With the buzz about cryptocurrencies still the rage as prices plummet over the new year, you may want to consider giving your loved ones a “crypto angpow” over the Chinese New Year season.
We have explored 5 cryptocurrencies that you can purchase in Malaysia to set you up to become the coolest member of your family!
What You Need To Send Cryptocurrencies
- Mobile Wallet
- Identification Card
In order to buy and send cryptocurrencies, both parties must have a wallet. For convenience, a mobile wallet should be the choice. Green Address and Airbitz are 2 of the mobile wallets that are available for both Android and iPhone. To purchase these cryptocurrencies, you will need to upload your identification card and actual money to buy them!
Being the initial cryptocurrency, Bitcoin continues to be the leader in the market and “mainstream” cryptocurrency. There are many exchanges that trades Bitcoins with the Malaysian Ringgit which include Luno, Coinhako and XBit Asia.
If you are in Ipoh, the only Bitcoin ATM in Malaysia is located in state.
Unlike Bitcoin which was initially designed as a way of payment, Ethereum was designed to enable developers to build and deploy decentraliased applications. Miners will mine for ethers that fuel the network which is used by developers who will pay for transaction fees and services.
In Malaysia, Ethereum can be bought on Luno and Coinhako using the Malaysian Ringgit.
Bitcoin Cash is a fork out of Bitcoin when groups within Bitcoin could not reach an agreement in regard to the future developments of Bitcoin. The key difference between Bitcoin and Bitcoin Cash is that the latter increased the size of its block to allow more transactions to be processed.
Although you are unable to buy Bitcoin Cash using the Malaysian Ringgit directly, you can exchange for it using Bitcoin or Ethereum at Luno.
Litecoin is another cryptocurrency created for the purpose of decentralised payment which is similar to Bitcoin. Its unique selling point as compared to Bitcoin will be its speed that allows it to generate a new block every 2.5 minutes compared to Bitcoin’s 10 minutes.
As an alternative coin, Litecoin is not yet available to be converted directly from the Malaysian Ringgit. Buyers will have to purchase Bitcoin or Ethereum and change to Litecoin on exchanges such as Luno.
Started off as a joke, Dogecoin gained significant traction and has emerged as one of the top 5 cryptocurrency in the market. Dogecoin’s main usage is on various forums or internet communities to send compliments. It has been used to trade for physical and tangible items on Reddit.
Similar to the less “mainstream” coins, Dogecoins cannot be converted directly from the Malaysian Ringgit. Buyers will have to purchase Bitcoin or Ethereum and change to Dogecoin on exchanges such as Luno.