What to do with bitcoins in Singapore?
The phenomenon of bitcoins has grown from a hobby for traders to an actual money-making phenomenon. As per a report published in The Coin Journal, there are more than 10 million bitcoin holders worldwide. Many of these bitcoin holders use this cryptocurrency as an investment option; a way to store hard cash in the digital world, and as a form of currency to buy and sell regular day-to-day items.
Blockchain experts can opt for bitcoin mining, a process of maintaining the centralized bitcoin ledger known as blockchain. Bitcoin miners all over the world have access to this centralized ledger and work towards maintaining it. This, in turn, gives them the opportunity to earn more bitcoins. For someone new to the world of cryptocurrencies, it could be a challenge to understand what to do with bitcoins in Singapore. With time more and more retailers are accepting this alternate form of currency. For all you new bitcoin users, here are a few things you can do with bitcoins in Singapore:
People use bitcoins in Singapore for their day-to-day purchases. There are quite a few merchants and retailers in Singapore who accept bitcoins for their products and services. They comprise of both online and offline services. Artistry is a hybrid gallery and cafe that serves up locally roasted Liberty Coffee and lovingly made artisan desserts, served on beautifully hand-crafted pottery accepts bitcoins from its customers. Other cafes where you can use bitcoins include Shiok kitchen, CAD cafe, Sarnies, Oyster bar, New Green Pasture cafe, and Hospoda Microbrewery. Singapore’s premier bullion dealer, Bullion Star is another popular brand that encourages bitcoin payments. Interestingly, even educational companies like Happy Tutors, that specializes in training NUS graduates with innovative concepts are open to accepting bitcoin payments. You can also shop using bitcoins from brands like XX Simplicity clothing and buttonsup.
Bitcoins can also be used as a potential investment option. The fact that it is decentralized cryptocurrency and has centralized open ledger makes it a good choice for investors. People who bought bitcoins early on were the luckiest ones as over the years the value of bitcoins has increased considerably. For a newbie, the first step to bitcoin investing is to set up a cryptocurrency wallet like Coinbase or Coinhako. Once you establish an account, connect it to your payment source a bank account or a credit or debit card via two-factor authentication. Then all you need to do is purchase bitcoins and start trading them through various bitcoin exchanges.
If you don’t wish to spend your bitcoins, you can sell them through a bitcoin exchange. Just like the stock market, the success mantra for dealing with bitcoins is to buy low and sell high to enjoy higher returns. Some of the common places to sell your bitcoins are CoinSpot, independent Reserve, binance, paxful, and YoBit.net. These exchanges offer various types of payment methods for different types of exchanges.
Ideally, you should be considering these three things while selling your bitcoins:
- The type of currency you want
- The payment method you can accept
- Whether you want to sell them quickly or you are willing to take your time.
The next step is to do some research on the current bitcoin prices to understand the price you want to quote. However, you need to know that every bitcoin exchange has its own current market price. Hence, it is important to consider the average market rates as merely guide but set prices based on the rates used at the exchange you are trading on. There are various selling strategies that you can use to get the best price for your bitcoins depending on if you are selling to a broker or on an exchange or peer-to-peer.
Another aspect to be mindful of while selling bitcoins is your choice of transfer method. The right transfer method can save you a lot of money. Some of the common transfer methods are:
- Cash and vouchers
- International bank transfer
- Local bank transfer
- Cryptocurrency bank transfer
So, these are the three main things you can do with bitcoins in Singapore.
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