Bitcoin or any cryptocurrency may still be a taboo for many Malaysians as there are a lot of speculations going on that digital assets are illegal, fake and dangerous. Nevertheless, there are still people who believe and deal with cryptocurrencies, especially Bitcoin (BTC).
Since BTC is seen as a multi-level marketing (MLM) scam that falls under the Ponzi scheme, many people are still staying away from it, despite many people are looking forward to the usage of their cryptocurrencies or liquifying it. So, what is stopping merchants in Malaysia from accepting crypto as a mode of payment for their products and services?
Bitcoin Can Crash Anytime
The most common fear anyone would have is that BTC can go from five digit to zero in a second based on its volatility. People need to come to grips with the fact that permissionless digital payments could also be construed as the underlying value of bitcoin. Much like you need U.S. dollars to make tax payments in the United States, you also need bitcoin to make permissionless, digital payments in an efficient manner online.
Although Bitcoin is a seizure-resistant digital asset with a transparent and incorruptible monetary policy, which provides the base, intrinsic value proposition that attracts hodlers, this is not to say the bitcoin price could not be in a short-term price bubble; that’s certainly possible. However, a price correction would not indicate that there is no value here at all.
Bitcoin Is For “BAD” People
People tend to relate Bitcoin with money laundering and other illicit activities as it works on a decentralized network system that does not need any approval from a third party. This argument that bad people will use bitcoin is similar to the arguments against encryption more generally. There is no grey area to deal with here. Privacy is binary; you either have it or you don’t.
When thinking about the issue of some people using bitcoin to do bad things, it’s important to think of what the alternative option implies. If there is no anonymity allowed in online transactions, then that means the national government and/or a handful of companies will know about everyone’s online purchasing habits.
So, in the context of bitcoin, the debate is between some centralized entity knowing the financial activities of all their users and potentially leaking this data to hackers, and everyone having a right to financial privacy.
Therefore, if you’re making a transaction, or considering it, make sure to do your homework first. Check out the seller’s reputation and only chose to engage with companies you trust. Make sure you know where the seller is located and how to contact someone if there are problems because often the only way to get a refund is through the seller or payment processor.
Despite all the above-mentioned fear or unawareness, many merchants and banks are accepting cryptocurrencies as a mode of payment, especially Bitcoin, the most reliable digital asset. Below are some of the places where you can spend your BTC in Malaysia:
Among the merchants that accept Bitcoin as payment mode in Malaysia are Mimosa Beauty, KakiVapor (e-cig), Seishinkan Aikido, Outdoor Gear, HostPro2U, BolehVPN, Virtual Office / Shared WorkspaceNook, Cygnus IT Solutions, Jeq In The House Café, Fast Quadrant Resources, RuzNor Corner, Codashop, Viv’s Boutique Cafe & Restaurant and Al-Mithaq Enterprise based on Bitcoin Malaysia, 2017.
Bitcoin Malaysia/BTC Future Consultancy helps you accept cryptos for your business. Bitcoin Malaysia has been providing education, training, event management and advisory services on blockchain technology since 2012.