We are already into the last months of 2019 and the buzz surrounding bitcoin investment does not seem to fizzle. This investment option has been revolutionary of sorts, and now its grip has strengthened even further. Like everywhere else the early movers in this investment scenario are enjoying the fruits of their financial prudence. However, the new-comers in the bitcoin investment may also find it equally rewarding. All they need to do is find the right trading platform that is secure and keeps them updated with trends and forecasts of this market. With TrustedBrokerz, you can play smart with your investment and earn in 10x ratios.
We start this brief reckoner for Bitcoin investors from Singapore, with a basic description of this digital asset.
1What is bitcoin?
It is a virtual financial asset i.e. it only exists in the online form. You can spend it like cash and also hold it as if you invest in gold or other commodities. Then comes the bitcoin network, where transactions are conducted, and all records about the transactions are kept in digital format. It is called cryptocurrency as well since the transactions are secured through cryptography.
2The bitcoin investment fundamentals
Two critical aspects of this investment are the bitcoin exchange where you will transact bitcoins and second is the secure digital wallet where your bitcoins will be kept. These two facets of investing in cryptocurrency should never be compromised. Find the right bitcoin exchange is the key here, and with TrustedBrokerz, you have the assurance on both these priorities. One word of caution, keep track of all the latest developments in the cryptocurrency market. Pay attention to the market sentiments; however, do not base your decisions on it. Be ready to hold your investment for long term gains. Do not forget, the basics of investing are applicable here as well.
3How does it work?
As an example of blockchain, imagine it as a series of blocks held together by a chain. The transactions are contained in the blocks, and the processing is in a coordinated manner. Hence, the record-keeping of all the transactions is flawless. A new block comes up every 10 minutes. The bitcoin network scans all the transactions and takes action accordingly. Payments are made, and transactions are recorded digitally with the creation of every new block.
Due to cryptography, it is secure, and mistakes don’t happen. Automatic and immaculate, there can never be any spurious activity.
4Trading Platforms for Bitcoins
For investors in Singapore, there are several trading platforms where you can buy and sell bitcoins. All that you need to do is to set up your account, and you are ready to buy cryptocurrencies. Once the order is placed, there are several ways to make the payment. You can opt for bank transfer, PayPal, debit cards, or credit cards for the transaction. However, it is advisable to check, as the fee applicable will vary as per your payment method. Generally, extra charge is levied on credit card transactions.
The prominent trading platforms for the citizens of Singapore are:
- Local Bitcoins
- And CoinHako
The fee per transaction or commission varies from one trading platform to another. Check and cross-check to find what works out the best for you. Buy and sell cryptocurrencies on the platform, and you can also track and manage your bitcoin portfolio here. It is best to choose the platform that accepts Singapore Dollars, as it will save you the currency conversion charges.
You can delve a little further to judge the reliability of the trading platform by assessing the liquidity, purchase and withdrawal limits, security, trading volume, and user-friendliness.
5 Is bitcoin just a new fad?
Not at all, investing in bitcoins is not an investment bubble, and it’s never going to bust. Like any other investment option, it does not come with guarantees, and the inherent risks are very much there. The presence of several valued investors in this domain is a testimony enough to assure you of its bonafide nature and true business potential. It will go through its business cycles for sure, but the cautious ones will stand to gain. Do not be swept away from the ‘rags to riches’ story; consider those as exceptions. Do I need to tell you that exceptions do not make a general rule?
Just find the right mediators like TrustedBrokerz, who can serve you as partners in this new age investment business. In investments, being in safe and secure hands is a great assurance.
Interestingly, the economy of Singapore is one of a healthy growth path with its corruption freeways and transparent legal system. Fortune magazine ranks it as the third wealthiest nation, and it draws large investments from the world over. Gain more insight into Singapore’s economy here.