Best Way to Buy Crypto in Singapore

Here's the best way to go to buy, keep and invest to grow your cryptocurrency/Bitcoin portfolio in Singapore in the year 2021.

Best Spot Rate for #Crypto: https://accounts.binance.com/en/register?ref=80217625
Earn interest for your Crypto: https://blockfi.com/?ref=a1f86068
Get up to $100 worth of #Singapore Stock Vouchers here! https://www.tigerbrokers.com.sg/market/sg-invitflow?isInvitee=true&invite=FFOKU9
Kelvin's Video on the Best Crypto Exchange: https://youtu.be/kItsPtvt9DA

Before you can even buy Crypto, you need a place to store them. There are 4 places to store cryptocurrency/bitcoins
1- Online wallet - Like a computer that is connected to the internet
2 - Cold wallet - Like a thumb drive without connectivity
3 - Physical coin - Like an actual monetary coin
4 - Crypto exchanges - Like letting your stock broker keep your stocks

Although cold wallets are best, my recommendation for the average joe is to use reliable crypto exchanges because they have the top of the line infrastructure to store your money safely and constantly upgrade to fend off evolving threats. If you are concerned, what you could do is to store it with multiple platforms such as Binance SG, Blockfi, Kraken etc.

Even if you store it in a cold wallet, you are then responsible for updating the latest crypto software on your devices and you must NEVER forget the password or lose the 'thumbdrive'!

Which is the best Exchange: @kelvinLearnsInvesting did a funny comparison of the different exchanges and I agree with him that Binance SG is the best, followed by Binance.com.

However, in terms of funding in USD, I recommend using Tiger brokers, else Transferwise to get good rates!

How to buy Crypto? There are two ways,
1) Crypto Exchange
2) Bitcoin ATM - I recall there's one remaining in Chinatown.

How much Bitcoin/Cryptocurrency to buy
I follow established asset allocation rules for trading - Given that Bitcoins are INHERENTLY risky. Not more than 5% of your portfolio unless you're an EXPERT and it is within your circle of competence. An example is Graham Stephan, a renowned investor and YouTuber, allocated 1% of his portfolio to Bitcoin. This is so that if anything happens, you are financially okay if you lose all of your crypto assets.

Which coins to buy?
Ultimately that depends on your thesis on the coins, I prefer staking Polkadots and Ethereum, but I am considering holding some Bitcoins too.

Each coin has its own pros and cons and I can't go through everything because I don't fully understand it.

Here's why I don't like bitcoin, it has A LOT of problems, such as lack of scalability, higher costs, and lack of energy efficiency. And if history repeats itself, my thesis is that Bitcoin is the first of its kind, hence why it's most popular now. Think of the first internet search engine Yahoo which google beat

Here's why I like #Bitcoin
Many people talk about bitcoin as like GOLD and that is because Bitcoin has a limited supply of 21 million, unlike a lot of other coins that have an unlimited supply.
It noteworthy that gold can be used for rings, electronics like iPhones, and for dentistry unlike bitcoin though!

The Mother Problem
Warren buffet hates gold & bitcoin because It does not produce cashflow
But he is wrong if bitcoin can be used to stake and is a loanable asset like a high-risk bond!

Here's how I plan to do it
First, I'm planning to buy 2 types of coins, first is bitcoin or #Ethereum
Store it with Blockfi - to loan it to others, at 6% interest rate a year.

Secondly, I plan to buy #Polkadots and stake it to get 12-20% a year on Kraken/Binance.com
Note that staking is kind of like bitcoin mining. proof of work

I understand it may sound very complex so please ask me any questions.

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