As the world’s first and most well-known cryptocurrency, Bitcoin has made significant progress since its inception in 2009. Nowadays there are lots of online apps such as Bitcoinera which is working exceptionally well for their users.
Here are some key milestones in Bitcoin’s development worldwide:
- In 2010, the first-ever real-world transaction using Bitcoin took place when two pizzas were bought for 10,000 BTC.
- In 2011, WordPress became one of the first major online merchants to accept Bitcoin as a payment method.
- In 2012, the US federal government began accepting Bitcoin as a form of payment for certain services.
- In 2013, China’s central bank banned financial institutions from handling Bitcoin transactions, but individual use was still allowed.
- In 2014, Microsoft began accepting Bitcoin as payment for certain digital products.
- In 2015, the number of merchants accepting Bitcoin surpassed 100,000.
- In 2016, the Japanese government approved Bitcoin as a legal form of payment.
- In 2017, the value of one Bitcoin reached an all-time high of over $19,000.
These milestones show that Bitcoin is gradually gaining more mainstream adoption and recognition globally. As more people become aware of and interested in Bitcoin, we can expect to see even more progress in the years to come.
Role of Bitcoin in Singapore
Singapore has been an early adopter of Bitcoin and blockchain technology. The city-state was one of the first countries to start regulating cryptocurrencies and initial coin offerings (ICOs).
In November 2017, the Monetary Authority of Singapore (MAS) announced that it would be launching a pilot project to explore the use of blockchain technology for inter-bank payments. MAS is also testing out a blockchain platform for trade financing.
The use of Bitcoin in Singapore has been growing steadily over the years. According to Google Trends, search interest for “Bitcoin” in Singapore is at an all-time high.
There are a number of Bitcoin exchanges operating in Singapore, such as Coinbase, Bitstamp, and Kraken. You can also buy Bitcoin from ATM machines in Singapore.
One of the reasons why Bitcoin is popular in Singapore is because there is no capital gains tax on Bitcoin profits. This makes it an attractive investment destination for cryptocurrency investors.
Bitcoin adoption in Singapore is also helped by the fact that the city-state has a highly developed financial infrastructure. For example, you can easily convert Bitcoin to fiat currency using online services such as Coinhako and BitOasis.
Overall, Singapore is one of the most favorable jurisdictions for Bitcoin and blockchain businesses. The country’s supportive regulatory environment and well-developed financial infrastructure make it an ideal place to invest in or use cryptocurrencies.
Bitcoin’s Repute in Singapore
Singapore is one of the countries that are Bitcoin-friendly. The city-state’s open and distance policy has welcomed entrepreneurs and innovative technology.
For instance, the Monetary Authority of Singapore (MAS) released a statement in November 2013 declaring that Bitcoin was not regarded as a legal tender in the country. Nevertheless, it didn’t ban cryptocurrency.
In addition, MAS has been supportive of Blockchain technology and its potential uses in various FinTech applications such as payments and settlements, trading, asset management, and others.
Similarly, Singapore’s tax authorities have also decided not to treat cryptocurrencies as currency for tax purposes.
Instead, they would be subjected to Goods and Services Tax (GST). This is quite good news for Bitcoin users in the country as it means that they don’t have to pay double taxation on their Bitcoin-related activities.
All in all, Singapore is one of the most Bitcoin-friendly countries in the world. The city-state’s supportive stance towards cryptocurrencies and Blockchain technology has made it a hotspot for Bitcoin and other digital currency businesses.
Bitcoin’s Future in Singapore
It is evident that Bitcoin has made significant progress worldwide, with countries like Singapore playing a big role in its development.
It is important to note that the use of Bitcoin still remains largely experimental and its long-term viability is yet to be determined. Nevertheless, the progress that has been made so far is certainly promising.
In Singapore, there are a number of businesses that accept Bitcoin as a form of payment. This includes online retailers, food and beverage outlets, and even some brick-and-mortar stores.
Furthermore, there are ATMs where people can purchase Bitcoin using their local currency. The adoption of Bitcoin in Singapore indicates positive signs for its future growth in the country.
Of course, it is still early days for Bitcoin and there is a long way to go before it becomes widely accepted.
Nevertheless, the progress that has been made so far is very encouraging. With more and more businesses beginning to accept Bitcoin, it is likely that its use will continue to grow in Singapore and other parts of the world.