Keep us updated. Hope you get it resolved soon.
I was interested in trying Luno before this actually. Now a bit afraid.

Made my first deposit with Luno today. I followed user charlescheesepie's example and just deposited RM100 to understand the whole process. I was quite nervous and kept checking the recipient reference number that Luno asked me to enter.

Anyway I used Maybank2U to transfer at 1:16pm.
I received Luno's confirmation email at 2:59pm.

So that's less than 2 hours. After that I bought BTC using the instant option.

Anyway this gives me more confidence to add more. Too bad I don't have much funds to play with crypto and I missed the big BTC wave this year.

Thanks guys for your advice. I was still new to the Luno process. I will keep the Exchange option in mind for future Luno transactions.

Steam is no longer supporting Bitcoin

I hear that Steam uses Bitpay, and the transaction fees on refunds are getting too high for Valve.

Same. I only put in money I could afford to lose. Going to keep hodl even if it crashes (then I'll probably buy some more btc on the cheap lol).

Welcome fello newbie, I also just started on Wednesday when the price of 1 BTC was still 12k

Seems like Luno is the most popular way for newcomers to buy crypto in Malaysia? Even though the first page of this thread 3 other exchanges before it.

Just curious which bank did you use to make the deposit?

Ah I see. I wonder if it's a problem with CIMB's side. Did you use IBG or IBFT(Instant FT)?

This post has been edited by Andrew Lim: Dec 8 2017, 11:49 AM

I believe that's why your deposit is having problems. Their website says

"Please make sure you enter only your reference number in all available fields, such as Recipient Reference, Other Payment Details, Comment, Message, etc"

Something similar happened to another forumer. Which bank did you use? Did you make sure to enter the Luno reference number in both the Recipient Reference and Payment Details?

I don't think BTC will replace fiat currencies anytime soon, but it could replace gold as a preferred store of value for normal folk. It's much easier to transfer around globally.

If they can actually get it up and running, more power to them.

It's just basic demand and supply. The price increase/decrease according to what people are willing to buy/sell it for. Same for any other asset - gold, oil, silver. There's also a limited amount of Bitcoins that can ever be produced, so people can't magically create new ones like printing Fiat paper in Zimbabwe/Venezuela.

"The regulation, however, only prohibits the use of cryptocurrencies as a payment tool, and does not regulate activities such as bitcoin mining and trading"

So I guess the Indonesians can still buy, but cannot use for domestic transactions?

BTC works differently. It's not 1 group or government that can increase the value of BTC. Nobody can simply print more BTC or set the price by themselves.

It's like trying to print gold or increasing the value of gold.

Fiat money is also man-made. But bitcoin has a hard limit - 21 million is the maximum no. of BTC that can ever be in circulation. It won't end up like Venezuela/Zimbabwe that you can print and assign any value you like.

That's the beauty of BTC. No single government can get rid of it. China has tried to ban it, but because it is a decentralized currency, all the Chinese are just trading in S. Korea and Japan.

No belief required. Maximum number is 21 million based on the source code.


MYR, SGD, GBP can also be measured in USD. Are they not currencies? And in S. Korea / Japan they use their local currencies. Many Luno users also buy in RM, not in USD. It's just that it's more conventional to show goods in USD.

Maybe in the future. But it's currently legal in USA, Japan, Canada. It's still even legal for individuals in China.

Yes, and BTC also depends on the dynamics of economic laws. BTC owners also cannot come together and simply set random price. The price is based on laws of supply and demand.

Actually fiat currencies like MYR can be pegged, like when Mahathir fixed RM3.8 to 1 USD after the 1997 financial crisis. But nobody in BTC community can simply do that.

Each bitcoin has 100 million satoshis.
Which provides 2,100,000,000,000,000 units.
That's 2100 trillion units which is more than enough to represent USD 80 trillion or more if needed.

Yup, BTC can end up killing itself because of the high transaction fees. Hopefully more exchanges will adopt Segwit and the lightning network soon, otherwise I believe many people will migrate to cryptocurrencies that are faster and cheaper. I thin LiteCoin is a good contender.

^ Yesterday morning.

^ This morning.

lol crypto trading in a nutshell