Thailand Catching Up With The Bitcoin Trend

The leading producer of craft beer in Thailand, Chit Beer, began its operation in 2012. It is located right across the Wat Sanam Nua which is a temple known as the most popular attraction in Koh Kret. Chit Beer is famous as one of the dominant producer of craft beers in the nation and it is also popular because of the existing of a bitcoin ATM which is the only one in Thailand. It comes as a surprise to many because even the best hotel on Sukhumvit does not accept bitcoin payment yet.

A bitcoin ATM is where people can insert their banknotes and it will be automatically converted into the digital currency. The opposite of the process is possible with the machine. It accepts bitcoins and converts the digital currency to banknotes. In a data published by Coin ATM Radar, there are currently 1,929 bitcoin ATMs located all over the globe.

The specific machine was manufactured by Easy Bit, a firm based in Hong Kong but their headquarters is located in Argentina. As of the moment, the company is in charge of over 100 ATM bitcoins in 16 different countries in the world. Four of these machines are located in Vietnam because it is common for business to send and receive remittances.Easy Bit said that young people there are known to purchase games online and buy products from countries such as United States and China.

In the United States alone, bitcoin ATMs are over 1,220 and majority of them are installed in either a gas station or a local shop. Michael Dupree Jr., the chief executive of Easy Bit, said that machines are generally installed in areas where there is a concentration of young technology-oriented people.

Aubert Louis, the co-founder of a bitcoin trading platform, said that there are people that are willing to drive very far just to access a bitcoin ATM thus companies choose to install them were the hosting and installation price is considered to be the cheapest.

Nowadays, many businesses are starting to accept bitcoins as payment but the best hotel in Sukhumvit is yet to join the bandwagon as they still prefer cash or credit charges.