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Bitcoin and other Cryptocurrencies

Thu, 01 Jan 1970 07:30:00 +0800

Bitcoin and other Cryptocurrencies

wengherng — Sat, 10 Jun 2017 00:08:58 +0800

This thread is a continuation of the original "Bitcoin and other Cryptocurrencies" threads.

https://forum.lowyat.net/topic/3051328
https://forum.lowyat.net/topic/4218606

Guide to Investing in Cryptocurrencies in Malaysia

A friendly warning before you proceed
If you're new to cryptocurrencies, then welcome to the world of cryptocurrencies!!! Before you proceed further, if your intention is to invest in cryptocurrencies, please be informed that cryptocurrencies are VERY high-risk high-return investments. If you have the money, you can earn a lot but you can also lose all and CRASH & BURN! Just as with any other conventional investment vehicle, you need to do your own research and make up your own strategy including the important exit strategy i.e. when to cut your losses.

In general, for risk-averse conservative investors, it is advisable to allocate not more than 10% of your portfolio to high-risk instruments such as cryptocurrencies.

Enter AT YOUR OWN RISK and if you lose your money, it is NOBODY's fault but yours!

You have been warned.

TABLE OF CONTENTS

Post #2
1) What are cryptocurrencies?
2) How to buy cryptocurrencies (bitcoins) in Malaysia (using MYR)?
3) How to buy altcoins?
4) Where should I keep my BTC and altcoins?
5) Sending bitcoins/altcoins to exchanges/addresses and wallets
6) SPECIAL WARNING on cryptocurrency addresses
7) Incurred fees
8) What is the current price of BTC or altcoins?

Post #3
1) Important advices and tips for cryptocurrencies

Post #4
1) Why you should consider getting some good altcoins

Post #5
1) Cryptocurrency Market Capitalisation
2) Cryptocurrency's Progress
3) Cryptocurrency News

Post #6
1) Malaysian law and cryptocurrencies

Post #7
1) Grow your money on Poloniex - how to lend out your coins

Post #8
1) Important or potential coins

Post #9
1) Cryptocurrencies - Is it a big bubble ready to burst?
2) Cryptocurrencies - Is it a Ponzi scheme?

Post #10
1) Cryptocurrency wallet FAQ

Post #11
1) NEO
2) Ethereum

Post #19
1) Ethereum

Thanks to our forumers for contributing to these guides on cryptocurrencies:
1) wengherng
2) kmarc
3) WooTz
4) Enigmatic

Bitcoin and other Cryptocurrencies v2

wengherng — Thu, 09 Mar 2017 23:49:35 +0800

This thread is a continuation of the original v1 Bitcoin thread.

https://forum.lowyat.net/topic/3051328

An Overview Guide to Investing in Cryptocurrencies in Malaysia (courtesy of @kmarc)

A friendly warning before you proceed
If you're new to cryptocurrencies, then welcome to the world of cryptocurrencies!!! Before you proceed further, if your intention is to invest in cryptocurrencies, please be informed that cryptocurrencies are VERY high-risk high-return investments. If you have the money, you can earn a lot but you can also lose all and CRASH & BURN! You need to do your own research and make up your own strategy including the important exit strategy i.e. when to cut your losses.

In general, for safe conservative investors, it is advisable to allocate not more than 10% of your funds to high-risk instruments such as cryptocurrencies.

Enter AT YOUR OWN RISK and if you lose your money, it is NOBODY's fault but yours! You have been warned!

With that out of the way, let's begin!

TABLE OF CONTENTS

Post #1
1) How to buy cryptocurrencies (bitcoins and altcoins) in Malaysia (using MYR)?
2) How to buy altcoins?
3) Where should I keep my BTC and altcoins?
4) Sending bitcoins/altcoins to exchanges/addresses and wallets
5) Incurred fees
6) What is the current price of BTC or altcoins?

Post #2
1) Grow your money on Poloniex - How to lend out your coins
2) Cryptocurrency market capitalization
3) Cryptocurrency news
4) Forums
5) Important or potential coins
6) Cryptocurrency's progress

Post #4
1) Important advices and tips for cryptocurrencies

|How to buy cryptocurrencies (bitcoins and altcoins) in Malaysia (using MYR)?|

Note : This guide does not cover obtaining cryptocurrencies through mining.

In Malaysia, using MYR, there are limited options to buying bitcoins (BTC). Unfortunately, at the moment, altcoins can only be acquired using BTC.

Let's start with buying BTC.

