Singaporeans are seduced by the potential of crypto-currencies, especially Bitcoin

It looks like a simple computer. But Dexter Ng and a group of friends realized that it was capable of producing crypto-currencies through a process called ” mining “. Armed with a powerful graphics processing unit, these computers are capable of solving difficult mathematical problems that allow the user to obtain crypto-currencies such as Bitcoin.

Gerd Altmann, Pixabay

This digital currency is one of the many crypto-currencies on the market, but it st currently the most popular. This year, the price of Bitcoin has risen dramatically, reaching more than $ 7,500.

Evolution of the price of Bitcoin

On 8 November, the price of Bitcoin has reached a record level of nearly $ 7,500, an increase of nearly 800 % since the beginning of the year. Investors Singaporeans have been particularly impressed by the potential of this digital currency. The popularity of Bitcoin has resulted in the development of altcoins such as Litecoin or the Ether.

Thus, Dexter Ng and his friends have built computers mining more powerful and have started to sell them. Dexter Ng has indicated that they then posted pictures on social media and people began to ask how much it costs. This young 29-year old man explained that the sales on their platform has increased in recent months. The company used to sell about 15 aircraft per month in July, but it now sells about 100 per month.

The trade of crypto-currencies, an activity in full expansion in the country

The crypto-currencies can be exchanged against cash. Most of these digital currencies are gaining in popularity, the more their value increases. Coinhako has stated that the number of users on their platform has doubled since the beginning of this year.

Quoine, a different platform for the exchange of crypto-currencies, has also indicated that it has experienced considerable growth in just a few months.

Source : ChannelNewsAsia