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Singapore

Cryptocurrency is one of the major topics that analysts and investors have been talking about for the last few years. In the last 5–6 years, the rise of cryptocurrencies has been dramatic, with lots of ups and downs that even experts were not expecting. Singapore is one of the major nations outside the US that has incorporated virtual currencies for payment or transaction purposes. Crypto investing is so huge in Singapore that the IRAS had to regulate and build a separate set of tax guidelines for the businesses using cryptocurrencies for transaction and investment purposes.

Things to Know About these Digital Currencies

Bitcoin is the most popular name in this world of cryptocurrencies, but there are similar currencies that investors are buying, trading, and using. If you look at a graph of the rise and fall of Bitcoin price, you may regret not having invested five years ago. It has grown from $0.05 to current selling prices of around $9,000 in only seven years, but the market is volatile. For example, it can rise 500% in two days and drop down by 1000% in the next three days; it is that unstable. But the good news is Singapore has adapted to this volatility, and there are major financial institutes and investors that are investing, buying, and storing these currencies and reaping huge profits.

Virtual currencies, cryptocurrencies, and digital currencies are referred to as the same by many people, but in reality, there are differences between these three. If you are interested in investing in these currencies in Singapore, you need to understand the differences.

While virtual currencies are unregulated and mostly controlled by their developers, digital currencies are created using blockchain technology, a digital ledger, if you will. Digital currencies are similar to

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