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How to buy Bitcoin Cash in Singapore
Is BCH a good investment in Singapore?
Bitcoin Cash crypto (known as BCH) was released in 2017 with an initial price of $440. At the very beginning, BCH surprised everyone with its price rise to $621 in only a few months. Surprisingly, BCH set a record for the all-time highest price of $2,940 in December of the same year. It was shocking for BCH owners because, in less than a year, their investment had delivered almost 6 times the profit. However, 2018 wasn’t that good for people who decided to invest in BCH at the end of 2017, because every month the price dropped until it reached $81 per token in December of 2018. The next year wasn’t so fluctuating for BCH and almost passed with a stable price between $300 to $400. The same happened in 2020. In 2021, the BCH price again climbed and reached $1,454 per coin, and became a highly profitable investment for its owners.
BCH had ups and downs, like any other cryptocurrency. It had shown many times that it could be a profitable investment. However, no one knows what may happen to its future. Therefore, when you want to purchase this coin, you may wonder if it will be a good investment. To answer this question, you need to check several things to understand if BCH might be on growth or may fall. One of them is BCH price predictions. Crypto analysts and experts analyze the performance of crypto and other factors to forecast its future. Most analysts believe BCH's price might reach $2000 by 2030, which means it may be a good long-term investment.
What is Bitcoin Cash ?
Bitcoin Cash was released in 2017 as a hard fork of Bitcoin, which means it was split from the original protocol to solve the problems regarding scalability, low speed, and high fees that Bitcoin had. Bitcoin Cash is technically and structurally similar to Bitcoin, but it can pack 4 to 8 times larger data into each block. It can also process 116 transactions per second, which means blocks are bigger, and yet the speed is higher compared to Bitcoin. Furthermore, due to its fees, Bitcoin wasn’t suitable for everyday purchases anymore. Thus, Bitcoin Cash was created as an alternative to Bitcoin for everyday use.
Inform about the latest updates on Bitcoin Cash official website.
Is Bitcoin Cash legal to buy in Singapore?
Yes. According to the Payment Services Amendment Bill by the Monetary Authority of Singapore (MAS), Digital payment tokens (DPT) or cryptocurrencies are not denominated in any currency but can be used as a form of payment. According to the Managing Director of the Monetary Authority of Singapore, cryptocurrencies can take the form of assets or items of value and can be legally managed through transactions.
Is Bitcoin Cash taxed in Singapore
Yes and no. According to the E-Tax Guide by the Inland Revenue Authority of Singapore (IRAS), the Singaporean Government taxes crypto depending on the kind of activity that you are doing with the tokens. The profit made through crypto trading in the regular course of business would be subject to income tax. Because of this, any losses and gains you make must be recorded on an annual tax return so that you can report them to the Monetary Authority of Singapore (MAS).
But, according to the mentioned document by IRAS, since there are no capital gainsگ taxations in Singapore, capital gains obtained from the purchase of cryptocurrencies for long-term investment reasons are not subject to taxation in Singapore. In simple terms, if you buy cryptocurrency as a long-term investment and sell it with profit, you will probably be exempt from tax, but if you trade on a regular basis, you will be subject to Income Tax. For more information on individual tax rates visit IRAS.
After you've bought Bitcoin Cash in Singapore
BCH is a transactional coin, which means it can be used to purchase goods, as payment, exchange, or anything you use the money for. Therefore, BCH is somehow equal to your cash, but in your e-wallet. Furthermore, Bitcoin Cash supports smart contracts. Hence, people can use BCH to create smart contracts on this network.
Like other cryptocurrencies, BCH can be used as an investment. In the past, BCH has shown that it could be a profitable investment for its holders. However, nothing is guaranteed for the future. If you want to keep BCH as an investment, it is recommended to check different things, read its white paper, check the news about the cryptocurrency world, or follow top investors on social media to know their opinion. In the end, remember that anything might affect the future of crypto. Therefore, check new regulations and BCH price of the day to have a better perspective on the future of this coin.
Who can buy Bitcoin Cash in Singapore?
Anyone. In order to buy cryptocurrency in Singapore, you can buy crypto tokens from one of many crypto ATMs scattered across Singapore or use a cryptocurrency broker to buy and sell crypto assets. However, when it comes to convenience, your best option is to use a cryptocurrency exchange, which allows you to exchange fiat currencies to cryptocurrencies through various payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange could be your best choice since it offers payments through the mentioned services and secure transactions with zero exchange fee costs for transactions.
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Frequently asked questions
Most investors still prefer BTC over BCH because Bitcoin is more popular and known by people. Furthermore, for people who want to spend their coins, more markets are accepting BTC. Therefore, most people might think that buying Bitcoin is better than Bitcoin Cash. However, if you want to keep your coins as an investment, it is better to compare the price and news about both to find out which one to invest in.
No. According to the E-Tax Guide by IRAS, if you use cryptocurrencies to pay for goods and services, the person who pays by cryptocurrency won’t be taxed but the business providing the goods or services will be taxed instead based on the value of the goods or services being provided. This is because cryptocurrencies are not the same as fiat currencies (meaning they aren’t considered legal tender), and they are treated as intangible property for the purposes of income tax treatment. This might reduce the likelihood of businesses accepting your crypto tokens as a form of payment.
Yes. According to the E-Tax Guide by IRAS, crypto trading can be subject to income tax in Singapore, and in case you engage in crypto trading regularly, you should make a record of your transactions so that you can report them to the Monetary Authority of Singapore (MAS).
No one can tell you if a coin will be profitable in the future. It depends on many considerations. However, since Bitcoin Cash is a fork of Bitcoin, and even has better performance, it will probably be more usable in the future. Therefore, as long as cryptocurrency exists, Bitcoin Cash will be there.
It is estimated that over 550 thousand people, 9.40% of Singapore’s total population, currently own cryptocurrency.
Many exchanges support Bitcoin Cash and let you purchase via debit or master card. One of them is BlockTrade, an exchange regulated in the EU that accepts many coins. You can do trading without any fee on this exchange. Thus, it will be the cheapest exchange you can find to buy BCH.