How to Buy Bitcoin (2020 Singapore Edition)
Bitcoin continues to survive amidst the greatest pandemic of our generation, despite many people still skeptical of its value. If you are still wondering what Bitcoin is and if you should buy Bitcoin, the answer is a resounding "YES!" In this article, I will share with you some of the best ways to buy Bitcoin in Singapore for 2020!
What is Bitcoin?
Bitcoin originated from an anonymous person or a group of people going by the name of Satoshi Nakamoto. It is the first cryptocurrency created on the blockchain (a decentralized distributed ledger) where transactions are validated by nodes that are spread across the world. The structure of the blockchain makes Bitcoin transactions immutable (once transactions are processed, they cannot be undone) and unhackable (too expensive to perform a 51% attack on Bitcoin, a method to manipulate blockchain transactions).
Bitcoin original purpose was to act as a currency 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 community.
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 consensus, at least amongst the crypto community and experts, is that Bitcoin's market cap will soon surpass that of Gold at US$ 7.5 to 8 Trillion (valuing each Bitcoin at approximately US$350~380k).
Best Ways to Buy Bitcoin in Singapore - 2020 Edition
Now lets evaluate some of the ways we can buy Bitcoin safely in Singapore (all tested personally).
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Binance is the largest cryptocurrency exchanges in the world in terms of trading volume (as of writing).
Binance.sg has launched in Singapore and they are charging the one of lowest fees 0.6% I have seen for purchasing Bitcoin with fiat. You can buy and sell in SGD which further reduces exchange rate fluctuations. The purchase must be performed via Xfers which can be funded by SG bank accounts. There is limited selection of cryptocurrency available to purchase on Binance SG, let’s hope they will release more crypto for purchase in the future.
|Buying from Binance Cash Wallet||0.6%|
|Buying from Xfers||0.6%|
|Selling to Binance Cash Wallet||0.6%|
|Selling to Xfers||0.6%|
Coinbase was launched in 2012 and is based in California.They have served millions of customers and exchanged over billions of cryptocurrencies. They have also received investments from Alexis Ohanian (Reddit Co-Founder), Blockchain Capital, Bank of Tokyo, and various other trusted investors.
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 several altcoins available (e.g. BAT, XRP, ZRX etc.) available for purchase on Coinbase. The fee structures for Singapore are as listed below.
|Buy/ Sell (with fiat)||Credit Card Buy/ Sell|
Crypto.com started in June 2016 with the vision of cryptocurrency in every wallet. Initially known as Monaco (MCO), they announced a re-branding 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 increased its selection of cryptocurrencies over the past 2 years, it is one of my favorite apps to purchase Bitcoin now.
|Credit Card Buy/ Sell||3.5%|
|Buy with Xfers (Fiat wallet)||0.0%|
|Sell to Xfers (Fiat wallet)||0.4%|
In conclusion, it is not too late to start investing in Bitcoin now as there are many talented people entering the cryptocurrency scene over the past few years. The expected growth rate is exponential for cryptocurrency industry in the next 5-10 years, and it is almost without a doubt Bitcoin will be one of the critical components of the future digital economy.
I hope this article explained to you what Bitcoin is and how to buy Bitcoin in Singapore! Re-share if you enjoyed reading! You might also like: Bitcoin Halving explained.