Colbert Low, one of the earliest Bitcoin user in Malaysia, and also the founder BitcoinMalaysia.com, shared about this digital currency and how it may affect the way you keep your money online.
Bitcoin is a protocol. Some people call it magic Internet money, some call it e-cash, but what it is, is a global payment system. It’s the best of both worlds.
People nowadays like digital stuff like digital books, digital walls, and like Bitcoins, digital cash. Everything is digital because people don’t like to wait nowadays.
Imagine going out for lunch and you decided to split the bill between ten friends. One of these friends would say, “Oh, I have a RM 100. How many of you will split it?” If you have Bitcoins on our phone, you simply have to scan a QR code and instantly pay your friend back. It’s borderless and it’s much faster because it confirms in a few minutes.
An example of Bitcoin as a global payment system is, for example, sending money to your friend in, say, South America. It’s pretty easy. Go online to a website, send some Bitcoins, and receive confirmation in about one or two minutes. Compare this to going to Maybank, for instance, a TT will take about 24 to 48 hours to clear.
Bitcoin is said to be created by someone named Satoshi Nakamoto. Some people say he’s British, some say he’s Japanese – no one’s really sure. Some people even say he’s an alien.
Bitcoins are decentralized and are peer-to-peer. I’m sure normal people are put off by these terms, but techies love them. What do these words mean?
Bitcoins are Decentralized
Bitcoins are decentralized meaning, in contrast to Paypal or Western Union, Bitcoin servers are all around the world. We call these servers “Bitcoin nodes.” Anyone can install a Bitcoin Node. I can even install it on my RM 1000 laptop – Dell, or HP, or whatever and turn it in to a Bitcoin Node. These nodes are used specifically to confirm transactions and make sure that there are no fake transactions running in the system.
So, unlike Paypal, there is no central server, which makes it a really secure system. If you’re a tech guy you know that central servers can get DOS attacks, for example. This can cause you to go offline and lose business in a snap.
If you go to http://getaddr.bitnodes.io you can see all the nodes around the world. I think there is currently about 100 thousand nodes around the world.
Supply of Bitcoin
Let’s talk about Bitcoin and the supply of Bitcoin. You can, theoretically, reach a supply of 21 million Bitcoins. So, if you compare it to, let’s say, U.S. dollar or traditional currencies, they are not backed by gold. They came off of the system in the 70’s. This means that they can print as much money as they want.
With Bitcoin, there’s a limited supply of about 21 million. So, think of it as gold which is also limited in amount. Being limited, therefore, the value for each Bitcoin will rise and go higher on a yearly basis.
Bitcoin is a micro-currency
The great thing about Bitcoin is that it’s a micro-currency which you can divide in to eight decimals. So, say, you have one Bitcoin. You can divide this and add two more zeroes after the dot (.001). That is called a millibitcoin.
Say you divide the Bitcoin and add five zeroes. That becomes a microbitcoin. The smallest unit of Bitcoin is called a Satoshi. I don’t know why someone would call it Satoshi, but it sounds cool, I guess.
So, imagine, say, one Bitcoin is worth, for example, RM 1 million. Say you have some on your phone – how are you going to send it to our friend? You’re not going to send $1 million are you? What you do is you divide it.
Let’s say, I want to pay my friend RM 1. I just send him, maybe 0.000001 Bitcoin if the price is RM 1 million for one Bitcoin – currently, the price is about RM 400 (at the time Colbert shared about Bitcoin during the webinar in August 2013, the price is around RM400. But in December when this article is published, the price is around RM4000 = 10 times!). Your software or application can do a special calculation to send just RM 1.
Low Transaction Fee
One good thing about Bitcoin is the network fees/transaction fees. If you use Western Union, or Moneygram, or Maybank to do a TT the charges could be quite high. It could be RM 10, RM 20, or even 1%.
I have a friend in Canada who has a lumber business – timber. He sells to different people around the world. Sometimes, the bank will charge crazy fees like 1%. So, let’s say he supposedly gets $1 million in his account. The bank will charge 1%. That’s like $10,000 just for one transaction of selling/trading a ton of lumber. It’s pretty crazy. That’s the traditional payment system.
For Premium Webinar Members, you can watch the full explanation about Bitcoin, and how you can buy, sell and profit from it here:
104 replies to "What is a Bitcoin"
Feels like the post was half-written…. What’s the conclusion? Should we buy bitcoin? Suitable for what kind of investor? Pros/cons?
