Bitcoin Indonesia

Bitcoin Indonesia

Lately, Bitcoin in Indonesia has begun to be in the spotlight, in line with its worldwide popularity, due to its fantastic price increase. How not, the digital currency has ever reached a record price of up to USD 4,500 per unit. In fact, when first released to the market in 2010, Bitcoin only sells under 1 cent.



However, do you know how Bitcoin was first introduced in Indonesia to develop as one of the most talked-about online payment tools?

Bitcoin Indonesia, Pioneer of Circulation of Virtual Currency in Indonesia

In order for Bitcoin to circulate widely, needed exchanges (exchangers) to serve the process of buying and selling. In Indonesia, Bitcoin Indonesia is one of the first exchange centers to pioneer the circulation of the most popular virtual currency.

Bitcoin Indonesia was established in December 2013. However, before becoming a digital asset exchange company, the three founders; Oscar Darwaman, Ricky Andrian and William Sutanto, pioneered the Bitcoin enthusiast community through the bitcoin [dot] co [dot] id website.

One year later, Bitcoin Indonesia has developed into a Bitcoin exchange market with 50,000 members and an average daily transaction volume of up to Rp. 500,000,000. This achievement also makes Bitcoin Indonesia as the largest Bitcoin exchange market in Southeast Asia.

The increasing public demand for Bitcoin in Indonesia is responded by the addition of alternative exchange centers in addition to Bitcoin Indonesia. Some of these competitors are Triv and Luno.

Development of Bitcoin Status As an Online Payment Tool

The public enthusiasm for Bitcoin in Indonesia has its own ups and downs. Initially, virtual currency enthusiasts are mostly limited to community activists in online forums only.

These online forums generally consist of members who share their knowledge and experience with the benefits and developments of Bitcoin. That is why the bitcoin [dot] co [dot] id forum was able to grow rapidly into the center of Bitcoin Indonesia.

The main advantage of Bitcoin lies in the ease of payment without the distance. So wherever Bitcoin users are, they can easily make payments by utilizing the blockchain network.

Bitcoin Indonesia utilizes these key features to partner with several online merchants (online store) so that their products can be easily purchased by Bitcoin Indonesia members anytime, anywhere.

Over time, the number of online merchants affiliated with the Bitcoin exchange exchanges began to mushroom. Well, such rapid developments of course will get a response from the financial regulators.

Regarding Bitcoin and similar digital currencies, the government has temporarily taken a neutral position. On February 6, 2014, Bank Indonesia stated that Bitcoin and other virtual currencies are not valid currency or payment instruments in Indonesia. However, the payment of goods / services with Bitcoin is not categorized as illegal in Indonesia.

For example, in March 2014, quoted by Wall Street Journal, a Bitcoin user (from abroad) bought a luxury villa in Seminyak, Bali for 800 Bitcoin (range of Rp 5 billion at the time) offered through Bitpremier's website. Purchase of the property at once incised the record of the highest transaction value with Bitcoin at that time.

In essence, to date the acceptance of Bitcoin status as an alternative means of payment is still in the gray area. On the one hand, Bitcoin offers speed and ease of payment process that is superior to the conventional currency (fiat currency). On the other hand, Bitcoin regulations in Indonesia are still very limited and vulnerable to abuse such as money laundering and drug smuggling practices.

How Bitcoin Indonesia Prospects Ahead?

Currently, have started to emerge alternative cryptocurrency than Bitcoin, ranging from its main competitor, Ethereum, to the latest Ripple. Looking ahead, there is still no sign that the trend of the emergence of a new digital currency will stop.



Realizing these developments, the exchange center Bitcoin Indonesia also serves to buy and buy cryptocurrency besides Bitcoin. So, for enthusiasts of alternative virtual currency, Bitcoin Indonesia will continue to innovate by presenting popular virtual currency options. As of September 29, 2017, the site has served transactions in Bitcoin, Ethereum, Litecoin, Ripple, ZCoin, Dash, and so on.