How to buy Bitcoin in Singapore with ease
At Coinhako, we make access to digital assets like Bitcoin as hassle-free and simple as possible for everyone.
Created in 2008, Bitcoin is the world's first blockchain based network. It is decentralized, relies on peer-to-peer networking to verify transactions, and has catalyzed a whole new world of finance and decentralized organisations since its appearance.
Take your first steps into a world of decentralized finance, and much more, with the father of all cryptocurrencies with Coinhako! Offering you the facilities you’d find in a Bitcoin ATM right from your mobile phone, managing your Bitcoins has never been easier!
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On top of providing a hassle-free experience, we also greatly value convenience for our customers.
The Coinhako platform is supported on multiple devices where you can buy, sell and swap Bitcoin even while on-the-go. All our customers have the options to access our services on IOS, Android and Web.
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What is Bitcoin
Bitcoin is a digital and global money system currency
Created by the anonymous Satoshi Nakamoto, the whitepaper for bitcoin was released in 2008 which introduced a peer-to-peer (P2P) electronic cash system built on a decentralised network. This means that the system removes the need for any central authority to oversee these cash exchanges.
Bitcoin's key difference from fiat currencies (which is the predominant currency system employed globally) is the technology it runs on
This technology is known as Blockchain, which allows Bitcoin to have a ledger (think a public record book) governed by P2P networks as opposed to the conventional banking system of centralized checks.
Aside from the transaction itself, the transaction verification process is also decentralized.
Here’s how
Bitcoin transactions work
Bitcoin transactions are recorded, before they are made official on the Blockchain.
Phase 1: Mempool
When a transaction takes place on the Bitcoin network, the transfer of ownership of the coins are validated according to a list of encoded rules.
These transactions are validated by nodes running on the Bitcoin network, which updates its own record of transactions. These transaction records are then sent to a pool of data, known as the Mempool (Short for memory pool) waiting to be confirmed by the Bitcoin network.
Phase 2: Mining
The mempool awaits further processing by computers, which compiles these valid transactions into a new block. This is what you probably know as 'Mining'.
The blocks arranged by the computers are like a list of transactional records, and are compiled by mining software that solves mathematical puzzles to link up with the chain of existing blocks on the Bitcoin’s blockchain. Once recorded on the blockchain, the transaction becomes official and the recipient address should have the sent amount reflected in their wallet.
How Bitcoin get its value
In its infancy in 2009, bitcoin was valued at nothing. However, its price reached a peak of nearly $20,000 per bitcoin in late 2017. You might be wondering then, how does bitcoin obtain its value?
As there is no Central Bank involved in handling Bitcoin, its value is decided largely by demand and supply forces in the market – which is also regulated by a difficult algorithm. If the supply for Bitcoin outweighs its demand, mining Bitcoin will get a lot more difficult.
DID YOU KNOW: In 2010, a man named Laszlo Hanyecz purchased two Papa John’s pizzas for 10,000 bitcoin. Today, this transaction would be worth around $100 million.
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