Where can you buy bitcoin in Singapore?
Bitcoins have revolutionized the way people perceive and use money. This completely new form of cryptocurrency is the first ever currency system that is not monitored by a centralized system. Anyone and everyone can create bitcoins, buy them and sell them. They can be spent freely across the world with little or no regulation. Suppose you want to send bitcoins to someone, the only charge is what is levied by the exchange used, and 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.
Bitcoins are no longer a new concept to people. A bitcoin is a cryptocurrency or digital currency which has become popular since its coming into existence in 2009. The value of bitcoins has considerably increased over the years. This has led to more and more people wanting to buy them. A common problem faced by most first time buyers is that they don’t know where to start and how to go about buying bitcoins. These days everybody is either talking about it or pretending to know everything about it. But very few are familiar with how to buy bitcoin in Singapore. For those who is looking for a detailed explanation. Here is a step-by-step guide on how to buy and sell bitcoins and where can you buy them in Singapore.
Buying and Selling Bitcoin
Buying bitcoins is essentially a 3-step process. The first step involves getting a bitcoin wallet, the next step is to choose your bitcoin exchange, and lastly, you get to purchase your bitcoin and transfer it into your bitcoin wallet. 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 anyone can create bitcoins and they are not centralized. 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.
Process of buying bitcoin
The process of buying bitcoins is fairly simple. You have to open a bitcoin wallet in one of the exchange platforms, proceed to link your bank account to this wallet, and then 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 Luno, one of the most popular bitcoin exchanges in Singapore.
Once bought, you can choose to include bitcoins in your investment profile and sell them as and when the value of the bitcoins increase.Or you can trade them on websites such as Local bitcoins, 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 touted to become the fastest, easiest and the safest way to get bitcoins. Singapore is considered to be one of the freest economies in Asia. Hence it comes as no surprise that it would 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.
These were a few ways to buy bitcoins in Singapore. While you revel in having invested in a new form of cryptocurrency, beware of online frauds. Be sure not to lose your private key under any circumstance. And also be mindful of the risks involve in investing in cryptocurrencies. Recently, the Monetary Authority of Singapore (MAS), the de-factocentral bank has advised people to act with caution when it comes to investing in bitcoins and asked them to understand the risks they take while investing in bitcoins.
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