Bitcoin is classified as a virtual commodity in Taiwan, with straightforward buying and selling processes. This guide answers five key questions to help every investor get started easily.
Q1: How Do I Begin Investing in Bitcoin?
Step 1: Set Up a Digital Wallet
Just like a physical wallet holds cash and cards, a Bitcoin wallet stores your Bitcoin and private keys. Wallets come in two types:
- Cold Wallet: Offline storage for private keys, isolated from the internet. Higher security but slower access (e.g., hardware wallets).
- Hot Wallet: Online storage for convenient, frequent transactions (e.g., mobile/desktop apps).
👉 Explore secure wallet options here
Tip: Use hot wallets for small, daily transactions and cold wallets for long-term holdings.
Q2: Where Can I Trade Bitcoin in Taiwan?
Three Trading Options:
Local Platforms:
- BitoEX and MaiCoin dominate Taiwan’s market.
Features:
- TWD transactions, Chinese interface.
- Payment via bank transfers, ATM, or convenience stores (FamilyMart, Hi-Life).
International Exchanges:
- Choose reputable platforms with high liquidity (e.g., OKX, Binance).
- Requires ID verification and a foreign currency account.
Peer-to-Peer (OTC) Trading:
- Negotiate prices directly with sellers.
- Higher risks but flexible pricing.
👉 Compare top exchanges for beginners
Q3: Can I Start Small? What Are the Risks?
Minimum Investments:
- BitoEX: NT$100–NT$20,000 per order (1% fee).
- MaiCoin: Buy as little as 1 satoshi (0.00000001 BTC).
Risks:
- 24/7 Volatility: Prices can swing dramatically overnight.
- No Investor Protections: Unlike stocks, cryptos lack regulatory safeguards.
Pro Tip: Diversify with stablecoins or ETFs to mitigate risks.
Q4: Should I Mine Bitcoin or Just Invest?
Mining:
- Competitive landscape: High electricity/equipment costs.
- Rewards halve every 4 years (next halving: 2024).
Investing:
- Easier for beginners; no technical setup.
- Consider Bitcoin ETFs or staking for passive income.
Q5: Is Bitcoin Prone to Crashes?
Supporting Factors:
- Scarcity: Fixed supply (21 million BTC).
- Adoption: Growing institutional interest (e.g., Tesla, MicroStrategy).
Short-Term Risks:
- Regulatory changes.
- Market sentiment shifts (e.g., "FUD" events).
Long-Term Outlook:
- Increasing liquidity and mainstream acceptance.
Step-by-Step Trading Process
Account Setup:
- Register on a platform like MaiCoin.
- Verify email/phone and link a bank account.
Deposit Funds:
- Transfer TWD via bank/ATM/convenience store.
Place Orders:
- Market/limit orders available.
Withdrawals:
- Transfer BTC to external wallets for security.
FAQs
Q: Is Bitcoin legal in Taiwan?
A: Yes, classified as a virtual commodity (not legal tender).
Q: What’s the smallest Bitcoin unit I can buy?
A: 1 satoshi (0.00000001 BTC).
Q: How do I secure my Bitcoin?
A: Use cold wallets for large holdings and enable 2FA on exchanges.
For deeper insights, read our 👉 complete Bitcoin investment guide.
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