Buy Bitcoin in Singapore (BTC)

You can buy Bitcoin in Singapore right here on Independent Reserve.

Independent Reserve is regulated by the Monetary Authority of Singapore (MAS), Singapore’s financial services regulatory body. We are proud to operate in the great Lion City and be one of the first cryptocurrency exchanges to receive a Digital Payment Token (DPT) license under the Payment Services Act (PSA).

We are pioneers as one of the longest-running crypto exchanges in the world. Independent Reserve was established in 2013, only four years after Bitcoin. We have an unblemished track record spanning almost a decade. Create your account today and deposit fiat money to start trading Bitcoin. You can also explore our range of features to improve your trading experience.

You can purchase Bitcoin using Singapore dollars on Independent Reserve.

You can instantly deposit Singapore dollars (SGD) using FAST to buy Bitcoin (BTC) in minutes.

Once you have deposited money from your Singapore bank account into your Independent Reserve trading account, you are ready to start trading SGD for BTC. Download our app to purchase BTC using your mobile device.

You can buy Bitcoin for as little as S$10. Receive free deposits on amounts of S$1,000 and above. Unfortunately, we do not take Apple Pay, credit or debit card as a form of payment.

If you need more help choosing a payment method, visit our support page. Enjoy our low fees when you buy cryptocurrency with fiat currency on Independent Reserve.

Bitcoin was developed under the pseudonym, Satoshi Nakamoto.

Bitcoin was introduced in an online post by an anonymous author, Satoshi Nakamoto. The whitepaper: “Bitcoin: A Peer-to-Peer Electronic Cash System” was published on the 31st of October 2008. It explained the idea behind the world’s first secure digital currency.

On the 3rd of January 2009, only two months later, the first Bitcoin was mined in the Genesis Block. After some time, Satoshi disappeared and left the source code to the community. While the identity of Bitcoin’s creator remains unknown, the adoption of Bitcoin continues to grow as more people recognise its true worth.

Mining is the process of validating new transactions and adding blocks to the blockchain. It is also how more Bitcoin is created.

The main purpose of mining is to process payments in a decentralised way. Bitcoin gives miners a financial incentive to maintain network security and ensure the integrity of the blockchain.

Miners are like the bankers of Bitcoin. They verify transactions, confirm data, mint new coins, collect fees, and keep the blockchain secure. They also balance the books by keeping a synchronised copy of the blockchain, which is a history of all transactions on the Bitcoin network.

What is the proof-of-work consensus?

Proof of work is a system for gaining consensus without requiring the trust of a centralised party. PoW allows the Bitcoin network to decide who will mine the next block on the blockchain. Each miner contributing computing power to the network has a vote. Due to the way the algorithm works, it is difficult to become the next block producer, but very easy for the rest of the network to confirm who it is.

How does mining work?

Miners race against each other to solve a mathematical puzzle, using a hashing algorithm called SHA-256. The first miner to find the correct solution is given permission to write their block to the blockchain. New Bitcoin is minted in the process, which is awarded to the winning miner. They also collect all the transaction fees within the new block.

The chance of winning the race increases in relation to the number of guesses a miner can make. In theory, the faster a computer is, the more probability it has of winning the block. To improve the odds of winning the block reward, Bitcoin miners use specialised ASIC computers and combine resources by joining mining pools. Learn more about how Bitcoin mining works.

What is “double-spending”?

Bitcoin’s most significant achievement is its ability to solve the “double-spend” problem. For someone to try and double spend, they would need to solve the mathematical puzzle described above, and also insert an invalid transaction (the double spend) into the block they mined. The rest of the network would see the invalid transaction and ignore the proposed block. The bad miner would then have to mine the next block as well, to keep their chain alive. With the rest of the miners all mining the “correct” chain without the invalid block, it is an impossible task over time.

According to a report by the Bitcoin Mining Council, Bitcoin is the industry leader in sustainability and is helping to drive the adoption of renewables at a faster rate.

Despite common misconceptions, Bitcoin’s carbon footprint is less than any other industry, with a 58% sustainable energy mix. Its energy efficiency is rapidly improving year on year.

