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posted by The Bangkok Consultant
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Banglamphu is a subtle tourist area between Rattanakosin and Dusit. From the River (Pier Phra Arthit) it takes about 25 minutes to walk inland (west) to reach the outskirts ... well, anything worth seeing anyway.
It is home to the famous Khao San Road which is a single road popular with backpackers and tourists. The road next to it is called Rambuttri and is slightly less crowded. Apart from Khao San Road itself, there isn't a lot to see, but you will be right on the doorstep to Rattanakosin, so visiting the Grand Palace and other must-see attractions are within easy walking distance.
If you want to visit for a cultural experience, then three nights is sufficient for a chilled out exploration, but you could probably do it all in a couple of days. I wouldn't recommend this place to stay too long.
It really depends on what you want from your holiday and your length of stay. Younger people tend to like to party, whereas people in their 30s+ mostly like to explore and see some culture.
If all you want from your holiday in Bangkok is cheap booze and Western food, then this is the place. If you'd prefer a more cultural experience, then there are better places to stay in Bangkok that offer you a real experience.
My biggest gripe with Khao San is that it is an incredibly watered-down version Bangkok. Utter a few words of Thai to the locals and they are shocked that a farang can speak some Thai. Why travel to Thailand to have a weak interpretation of Bangkok? If you'd like a more authentic experience, then staying in Greater Bangkok would be better, or check out some other suggestions and recommendations on the website.
Having said that, it has some great nightlife and restaurants and you are right on the doorstep to many of Bangkok's tourist attractions. However long your stay in Bangkok, I would recommend you divide your time between the Khao San Road area and somewhere else in the city.