Faq everything you should know about bitcoin in malaysia, as a newbie – ringgit oh ringgit electric utility companies charge customers for

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Looking for information about bitcoin in Malaysia? I’m glad people are showing more interest in this, but it’s risky to dive in without sufficient information. electricity word search ks2 From my experience admin-ing one of the Bitcoin Malaysia FB pages ( here; join for latest news and updates), seems like many people like to promote unsafe bitcoin investment opportunities.

It’s a decentralised cryptocurrency and digital currency. Decentralised = not issued or regulated by any governments. Your RM was issued by Malaysian government right? So decentralised means that bitcoin (and most other cryptocurrencies) is not under any country. The easiest way to describe bitcoin is its an ‘internet currency’. Imagine the internet as a country and bitcoins can be sent anywhere without geographical borders.

Oh, bitcoin is not anonymous btw. If you heard that, I’ll tell you now that it’s a myth. A criminal who uses bitcoin is a stupid criminal. Transactions are fairly easy to trace via Blockchain.info, but having said that there are ways to hide the trails if one is clever. If I’m a criminal I’d just stick to paper money tbh, that’s way more anonymous. Decentralised? Is it legal/Is it considered money?

The legality of bitcoin can be debated. In Malaysia, it’s not considered as money at all (BNM don’t consider it legal tender). In some countries, the government wants to ban bitcoin or actively discourage it (Venezuala, for example, released propaganda against bitcoin). This Legality of Bitcoin by Country page has a good overview (though some not updated).

EDIT: Religious opinions differ by country. electricity worksheets for 4th grade Egypt’s top cleric for example declared bitcoin trading as ‘unlawful’ under Shariah. It’s important to understand the context in the country – as a tool, bitcoin can be used for both good and bad. So use it for good and don’t take excessive risk, make sure you use it in the most halal way possible so it doesn’t harm the society. What can I use Bitcoin for?

Edit: There are legit cloud mining companies. One of them is Genesis Mining (note: not an endorsement). impact of electricity in the 1920s Reviews say that the profit rate is too small though, but I have not personally tried myself. Dividend Magic is trying this out, go read his experience here. OK, I understand about bitcoin self-mining and the slow profit, but I still want to do it

Where to buy mining equipment. You can buy mining equipment from Bitmain. ortega y gasset revolt of the masses This website is recommended as they provide warranty, although claiming said warranty can take a long time. You can also buy locally used mining equipment from Malaysians – this can be a cheaper option, but of course no warranty. There’s a healthy listing of mining equipment in the Bitcoin Malaysia #1 (Open) page.

Who mines bitcoins in Malaysia. The group is kind of scattered and low-profile, so the best bet is to join some bitcoin groups in Malaysia and ask. There’s no restrictions or clubs or permissions that you need to get to start mining bitcoins in Malaysia. But do be aware that the mining equipment will be noisy, heat up, consume a lot of power, comes with high setup fee, maintenance and time cost. To quote Capt, ‘it’s not as easy as one may think’.

What is the typical ROI (return on investment). It USED to be 3 months ROI. Now Capt said it’s closer to 6 months, BUT this does not take into account maintenance like electricity cost and rigging/setup. Miners will also need to know that there are other variables that will affect the potential profit, such as downtime, miner management, bitcoin prices, what to do once upon successful mining, equipment breakdown, spare parts, rental for dedicated space, and more.

• Bitcoin is considered a high-risk investment. The value rises and falls randomly. arkansas gas prices Once I’ve bought and immediately lost 15% of its value the next day. There are good days when Bitcoin ‘mooned’ (slang for sudden increase in price), but there are also bad days when suddenly prices fall and took a while to recover. Compare it to gold, if you will.

• How to store your bitcoins. There are two main ways (simplified version). k gas cylinder One is via hardware bitcoin wallets, which are USB-type devices that you can store bitcoins and take it off the internet. Second is via reputable bitcoin services. I suggest you get 2-3 companies and spread your bitcoins around, you never know if they will suddenly go bust (this has happened before; it’s called the Mt Gox incident).

• If you earn or collect bitcoin in other ways, you can use any wallet as receiving address, even the ones without Malaysian presence. Example includes Blockchain, Coinbase, etc. Check r/bitcoin and bitcointalk for recommendations. Some are known for good customer service, some highlight their security features, some focus on simple UI, some allows trading… this list is not exhaustive. I suffered from analysis paralysis too in the beginning. Then I realise that personally, I value being able to cash out bitcoin to RM quickly, so I don’t use companies that are not Malaysia-friendly.

• If you want to keep bitcoin for long-term and just forget about it for now, keep bitcoin in hardware wallet, or download secure mobile wallets like Mycelium, Copay or Jaxx (write down your private keys in case you lose your phone) or print out as bitcoin paper wallet and keep it securely. If you write or print anything out, laminate the shit out of it and keep it out of sunlight, fire sources etc. Keep your private keys safe, don’t post it online.

• From your bitcoin wallet, generate (a) a bitcoin address and/or (b) a QR code. Customers who want to pay with bitcoin can then send bitcoin to these addresses, and it should arrive in less than 30 mins. gas works park events All transactions are publicly-viewable on blockchain.info, so there are no way to make false transactions. Your wallet should also be able to notify you when you receive the bitcoins.

Over the years, we now have a few other cryptocurrencies that have the same ancestry as bitcoin. The most popular are Bitcoin Cash ($BCH) and Bitcoin Gold ($BTG). Imagine a Word document that you send to people. If it’s not edited, it remains the original. If a few people make edits and save-as another name, that’s considered a new document. This kinda explains forks. See this Wiki article for the list of bitcoin forks so far.

The user-friendliest way to claim from bitcoin forks is to keep it in a hardware wallet (see the section before this). For example, I have the Ledger Nano S. When forks are about to happen, I make sure to keep my bitcoins in there. electricity 101 Ledger will release updates and steps for the claiming process. I have successfully claimed $BTH and $BTG this way.