You can buy bitcoins from these platforms (click to go to the website):
1) Localbitcoins
2) Remitano
3) Xbit Asia
4) Luno

Important :
Do note that BTC prices in these websites are generally more expensive than the average global price, but you can sometimes get a good price if the seller is desperate to sell. In order to get the best BTC price, it is recommended that you check out the prices on all 4 BTC/MYR exchanges. For example, on 29th April 2017, Localbitcoins and Remitano prices are higher, while Xbit Asia was lower, but the best price was at Luno. The only problem with Xbit and Luno is that you need to login/sign up to see BTC market details, and before you can buy, you need to transfer money to the exchange's bank account first, which will only be reflected in your exchange account after they have processed it.
Also, VERY IMPORTANTLY, if you use any of these websites, it is of utmost importance to activate 2-factor authentication (2FA) for better security.

Localbitcoins
- Peer-to-peer exchange (P2P) where the website serves as a platform for you to deal directly with a seller (or buyer)

- Since you are dealing with a stranger, it is very important to :
----- a) Deal with verified trader who has very good reputation/feedbacks and has done many deals. You can check -------------- their profile by clicking on their ID.
----- b) Ensure they are online
----- c) Read the traders terms & conditions before you trade
----- c) Ensure you can do instant bank transfer especially for different banks and ensure instant interbank transfer is -------------- instant! I usually prefer using the same bank to avoid delays.

- the good thing about Localbitcoins is that you can send messages (and pictures if needed) during your trade. Say you want to buy 1.0 BTC, you click the "Buy" button, indicate the amount you want to buy, and type the message. I usually type something like "Wanna buy BTC. Can proceed?" and wait for them to respond.

- once you have transferred the money, you have to click on the "I have paid the seller" button. The seller will be automatically notified and will release the BTC when he confirms the money is in his bank account. You must NEVER accidentally press the "Cancel trade" button when you have already transferred the money or you will lose your hard-earned cash!!! The "Cancel trade" button is only used when you really want to cancel the trade and have not transferred any money.

- for safety purposes, once you initiate a trade, the BTC is kept in escrow (kept by the website) until the trade is complete. In the event that there are problems with the trade, the BTC will be held until the issue is resolved.

- your BTC is kept in the websites BTC wallet

Remitano
- P2P exchange

- operates similarly to Localbitcoins except you can't communicate with the seller

- your BTC is also kept in the website's BTC wallet.

XBit Asia exchange
- Online cryptocurrency exchange, similar to stock market exchanges.

- XBit Asia is a bit different from abovementioned peer-to-peer platforms, as you need to first transfer money directly into your "account" in XBit Asia before you can buy BTC.

- Transfer of money is not instantaneous. You need to bank in money to XBit Asia's designated bank account and then email them the evidence. Once the staff confirms your bank in, it will be made available in your "account" and you can then buy BTC. Confirmation can be quite fast but only occur during working hours and working days.

- The disadvantage of XBit Asia is that there are not many buyers/sellers, hence the liquidity is low, leading to larger buy/sell spread prices.

- Your BTC is kept in the website's BTC wallet.

- When you sell your bitcoins, the proceeds are credited into your account in XBit Asia, which you can then withdraw, and the funds will transferred to your Malaysian bank account via GIRO. Withdrawals are processed 3 times a day, on working days only.

Luno
- Online cryptocurrency exchange, similar to XBit Asia.

|How to buy altcoins?|
As previously mentioned, at the moment, there's no way to buy altcoins using MYR. You have to buy BTC and send your BTC to an exchange that can convert BTC to altcoins.

There are many exchanges available. Take a look at this link : https://www.cryptocompare.com/coins/btc/markets/USD

You can use any exchange but different exchanges have different altcoins. Some unique ones worth mentioning are as below (click to go to the website):

Note : As of 23/4/2017

1) Poloniex
- Poloniex is currently the largest online exchange in terms of overall volume (according to coinmarketcap.com), and it also carries many altcoins. At the last count, around the figure of 80 types of coins!!!

2) Bitfinex
- currently the second largest exchange in terms of overall volume
- only carries Bitcoin, Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Monero (XMR), Litecoin (LTC), and Dash.

3) GDAX
- carries BTC, ETH, LTC

4) Shapeshift
- a unique platform where you can easily convert cryptocurrencies into the ones you want. With fees of course.