Anyone need bitcoin book in malay version, pls msg me at +60123938249
I know bitcoin year 2014 . Im study and study all fact of bitcoin .how bitcoin works .
You can get all secure info from
#bitcoin.org
#bitcoin.wiki
#coincap.io
Im study near 1 year .year 2015 im sale my house . 300k . Then i buy my first Bitcoin 200k year 2015. I go to london .then i’m buy bitcoin from atm bitcoin at london . Im go to
London just to buy Bitcoin .!!!
Im get my 1st 200 BTC .buy from atm bitcoin.
After that all my Bitcoin at my digital wallet.
Im print and liminate digital wallet address and keep safe ( this is cal # cool storage #
Im always tell my friends about bitcoin.
But only one believe to buy bitcoin from 100 people .
So many negative think about this Bitcoin.
Today 2017
1 Bitcoin = RM 23,500
Im always smile and sukor alhamdulillah.
Study carefully
Make a right action
Whatever action you make today
Will be help you in future
Beleive your self
sound interesting may i know more about bitcoin thru your experience.
how to make a prediction to this BITCOIN..when i put money without knowing the future price.it could be a financial risk to me.. if u kindly can teach me or show me any videos or whatever so that i can learn how make a future prediction and pattern.. Thank you
I don’t know how to predict that. I think most people’s guesses are as good as betting in the casino.
Faiz
You shoud study bitcoin works carefully before ask this question.
You shourt get the right and secure info from secure web site.
Bitcoin is create to rise up the price
Totally different from fiat money ( usd ringgit )
Simple to understand
Bitcoin fix supply and unlimated demand
Fiat money haves infasi . Every year value of ringgit usd become more cheaper and cheaper.
At the same time you can google web site
#predict bitcoin year 2020,2050
Bitcoin have more then 10 fact to rise up
2 factor to drop
Nobody in this word can predict bitcoin price in future.
Main factor why bitcoin rate rise
Is fixed supply. Unlimited demand.
Digital money design for rise the rate future
Totally different from fiat money.
You can read latest news
From coindesk
Or reddit
But aleays keep in maind
Nobody can’t predict actualy bitcoin price future.
Main fact. Digital money always rise from down
Limated suplly / fix supply like gold
Unlimated demand year to year
Design of digital money is anti infasi
Design of fiat money is infasi
10 year value of usd down
Same wth ringgit to usd
5 year value down more 147% ( 2013 to 2017)
Digital money design for anti infasi
Totally different design fiat money.
need someone to assist in creating wallets for alt coins such as siacoin, verge and digibyte. i am facing problems when downloading these wallets. anyone to assist? willing to meet and learn.
philip
You csn do it your self
Why need company from malaysia?????
pls find from http://www.blockchain.info…the real mining genuine company produce bitcoin ..other then that are scam… bitclubnetwork.com on of the company open for public …just invest usd 1000 you able earn daily for all life…
be careful many fake company which are not listed in blockchain..
#Blockchain is the world’s leading software platform for digital assets. Offering the largest production block chain platform in the world, using new technology to build a radically better financial system.
bitclub mining is in bnm alert list
For more secure
Buy bitcoin direct by LUNO
Wirex. Blockchain
Bitstamp
Hi I am a canadian citizen here in penang on vacation. I would like to purchase some bitcoins to send overseas to another friend. Not much… around 300 to 400 usd. I have never used bitcoin before, nor am I that familiar with it. Can anyone advise where I can purchase a small amount of bitcoin here in Penang?
Dear David, you may try use Luno to buy and send bitcoin.
https://www.luno.com/invite/AZ234
Anyone sell bitcoin in penang pls contact me tq
Hi penang
How to buy NEM(XEM) in Malaysia?
More easy by NEM from singapore .
More secure
Hello KC,would like to check with u,iszit yayasan also invest in bitcoin?
Hi!
Any bitcoin expert based in Penang? I’m interested to learn more, how to buy, trade, etc. Thanks
Hi I’m interested to play bitcoin can give guidance? Thanks
Hi Summer, would you mind sharing your contact details? I could explain to you in details about Bitcoin. Have a nice day 🙂
All fact secure info already have at secure web site . Just make sure your address website is “hhtps” not “hhtp” .
