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Believe it or not, the cryptocurrency wave has hit Malaysia and it is growing faster than anyone can imagine. As it is one of the biggest evolution in the currency market for so many centuries, cryptocurrency has captured a lot of attention among traders and merchants. While the global market is busy with its changes and other movements, Malaysia too is enjoying a similar wave as more and more people and merchants are fast taking up bitcoins for trade.
Not just Malaysian retail
Online retailers are the most common type of parties who are ready to accept digital currencies. Meanwhile, brick and mortar retailers too are beginning to see Bitcoin as a good way of accepting transactions. However, in a recent report, the F & B industry too is taking notice.
Among them are foot stalls who have since advertised that bitcoin is accepted. In major cities like the Klang Valley, there are now food stalls stating they accept Bitcoin and Etherum, collectively 2 of the largest cryptocurrencies globally. Some food stalls in smaller cities are accepting them as well although they are more prone to accepting only bitcoin.
Still in infancy stages
Although merchants have started accepting cryptocurrencies, this is still a very new market. A lot of merchants are gearing up for what will happen once cryptocurrencies become mainstream and those who have started the ball rolling will surely benefit from it.
Besides that, there has been a few training centre that has sprung up in recent months that offer people who like to know more about how cryptocurrency works, the trading mechanism and other related issues. One of the exchanges operating has recorded a million wallets ever since. To put that into context, around 1000 bitcoins were traded in a single day which amounts to about RM50 million while the value between RM2 and RM3 billion is being traded in Bursa Malaysia daily.
What about volatility?
The risks and liabilities have all been mentioned numerous times. Whatever the situation, there are many other concerns especially amongst Malaysia’s investors. Among them:
- Price – Perhaps the biggest concern with cryptocurrency is the fact that its prices have been surging uncontrollably.
- Options – there are literally thousands of different cryptocurrencies in the world today and they are all readily available online. While Bitcoin and Etheruem is currently the top 2 currencies, users can buy from any which means the risk of losing is obviously higher
- ICOs – known as initial coin offerings, they are mushrooming because it is easy and there are now even local ones too
- knowledge – Malaysians need to be well educated about how this works. It is not about bitcoin or Dash but it is the blockchain technology which should take center stage.
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