With almost everything going digital, from education to shopping to even marketing, it doesn’t come as a surprise that currency has gone digital. Bitcoins are cryptocurrency or digital currency which has strongly impacted the financial market in Singapore. Among the other digital currency options, Bitcoins have turned out to be the most popular way of transaction in Singapore.
More and more people are using bitcoins for daily transactions and as a potential investment option. It has given rise to a number of startups which work towards bringing Bitcoins to the real world. Recently, a Singapore startup TenX, launched a Bitcoin Visa Card to make this cryptocurrency more accessible to people. The Association of Crypto-Currency Enterprises and Startups, Singapore (ACCESS) is an organisation that works towards the development of the Bitcoin eco-system in Singapore. Having spoken about the advances in the bitcoin community, there is still a lot of confusion regarding its usage, and benefits. In this article, we will be exploring the basics of Bitcoin as a digital currency, and explain how it works in Singapore.
The value of bitcoins keeps changing just like gold, real estate properties, and shares. Bitcoin can be traded against international currencies; this is why we widely see traded pairs like BTC/USD and BTC/EUR.
You can check the current value of 1 bitcoin on any of the commonly used currency calculating websites such as Coingecko.com and Fx-rate. As on 3rd September 2017, 1 Bitcoin equals 6282.853 Singapore Dollars.
Having said that this value is subject to change with time, so whenever you need to find out the value of 1 bitcoin, it’s best to refer to a currency calculator or a Bitcoin exchange website.
Buying and Selling Bitcoin
If you are new to the bitcoin world, then it is recommended that you buy your bitcoins from a trusted bitcoin exchange website. Alternately, you can also buy them from individuals as bitcoins can be create by anyone and they are not centralize. But most people rely on Bitcoin exchange websites. The top Bitcoin exchanges sources in Singapore are Coin Hako, Quoine, ItBit, FYB-SG, Coin Republic and Luno. Coinbase is a US-based Bitcoin exchange platform, which is used by many Asian countries to exchange or buy bitcoins.
The process of buying bitcoins is fairly simple. You have to open a bitcoin wallet in one of the exchange platforms. Then proceed to link your bank account to this wallet. Finally, you have to follow the simple instructions on the platform to buy bitcoins. It is almost similar to making any other online purchase. Once the transaction is done, money will be deducted from your linked bank account and an equivalent number of bitcoins will be transferred to your wallet. Over the years Bitcoin exchange platforms have done a good job of bridging the gap between bitcoins and the non-tech savvy users. Below is a screenshot of CoinHako, one of the first Bitcoin start-ups in Asia and a popular Bitcoin exchange.
Once bought, you can choose to include bitcoins in your investment profile. You can sell them as and when the value of the bitcoins increase. Otherwise you can trade them on websites such as Local bit coins, Coin Republic and Geek. You can also make your payments at places where bitcoins are accept as a mode of payment. With more and more merchants in Singapore accepting bitcoins as a mode of payment, people have been using bitcoins for regular transactions.
Bitcoin Vending Machines and ATMs
In an attempt to make bitcoins more accessible to the general public, Bitcoin Exchange has Asia’s first Bitcoin vending machine in Singapore. And this is tout to become the fastest, easiest and the safest way to get bitcoins. Singapore is consider to be one of the freest economies in Asia. Hence it comes as no surprise that it will have Asia’s first Bitcoin vending machine. Getting bitcoins from these machines is just like withdrawing cash from ATMs. Most of these vending machines have step by step instructions for new users which makes it easy for anyone to withdraw bitcoins without any hassle.
Benefits of using Bitcoins
If you are wondering why you should even consider trying this new form of digital currency, the answer lies with its innumerable benefits. The best part about the Bitcoin world is that it is not monitored by a centralized system, unlike banks. Anyone and everyone can create bitcoins, buy them and sell them. It can be spend freely across the world with little or no regulation. Suppose you want to send bitcoins to someone, the only charge is what is levy by the exchange. Furthermore, your transaction can go up to any amount. Many fund managers consider bitcoins as a good investment option because of its volatility. Just like the stock market, the fluctuating value of bitcoins makes it ideal for trading.
While the use of bitcoins is very limited and people across the world are still to accept it, the bitcoin market is thriving. Being at a nascent stage, one is yet to discover the full potential of Bitcoin usage. When it comes to online trading and cryptocurrency, you can be sure that future is bitcoins.
Legal Loan Singapore
With Bitcoin prices increasing daily and at an alarming rate, are you still thinking of investing in it? If you are, should you start now before the price skyrockets any further? Or should you wait it out and hope that the price drops? If you are looking to kick start your investment portfolio but do not have the capital to do so, let us help.
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If you think that you need a loan, let us help you find a good licensed moneylender. With teams of people out every single day looking at these money lenders, we will be able to shortlist the best money lenders in Singapore.
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