You Can Buy Bitcoin From Just RM3 On Luno, Malaysia's First Fully Approved Crypto Platform

Know nothing about crypto? Here's an easy-to-understand guide!

Cover image via Freepik (Edited by SAYS)

This Spotlight is sponsored by Luno.

On 14 October 2019, Luno became the first cryptocurrency exchange to be fully approved in Malaysia

Image via SAYS

This means Malaysians can now legally buy, sell, and trade cryptocurrency like Bitcoin and Ethereum on the Luno platform.

After entering Malaysia in 2015, Luno has become the country's largest digital exchange platform and the first to be recognised by the Securities Commission of Malaysia. If you're interested to invest in cryptocurrency or learn more about it, Luno is the best place to start.

New to crypto? Here's all you need to know:

1. There are all kinds of cryptocurrency, from common ones like Bitcoin and Ethereum, to funny ones like Dogecoin

Yes, Dogecoin is a legit cryptocurrency.

Image via Name Coin News

A cryptocurrency is a new form of digital asset. It uses blockchain technology to ensure every transaction is secure and tracked. The first and most established cryptocurrency is Bitcoin, which you can buy, sell, and trade via platforms like Luno.

Cryptokitties up for sale.

Image via Coin Central

Besides Bitcoin, the only other cryptocurrencies approved in Malaysia are Ethereum and Ripple. There are also smaller and more niche cryptocurrencies like Dogecoin and Cryptokitties (a virtual game that lets you collect virtual kitties using cryptocurrency).

One thing to note is that cryptocurrency prices can rise or drop drastically, so be sure to do your research before investing.

2. You don't have to buy a WHOLE Bitcoin. Instead, you can start investing in Bitcoin from as low as RM3.

The smallest fraction of Bitcoin is 0.00000001 BTC, also known as satoshi.

Image via Crypto Trader's Guide

One Bitcoin can go up to tens of thousands of ringgit, which can be daunting, especially if you're new to crypto and investing. The great thing is that Luno lets you start from as low as RM3, so you can buy just a small fraction of a Bitcoin.

Imagine if one Bitcoin is worth RM30,000, here's what investing RM3 would give you:

1 BTC = RM30,000  |  0.0001 BTC = RM3

3. You can transfer Bitcoin using a digital wallet, which is safe and secure

You use a digital wallet to send and receive cryptocurrency.

Image via Elev8

When you use the Luno platform, they provide you with a digital wallet you can use to manage your cryptocurrency. Only you have access to your wallet through a private key, but people can send you cryptocurrency through a Bitcoin address (sort of like your bank account number).

The great thing is that Bitcoin transactions use blockchain technology, which makes every transaction trackable and accounted for. However, transactions are irreversible, so make sure you don't send your Bitcoin to the wrong person.

4. Once you register, it's super easy to invest in cryptocurrency

Image via Luno

Investing in cryptocurrency is less complicated than it seems:

  1. Before you start, all you have to do is complete a simple registration.
  2. Submit your IC and a selfie to verify your identity.
  3. Once approved, you can start buying Bitcoin by keying in your amount and clicking the 'Buy' button!

The great thing is that anyone can invest in cryptocurrency!

Image via Giphy

Unlike traditional investments that require you to go to a bank or go through an agency, Luno allows you to start investing almost immediately. Plus, it's completely online, which means you can trade cryptocurrency 24/7.

If you're looking to get started, you can get Luno vouchers on Shopee during their 12.12 sale!

You can also earn RM25 worth in Bitcoin every time you invite a friend (who buys or sells RM250 or more in Bitcoin)! Even better, your friend earns RM25 too!

Find out more about Bitcoin and how you can invest in cryptocurrency on Luno's website today!

Image via Luno

Download the Luno app on the App Store or Google Playstore today!

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