There is no question that Bitcoin in Vietnam is a hot topic nowadays. Even though the Vietnamese government doesn’t necessarily approve of Bitcoin, there is still a huge community of Bitcoin aficionados in the country.
Here are some things you will need to keep in mind in order to get started:
- There are a lot of Bitcoins regulations in Vietnam.
- Presently, it is illegal in Vietnam to use bitcoin to pay for goods and services. If you are caught doing this, you could face a heavy fine or even jail time.
The Different Methods for Buying Bitcoin in Vietnam
There is no question that the market for Bitcoin in Vietnam is extremely strong, but you need to understand the best method for purchasing it.
Your first option would be to use a CPD to purchase your Bitcoin. Simply put, a CPD can be defined as “contracts for difference” and this is a method for trading that is similar to shares on the stock exchange. This is a good method for beginners because it is safe and simple.
Indeed, one of the best reasons for trading Bitcoin with the CPD is that you are able to do it “on leverage” and you can trust that this method is fully regulated, meaning that you are more protected from scammers.
When it comes to Bitcoin, it is the Wild West out there for sure. Along these same lines, a lot of Bitcoin experts recommend using OKX as a CPD for purchasing Bitcoin in Vietnam because it is widely accepted there and it is very user-friendly.
Buying Bitcoin Directly From An Exchange
Of course, there are a few downsides to buying Bitcoin as a CFD. First of all, you are not actually the owner of the assets. That is one of the main reasons why even beginners in Vietnam often prefer buying their Bitcoin from an exchange.
You can also buy your Bitcoin directly from another person if you want, although that carries a bit more risk.
Of course, if you are going to purchase from an exchange, the first thing you need to do is invest in a cryptocurrency wallet. There are several types that you can consider, including Vietnam-specific crypto exchanges like VBTC, and a plethora of international exchanges like Coinbase and Localbitcoins.
There are several different types of crypto wallets, including mobile wallets, online wallets, software wallets, and hardware and paper wallets.
Of course, its important to note that digital wallets don’t actually hold your coins. Instead, these wallets are home to a unique system of security keys, both private and public, that will help you access your coins and do buying and selling of them much easier.
Finally, you should strongly consider purchasing your bitcoins with localbitcoins because it is tailored directly to those who live in Vietnam. For example, localbitcoins will allow you to use the Vietnam Dong, whereas many other exchanges will insist you use American currency.
Either way, if you are considering doing Bitcoin trading in Vietnam, it is best to do as much research as possible so that you avoid being scammed and that you remain mindful of the local laws.