Cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership (sc:wiki)
In Indonesian, not many people about cryptocurrency, at my case who is know cryptocurrency just me and my two friends (my other friends is never heard what is "cryptocurrency")
Digital currency has begun to be used as a payment on the internet, the longer people need digital asset which one can be transfered easliy.Cryptocurrency will be a choice, cryptocurrency not have rule in goverment, so it will not taxed, but in crypto transfer fund is not easier than local bank, its why at indonesia not much people want to use cryptocurrency as a payment, somebody know crypto but him not use crypto, its can be reason (hard to use).
Cryptocurrency fee is cheaper than local bank, but cryptocurrency is banned from (Bank Indonesia) because it will be effect to goverment action about financial system in indonesia, monetary stability, and payment system in Indonesia.
Cryptocurrency price is fluctuate, people who don't know anything about cryptocurrency don't buy because the price can be down with significant, it will be a challange to new people who want to invest with cryptocurrency. However, Indonesian people is lazy to read, but who want to learn about crypto, need to read, read, and action!
However, in future hope goverment will examine about cryptocurrency, and provide knowledge to public about crypto.
Now, some exchange from Indonesia want to launch a new De-Fi token, its called TKO, this exchange have a legality from KOMINFO (Kementerian Komunikasi dan Informatika Republik Indonesia). I hope it will be opportunity to new people for investing, because the token isn't launched yet, now they have send to public the White Paper of TKO token.
The movement of crypto assets in Indonesia is not too big. Based on data from the Ministry of Finance, Indonesia's most popular crypto asset, Bitcoin, contributes to 0.38% of the global Bitcoin value.
Now, COVID19 have come to Indoneisa, at this situation people need to WFH (Work From Home), at this case people need something to got money, then cryptocurrency is choice for some people, the effect is now more people know about cryptocurrency, but they still new about cryptocurrency and don't know anything about it, be feared they transfer fund into a scam site or invest at scam site. at this case people need to learn more about cryptocurrency. Cryptocurrency can be get with mining too, but it will take high cost, because it will need a machine with great specifitation, like VGA, Processor, and most imporantly, it will take high electricity cost, i don't recomended it, is better to trade, but need to find some exchanger which is can be trusted.
People need to find an exchanger that is legit and not scamming, is too hard because Indonesian people mostly is lazy to read, it will be a main problem, but i hope cryptocurrency exchange in Indonesian will advertise their sites on social media, like Facebook, Instagram, etc.
with this, people can read without searching (read while use social media).
My first trade was bitcoin, i knew cryptocurrency at 2018, at this time bitcoin price was around $8100 USD, then i bought some bitcoin , i waiting the price is grow, then after a week the price is going to $8700 USD, at the time i'm very happy cause my money is increase, but i have a wrong, at the time i don't sell my bitcoin (because i think it will grow up more) the price is down again to around $8000, at this time i bought some bitcoin again, after a few days the price was grow again to $9500 USD then i sell it, now i got profit from cryptocurrency.
I joined group (Bitcoin Indonesia) this group is for people who want to learn more about bitcoin, they share site, mining cloud, and something else. once upon a time there was a people recomend me to join a mining site, they provide a profit more than 5% a day, and the contract is for 1 month, but i don't trust him, cause this is very not sense, how do you think? you will get 5% of your money a day, if 30day, it will be grow to 150%, if you invest $1000 USD, it will be $1500 USD, its very not logic, if like this why they offer it to me? don't invest with they own money to take profit for himself.
A few month after that i got information that someone have lost his money due to invest to cloud mining site, he said if when frist week he invest to the site he got a 5% profit (in a day, so it 35% of total ) after that, the site is not more transfer the profit to his wallet, then he told to the group that he have got scammed, and what the reaction? at comment place there is many people is scammed on this site too (around 5-7 people). This cause Indonesian people is too lazy to read, they not find any information about cryptocurrency in detail.
Fortunately, i don't trust any mining site, my money is safe from scam, for people who new about cryptocurrency don't trust any site if they provide profit instantly, they absolutely will be "SCAM", its rights if they will pay you, but anytime they can stop to paying you!, safe your asset don't be scammed, however if you want to invest with cryptocurrency, i recomend you to trade don't join a cloud mining that provide profit to you, its just a word to invite you to join the site, you definetly will be scammed.
In Indonesian many people is lazy to read, so it very dangerous for indonesian people especially who is new to cryptocurrency, they have a high risk being scammed, its why in Indonesia cryptocurrency is banned by Bank Indonesia (high risk and can't be monitored), but in future goverment will examine about cryptocurrency, and provide knowledge to public about crypto. hope it will lower risk to being scammed.
i hope my article will help you, thanks for reading my article, have a nice day!
