Bitcoin in Taiwan


#1

Hi.
By chance, while waiting for my egg roll to be cooked, I came accross this Bitcoin ATM https://ip.bitcointalk.org/?u=https%3A%2F%2Fimg4.hostingpics.net%2Fpics%2F969357DSC3136.jpg&t=583&c=HS2Bw_TA_8AE4A 3 weeks ago in Tainan.
I was surprised and took the picture. Found out this is the only ATM in Tainan, how lucky.
After a quick google search, I see there are 5 ATM in total in Taiwan, not bad…

There is also this service called Maicoin > https://www.maicoin.com/en/hilife

Wonder if anyone of you have been using these ATM or Maicoin. There was an American guy lately asking about Bitcoin but I forgot about his username…


#2

How can you withdraw bitcoins from an ATM? Aren’t they virtual?


#3

You provide a bitcoin wallet address to the ATM.


#4

Basically you can email it to a wallet . The wallet can be on your computer, a hardware wallet or an online wallet.
I just joined bitoex which is the other vendor similar to maicoin in Taiwan.
The spread on maicoin is pretty bad.


#5

Can you buy other virtual currencies with bitoex?


#6

No that is a limitation. Maicoin also has ether.

I want to buy iota but first I need to have some coin to exchange (you can’t buy it directly with cash).
I’ll buy BTC then exchange it for IOTA at bitfinex. The volatility in the interday pricing is just crazy though. I am not going to be playing with more than I can afford!

Part of the reason for recent run-up of bitcoin is because of this reason (needing to get btc or ether to exchange other coins).


#7

I’m trying to setup BitoEx. For personal information, do you enter your Chinese name or English name? Also, hows the experience of withdrawing money?


#8

English name (name on bank account and ID).

I haven’t bought anything yet but was approved today. It looks like a 7 % spread to purchase BTC.

So in the meantime btc continues to explode upwards, IOTA hit 6 USD and now back to 3.4 in the space of a week. Thanks Bitoex for delaying my verification lol.

You need balls of steel man in this 'business '.

I like the medium term story around IOTA and Ether myself.
Ether is something really quite interesting.
Monero also attractive because people actually use that to buy stuff.
Bitcoin is on a mad run who knows where it will end up!


#9

Same questions as Intermezzo, anyone managed to withdraw from Bitoex?
And what information do they need … id of course … but do they also need to see utility bills, phone bills … ?

Oh, and btw, how are bitcoin profits taxed around here?


#10

Its more like a 10% spread on bitcoin by the way .Just the take the BTC and transfer it to other exchanges like bitfinex if you want to trade.
Its a rip off But hey it’s Taiwan.


#11

Does anyone know what the tax implications of cashing out large sums of Bitcoin/cryptocurrencies are in Taiwan, assuming one is a resident etc?. I’m guessing it would be taxed as capital gains?


#12

Sorry for asking a different topic here but I couldn’t add a new topic posting. I was wondering if anyone on this forum is using Skrill and has a Skrill card. Please pm, I have some funds in my Skrill account that I want to withdraw out urgently and was hoping to work out an arrangement.


#13

@Brianjones: the spread is no 10% … it is almost 20%! :smiley:

But for selling, the rate is okayish. As I write this, the rates are
Buy:605,204 TWD Sell:512,841 TWD
while the large exchanges hover around 17500.

@Intermezzo and @Tapani :
Answering myself about Bitoex, in case anyone else also wonders.

The good: despite its appearance it works.

For verification they want ARC, and accepted it despite writing the purpose in large letters on it. No utility bills needed (or phone bill). The verification process took less than two days.
Setting up a withdrawal bank account and to withdraw money was pretty much immediate. All in all, from signup to trade and money in bank was about 3 days.

The bad: they spam you with emails for every action taken, and many emails include personal and financial details. So privacy might be lacking a bit.
The user interface also feels … limited … no settings, cannot view bidding activity … no nothing.


#14

I will.check the spread again.
Agreed that the interface and the company info is very sparse and amateurishabd lack of privacy info worrying considering you need to provide ID and bank AC info!

Also maicoin is suspiciously similar, could well be the same people and exchange behind both.

But supposedly this two ID verification and lack of info is aCross most BTC exchanges…Pretty shit.


#15

Maybe Advcash > http://bitly.com/2qqCygC can help you. I use it to withdraw here in Taiwan.
I wonder if Skrill card still works in Taiwan by the way, not too sure.


#16

Thanks for your suggestion. I will check it out.


#17

Hi guys , someone asked about bitcoin or any cryptocurrency profit taxation here in Taiwan, Any experience so far?

And to the ones using Bitoex , since apparently you cannot trade, where do you usually do it? I heard Binance is worth to use here.

thanks


#18

I use Binance mostly. Stay away from Bitfinex.

Taxation - supposed to declare overseas earnings.


#19

I do not understand why buying bitcoin in Taiwan is different from buying bitcoin in any other country. I do not understand the difference. I found an article about Japan -
https://bitcoinbestbuy.com/best-bitcoin-japan-exchanges/. Is there something like this about Taiwan?


#20

First bitcoin robbery in Asia?