Bitcoin Mining in Singapore
Ever since 2011, bitcoin has been growing in both popularity and acceptance. More and more people all over the world want to share in this latest hype. As more and more people join the bitcoin market, the demand for the currency goes up and when this happens, its value hikes in leaps. For instance, when bitcoin was first launched, its value was less than 0.1$. Today, about six years later, the value is higher than 16,000 $. This value keeps on rising as the demand grows.
Apart from that, bitcoin is a decentralized cryptocurrency. What this means is that it is unregulated by any government. It is not tied to any country which means that it is freely transferable. The fact that it is unregulated leaves it at the mercy of the laws of demand and supply. This makes it very hard for one to predict how it might behave in future which makes it a very unstable asset in the trade. Most investors shy away from it as it is possible to lose their wealth when it is devalued.
Based on the possibly great returns that one may get from Bitcoin trading, the one thing that most people may want to know is how to get the Bitcoins and in pretty. The good news is that it is possible, the bad news that it is not that easy.
There are majorly two ways to which one may be able to get Bitcoins:
· Normal Purchase
Just like with the normal currencies, one may purchase Bitcoins using the local currency. The process is just like any other foreign exchange transaction. In Singapore, there are readily established bitcoin exchanges for purely exchanging normal currency for Bitcoins. The bitcoin exchange works to bring both buyers and sellers together. The major bitcoin exchanges that are there in Singapore are itBit, CoinHako and FYB-SG.
Other ways through which one may purchase Bitcoins include the use of brokers who act more or less like Bitcoin Exchanges. One may also use an ATM to deposit or withdraw Bitcoins.
· Mining Bitcoins
This is the other method of getting Bitcoins. Mining involves solving complex mathematical problems after which you are rewarded with Bitcoins. One complex block of a puzzle has 12.5 Bitcoins. To solve the puzzles, one needs to have a mining hardware that is available in stores and even online for instance Amazon.
One also needs to download a special type of mining software to enable the hardware to receive commands from your computer.
Since the whole concept of Bitcoins is virtual, you also need to have a virtual wallet where you can store your Bitcoins. In Singapore, there are several sites on which you can open a virtual wallet. The major sites which provide wallet services include; Coinbase and Blockchain.info which are international. The local ones are CoinHako and Luno. These wallets usually provide you with a unique address that identifies you alone. It is recommended to have the wallet in a PC that is not connected to the internet for security purposes. Bitcoins may also be used to shop in some physical and online stores.