How To Guide On Exchanging Bitcoin In Ho Chi Minh City

Bitcoin has finally landed on the moon. Time to convert that magical internet money into cold hard cash. If you do a quick search on a Bitcoin ATM locator in Ho Chi Minh City, surprisingly there are three locations available. However, out of the three locations, only one offers the option to exchange your bitcoins for fiat.

Exchanging Your Bitcoin In Ho Chi Minh City: Where?

Italiani’s Homemade Pizza

290 Lý Tự Trọng, P. Bến Thành, Quận 1

Ho Chi Minh City, Vietnam

The daily limit for this bitcoin ATM is $1,300.00 USD. Hours: 10:00am – 1:00am. Free wifi.

This location is on the corner of a busy roundabout. As you walk into the establishment, the staff welcomes you to use the Bitcoin machine but Italiani’s the business itself has no affiliation with the Bitcoin machine. The Italiani’s staff can’t help you if you run into any problems or have questions with the machine. Once, I visited the machine and was not able to use it because the screen was frozen. I tried to press start but nothing happened. Returning a week later, a staff member there asked if I had any problems using the machine. He told me that last time when I couldn’t use the machine, he reset the machine’s power outlet and it started to work again.

How To Use The Bitcoin Machine In Ho Chi Minh City

First you press start. After you’ve pressed Start, the next prompt asks you to enter your mobile number for SMS verification. After you’ve entered your phone number, you should instantly receive a verification code. After you’ve entered the SMS verification code, you have two options, buy or sell BTC. When selling your bitcoins, you enter the amount you wish to sell in VND. The fee from this machine is 5.8%.

Video tutorial of how to use the machine:

Once you’ve entered the amount of Bitcoins you wish to cash out, the Bitcoin address and QR code is displayed for you to send your Bitcoins. I use Coinbase to manage my Bitcoins. It was easy as scanning the picture of the QR code and pressing send. Once you’ve deposited your Bitcoins into the provided address, the only thing left to do is wait. It takes about 10 minutes for the machine to confirm your transaction on the blockchain. Once the machine is finished with all confirmations, it sends you a SMS message to notify you it is ready for your cash withdrawal. Once you receive the SMS message and return to the machine, you have to restart the process of signing into the machine by pressing start, putting in your phone number, entering the new verification code all over again. After signing in, you’re asked to enter your Redemption code for cash withdrawal.

Need To Know Bitcoin Information In Ho Chi Minh City

After you’ve entered your redeem code, it’s time to collect your cash! Here’s a video of the Italiani’s Bitcoin machine dispensing cash. You have three options when it comes to buying Bitcoins in Ho Chi Minh City. Be prepared to have prying eyes and astonished stares when you pull out brick sized paper stacks of cash from your jacket pocket to feed the machine. There aren’t many things you can buy with Bitcoins or Bitcoin-accepting merchants here in Vietnam.

Legal rules about Bitcoin usage in Vietnam

Bitcoin is not legally approved and protected according to the State Bank of Vietnam in February, 2014. Trading in bitcoin in Vietnam is still unrestricted and unregulated by law. The two largest bitcoin markets in Vietnam, VBTC and Bitcoin Vietnam, are working without regulation. In December 2016, the government confirmed to develop legal framework for bitcoin in Vietnam that should be finished by December 2017. Overall, you can use Bitcoins at your own risk.