You must study and study
Then try to understand how this digital money system works
How to create digital wallet
How to create paper digital wallet
How to transfer money from bank to trading exchange
How to create strony gmail password
For beginner
Google
#bitcoin.org
#bitcoin.wiki
#coincap.io
This web site all digital money # buy/ sale on line (LIVE trading) 24 hours non stop all buyer from around the word
Hi all
We are a group of hobbyist Bitcoin miners trying to spread awareness of Bitcoin mining among Malaysians.
You could join our Facebook group if you are interested to know more about mining Bitcoin.
https://www.facebook.com/groups/231555107331764/
Hey I heard you offer A – Z sets up in the group ? Can you help me ? Thank you if you reply me =)
May i know what’s distinctive about BitCoin and M Coins?
Where do you think/estimate the tip price of bitcoin is at short terms since the price is surging so much
I’m interested on buying bitcoin. Please let me more details about it.
Hi Mr. Raman, you can buy bitcoin from Remitano or Luno. But if you want to make investment which can more bitcoin, call me 0123668924.
Where can I buy ether (ethereum)
I want to Buy BTC at an affordable price..
Contact me on +2347059758177 if you have for sell
Your knowledge on Bitcoins is very commendable and interesting.
I am currently looking for a company that can transfer Bitcoins from
Malaysia to my USA Wallet.
If you can help or would like more info.
You can email me at Xander.castillo.2257@gmail.com or even call me personally
on my Hp 0112560045.
Thank you and God Bless.
Xander.
Good day all,
Now you can easily load your Xapo account with Ringgits from any bank in Malaysia! You can initiate a local transfer from your bank or deposit in cash in all Maybank, CIMB Bank and RHB Bank branches across Malaysia!
After loading your account, you can easily order and load your Xapo debit card or transfer your money immediately without costs to more than 150 global currencies including bitcoin, dollars, or euros!
Have you tried our Debit Card ? Apply now and receive USD 10 off with your purchase. Use Promocode ‘ SATH54 ‘ during application.
Have a great day ahead
Regards.
Sorry but the reviews dont look very good for Xapo
http://bittrust.org/xapo
Hi there,
BitX has relaunched in Malaysia and has rebranded to Luno.com. Several other Bitcoin services also use our exchange in Malaysia as it provides them the best rates. Do log on and try out our service at http://www.luno.com. We are the most reliable and best exchange in Malaysia- most Bitcoin pioneers in Malaysia will also attest to this.
Thanks,
Mriganka
Disclaimer: I am an employee at Luno.
Secure web site luno
#https:
Not
#http:
Before you klick any website
Make sure #secure# web site.
How its work?? same as bitcoin??
Good day all,
As the Bitcoin price increased rapidly, most of this “investment companies” or also known as ponzi scheme have ceased their operation, causing losses to hundreds of people.
Everyone should aware that high returns always comes with high risks.
BITX is temporarily stops all deposits and withdrawals through Malaysian local banks.
This is due to Fintech technology currently being studied and most probably will be adopted into our local bank system.
BITX will come up with its status announcement soon.
Currently, the only reliable place to buy and transact Bitcoin is XAPO.
It comes with debit card facility which can be used to withdraw cash at local ATM’s as well.
Anyone looking for Bitcoins , can contact me through WhatsApp at 016-5216940.
I’m a Bitcoin trader as well.
Regards.
Invest through Coinbox.biz. Everything was good until recently Maybank close their account. At this moment, no trading is allowed, only coin transfer allowed.
Anyone know what is going on?
What about CoinHako and BitX? Reliable?
Thanks.
Hi there,
BitX has relaunched in Malaysia and has rebranded to Luno.com. Several other Bitcoin services also use your exchange in Malaysia as it provides them the best rates. Do log on and try out our service at http://www.luno.com. We are the most reliable and best exchange in Malaysia- several other Bitcoin companies will also attest to this.
Thanks,
Mriganka
Disclaimer: I am an employee at Luno.
How to contact you?
i want to buy from supplier.who should i get it from?thanks
Hi Willie…how many bitcoins u wanna buy? If u looking for big amount i am afraid u gonna look for a broker…. there is a uptrend now in the market. I also have information about online mining bitcoins which pays interests monthly (varies from months of contract). Tqia.
Hi Willie,
Are you still looking for BTC? Can contact me through WhatsApp at 016-5216940. I’m a Bitcoin supplier.
Regards.
