BUSINESS TECHNOLOGY MEDIA COMPANY
Companies
Sectors
IT in Banking

The rise of Bitcoin in Singapore


Johannesburg, 19 Mar 2021
Read time 3min 40sec

Taking a step back to the previous years in terms of crypto-currencies, we can see there is a recent significant increasing factor that is responsible for the popularity of the notion of crypto-currency itself.

As you know, there is a type of crypto-currency that has captured the attention not just of investors, but also of the general public. We are talking about Bitcoin, and to narrow things down, we are going to look at the rise of Bitcoin in Singapore.

Before we dive into more detail about this segment of crypto-currency, we have to take a moment to admire Singapore's amazing progress. Since declaring independence, life in Singapore was rather simple and it had a slow start. But, this is not the case for the present situation of Singapore; on the contrary, now it is considered a technology leader and is recognised as one of the most developed countries in the world.

And this is only the current situation; we do not even know, nor can we predict, what the future holds for Singapore. But first, let’s look at the major influences of the development of Singapore.

When it all started

It is all part of the crypto-currency, which indicates trading and digital money transfer that is allowed by cryptography. Knowing this, there are several crypto-currencies, and Bitcoin is probably the most popular one. Until recently, Bitcoins were held outside the frame of government regulations, but in 2017, the Central Bank of Singapore expressed its interest in the notion of crypto-currency.

Many have no idea what this represents, but you can visit https://bitcoinequaliser.org/ and you will find all of the details you need that will help you get a better understanding of this relatively new way of functioning.

This means that from 2018, Singapore was making the most important decision of including Bitcoin and the other forms of crypto-currencies into its payment system. This is the turning point for the rise of Bitcoin regarding the territories of Singapore.

The rise of popularity

Initially, there were just a few people who showed interest in finding out more about this subject. Some of them lost interest due to the lack of information and understanding of the subject of crypto-currencies; to be more precise, of Bitcoins. And for those who believed in it and invested in this type of digital currency, well, we all know what happened next.

The fast-moving speed that allowed the value of Bitcoins to increase is the number one factor of their popularity. To put this in numbers, the initial estimated value of a Bitcoin was around $0.05, but it all escalated rather quickly and in just several years, the value went up to $9 000. Seeing this amazing progress, people were starting to express their interest, thus the increased popularity of this popular crypto-currency called Bitcoin.

Where to buy it?

There are several ways you can buy Bitcoins. The most popular one is by using a Bitcoin Web site, then there are third-party brokers and Bitcoin ATMs.

As we have established, Bitcoins are completely digital currency and that is why most people choose to buy them online through a Bitcoin Web site. Understanding this, Singapore has become the second country in the world that has incorporated regulations for Bitcoins. The sites that offer you Bitcoins must follow certain rules and restrictions.

If you are looking for a beginner-friendly Bitcoin Web site that is rather popular in Singapore, then you should visit Coinhako.com. The site is straightforward and you will not have any trouble dealing with your Bitcoins.

Another popular site for buying Bitcoins is Coinbase.com. Then there is Binance.us, a popular site that offers a multi-language option so that you can have a positive experience while making your purchase. Or you can try Luno.com, which is another Web site that will provide you the necessary information so that you can easily complete your purchase. 

See also