Buy bitcoin taipei

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You'll need a Bitcoin wallet before you buy since some exchanges require one.

Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.

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Taiwan boasts one of the most advanced and futuristic economies in the world. It has a focus on manufacturing, tourism, financial services, but also tech. It does, however, live in the shadow of China, which claims it as its own territory and is, like Hong Kong, always under threat of being invaded or controlled by China.

For this reason, Taiwanese residents are very aware of the need to remain independent and safe from the jackboots of foreign and domestic rulers in anyway they can. Taiwan has, therefore, come a long way in embracing Bitcoin and appears to have a bright future when it comes to fostering a growing environment for the king of cryptocurrencies.

Taipei, the capital of Taiwan and a bright beacon for Bitcoin

One of the easiest ways to buy Bitcoin in Taiwan is through cryptocurrency exchanges, outlined above. There are several exchanges offering Bitcoin in Taiwan, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.

Another way to buy Bitcoins in Taiwan is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.

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Taiwan has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

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There are three main types of Bitcoin wallet and all of them are supported in Taiwan:

Best for Security

Ledger Nano X

Secure storage for any cryptocurrency

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The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Temporary Wallet

Atomic Wallet

Best for storing crypto for short period of time

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Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.

Best for Desktop

Electrum

Simple yet powerful desktop wallet

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Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.

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Binance Hack

In May of 2019, Taiwanese based exchange Binance (the worlds largest crypto exchange) had $40 million of Bitcoin hacked from its wallets.

Hackers were able to penetrate an undisclosed security loophole in Binance's safeguards.

More interesting than the hack itself was Binance's initial response to the hack. Specifically the response of CZ, the founder.

He initially talked about re-orging the Bitcoin blockchain in order to get the funds back. A re-org involves orphaning blocks that are undesirable to the attacker, therefore CZ was effectively claiming he would attack the Bitcoin blockchain for the greater good of returning the $40 million in stolen Bitcoin.

However, this would have been impossible for him to do, since this is exactly the kind of behavior Bitcoin is designed to prevent - censoring transactions with proof-of-work.

After this was pointed out to CZ, his response was dismissive, claiming that he simply decided he would not re-org the Bitcoin blockchain. You can see the full thread on twitter here:

After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:

— CZ Binance (@cz_binance) May 8, 2019

Many of the responses looked something like this:

Thank you for not doing what you couldn't do even if you wanted to. Really appreciated.

— Golly (@CareNotDude) May 8, 2019

Taiwanese Bitcoin Ponzi

In January of 2019, a 47-year-old man along with 6 other Taiwanese nationals were arrested in connection with a Bitcoin investment ponzi scheme that had amassed $51 million in investment from over 1000 Taiwanese and Chinese citizens.

The scammers promised investors 355% returns over one year. Unfortunately for the investors, the invested Bitcoin would be stolen and never returned.

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Does Coinbase work in Taiwan?

Coinbase ONLY allows crypto-to-crypto conversions for Taiwanese residents as of September of 2020.

Where Can I Find a Bitcoin ATM in Taiwan?

What is the price of Bitcoin in Taiwan?

The current price of Bitcoin in Taiwan is TWD 305,534, however this amount changes every minute, so always check the value on your local exchange.

Are there any Bitcoin OTC desks in Taiwan?

Both Kraken and Maicoin provide OTC large bitcoin buy orders for Taiwanese residents.

How do I cash out of Bitcoin in Taiwan?

Any exchange with a Taiwanese Dollars trading pair will allow you to sell your Bitcoin for fiat currency. Maicoin has TWD trading pairs for many popular coins.

As mentioned previously, you can also use automated teller machines (ATMs) to buy Bitcoin.

Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.