Techeadline | Potential of Bitcoin in South East Asia
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Potential of Bitcoin in South East Asia

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irstly, it is important to know about Bitcoin as most of the people would not be familiar with this word. Bitcoin is an asset which is in digital form. It is a payment system   developed by Satoshi Nakamoto. This Bitcoin idea was firstly introduced in 2008. This system of payment is actually peer to peer and the transactions take place directly without any third party which is mostly called as intermediary. The transaction of these Bitcoins takes place with the verification of networks nodes and is recorded in ledger.

Countries of South East Asia using Bitcoins

In South East Asia there are almost 10 countries using the Bitcoin but it is more commonly used in these three countries which are listed below:

  • Philippines
  • Indonesia
  • Vietnam

There are many places and countries in the world where the banking system is very slow as compared to other countries because they are not highly developed. The Southeast Asia is one of those regions where the banking system is as slow as snail because of which the use of Bitcoin has been started which is working better than the banking system.

 

 

Bitcoin in Philippines

There are a number of exchanges being done in the Philippines. Users deposit money in the bank and in return they get bitcoin. There are a great number of people using it and most of them are of the age25 to 34 and it has also been observed most of them are computer engineers and scientists.

Bitcoin in Indonesia

The population of Indonesia has adopted the use of bitcoin very fast. There are number of bitcoin exchange platform made in the Indonesia like “local bitcoins”, it is very popular in buying bitcoins. There are also many market places where people can obtain bitcoins very easily. It is predicted that Indonesia may give promotion to bitcoins and soon they start facility of bitcoin ATM. The government has announced about the bitcoins that it is neither legal nor a currency but it’s still not illegal.

Bitcoins inn Vietnam

Bitcoins facility is available in the Vietnam but still people are not so much interested in using them. There is only little small and medium business in the country who has adopted the use of Vietnam which includes different restaurants, equipment companies and cafes etc. The country has considered bitcoins as illegal thing but still in use by some of the business because of which government has warned them not to use bitcoins.

 

 

As far as the bitcoins are concerned, these are given a great importance at the regions where payment and banking systems are not considered to be so developed. And this also applicable at some of the regions located in Southeast Asia. As per the research, it was found that in most of the cases bitcoins are used for the infrastructural projects such as bitcoin exchanges. And these projects have till date received the amount of US$106-million in the form of global funding. As far as the adoption of bitcoins is concerned in Southeast Asia, this is considered to be quite speculative by nature.

As far as the existing bitcoin adoption is concerned, this is considered to be really low. And this is also driven via the speculation of the small amounts. Most of the users are only buying between 0.01-0.005BTC and this is recorded as per every transaction. This type of buying habit is also great influenced by the media attention. There are many exchanges you can find in this region which are not operating through open-order books and there is a reason behind it. Due to the low volume of trading for the bitcoins, this is happening.

Instead of that, these exchanges love to operate as the broker. There are also very less number of merchants that accept bitcoins. Well, the population in Southeast Asia is surely high than the population of US. But the acceptance ratio for bitcoins among merchants is less here. As per a recent study, it was found that regional landscape for bitcoins transactions is evolving. During March, 2014, an exchange located in Indonesia has switched to the open-order book like system.

On the other hand, a Philippines based website has also announced its acceptance for bitcoins as the payment. These occasions are clearly stating that the adoption rate for bitcoins will surely rise in the future. If you will look for the region like Malaysia, then you can find that the exchanges located in this part of the world are present in very limited numbers. These exchanges are also not running or operated with a professional approach. Malaysia is also the next country located in Southeast Asia where there bitcoin ATMs are located. There are two such ATMs located in this country.

There is another country like Singapore located at this region where you can find bitcoin ATMs. But the fact is that in Malaysia, bitcoin is still not considered as the legal tender, as central bank is yet to choose this as the regulating currency.

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