Want to buy Bitcoin in Indonesia but don’t know how? If you are new to cryptocurrencies, buying Bitcoin can be a daunting task. In this article, we will go through some of the easiest ways to buy Bitcoin in Indonesia.
Indonesia’s central bank — Bank Indonesia (BI) — has been cautious of Bitcoin for several years, but that has not stopped the adoption of crypto in the country, with many civilians trading and buying coins daily.
Bank Indonesia banned Bitcoin as a means of payment and does not intend to lift this ban even with regulation that gives cryptocurrency legitimacy. Despite this, the number of Bitcoin users in Indonesia is growing, with people increasingly wanting to learn about Bitcoin and blockchain technology.
Choose a Bitcoin wallet
The first step when deciding to buy Bitcoin in any country is to choose a wallet that is compatible with your chosen cryptocurrency. You will need to set up a wallet to safely secure your coins. It is always advised to store Bitcoin on a hardware wallet rather than an exchange as they are less susceptible to hacks and have more safety features. There are many different types of wallets, all with different features to suit a multitude of needs.
There are a number of wallets that support Bitcoin, including:
- Mobile wallets allow users to manage and access their Bitcoin from their mobile device, including Android and iOS.
- Hardware wallets are known for providing the best security as they are offline.
- Desktop wallets including Exodus allow users to store BTC on their computer/desktop.
- Web wallets are not as safe as mobile and hardware wallets due to the fact they are based online, meaning hackers have easier access. However, they are an easy and convenient option for beginners dabbling with small amounts of crypto.
- Paper wallets allow users to print out their Bitcoin public and private keys and use the piece of paper as their wallet. This option is extremely safe as long as the piece of paper is kept in a safe place and doesn’t get lost.
Choose an exchange
The next step is to choose the exchange where you want to buy your Bitcoin. You should look for an exchange that helps to facilitate global transactions, so you won’t face any problems buying Bitcoin in Indonesia. When choosing an exchange, look for instant liquidity, great customer service, security and speed. The process of buying Bitcoin is really quite simple.
Whatever your preferred method, always make sure you prioritise the security of your financial and personal information.
Buy your Bitcoin
The final step is to actually purchase your Bitcoin. With all exchanges, it is imperative to sign up and create an account to safely purchase your BTC. Once you have gone through any KYC processes and your account has been verified, you will be able to choose the amount of BTC you desire.
You then need to choose your payment method and finalise your payment. All payment methods will vary depending on the exchange, but if you use the advice listed above, you should be able to get your hands on some Bitcoin in minutes.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.