better stop procrastinating and start on the guide to complement those in v1.
In progress........
A friendly warning before you proceedIf you're new to cryptocurrencies, then welcome to the world of cryptocurrencies!!! Before you proceed further, if your intention is to invest in cryptocurrencies, please be informed that cryptocurrencies are
VERY high-risk high-return investments. If you have the money, you can earn a lot but you can also lose all and CRASH & BURN! You need to do your own research and make up your own strategy including the important exit strategy i.e. when to cut loss.
In general, for safe conservative investors, it is advisable to only allocate 10% of your funds to high-risk instruments such as cryptocurrencies.
Enter AT YOUR OWN RISK and if you lose your money, it is NOBODY's fault but yours! You have been warned!With that out of the way, let's begin!
| How to buy cryptocurrencies (bitcoins and altcoins) in Malaysia (using MYR)? |
Note : This guide doesn't cover obtaining cryptocurrencies through mining.
In Malaysia, using MYR, there are limited options to buying bitcoins (BTC). Unfortunately, at the moment, altcoins can only be acquired using BTC.
Let's start with buying BTC.
You can buy bitcoins from these platforms (click to go to the website):
1)
Localbitcoins2)
Remitano3)
Xbit Asia4)
LunoDo note that BTC prices in these websites are generally more expensive but you can sometimes get a good price if the seller is desperate to sell.
Important : If you use any of the websites, it is of utmost important to activate 2-factor authentication (2FA) for better security.
Localbitcoins- Peer-to-peer exchange (P2P) where the website serves as a platform for you to deal directly with a seller (or buyer)
- Since you are dealing with a stranger, it is very important to :
----- a) Deal with verified trader who has very good reputation/feedbacks and has done many deals. You can check -------------- their profile by clicking on their ID.
----- b) Ensure they are online
----- c) Read the traders terms & conditions before you trade
----- c) Ensure you can do instant bank transfer especially for different banks and ensure instant interbank transfer is -------------- instant! I usually prefer using the same bank to avoid delays.
- the good thing about localbitcoins is that you can send messages (and pictures if needed) during your trade. Say you want to buy 1.0 BTC, you click the "Buy" button, indicate the amount you want to buy, and type the message. I usually type something like "Wanna buy BTC. Can proceed?" and wait for them to respond.
- once you have transferred the money, you have to click on the "I have paid the seller" button. The seller will be automatically notified and will release the BTC when he confirms the money is in his bank account.
You must NEVER accidentally press the "Cancel trade" button when you have already transferred the money or you will lose your hard-earned cash!!! The "Cancel trade" button is only used when you really want to cancel the trade and
have not transferred any money.
- for safety purposes, once you initiate a trade, the BTC is kept in escrow (kept by the website) until the trade is complete. In the event that there are problems with the trade, the BTC will be held until the issue is resolved.
- your BTC is kept in the websites BTC wallet
Remitano- P2P exchange
- operates similarly to localbitcoins except you can't communicate with the seller
- your BTC is also kept in the website's BTC wallet.
Xbit asia exchange- (never use, need more input)
- Xbit asia is a bit different as you need to transfer money directly into your "account" in Xbit asia before you can buy BTC.
- Transfer of money is not instantaneous. You need to bank in money to Xbit asia's designated bank account and then email them the evidence. Once the staff confirms your bank in, it will be made available in your "account" and you can then buy BTC. Confirmation can be quite fast but only occur during working hours and working days.
- The disadvantage of xbit is that there are not many buyers/sellers.
- your BTC is kept in the website's BTC wallet
Luno- (no experience, need input)
As previously mentioned, at the moment, there's no way to buy altcoins using MYR. You have to buy BTC and send your BTC to an exchange that can convert BTC to altcoins.
There are many exchanges available. Take a look at this link :
https://www.cryptocompare.com/coins/btc/markets/USDYou can use any exchange but different exchanges have different altcoins. Some unique ones worth mentioning are as below (click to go to the website):
Note : As of 23/3/2017
1)
Poloniex- Poloniex is the only exchange that carries MANY altcoins. At the last count, around the figure of 80 types of coins!!!
2)
Bitfenix- currently the largest exchange in terms of volume
- only carries Bitcoin, Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Monero (XMR), Litecoin (LTC), and Dash.
3)
GDAX- carries BTC, ETH, LTC
4)
Shapeshift- a unique platform where you can easily convert cryptocurrencies into the ones you want. With fees of course.
Personally, if you want to acquire lots of different types of coins, Poloniex would be the best platform for this.
| Where should I keep my BTC and altcoins? |
Yay! You bought your first BTC or your first altcoin. If you plan to hoard coins with high net worth, it is important to keep them in a safe place.
Here are some articles on coin wallets:
https://www.weusecoins.com/en/find-the-best-bitcoin-wallet/https://99bitcoins.com/best-bitcoin-wallet-...parison-review/http://www.hongkiat.com/blog/bitcoin-wallets/In general, you would want to keep your coins out of reach of hackers and the best way to do that is to keep it offline i.e. your coins are not connected to the internet. Hardware wallet is a very good option.
Currently, there are two hardware wallets that are popular:
1) Trezor -
https://shop.trezor.io/- supports BTC, ETH, ETC, LTC, ZCash, Dogecoin, Dash, Namecoin and Testnet
2) Ledger nano S -
https://www.ledgerwallet.com/products/ledger-nano-s- supports BTC, ETH, ETC, LTC, ZCash, Dogecoin, Dash and Stratis
The only problem is that it is quite difficult to get these wallets locally as cryptocurrencies are still not popular in Malaysia. Probably easier next time when it becomes more popular here.
| Sending bitcoins/altcoins to exchanges/addresses and wallets |
There are a few things you have to keep in mind when you transfer cryptocurrencies:
1) It is not instantaneous. It may take a few minutes to hours!
- take a look at BTC's confirmation time :
https://blockchain.info/charts/avg-confirmation-time- there's a whole lot of issues on this but it is hoped that the long confirmation time will be resolved soon
2) Ensure the address is correct
- This is VERY important. If you send to the wrong address, you may lose the coins!
3) Ensure the address is correct for the type of coin
- Also very important. You CANNOT send BTC to an ETH address. Altcoins addresses are not compatible with each other
4) There's a transfer fee for all transfers but it is usually negligible.
5) You can always track your transfer. Just enter your receiving address into the link and you will be able to see the status of the transfer :
https://blockchain.info/| What is the current price of BTC or altcoins? |
There's a lot of ways to check the prices. www.cryptocompare.com is one of the best sites where you can see:
- prices of any coins across different exchanges :
https://www.cryptocompare.com/coins/btc/markets/USD- overall prices of coins :
https://www.cryptocompare.com/coins/#/usd- and much much more! Explore the website to see the wealth of information it provides.
fees
prices
Mar 19 2017, 07:48 PM
Quote
but based on my guess, its speculation and after speculate its profit realisation.....
Anyway, as long as higher prices doesn't chase projects away from Ethereum, I'm ok with that. 
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