Bitcoin Volatility Index
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Coinhako is a Bitcoin exchange based in Singapore and backed by investors in the USA. They allow small amounts of Bitcoin to be purchased without identification, though more significant amounts do require ID verification.
They focus on their users in both Singapore and Malaysia, accepting international bank wires and Xfers, which allow you to buy Bitcoin in minutes.
FYB-SG is another Singapore based exchange, the first of its kind. They offer incredibly low transaction fees, with a 0% fee on fiat deposits via online bank transfer or cash deposits.
Lastly, we have Coinbase and Coinmama, two popular exchanges worldwide. Although based in the USA and Israel, respectively, both exchanges have a global user base, a significant portion of which reside in Singapore.
Thanks to Singapore's Bitcoin-friendly attitude towards Bitcoin, buying Bitcoin in Singapore is fast and easy using a centralized exchange.
After verifying your identity (for larger purchases), you can use your Singapore based or international bank account to transfer money to the exchange.
From there, it's a matter of buying Bitcoin and storing it in a wallet. Though you can use the exchange wallet, it's nowhere near as safe as cold storage. Consider using a hardware wallet instead to keep large quantities of Bitcoin (or any other token, for that matter) safe.
Most people getting started with Bitcoin use Coinbase as their primary exchange because of their beginner-friendly user interface (at the expense of higher fees).
Coinmama and Coinbase Pro are two more great options for more seasoned people, not to mention the Singapore based exchanges mention in the section above.
The MAS (Monetary Authority of Singapore) has taken a lighthearted approach toward regulating cryptocurrency, treating them like other typical goods where possible.
Singapore's tax authority treats Bitcoin as goods and uses the Goods and Services Tax like they do with other goods.
However, they have warned of future legislation to prevent the use of cryptocurrency in Singapore for fraudulent purposes such as money laundering and funding terrorist organizations.
Nevertheless, the future looks bright for Bitcoin in Singapore, as both their government and population are generally in favor of Bitcoin and other cryptocurrencies. Buying Bitcoin in Singapore is quick and painless with any centralized exchange available to Singapore.
The average electricity cost in Singapore is USD 0.149 per kWh according to the EMA, nearly double that of China, which has the most Bitcoin mining farms worldwide thanks to their cheap electricity.
Even using the newest Bitcoin mining hardware from Antminer with more than 110TH/s of power, you'd lose thousands of dollars per year, best case scenario. Bitcoin mining profitability is not what it used to be, decreasing significantly since its golden age.
You can check the Bitcoin price in gold, by clicking here.