5) Bittrex
- carries even more altcoins than Poloniex
- in terms of volume, it is still very low compared to Poloniex. (as of 23 April 2017, Poloniex has a volume of 70k BTC while Bittrex only has around 7K BTC)
- does not have lending facilities like Poloniex

Personally, if you want to acquire lots of different types of coins, Poloniex would be the best platform for this.

|Where should I keep my BTC and altcoins?|
Yay! You bought your first BTC or your first altcoin. If you plan to hoard coins with high net worth, it is important to keep them in a safe place.

Here are some articles on coin wallets:
https://www.weusecoins.com/en/find-the-best-bitcoin-wallet/
https://99bitcoins.com/best-bitcoin-wallet-...parison-review/
http://www.hongkiat.com/blog/bitcoin-wallets/

In general, you would want to keep your coins out of reach of hackers and the best way to do that is to keep it offline i.e. your coins are not connected to the internet. Hardware wallet is a very good option. NEVER keep any significant amount of cryptocurrencies in online exchanges, except those that you plan to use for trading.

Currently, there are two hardware wallets that are popular:
1) Trezor - https://shop.trezor.io/
- supports BTC, ETH, ETC, LTC, ZCash, Dogecoin, Dash, Namecoin and Testnet

2) Ledger Nano S - https://www.ledgerwallet.com/products/ledger-nano-s
- supports BTC, ETH, ETC, LTC, ZCash, Dogecoin, Dash and Stratis - Click here for more details

The only problem is that it is quite difficult to get these wallets locally as cryptocurrencies are still not popular in Malaysia. Probably easier next time when it becomes more popular here.

|Sending bitcoins/altcoins to exchanges/addresses and wallets|
There are a few things you have to keep in mind when you transfer cryptocurrencies:
1) It is not instantaneous. It may take a few minutes to hours!
- take a look at BTC's confirmation times : https://blockchain.info/charts/avg-confirmation-time
- there's a whole lot of issues on this but it is hoped that the long confirmation time will be resolved soon

2) Ensure the address is correct
- This is VERY important. If you send to the wrong address, you WILL lose the coins!

3) Ensure the address is correct for the type of coin
- Also very important. You CANNOT send BTC to an ETH address. Cryptocurrency addresses are not compatible with each other

4) There's a transfer fee for all transfers but it is usually negligible.

5) You can always track your transfer. Just enter your receiving address into the link and you will be able to see the status of the transfer : https://blockchain.info/

|Incurred fees|
Keep in mind that, just like any other investment vehicle, you will be charged some fees when you make a transaction or transfer, depending on the platform you use. Here's how it generally work:
1) Buying BTC - generally free
2) Selling BTC - free or fees charged by platform
3) Sending BTC from one address to another - network transfer fees
4) On exchanges, fees vary.

These are some examples of fees being charged by different websites/platform:
- Poloniex - https://poloniex.com/fees/
- Bitfinex - https://www.bitfinex.com/fees
- Localbitcoins - https://localbitcoins.com/fees
- Shapeshift - https://shapeshift.zendesk.com/hc/en-us/art...-fee-structure-

Examples of fees being charged:
- Transfer from Airbitz mobile app (in phone) to hardware wallet twice - 0.000812 & 0.00045 BTC.
---- If BTC was USD 1000/BTC, that would mean a transfer fee of USD 0.812 & USD 0.45. Do note the difference of fees is also affected by the price of BTC at that time.
- Transfer from localbitcoins to Poloniex -
- Transfer from Remitano to Poloniex -
- buy altcoins from poloniex (direct buy)
- buy altcoins from poloniex (bidding)

|What is the current price of BTC or altcoins?|
There are a lot of ways to check the prices.
Cryptocompare.com is one of the best sites where you can see:

- prices of any coins across different exchanges : https://www.cryptocompare.com/coins/btc/markets/USD
- overall prices of coins : https://www.cryptocompare.com/coins/#/usd
- and much much more! Explore the website to see the wealth of information it provides.

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Security Safe Box

wengherng — Mon, 29 Jun 2015 13:08:18 +0800

Hi guys,

I'd like to ask whether anyone has any experience with these two companies, Alphamax and Valorforce.
They supply security safe boxes for residential homes, and I'd like to know whether anyone has any good/bad experiences with either company.

Alphamax is cheaper, it seems, but I've spoken with the sales guy from Valorforce and they seem to be very professional and know their stuff well.

Any experience feedback would be much appreciated.
Thanks!

