September 21, 2017

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Mining, Merchants, and Traders—Thailand’s Got the Bitcoin Fever




Thailand

Over the past year, the use of cryptocurrencies in Thailand has been growing significantly as there have been many reports of citizens catching the “bitcoin bug.”

Also read: India’s Finance Minister Holds Private Meeting On Bitcoin Regulation


Thailand’s Queen Sirikit Convention Center Fills With Cryptocurrency Mining Enthusiasts

Mining, Merchants, and Traders—Thailand's Got the Bitcoin Fever
The Commart expo girls promoting GPUs.

On June 22 a large group of people gathered at a computer expo in Thailand to purchase computer components to mine cryptocurrencies. According to reports, there is a nationwide shortage of graphics processing units (GPU:s) due to Thailand residents mining digital assets like Ethereum and Zcash to trade for BTC. Veerachai Morprapaipan, the store owner who helped organize the expo at the Queen Sirikit Convention Center said there were so many people he lost track of how many customers attended. 

One customer, Niratcha Sukyu states “I’m buying as many pieces as I can get my hands on.” The GPU vendor from Thailand details that many altcoins have increased in value and local miners are trading them for bitcoin. Veerachai’s booth ‘TH Miner’ got a lot of attention as the company sells complete GPU mining packages and other components. According to Veerachai one of his machines sold for 109,000 baht that day.

Mining, Merchants, and Traders—Thailand's Got the Bitcoin Fever
Veerachai Morprapaipan owner of TH Miner.

80-Year Old Bangkok Fishball Noodle Shop Starts Accepting Bitcoin

Mining, Merchants, and Traders—Thailand's Got the Bitcoin Fever
Tewit Boriboonchaisiri owner of Lim Lao Ngow, a fishball noodle shop in Bangkok.

The GPU vendor Veerachai isn’t the only merchant in Thailand betting big on bitcoin. The owner of Lim Lao Ngow, a fishball noodle shop in Bangkok has decided to accept bitcoin for food and drink services at one of six of Tewit Boriboonchaisiri’s branches.

“To prevent our restaurant from becoming stale we need to rebrand it to become more modern,” Mr. Tewit tells the Bangkok Post. “This new branch, located in Siam Square One, has a more modern character, operating as a bistro with variations of the original menu and using the latest technology.”

Alongside accepting the decentralized currency, Lim Lao Ngow customers can view the menu and order their meals utilizing a tablet. Mr. Tewit tell the local publication that a lot of Thais mine bitcoins and trade the cryptocurrency in the region.

I think cryptocurrencies will become a very important technology in the future These technologies will definitely change the way we make financial transactions.

Bitcoin Becoming Increasingly More Visible in Thailand

Bitcoin has been getting some traction in Thailand as many reports detail how cryptocurrencies are growing quite popular in the area. The Bangkok Post has also recently mentioned that Thai citizens are using digital assets regularly and have caught the “bitcoin bug.” According to the publication young entrepreneurs are investing heavily in bitcoin even though the government has yet to have an official stance towards the currency. Currently bitcoin regulation in Thailand is uncertain and not well established at the moment. The trader interviewed by the Thai news outlet said he was unfazed by his government’s lack of regulation and that bitcoin accounts for 70 percent of his portfolio.

Mining, Merchants, and Traders—Thailand's Got the Bitcoin Fever

Furthermore, Bitcoin.com recently spoke with the owner of a popular restaurant and bar located in Pattaya who told us bitcoin adoption in Thailand is thriving due to the tourism industry. Additionally, the country has a very active bitcoin meetup group called Bangkok Satoshi Square and a growing number of bitcoin automated teller machines (ATM) as well. Moreover, the past few months Localbitcoins trade volumes in Thailand have skyrocketed.

What do you think about bitcoin adoption in Thailand? Let us know what you think in the comments below.


Images via the Bangkok Post, Coin Dance, and Khaosdenglish.com


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