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Cryptocurrency 101: Here’s a guide on how to easily buy and invest in Bitcoins

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luno cryptocurrency

Interest in cryptocurrency, like the price of Bitcoin, has risen to new heights in recent times. With all the buzz surrounding cryptocurrencies lately, perhaps you’re wondering if it’s time for you to take notice of this booming industry. 

On the corporate end, an increasing number of companies are already making their way into the crypto scene.

Twitter has recently become the first major social network to allow its users to ask for tips in Bitcoin, while Paypal has introduced a function for users in the US to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash via the platform

Closer to home, Singapore has emerged as a key blockchain and crypto hub in Asia as many companies jump on the bandwagon. 

Local ride-hailing app Ryde, for instance, lets its customers pay for rides with Bitcoin, which can be converted to RydeCoin at zero transaction fee.

DBS Bank, Southeast Asia’s biggest bank, has launched a crypto exchange in December 2020, and OCBC recently expressed its interest to pursue the same move.

Needless to say, the growing level of adoption — both locally and globally — indicates that cryptocurrency is here to stay and it’s going to be impossible to ignore. 

How do I learn about cryptocurrencies?

For a first-timer, getting into cryptocurrencies can be rather intimidating. Even for experienced cryptocurrency investors, the space can feel like you’re swimming in a sea of information, with no idea on how to filter for accuracy or quality. 

Questions like “What is Bitcoin mining?”, “Why are there only 21 million Bitcoins”, “Can I buy half a Bitcoin?” and “What will happen when all the Bitcoins are mined?” are just some of the intuitive (and important questions) that will pop into your mind as you explore this space.

The good news is that Luno, a leading global cryptocurrency platform, has a few mediums where you can get access to bite-sized, digestible information on cryptocurrencies and key updates in the industry.

1. Luno Blog

luno blog
Image Credit: Luno

Luno’s blog page is a great source of information that offers the latest news, events and research regarding the crypto industry. If you’re looking to catch up on the latest crypto happenings worldwide, this is an excellent place to start. 

2. Luno’s Learn Page

luno learning portal
Image Credit: Luno

With articles and explainers ranging from “Where did Bitcoin come from?” to “What is the difference between Bitcoin and Ethereum?”, Luno’s Learn Page is a one-stop hub that seeks to address all your burning questions about cryptocurrency.

It also features a glossary of all the terms that you need to know in your cryptocurrency journey, from Altcoins to learning about token standards like ERC-20. 

3. Luno’s YouTube channel 

luno youtube
Image Credit: Luno

It’s common knowledge that YouTube is a veritable treasure trove of knowledge and information, and it’s no different when it comes to cryptocurrency.

Luno’s YouTube channel is an amazing source of information on all things crypto, from Bitcoin to smart contracts — all presented in a quick and interactive video format in bite-sized durations. 
Now that we’ve talked about how to learn about cryptocurrencies, the next step is, how do we get started on buying cryptocurrencies? 

Get started with Luno in three easy steps

One of the best beginner platforms to buy your first cryptocurrency is Luno.

Its beginner-friendly platform, intuitive user experience and easily available learning content have rocketed them into the forefront of public awareness when it comes to crypto investing. 

luno cryptocurrency app
Image Credit: Luno

Using the Luno app, you can buy cryptocurrencies such as Bitcoin and Ethereum from as low as S$1, at a low fee of 0.75 per cent.

To illustrate how easy it is to buy crypto via Luno, even as a first-timer, here’s a step-by-step guide on using the platform. 

1. Deposit SGD via bank transfer or digital wallet

Depositing your money into Luno is easy. Once you are signed into the platform, click “deposit” and the platform will guide you on how to securely transfer your SGD.

Luno allows you to deposit your money quickly by doing a direct bank transfer using any SGD bank account, or a digital wallet like StraitsX.

2. Buy your favourite cryptocurrency directly on the main page

Now that you have some SGD in your account, all you have to do is select your favorite cryptocurrency to buy. You can choose from Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) or USD Coin (USDC).

In addition to a once-off purchase, you can also set up recurring cryptocurrency purchases on a daily, weekly or even monthly basis, so you can consistently invest like a clockwork without lifting a finger. 

3. Create a savings wallet to get passive returns on your Bitcoin or Ethereum

Another cool feature of Luno is its Save feature. Just like earning interest on your cash with the bank, Luno’s Savings wallet lets you earn up to four per cent interest on any BTC or ETH stored in it.

Your earnings are then paid in Bitcoin or Ethereum directly into your Savings Wallet at the beginning of every month. You can then choose to withdraw your earnings, or leave them in your Savings Wallet to compound and grow exponentially. 

Now that you’ve had your first taste of cryptocurrencies, it’s time to sit back, relax and enjoy your well-deserved returns.

To learn more about the exciting features that Luno has to offer, you can check out their website here

Featured Image Credit: Reuters / Luno

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(UEN 201431998C.)

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