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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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Indonesia has been known for cracking down on cryptocurrencies such as Bitcoin thanks to the retaliatory stance of Bank Indonesia, the country’s central bank. Bank Indonesia has been apprehensive of Bitcoin for several years now, but that hasn’t discouraged adoption of the cryptocurrency in the country.

A report suggests that the number of Bitcoin users in Indonesia shot up more than three-fold from 80, to , in , clocking daily transaction volumes of $ million. That’s despite the fact that Bank Indonesia has banned Bitcoin as a means of payment in the country, and it doesn’t plan to lift the ban either despite a recent regulation that could give cryptocurrencies some sort of legitimacy in the country.

However, recent data suggests that Bitcoin trading volumes on peer-to-peer exchange LocalBitcoins has increased big time, which means that people are still interested in the digital currency. If you are in Indonesia and want to buy Bitcoin, refer to our handy guide on Bitcoin exchanges in Indonesia.

There are quite a few options that you can tap to buy Bitcoins in the country, though you need to see which one fits your need the best depending on transaction fees, verification requirements, withdrawal limits, payment options, and security. However, some exchanges might require you to get a wallet before you can buy Bitcoin for storing the cryptocurrency.

Some people also get a wallet on their own for security reasons. In case you don’t have a Bitcoin wallet, read our guide on the Best Bitcoin & Cryptocurrency Wallets. Once you have a wallet, you can start buying Bitcoin from an exchange of your choice and store the tokens in the wallet.

As far as spending Bitcoin in Indonesia is concerned, there isn’t any option available given the central bank’s directive. So Bitcoin holders in Indonesia either use the currency as a means of investment or for making payments internationally.

Therefore, Indonesia isn’t a pro-Bitcoin market yet, despite recent measures to legitimize futures trading of cryptocurrencies. As long as Bank Indonesia doesn’t remove its ban on using Bitcoin as a method of payment, its adoption will remain hindered.

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Indonesia 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 Indonesia:

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 It's easy to use, but has advanced features.

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There have been no exchange hacks in Indonesia's history with cryptocurrency. That is most likely because Indonesia is so quick to shut anyone down who is attempting to sell cryptocurrencies or faciliate their trade. If exchanges aren't allowed, there are no exchanges for anyone to hack.

Interestingly, Indonesia (along with the US, Nigeria, and Vietnam) suffers from some of the highest victim rates in the world when it comes to crypto scams. That is according to data from Harry Denley of MyCrypto of London, England.

Denley analyzed around , clicks to urls leading to known scam urls and tracked ~ ETH.

[We] found that lots of wallet addresses were single-use addresses that funnelled funds to a larger consolidation of addresses. Some of these hold more than $, In fact, 34 percent of the stolen funds analyzed went to just one address, which holds around $, By analysing network data, Denley found that 14 percent of victims were in Nigeria; 11 percent in Indonesia; 9 percent percent in the US, and 8 percent in Vietnam.

Harry Denley MyCrypto Researcher

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Does Coinbase work in Indonesia?

Coinbase ONLY allows crypto-to-crypto conversions for Indonesian residents as of September of

Where Can I Find a Bitcoin ATM in Indonesia?

Unfortunately, you cannot find any Bitcoin ATMs in Indonesia anymore. At one time, there was a Bitcoin ATM in Bali, however it has since been removed as of September

What is the price of Bitcoin in Indonesia?

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

How do I cash out of Bitcoin in Indonesia?

Any exchange with a Indonesian Rupiah trading pair will allow you to sell your Bitcoin for fiat currency. Luno has IDR trading pairs for many popular coins.

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.