Bitcoins have been slowly gaining momentum in Thailand in the past few months. It is believed that early adopters of Bitcoin in Thailand are generally techies and geeks who know more about digital currency than the average person on the street. Furthermore, there was a time when you could only buy bitcoins in-person with cash, but today you can buy bitcoins online with your credit card or make cash deposits to the Bitcoin exchange. Click at this site for more information.
6 Positive ways of bitcoin that benefits Thailand Tourism Industry
- There is an increasing number of people who are traveling to Thailand, Hong Kong, and Japan to buy bitcoins at over-the-counter exchanges as these countries have been lenient towards the digital currency
- Hotel booking website Expedia now accepts Bitcoins for hotel bookings. You can also use Expedia to find hotels that accept Bitcoins as a form of payment
- Android smartphones can now pay for goods and services at shops by swiping their phones over NFC antennas installed at point-of-sale terminals throughout the shop. This will allow travelers to use cryptocurrency wallets on their Androids to make crypto coins via NFC (near field communication).
- You can also buy bitcoins with your credit card at any ANXBTC bitcoin exchange kiosk in Thailand.
- The number of Bitcoin ATMs is increasing exponentially worldwide, especially in Canada, America, and Europe. These automated teller machines allow you to withdraw cash or sell your crypto coins in exchange for cash. However, Bitcoin ATMs are not found in Thailand at present.
- Bitcoins are accepted at numerous restaurants and stores around the world. Several businesses in Thailand have started to get bitcoins as a form of payment alongside fiat money, including popular bars, pubs, and restaurants in Bangkok such as Numero Uno Rooftop Bar, Assa Witthaya in Bangkok, and The Laundry Cafe in Phuket, to name a few.
8 Negative impacts of bitcoin on the tourism of Thailand
- If bitcoin being used in Thai territory is spread, it will significantly impact foreign trade. This makes most businesses unwilling to accept bitcoins as they are concerned about their fluctuation during each transaction.
- There is no legal framework for digital currencies within Thailand itself. Without legislative recognition or regulation, it remains to be seen whether Thailand can become a hub for digital currency innovation.
- Bitcoins are still being traded on the black market worldwide, resulting in bitcoin being used as an illegal fund transfer channel. The anonymity offered by bitcoins attracts these individuals to use bitcoins.
- The Thai government has expressed concerns that some people may use the technology for money laundering or tax evasion due to its ability to be used anonymously. As a result, Thailand’s Anti-Money Laundering Office (AMLO) is planning on examining Bitcoin operations in detail, which has yet to make their findings known.
- In 2013, the Bank of Thailand issued a warning stating that users of digital currencies were not protected by law and the bank itself would not take responsibility for any losses incurred from using bitcoin or other digital currencies. However, this remains seen as Thailand has yet to have a well-defined framework regarding electronic money.
Moreover, given the lack of regulation, Thailand’s bitcoin market may be forced to change overseas should the government decide to crack down on its use.
- The volatility of digital currencies poses a significant hurdle for local businesses looking to accept them as payment options. For example, consider that using one Thai baht in 2010 was equivalent to 1 USD, whereas today, it is valued at 32 USD.
- There remains a significant risk of volatility and security as the Blockchain technology behind bitcoins is still considered to be in its infancy, with many bugs and costly incidents related to it having been reported recently, such as The DAO hack, which led to the loss of 55 million dollars worth of ether (Ethereum tokens).
- Cryptocurrencies are often used to buy illicit goods and services on the dark web, including drugs, weapons, and distribution of pornography which in Thailand is a criminal offense punishable by law.
Conclusion:
Bitcoin has both positive and negative effects on Thailand. It is, without a doubt, able to change the world of finance for good, but it is still in its early stage of development. Therefore, the government would need to do more research into the technology before taking any steps towards regulating this new form of digital currency.