Is Ethereum the new Bitcoin? Everything You Need to Know About Investing Ethereum in Singapore
For all this time, most used to believe Bitcoin and cryptocurrencies are synonymous, such was the popularity of Bitcoin. Fortunately, with increasing awareness of the concept of Bitcoin and cryptocurrencies in general. There’s some awareness about the second-most important cryptocurrency out there – Ethereum. Until a short while ago, Bitcoin had practically zero rivals and hence there was no discussion on the subject. However, Ethereum has risen in scope, value, and it now regularly features in discussions that concern the future of cryptocurrency. Now, some observers are even going as far as to say that Ethereum is a superior investment in comparison to Bitcoin.
Naturally, you may have several questions regarding the validity and scope of the new currency that is threatening Bitcoins’ monopolistic control over cryptocurrency trade. In this post, we attempt to evaluate the reasons why Ethereum has drastically grown in popularity and value. And, we’ll also explore the means of investing Ethereum in Singapore.
The Growth of Ethereum
Readers might wonder what the difference between the two major cryptocurrencies is, and what makes an investment in any of the two platforms any different from the other. Yes, while both these currencies are backed by the reliable blockchain technology and both of them hand you the benefit of anonymity. There’s also a differentiating factor that drastically separates the two cryptocurrencies. The principal difference between the two is that Bitcoin is essentially (and plainly) a currency that acts like cash and Ethereum is an entire platform capable enough of supporting transactions.
Ethereum is not merely a means of payment by this definition, its status as a platform allows users an increased versatility. For instance, Ethereum has already allowed its user, Ujo Music, to have control over the copyright licenses of music that their recording artists create. Regardless of their location in the world. With Ethlend, the currency has also successfully worked as collateral that enables users to take up loans.
As for the rises in Ethereum’s value, it would be unfair to deny that some of the rise in value of Ethereum is due to the Bitcoin’s rise in popularity. And that also helped generate an interest in cryptocurrencies across the world. As a result of this, the value of Ethereum has been on a steep upward incline ever since the December of 2017. Consider the fact that value of Ethereum jumped from roughly S$685 in December 2017 to over S$1685 in January 2018. This has led some to believe that 2018 is Ethereum’s year just as 2017 was Bitcoin’s. Notwithstanding the usual disclaimer about the risks of investing in volatile cryptocurrency. It seems as through an investment in Ethereum can be extremely rewarding. Those with additional disposable income who intend to diversify their investment portfolio further should certainly consider an investment in Ethereum.
Obtaining Ethereum in Singapore
In this section, we can help you with relevant information that can empower you with the necessary tools you need in order to obtain Ethereum in Singapore.
Try a Brokerage Service
In Singapore, thanks in part to the relative government openness with regards to trading in cryptocurrencies. It’s possible to avail Ether (ETH) through one of the many brokerage services that offer cryptocurrency trade. Most of these services offer you the choice of paying money through a standard bank transfer, a smart ATM, PayPal, or POLi. Listed below are some of the most popular brokerage services that operate in Singapore (alongside their most distinctive feature).
- Binance Cryptocurrency Exchange, a world-famous exchange, remains a popular brokerage service that offers Ether. Its global presence allows its users to operate in multiple languages.
- CoinMama Cryptocurrency Marketplace is another hugely popular brokerage service, which, as we speak, allures its users to make a deal with an enticing offer of providing a discount on its trading fees.
- CoinSwitch Cryptocurrency Exchange deals in Ether alongside 300 other cryptocurrencies. If you intend to explore the lush, dense world of obscure cryptocurrencies. CoinSwitch also allows you to convert and compare this plethora of cryptocurrencies while you’re at it.
- Coinbase Digital Currency Exchange is quite possibly the world’s most famous cryptocurrency exchange avenue out there. As an advantage of its global presence, Coinbase accepts over 50 fiat currencies to aid you.
- Uphold Cryptocurrency Platform allows you to transact directly in Singapore Dollars, among other popular currencies out there in a matter of mere seconds.
Furthermore, some of these exchange services also provide you with the option of trading cryptocurrencies on the go. (You can switch from Bitcoins to Ethereum if your loyalties have shifted!)
Our apologies for such a misleading header, it was hard to resist. Content creators have the option of requesting their payment in Ethers, powered by the Ethereum blockchain. This is further testament to the increasing global willingness to accept cryptocurrencies as a legitimate form of payment.
Just like Bitcoin mining is a thing, you can also mine for Ether if you have a dedicated set of (capable) computers to help you with the process. Start mining, untangle problems in the deep, complex web of blockchain and carry out transactions in the process. This can, however, prove to be complicated if your computers don’t have sufficient processing power. It doesn’t help that the Ethereum Mining Service is currently undergoing some reworking.
If you’re new to the concept of holding cryptocurrency, it’s important that you familiarise yourself with the concept of a cryptocurrency wallet. You need a virtual wallet to hold your currency just like you need a tangible wallet to hold your tangible cash (or credit card). The popular wallets you can explore are Blockchain Wallet, The Official Ethereum Wallet, Ledger Nano S Wallet, and Coinomi. As a parting thought, it’s important that you consider the various factors that determine the price fluctuations of Ethereum and other cryptocurrencies. You can get seriously lucky with your investment if the global institutions warm up to the widespread use of cryptocurrencies.
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