Browsing: Remitano

Tips and Tricks: Learn to Sell Bitcoin in Malaysia through Remitano

Recently, I’ve sold some of my bitcoin through Remitano. Here are a few things I learned:

1) Do not sell huge amount but separate it into a few minimal transaction. So that, in case anything happened to a particular transaction, amount lose is minimal. When I mentioned ‘anything’, it can mean: system down during halfway transaction, buyer fraud case, failed to log-in, etc…
2) Practice to occasionally log-in to Remitano or your preferred bitcoin exchange. If possible try to log in on daily basis. Have a look at the active buyers and sellers. This can some how eliminate the bad guys. But, again, a genuine buyer yesterday does not meant a genuine buyer today especially if it involves a huge amount of bitcoin. Word of caution, there will always be someone who is always thinking of ‘quick profit’ by clicking ‘dispute’ button even there’s no dispute, with a hope that you will get panic and click the ‘I have received payment’ button, and he can run away with your bitcoin.
3) When a seller or buyer click dispute even there is no dispute, do not get panic. Get help by using the ‘chat’ button at the bottom right of Remitano website. Do not simply click any button.

4) Among my trades, in one particular transaction, a buyer click ‘dispute’ button and at the same time he sent a message through Remitano that he needed more time to transfer the fund as he said he’s driving and requested for additional 10 minutes. If this happened, never click ‘I have received payment’ button because I don’t think this guy is genuine and he’s not going to pay me. By the way, I waited for him to transfer the payment and Remitano support also requested him to transfer the payment  because he exceeded the time allowed  but he failed to send proof of payment. I chat with Remitano for support and finally he cancelled the trade. Note: as a seller, I will not be able to cancel the trade. Only buyer can cancel the trade. No matter what, stay calm. When the buyer think that he wont be able to cheat your bitcoin away, he will cancel the trade and your bitcoin will be returned to you.

5) In another trade, a buyer said he had made payment to me. But, I didn’t received payment at all. Again, this buyer clicked ‘dispute’ button. I got help by chatting with Remitano team. Finally this buyer cancel the trade and my frozen bitcoin is transferred back to me. Note: when trade is active, the bitcoin is frozen for that particular trade. when the trade is successful, the bitcoin will be transferred to the buyer. Else, it will be returned to the seller.

In a summary, must ensure and ensure that you’ve confirmed received the payment before click the button ‘I have received payment’. Because once you’ve clicked on ‘I have received payment’ no one will be able to help you to retrieve back you bitcoin. This is not only applicable for Remitano, but other bitcoin exchange too.

The disadvantage when I met these unlucky trades, I lost the opportunity to trade at my preferred bitcoin price. When I got stuck with ‘dispute’ button, it made me angry too. I had to wait till buyer cancel the trade, only then can choose to trade with a different buyer.

Again, anyone buying bitcoin, must be ready to lose it all. If you think you can’t afford to lose it, you better don’t buy bitcoin.

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Step-by-step on How To Buy Bitcoin in Malaysia

Recently I have been doing some intensive reading on bitcoin. I am still a newbie and there are still a lot to learn about bitcoin. After some consideration, I decided to invest in bitcoin. I shared below step-by-step on how to buy bitcoin in Malaysia:
1) Open an account at Remitano – one of the many available bitcoin exchange in Malaysia.(note: referral link)
2) Look at ‘List of Sellers’. Do some ‘study’, pick a favorable seller (I choose the same banker with me to ease online transaction). Take note of minimum and maximum bitcoin available for preferred seller. Take note that you have sufficient balance in your bank account and also take note of your transfer limit so that you will can smoothly transfer your money to the seller within given timeframe.
3) Get ready your BTC address (You can have it under tab ‘BTC Wallet’ -> ‘Deposit’. Your BTC address is the string of alphabet and numbers). Make sure you provide the accurate BTC address because the transaction is unreverse-able. Always play safe and double-check.
4) Click on the preferred seller to see more details. Once you are confident, paste your BTC address and hit ‘Buy BTC’.
5) You will be able to see the  payment details of the transaction.
6) You will have 15minutes (timer is running) to complete the payment (online banking).
7) Once you made the payment through online banking, click ‘I have paid seller’ button.
8) Seller has 3 minutes (timer is running) to transfer the bitcoin to your Remitano account.
9) Once the bitcoin is transferred to your Remitano account, you will be able to see the new bitcoin balance reflected on the top left of your account and transaction is completed.
Along the way, feel free to get help by clicking the ‘chat button’ on the bottom right of the website. In case there’s any dispute during the transaction, hit the ‘Dispute’ button. Remitano team will appear to assist.
Strong Reminder 1: Bitcoin price is a highly volatile. Invest only what you can afford to loose.
Strong Reminder 2: You should do your own research to understand more on bitcoin before decided to invest or buy bitcoin. Again, invest only what you can afford to loose.
Strong Reminder 3: Make sure you ensure your bitcoin is secured.

photo credit: FotoDB.de Bitcoin via photopin (license)

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