Cryptocurrency trading is taking the global market by force. The primary type of cryptocurrency that is making headlines is Bitcoin investment. This is because of its rising value, and the ability of it not being affected by the trending market inflation. Bitcoin trading is simply the transfer of digital currency without involving the central bank or any third party. The Bitcoin ledger user only transacts directly, and the transaction is recorded in a digital ledger.
The software also keeps track of Bitcoin. Bitcoin trading can be a safer form of trading and investment by many people who would like to invest on a long-term basis. In case you are interested in investing in cryptos, Fortune Credit will furnish you with all the basics you need to understand for success.
However, the big question today is; Is Bitcoin a safe investment in Singapore? Yes. The main reason for it being the safest investment for Singaporeans is the fact that the investor can trace the history of Bitcoins to its root. Together with other benefits of Bitcoin investment, this should make any investor in Singapore choose this as a safer place to put assets. Here are the real reasons why you should choose Bitcoin investment.
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Why Singaporeans should choose Bitcoins;
Any form of investment has its drawbacks. But, the success of any investment depends on its ability to surpass any challenge in market trends. The rise of Bitcoin investment is attributed to the reasons discussed below.
1. No risk of inflation.
With other forms of trading, the government has full control of the currencies flowing on the market. That is to say, when the state of the economy of the country goes down, the value of the currencies will go down. Consumers will need more money to purchase products. The government will devise means to reduce the flow of money, thereby raising the currency’s value. On the contrary, with Bitcoins, the government does not have direct control over the Bitcoins; therefore, inflation rates are not affected.
2. they do not lose value.
As an investor, you must worry about your investment losing value over time. This is associated with physical product investment where the product will lose value due to the invention of new products. The government also takes part in controlling the value of the product through taxes and other hidden charges. However, this is reduced by Bitcoin investment, where there is no government intervention. Bitcoin trading is a decentralized form where you have full control through your wallet. Additionally, since its birth, Bitcoin has been known to increase its value in every fiscal year.
3. offer diverse uses.
Do you need a single product that will cover a vast network of your demands? Do you need a single line of investment to relieve you of the stress of handling your transactions in different accounts? Bitcoin investment is the best option for you. Bitcoins have a variety of uses that make them more valuable than traditional means of transactions. These uses include;
- Store of value. An investor can accumulate the bitcoins in his wallet now and sell them after sometimes when their value rises.
- Trading in digital currencies. This involves buying and selling bonds in online markets.
4. have a higher potential gain than losses.
Those investors who took part in bitcoin investment from other countries can attest that the possibilities of bitcoin gaining its 200% increase in value are higher compared to its potential loss. For instance, analysts speculate that a single bitcoin price could rise by about 20,000 times in a few years to come. This serves as a real risk for Singaporeans to invest in bitcoins since its expected profits are much higher than investing in traditional trading modes.
5. earns higher interests.
The main aim of an investor is to make profits from his trading. However, other forms of investments will need you to tie up your money in a long time if you need higher interest. With bitcoin investment, you are guaranteed higher interest from your digital wallet’s day-to-day use. Bitcoin investment also offers you direct access to your profit.
As an investor, you need to make wise choices not to lose your capital. Reading through the significant advantages of bitcoin trading will convince any investor from Singapore to try it. The investor still needs to know how to buy bitcoin as avoid cons in the market.
How to buy Bitcoin?
The rising price of bitcoin is what attracts many investors to try and venture into it. The economists have stated that its price has hit the $8000 mark. However, many people with increased interest in bitcoin do not know how to buy it. It is advisable to note that the first step to investing in bitcoin is to get a digital wallet to store your bitcoins. The second step is to search for a reliable platform where you can buy and sell your bitcoins. These two steps allow you to transact your bitcoins without scam safely. After you have equipped yourself with your wallet, you can buy bitcoins using three methods;
- Directly from a seller. You can meet the seller in person and buy bitcoins and pay through their preferred payment modes. Sellers can be found from reliable sources such as LocalBitcoin, which connects you to the seller.
- From Bitcoin ATM. Although the transaction fees associated with this method are high, this the safest mean of buying bitcoins. It involves depositing cash into the Bitcoin ATM, and the bitcoins will be deposited into your digital wallet.
- Money transfer service. Money transfer services such as MoneyGram and Western Union also facilitate the purchase and selling of bitcoins. All you need to do is visit your local branch and deposit the cash that equates the amounts of bitcoins you want. The recipient will receive the cash and deposit the bitcoins into your digital wallet.
The Bottom Line
Bitcoin investment has not yet been accepted by many investors, not only in Singapore but also in the global market. This is because many investors have not taken time to understand bitcoin’s impact on the current market. With the coronavirus’s current situation hitting the global economy, bitcoin investment would become the safest business in Singapore since it’s not affected by the inflator. The investors would also be assured of double interests when the crisis elapses. Bitcoin is also the safest investment due to its privacy in transactions.