After the boom and bust cycle of 2017/18, Bitcoin continues to survive, celebrating its 10th year anniversary, despite many people still skeptical of its value. If you are still wondering what is Bitcoin and if you should buy Bitcoin, the answer is a resounding “YES!” I will also share with you some of the best ways to buy Bitcoin in Singapore 2019 edition!
What is Bitcoin?
Bitcoin was created by an anonymous person or a group of people going by the name of Satoshi Nakamoto. It is the first cryptocurrency living on the blockchain (a decentralized distributed ledger) where data and transactions are available on all the nodes in the network which are spread across the world. The structure of the blockchain makes Bitcoin transactions immutable (once transactions are processed, they cannot be undone) and unhackable (the simple reasoning is that it is too expensive to hack Bitcoin that no sane person will try it).
Bitcoin original purpose was to act as money to be spent to purchase goods and services. However, the Bitcoin blockchain started getting congested as more people joined its network. Furthermore, due to scalability issues and technical limitations, Bitcoin has slowly been positioned as digital gold by crypto influentials.
With the shift in mindset from digital currency to digital gold, Bitcoin is now easier to be valued by traditional methods. We can now easily compare Bitcoin’s market cap against Gold’s market cap. The general consensus, at least amongst the crypto community and experts, is that Bitcoin’s market cap will easily surpass that of Gold at US$ 7.5 to 8 Trillion (valuing each Bitcoin at approximately US$350~380k).
If you ask me what I make out of this “crazy” valuation, I can only share the above quotes from the movie “Inception”. There are more people joining John’s McAfee call for US$1m per BTC than there were in 2017. I personally don’t like to move against the rising tide and that it is sensible to invest in Bitcoin now (within your personal limits).
Best Ways to Buy Bitcoin in Singapore 2019
Latest update 23rd April* – Binance.sg has launched in Singapore and they are charging the lowest fees (0.6% updated 30 July 2019) I’ve seen for purchasing Bitcoin with fiat. You can buy and sell in SGD which further reduces exchange rate losses. The purchase must be funded by Xfers which can be funded by bank accounts. I hope Binance SG will release more cryptocurrency in the future.
Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin, Ethereum, and Litecoin. They are based in San Francisco, California. Coinbase is a user-friendly app that is very suitable for beginners. In my opinion, it is the best way to buy Bitcoin if you are new to cryptocurrency. You can purchase Bitcoin with a credit/ debit card or trade cryptocurrencies on their app. Besides Bitcoin, there are also quite a number of altcoins available (e.g. BAT, XRP, ZRX and etc.) available for purchase on Coinbase. The fee structures for Singapore are as listed below.
|Buy / Sell||Credit / Debit Card Buys|
Crypto.com MCO App
Crypto.com started in June 2016 with the vision of cryptocurrency in every wallet. Monaco announced its rebrand to Crypto.com and its consumer services (MCO Token, and MCO Visa Card) to MCO. Crypto.com is redefining how money is being moved, spent and invested. The Crypto.com App has less selection of cryptocurrencies to choose from, but nonetheless, it is one of my favorite apps to purchase Bitcoin now. The credit/ debit card buy fees are lower at 3.5% but do take note there are additional withdrawal fees when moving cryptocurrencies to an external wallet.
Gemini is a licensed digital asset exchange and custodian built for both individuals and institutions. They are a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). Gemini is a fiduciary and subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law.
The best way to purchase a high amount of Bitcoins is via Gemini. The fiat-to-crypto buy fees are one of the lowest available for Singaporeans at 1%. In order to do so, you will need to have a USD account (using DBS remit is free at the moment with no wire fees) and you can wire transfer funds to Gemini account directly. Your Gemini account will be funded within 2-3 days. Thereafter, you can purchase Bitcoin and a few other altcoins with your funds.
In conclusion, it is not too late to start investing in Bitcoin now as there are many talented people entering the cryptocurrency scene. The expected growth rate of the cryptocurrency industry for the next 5-10 years is exponential and it is almost without a doubt Bitcoin will be one of the critical components in the future digital economy.
I hope this article explained to you what is Bitcoin and if there are any other best way to buy Bitcoin in Singapore, do share with me in the comment section below!