(WTS) Peugeot 207 SV 1.6 model 2011

wengherng — Tue, 23 Jun 2015 23:38:19 +0800

Item(s): Peugeot 207 SV 1.6 (sports version), registered Oct 2011

Package includes: Complete original SV bodykit, original Peugeot leather-suede seats, security tint

Price: RM 38,000 (selling at a loss)

Warranty: Official warranty from Peugeot Malaysia until Oct 2016

Dealing method: Direct with owner

Location of seller: Damansara

Contact method/details: Email wengherng (at) yahoo dot com / Whatsapp +6012-2990425

Age of item: 3.5 years only

---

Item(s) conditions: FREE parts and labour service by Peugeot Malaysia till Oct 2016, excellent condition, very powerful low-end torque, continental-quality and comfort, no accidents, no modifications, extremely low mileage of only approximately 40,000 km (owned by housewife), full service record by Peugeot Malaysia; car comes standard with auto headlamps and auto wipers

Photos: See attached photos

Reason for sale: Owner's entire family relocating overseas on short notice due to work posting

Honda City VTEC 2007 aircon fan motor

wengherng — Mon, 19 May 2014 15:30:31 +0800

Hi guys,

I just sent my 2007 Honda City Vtec for servicing last Saturday, and the mechanics pointed out to me that my aircon fan motor (the one located by the engine, beside the radiator fan) is no longer working properly.
It was like trying to turn but not strong enough.
The mechanic tried to give the fan a little push, and it sort of whirled a little then stopped again.
The radiator fan motor on the other side was fine.

So, no choice, since I need to use the car and will be traveling soon, I needed to replace it, so got it done there by Honda service center itself.

The price for the fan motor, including installation, was RM460.
I do understand that this would probably be somewhat higher than if I were to replace it outside.

My question is, how much would it cost in the aircon shops outside?

[WTS] Villamas Apartment, Bandar Puchong Jaya

wengherng — Sun, 09 Dec 2012 17:27:41 +0800

Dear all, I have a unit in Villamas Apartment, Bandar Puchong Jaya, that I am currently thinking of selling, as I've just got married and moving to a larger condo soon.

Interested buyers, kindly do contact me for further details.

Condition:
• Well kept and clean
• Easy access to KESAS, LDP and Bukit Jalil highway.
• Located at the beginning of Puchong, so when coming from Sunway or KL, you do NOT need to go through the traffic jam of Puchong center.
• Near to IOI Mall, IOI Boulevard, Sunway Pyramid and Puchong SetiaWalk, Kinrara and Bukit Jalil.
• Both Chinese and SK schools are available nearby.
• High floor on a 16th storey apartment.
• Situated on a hill, very windy at all times.
• Pool view, facing Puchong and Sunway.
• I am the first owner, have been staying there since January 2007.

Description:
• Area: 1058 sq ft
• Facing Puchong and Sunway view.
• Low density of 260 units only.
• 3 bedrooms, 2 bathrooms.
• Built in kitchen cabinet.
• Induction Hob and Hood (Zephyr)
• Decorative solid timber door for entrance and bedroom doors.
• Cornice to all internal sides.
• Bathroom wall tiles extended to ceiling height.
• Furnished with:
- Raised decorative wooden platform in living room and study room, with wear-resistant laminated flooring.
- Air conditioner (Master bedroom 1HP and living room 1.5HP, Toshiba)
- Water heater (Master bathroom) – 1 unit
- Remote control ceiling fans – 4 units
- Built-in Wardrobe for master bedroom
- 3-seater imported Italian leather sofa
- Glass dining table with 6 chairs
- Bookshelves and computer table in study room
- Yard and Front Entrance Grille

Apartment Facilities:
• Swimming pool
• Wading pool
• Gym room
• Convenience shop
• Master antenna for RTM, TV3, Astro & radio.
• Multi-purpose hall
• Surau
• 24 Hrs security, guard patrol every floor every hour
• Smart card entrance (contactless system, just wave your card while sitting in the car, no need to wind down your windows!)
• Perimeter fencing with guardhouse
• Unifi / Streamyx / Maxis Home Fiber
• One unit Car Park
• Additional car park available for rental.
• CCTV surveillance

Asking price RM350,000.

Thank you very much.

Selling off a leasehold property

wengherng — Mon, 21 Nov 2011 01:12:02 +0800

Not sure whether there's already a topic on this......if yes, please point me to the right direction.
Anyways, I am thinking of selling off a leasehold apartment that I have.
Already held this apartment for the past 15 years......strata title.

My question is, how long does the whole process take, from agreeing on the price to transferring the title and getting payment from buyer?
I have heard some nightmare stories that selling a leasehold property is really cumbersome and difficult, and may even take up to a year, depending on how fast the land office processes it (my uncle faced this problem).
Can anyone who's done it before please give me some pointers?