Koh Phangan Crypto Guide

4 May 2021

Do you want to use your crypto on Koh Phangan? Or do you live here and are interested in purchasing or trading? Let’s learn a bit more about cryptocurrency and its world...
A cryptocurrency or ‘crypto’ is a digital currency that can be used to purchase products and services. Most interest in these unregulated currencies is for benefit trading, with speculators pushing rates skyward at times. It is becoming more popular in the whole of Thailand, including our island of Phangan.

What is Crypto?

Crypto is a type of online payment that can be used to purchase, buy and sell products and services. Many businesses have created their very own currencies, these are known as tokens, they can be exchanged/used for the goods or services that the business provides or offers. Think of them like arcade tokens or casino chips. To be able to use the product or service, you'll need to trade with real money and buy the cryptocurrency.
Blockchain is the infrastructure that makes cryptocurrency function. Blockchain the name for the decentralized technology that manages and records all the transactions through using several computers. The protection of this technology is a big part of its appeal.

Cryptocurrency Koh Phangan

How many are there?

According to the website CoinMarketCap.com, a market analysis site, more than 6,700 separate cryptocurrencies are being exchanged. And cryptocurrencies continue to grow in popularity, with initial coin offerings, or ICOs, being used to raise funds. According to CoinMarketCap the value of all of the cryptocurrencies was more than $2.2 trillion on April 13, 2021, and the total value of all bitcoins, the most common digital currency, was about $1.2 trillion.

 

Popularity

For several purposes, crypto has many supporters.  Here are some of the most well-known reasons for people using cryptocurrency:

 

Supporters see cryptocurrencies like Bitcoin as the money of the future, and they're rushing to purchase them until they become more expensive.

Some supporters like it that cryptocurrency frees central banks from controlling the money supply, this is because banks devalue money over time according to inflation.

 

Supporters support blockchain technology that underpins cryptocurrencies because it is a decentralized processing and storage mechanism that potentially is safer than conventional payment systems.

 

Some speculators are interested in cryptocurrencies since they are increasing in value, yet they are uninterested in the currencies' long-term acceptance as a means of money transfer.

 

Investment Opportunities

Cryptocurrencies could go up in value, but a lot of investors regard them as speculative investments rather than long-term investments. Cryptocurrencies, like real currencies, do not have a cash flow, because, for you to benefit, other people must be paying more for the currency than you do.
This is known as the 'greater fool' principle. In contrast, a well-managed company grows in value over time by increasing profitability and cash flow.

 

However, people are less likely to invest and circulate bitcoins today if they could be worth more in the future, making crypto less viable as a currency. Why spend a bitcoin when it might be worth three times its current value the next year?

 

How to buy?

Although cryptocurrencies, such as Bitcoin, can be purchased with US dollars, others need bitcoins or another cryptocurrency to be purchased.
To purchase cryptocurrencies, you'll need a "wallet," which is an online app that stores your funds. In general, you open an account on a cryptocurrency exchange and then use real money to purchase cryptocurrencies like Bitcoin or Ethereum. 
Coinbase is a well-known cryptocurrency exchange where you can open a wallet and buy and sell Bitcoin and other cryptocurrencies. Cryptocurrencies are also available from an increasing range of online traders, including eToro, Tradestation, and Sofi Active Investing. 

Koh Phangan

Is crypto legal in Thailand?

In 2016, cryptocurrencies were made illegal but then Thailand changed its mind in 2019.
However, in Thailand, cryptocurrencies are not recognized as legal tender. Its value as a store of value, like gold, is still in question. Even though the SEC has granted broker licenses to eight companies to run digital coin exchanges, there are no bitcoin regulatory measures in place.

 

Protection

If you're interested in purchasing a cryptocurrency via an ICO, read the fine print in the company's prospectus for the following details:

 

Who is the company's owner? A well-known and recognizable owner is a good indication.

 

Is it being pursued by some other big investors? If other well-known investors want a slice of the currency, it's a positive sign.

 

Will you have an interest in the business or will you only have access to currency or tokens? This is an essential distinction to make. Owning a stake entitles you to a share of the company's profits (you're an owner) while purchasing tokens entitles you to use them as chips in a casino.

 

Is the currency already established, or is the company seeking funding to do so? The less dangerous a product is, the further along it is.

 

Examining a prospectus can be time-consuming; the more information it contains, the greater your chances of finding something genuine. However, even legitimacy does not guarantee that the currency will be effective. That's a whole different question that necessitates a great deal of business knowledge.

 

Where can I use Crypto on Koh Phangan?

 

Wake Up Wakeboarding

On Koh Phangan, Wake Up is the only certified wakeboarding company with trained instructors. All top-of-the-line equipment is supplied, including boards, boots, bindings, impact vests, helmets, and the boat! They have something for all, from beginners to experts, with ages ranging from 5 to 100! A really great thing to try if you visit the island.

 

Phangan Weddings

Want to get married and pay using crypto? Phangan Weddings accept it! They understand how important it is to transform your dream wedding vision into a wonderful reality. They work closely with you at all times to ensure that the most important day of your life is meticulously planned, a mindful representation of your personal style and that you experience as little stress as possible. From an intimate beach wedding for two to a traditional Buddhist ceremony, a large wedding reception with family and friends, wedding vow renewal or anniversary, wedding proposals, underwater wedding packages, and same-sex weddings, your destination wedding planning awaits.

 

Breeze Kiteboarding

Breeze offers kitesurfing, windsurfing, SUP, and other watersports. Resort operators, local business owners, Koh Phangan locals, and seasonal vacationers are all members of the club. Along with authentic Thai culture, they encourage sports and leisure.

 

Baan Manali Resort

The Baan Manali Resort is a stylish addition to the idyllic Nai-wok Bay coastline. Just 14 secluded bungalows are located on the tranquil lagoon, just a 10-minute walk from Thongsala's authentic and friendly village. Traditional, exotic, and exclusive recipes are available at the restaurant. Guests can enjoy special and tasty dishes made with fresh ingredients and tender loving care. 

 

Natural Kite Park

A kite-surfing school on Koh Phangan located in Baan Tai by Two Rocks bungalows.

Buddha Cafe

Coffee and breakfast establishment where they also hold regular crypto talks and meetings.

 

Digithaiz

On Koh Phangan, your one-stop shop for all technical and digital needs. Repairs and sales of computers and phones, web design, business solutions, remote assistance, and more are all available.

 

Phangan Marine Fishing

Fishing trips around the island.

 

DG HOUSE

DG HOUSE is a series of seven enchanted houses set in a lush tropical garden in Koh Phangan's pleasant and peaceful NAI WOK neighborhood.

 

The Whiski BAR

The Whiski Bar in Koh Phangan's only dedicated WHISKY bar, with sampling and over 20 varieties to choose from. Darts, video games, Atari Pong, and American pool tables are all available. Live sports on a 70" projector, pub grub, and Thai cuisine are all available.

 

Lea’s Cafe

Cafe in Baan Tai serving delicious food and coffee.

 

One Yoga

One Yoga was created to provide Yoga Teacher Training in a retreat environment, away from the distractions of daily life. The school, which is located on Koh Phangan, is the ideal location for more Yoga research and practice.

 

Tiki Tattoo

Tattoos in the tradition of Polynesia, performed by hand in the Thai 'bamboo' style. A reservation is required.

 

Mamma Mia Wonderfood Delivery

Food delivery service offering many choices.

 

Cryptos Salads

Create your own salad at the Baan Tai night vintage market.

Please keep us updated on any more businesses that accept crypto!