Anybody who wants to know more about Bitcoin in Sabah (tawau) can contact me
Hye, im interested about bitcoin and want to know more on it.
hi,how can i buy from you?
Hi Thazna, did anyone approach u on how to maximize ur bitcoin investment? Have u got ur bitcoin investment on?
I am intrested in bitcoin iNvestment Kindly explain
Hi, I am doing bitcoin investing and I can reach Shah Alam and Bukit Jalil areas to explain further. May contact me……….
Hi i am keen to buy bitcoin. But not frm bitkingdom. Pls pm
Hello Sue, still? I have more a very good bitcoin plan that is working and it does help me a lot in my financial planning. Would u like to know more?
Anybody who wants to know more about bitcoin and other cryptocurrency (digital currency)in kl can email me at naracantona@hotmail.com.
Hi KL Lau,
I would like o invest in bitcoin, would like to know how i can get it.
I am currently staying in Bukit Jalil.
Thanks
interested and need more details
I would like to invest in bitcoin, appreciate agent in shah alam/KK area who is doing/investing in bitcoin now.
Thank you.
I would like to know more about the bitcoin opportunity. How does it work, how to invest and how to convert to RM. I am from Penang and if there is any meetings in this area would be great, tks.
I am interested about bit coin
Interested bout bitcoin.. Need more info in JB..
Would like know more about Bitcoin and how the investing works ? I.m from Ampang, Selangor and will be more interested if we can meet up ..Thanks
Hi i would like to know whether by having this Bitcoin, will we be paid any interest monthly? Will i be paid any amount or interest per month for having this amount in my account? Someone told me that we will be paid an interest of 1% per day. 1 BTC after 1 month or 30 days = 1 BTC + 0.3 BTC = 1.3 BTC. Is it true? An expert would like to explain more on Bitcoin at Ampang.
Bitkingdom is a company own by community using bitcoin. Simply cll bitcoin bank community
Would like know more about Bitcoin and how the investing works ? I.m from Penang and will be more interested if we can meet up ..Thanks
Hey RJ,
Have u fpu
Hey have you found anyone to explain how bitcoin works in Penang? Its very straight forward. Let me know if you further info.cheers
please leave your num
Did bitcoin and bitkingdom are same?
No
I am interested in this bitcoin thing… I would like to learn more about it for it could be a great solution to my current fainancial problems
Hey zed. Per bitcoin will cost you rm2550( it’s a good time to buy). You will also get your weekly interest which can varies from 90 to 120. It depends on the value of the bitcoin at that time. Interested can in touch with me
Interested to know more about bitcoin investment in malaysia.
Can write to me.
Thanks
I would to learn How to buy and sell bitcoin and a platform for jt
If you’re from Malaysia, register for an account with Luno at http://www.coinpurveyor.com/go/luno/ and you will be able to buy and sell bitcoin with ease. For other parts of the world, kindly refer to the directory listing at http://www.coinpurveyor.com/buy-sell-bitcoin-by-country/. If you need any help or guidance, please feel free to contact me at 012-3060209.
Go to Singapore. Just use bitcoin ATM machine.
Buy bitcoin uses cash.
Easy and private
So simple way.
Hi i would like to know whether by having this Bitcoin, will we be paid any interest monthly? Lets say i have an account with RM2000 worth of Bitcoin. Will i be paid any amount or interest per month for having this amount in my account?
Bitcoin is a commodity, no interest income I am afraid.
Ok sir. Just for clarification as i came across a group whereby thye sell this Bitcoin as so called a online wallet for a value of RM2000 and given an interest of 1% per day. So you’ll earn a amount of RM600 for a month with 30days. Is it approved by Bank Negara for this so called business. Please advice me as i saw alot of them investing plenty of money on this thing.
I wouldn’t invest in any scheme that looks too good to be true. The return is insane and nobody can produce that return over the long term. Smell ponzi to me.
A Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources
Bitcoin is a free software project with no central authority. Consequently, no one is in a position to make fraudulent representations about investment returns.
Like other major currencies such as gold, United States dollar, euro, yen, etc. there is no guaranteed purchasing power and the exchange rate floats freely. This
leads to volatility where owners of bitcoins can unpredictably make or lose money. Beyond speculation, Bitcoin is also a payment system with useful and
competitive attributes that are being used by thousands of users and businesses.
Sean,
I am doing bitcoin and yes it depends on interest rate you are about to make from let’s say rm400 to 600 ( varies). It’s online mining which is done which is legal.