While it is true that mining Bitcoin does use a lot of energy, it is important to define where its power comes from. Most of the power Bitcoin runs on comes from renewable energy sources, not fossil fuels. It also uses “stranded energy” that would otherwise be wasted and spilled into the earth’s atmosphere. In this way, Bitcoin is significantly lowering carbon emissions.

Bitcoin uses approximately 0.01% of the world’s total energy. To put this into context, the annual energy consumption of Xmas lights in the US is greater than Bitcoin, for example, but it provides important technology to our society that has revolutionised economics.

Satoshis are the smallest divisible unit of Bitcoin.

One satoshi is the equivalent of one hundred millionth of a Bitcoin. The term "stacking sats" is often used by Bitcoin traders to refer to steadily accumulating more Bitcoin over time. You don't need to buy a whole coin to invest in Bitcoin because it is divisible to eight decimal places, you could buy just $1 worth.

HODL is an acronym for “hold on for dear life”.

Originally “hodl” came from a forum post where a user misspelt the word “hold”. Now, “HODL” has become popular crypto slang. People who HODL Bitcoin or other crypto buy it not to sell. Long-term investors are hodling Bitcoin in anticipation of its value continuing to appreciate over time. They hold Bitcoin even through times of extreme market volatility because they believe it is a good investment asset and a hedge against inflation.

Bitcoin is programmed to produce less rewards as time goes by. By the year 2140, there will be no new rewards given to miners.

The supply of Bitcoin is carefully controlled by the protocol. It is cleverly designed to automatically adjust Bitcoin’s mining difficulty in relation to the number of miners on the network. This means that even as mining power goes up, the rate of supply does not, which ensures the total number of Bitcoins in the system at any point in time is predictable.

What is the Bitcoin Halving?

Bitcoin reduces the number of new coins that are rewarded to the miners by half approximately every four years. Halving events, also called “halvenings”, historically create upward pressure on Bitcoin’s price due to the reduction in supply. Currently, miners are paid 6.25 BTC per new block as a block reward. The next Bitcoin halving is due to take place sometime between February - June 2024.

Bitcoin is like gold because it is a scarce asset that is mined through hard work using a lot of resources.

Bitcoin and gold are similar because they both have a limited supply. The difficulty to mine more Bitcoin also becomes harder over time.

There are many parallels between mining Bitcoin and mining gold. Gold mining takes a lot of time and is a very labour-intensive production. Comparably, mining Bitcoin is a very energy-intensive process that becomes harder as more people use the network.

Banks use vaults and security guards to store gold safely. Bitcoin is secured by cryptography and stored on the blockchain. Unlike gold, however, Bitcoin’s supply and total volume can be mathematically verified which provides assurance of predictability.

Bitcoin has all the underlying characteristics of commodity money.

As a medium of exchange, Bitcoin is highly durable, divisible, easily exchangeable, and rare. Importantly, it is impossible to counterfeit. Bitcoin is a truly unique asset unlike any other that has ever existed.

Only if you wish to take your Bitcoin off the exchange.

We offer a secured personal cryptocurrency wallet to store your Bitcoin safely. After you buy Bitcoin in Singapore on Independent Reserve, it will automatically appear in your account, so you don’t need to set up your own Bitcoin wallet. See how you can find your crypto wallet address on Independent Reserve.

If you prefer to have complete control over your Bitcoin, you can easily transfer it from our exchange to your own secure crypto wallet with your other digital assets. However, if you choose to move your Bitcoin off the exchange, be sure you know how to back up and restore your wallet correctly. Read about how Bitcoin is lost and understand the importance of safely backing up your private keys.

Your Bitcoin is stored safely on our exchange.

If you do not want the sole responsibility of storing your Bitcoin safely, our platform offers industry-leading security to give you peace of mind. We have world-class security measures in place to protect your Bitcoin and digital assets. Our security features include; top-tier underground vaults, multiple layers of encryption, two-factor authentication (2FA), and ISO 27001 certification.