History of Bitcoin in Indonesia

Bitcoin / 14 October, 2019

History of Bitcoin in Indonesia

History of Bitcoin in Indonesia

History of Bitcoin in Indonesia Lately, Bitcoin in Indonesia has begun to be in the spotlight, starting with its worldwide popularity, due to fantastic price increases. How not, this digital currency has reached a price figure of up to USD 4,500 per unit. In fact, when it was first released to the market in 2010, Bitcoin only sold under 1 cent. However, do you know how Bitcoin was first introduced in Indonesia to develop one of the most widely discussed payment alternatives?

Bitcoin Indonesia, the Pioneer of the Circulation of Virtual Currencies in the Country In order for Bitcoin to be widely purchased, exchanges are needed to conduct the buying and selling process. In Indonesia, Bitcoin Indonesia is one of the first exchange centers that pioneered the most popular virtual currency. The Indonesian Bitcoin company was founded in December 2013. However, before becoming a digital asset exchange center company, its founding edition; Oscar Darwaman, Ricky Andrian and William Sutanto, pioneered the community of Bitcoin enthusiasts through the following year, Indonesian Bitcoin has grown into a Bitcoin exchange with a membership of 50,000 members and the average transaction volume reaches Rp. 500,000,000 This achievement also realizes Indonesia’s Bitcoin as the cheapest Bitcoin exchange exchange in Southeast Asia. More and more public requests for Bitcoin in Indonesia are being responded to by increasing alternative exchange centers other than Bitcoin Indonesia. Some of these competitors are Triv and Luno. Development of Bitcoin Status as a Brave Payment Tool Public enthusiasm for Bitcoin in Indonesia has its ups and downs. Initially, virtual currency enthusiasts were mostly limited to community activists in bold forums. These brave forums consist of several members who share their knowledge and experience with the benefits and development of Bitcoin. That was the beginning why the bitcoin [dot] co [dot] id forum was able to develop into an Indonesian Bitcoin exchange center. Bitcoin Bitcoin. Can help Bitcoin users reside, they can make payments easily using blockchain On 6 February 2014, Bank Indonesia stated that Bitcoin and other virtual currencies are not legal currencies or payment instruments in Indonesia. Even so, payment of goods / services with Bitcoin is not categorized as an illegal act in Indonesia. For example, in March 2014, reported by the Wall Street Journal, a Bitcoin user (from abroad) bought a luxury villa in the Seminyak, Bali area for 800 Bitcoin (get Rp5 billion at the time) offered through the Bitpremier website. Buy the property as well as incised the record of the highest transaction value with Bitcoin at that time. In essence, until now accepting the status of Bitcoin as an alternative means of payment is still in the gray area. On the one hand, Bitcoin offers speeds and payment processes that are superior to conventional currencies (fiat currencies). On the other hand, Bitcoin approval in Indonesia is still very limited and vulnerable such as money laundering and drug smuggling practices.