Showing posts with label cryptocurrency. Show all posts
Showing posts with label cryptocurrency. Show all posts

Thursday, September 9, 2021

FI Dad and the Cryptoverse Part 1: Am I Affected by the Binance Ban in Singapore?


Staring into the Cryptocurrency Universe o.o

So Binance.com has been ordered to stop providing products in Singapore as reported here. The reason for this ‘Ban Hammer’ coming down now is due to Binance.com not being regulated under the Payment Services Act in Singapore. With effect from 9 Sep 2021, Binance.com will not be providing any SGD trading pairs, payment/transfer options and it’s apps will be removed from the Singapore iOS App Store and Google Play Store. 

**Do note that Binance.Sg is a separate entity and they are still operating in Singapore**


I think cryptocurrency in Singapore definitely has gained massive traction.  I think most folks who didn’t know or understand it previously, would have picked up bits of information or knowledge from different sources. When I ask the less informed around me about crypto, typically they still think that it’s a form of currency used for money laundering and has negative connotation. So I cannot blame anyone for thinking that way. 


Personally, I have not used Binance.com much even though it has the largest number of trading pairs and cryptocurrencies available at reasonable fees. In my most recent forays into crypto, I have been using Gemini ActiveTrader (AT) and Coinbase Pro. Gemini AT is definitely easier to use and the fees are incredibly low. The downside is the lack of trading pairs available so you win some, you lose some. But it is sufficient for my ‘yield farming’ and DeFi purposes. 


So to answer the question in the title. No I haven’t been affected in this Binance.com ‘fallout’. For those affected, try exploring the other options available if you are not a crypto trader. If you are, there are also probably available options out there or work arounds that other writers may be more knowledgeable about. 


Share with me your thoughts and comments on this ban and what you think are the future implications! Remember to stay safe everyone!


On a separate note, I have started a YouTube Channel showcasing my hobbies. If you are interested, you can watch my latest video hereAny feedback, subscriptions or comments is deeply appreciated!

My YouTube Channel: LINK HERE!

My Instagram: LINK HERE!

Check out my other stuff: LINK HERE!

SG FI Dad, out.

Thursday, July 29, 2021

Our First Experience In DeFi (or sorta)

Some examples of Crypto. 

Cryptocurrency got a lot of attention towards the end of 2020 and continue to gather news worthy headlines in 2021. In my opinion, crypto is like a financial blue cheese, you either like it or you don’t. I’m not questioning or examining the underlying asset and function it performs here. I have had my personal experiences with cryptocurrency and milked some gains in its last bull run. However, with all things technological, the crypto space has continued to evolve and we just dipped our toes into the DeFi space (or sorta).

DeFi, or Decentralised Finance, attempts to utilise cryptocurrency/blockchain technology to recreate traditional financial and banking systems. As a result of the decentralisation, no central (d'uh) institutions are relied upon. The most common way this is done is through the Ethereum Blockchain. DeFi allows individuals to borrow or loan funds to others through the use of smart contracts. These individuals, as a result, are able to speculate, trade and even earn interests in 'savings-like' accounts that are provided on certain platforms.

 In the crypto-verse, it is essential for any individual to do your own due diligence. With altcoins and other s***coins popping up constantly, one may fall prey to a scam or a 'pump and dump' scheme. I recently watched a YouTube Video by Coffeezilla highlighting the many perils of crypto. Despite this, I still think that in the long run, there will be some real utility and functions that crypto can be used for apart from the constant speculation.

Currently, our crypto probably makes up for less than 5% of our portfolio. I really think this is because we are risk averse with many impending commitments. As such, to dip our toes into this volatile space, we have decided to try buying stablecoins for its yield. That leads us to the next question, "Which stablecoin should we get?"

In terms of stablecoins, we initially shortlisted Tether and USDC as they appeared to be widely used and 'accepted' in the crypto-verse. However, upon closer digging and inspection, we quickly shifted our focus towards USDC. Tether has many points that were sus to us. I think a quick google search would show you some results that raises valid concerns. To us, USDC is probably safer at the moment due to the actual audits done, the backers of this project and that it is actually backed by USD (fiat). 

We currently park our USDC and some other crypto in Celcius for the yield. We were drawn to the simplicity of the app and user interface. If any of you are interested to give it a try, do check out our referral link here.

If any of you have better or safer suggestions on how to 'yield farm', do share your thoughts in the comments below. I am all ears to learn and gain new perspective. 

On a separate note, I have started a YouTube Channel showcasing my hobbies. If you are interested, you can watch my latest video hereAny feedback, subscriptions or comments is deeply appreciated!

My YouTube Channel: LINK HERE!

My Instagram: LINK HERE!

Check out my other stuff: LINK HERE!

SG FI Dad, out.

ICYMI: Google Pay Promo

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