“I think it’s time for me to buy some cryptocurrency”. If you’re reading this article, chances are that this thought has occurred to you sometime in the past. Perhaps you acted on it, perhaps you have not.
Regardless of this, the recent developments in cryptocurrencies has now made the space nearly impossible to ignore.
Bitcoin, Ethereum, Litecoin and a cornucopia of other coins, each with their own use cases, can sometimes be quite overwhelming.
Luckily, there exists a multitude of resources where you can increase your crypto-related knowledge, like this article for example. Let us start by taking you on a bird’s-eye view of the crypto space.
A Look into the Cryptocurrency Industry
First of all, let’s start with the word “cryptocurrency”. To put it simply, cryptocurrencies are a form of digital asset or currency, which is made secure by way of cryptography, or digitally encrypting data as a form of verification.
This is made possible by an amazing technology known as the blockchain, which is a decentralised ledger.
In simple terms, blockchain is a way of recording transactions that makes it possible for everyone to view them publicly, but is impossible to change.
Think of it like a book of accounts that everyone can vouch for, but no one can manipulate.
Despite the seemingly complex nature of these things, the rate of cryptocurrency adoption has reached amazing new levels in recent times.
According to blockchain analytics firm Chainalysis, worldwide adoption of cryptocurrency has skyrocketed by 880 percent over the past year, especially in emerging economies like Vietnam, India and Pakistan.
As a good example, Luno recently added another 1 million users in four months, reaching a grand total of 9 million customers.
For retail investors, the increasing number of cryptocurrency exchanges has made it easier than ever for new adopters.
However, there still some existing hurdles, such as difficulties faced by investors to deposit SGD directly into their crypto wallet.
Fortunately, cryptocurrency exchanges like Luno are working actively to make investing easier for their users.
This month, The moon is introducing some exciting new upgrades to make cryptocurrency investing even easier.
A Whole New Payment Experience with Luno
Investing into cryptocurrencies has always been a breeze with Luno, with its beginner-friendly platform featuring an intuitive user experience and easily available learning content.
Luno is one of the first cryptocurrency platforms to launch an official direct SGD bank transfer.
This means that users will no longer need to sign up with another platform just for the task of getting SGD into your cryptocurrency accounts. All you need to add funds to your crypto wallet is your bank account.
This new method of transferring fiat currency into your Luno account will make buying coins much more convenient.
The coins currently offered by Luno are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), USD Coin (USDC) and Bitcoin Cash (BCH).
You can even set up recurring cryptocurrency purchases on a daily, weekly or even monthly basis to take advantage of a disciplined dollar-cost averaging strategy when buying into your favourite cryptocurrencies.
With the price of crypto having such large variances over the course of a single year, this method will help average out the risks and rewards.
For some context, the price of Bitcoin to SGD was approximately SGD 40,000 to a single Bitcoin in the beginning of the year.
Today, it has surpassed SGD 90,000, which is around USD 65,000 to one Bitcoin. Ethereum’s price has also seen a fair share of rises and falls, just within 2021. It’s no surprise that averaging out the risks in such a volatile environment is sometimes a good strategy.
One important thing to take note of is that whilst deposits can be done via any local SGD-denominated bank account, currently withdrawals can only be made to DBS or POSB bank accounts for a small fee of SGD 2.
This being the case, it would probably be the ideal recommendation for Luno users to minimise frequent withdrawals, or try to keep withdrawals to few large ones, as to reduce the fees incurred.
Luno Introduces Reduced Wallet Fees
Luno has the lowest exchange fees in the market at 0% for maker orders, but if you are unfamiliar with a trading interface they have reduced their wallet fees from 1% to 0.75%.
This allows you to instantly buy your favourite cryptocurrency at the best price and is one of the most competitive rates offered by a crypto platform in Singapore.
With these two new features by Luno, investing in cryptocurrency just became a whole lot easier.
Head on down to Luno’s website to create your account.
This is an article written by Luno. Fintech News Singapore does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Fintech News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Please note this is no investment advice.