Buy 10 bitcoin
Date 1/1/2017 USD 1,000
Sale 10 Bitcoin
Date 26/11/2017 USD 9,000
Bitcoin profit is from quantity of Bitcoin your hoalding time different amount you buy and sale .
Ini this above chase
Proffit ia USD 8,000
( exluding fees by exchange bitcoin ttrading )
Each exchange trading different rate fees
Pls check this fees
Before you make any transaction
Buyer trasaction fees
Sale trasaction fees
Bitcoin ia not like a Bank.
Totally no interest
Like fix deposit.
Bitcoin ia not a company
Not belong to someone or company
Be carefully ponzi compang, mining
Use secure information bitcoin/ digital money and manupulite data tu ponzi
High return!!!
Carefuly
If you careless
Your money GONE FOREvER
Not becouse Bitcoin
Becouse self mistake.
Hi Sean,
Those programmes you see with guaranteed fixed monthly returns are usually always ponzi schemes. It is best to stay away from them as they don’t usually last long and the returns are dubious. If you’re interested in building returns in cryptocurrencies, I would recommend going into bitcoin mining. However, bitcoin mining has to be done in a pool at the right conditions in order for it to be profitable and sustainable. I have been mining for 9 months so far and it has been very profitable. If you would like to know how, just send me a message at 012-3060209. Thank you.
This not the way Bitcoin works
This not the way you get bitcoin
Proffit.
Advise. Not join this company.
Bitcoin buy and sale DIRECT
Your proffit 100% is yours.
Just pay small exchange transaction fees
May i know what’s different about BitCoin & M Coins?
I have no idea about M Coins.
Bitcoin is legal digital money
List in #coincap.io
All exchange trading digital money
M coin not listed in coincap.io
Ranking exchange trading
If not listed you. You know it real digital money or fake digital money
I interest for this bitcoin, can i know more for this ?
#bitcoin.org
#bitcoin.wikipedia
#coincap.io
#wirexapp.com
I want understand about Bitcoin,have any person can explain to us
I would like to know more about bitcoin in Malaysia.
Please let me know if we can meet in Solaris.
Richard, you can look for Colbert Low from Bitcoin Malaysia.
Can bitcoin convert to cash ? And how can i and where can i cash it.
There are brokers in Malaysia that you can transfer your bitcoin to the wallet in this brokers. Then it can be withdrawn to your local bank.
Which is the best platform to trade on bitcoin?
Hi, can i know how to do that? Or is there any platform that we can do that? Because currently i have bitcoins in my wallet(Not support Malaysia), but idk how to transfer it to my Malaysia back account.
Or where could i find those brokers?
Hi Aloysius,
Go to http://www.coinpurveyor.com/buy-sell-bitcoin-by-country/ and search for the exchange listed under Malaysia in this directory listing. Go with the Luno one as that is the one I personally use. You will be able to move fluidly between fiat currencies and cryptocurrencies once your account is fully set up and running.
If you need any help or guidance, please feel free to contact me at 012-3060209.
All the best,
DEVON BUY
Hi Tichardhave u joined Bitcoin?
Bitcoin is totaly not ponzi or skim cepat kaya. No need to join.
Bitcoin is currency. Like usd pound
If you buy usd dollar we buy at money changer or bank.
Bitcoin buy
1. Online bitcoin exchange trading
Like Blockchain, bitstamp, coinbase, luno
2. ATM bitcoin michenin
For safety proposed go to singapore
( bitcoin is legal currency by bank central of singapore (MAS).
Malaysia expected to legal currency by Bank negara Malaysia by 31 december 2017. Just wait bank negara regulate or not this digital money.
Macam biasa kita slow action. Terutama
Melibatkan technolgy computer baru (blockchain technology).
Kita selalu jadi # follower # not
# creator #
So kita bole anggap ATM bitcoin as exchange trading on line
Paling selamat dan secure
Buy bitcoin/ sale bitcoin dari ATM bitcoin
Online. high risk
Hacker just waiting trader mistake
Then your money gone forever
Need set out your note book a high security
Very strong password
Secure web site connection
https:// good
http:// bad connection
For beginner
Advise
Buy Bitcoin
Sale Bitcoin
At ATM bitcoin singapore.
Thanks dude!
Sangat membantu!
Dear Sir, i appreciate if you could assist me to provide list of ATM BTC in Singapore.
Tks.