Why Singapore doesn't need Bitcoin
It's cool, it's hip, and it's virtual. Bitcoin has garnered much attention the world over, including here in Singapore where news broke this week that the island will be getting its first Bitcoin ATM. The question, however, is whether the country needs another currency, especially one that carries with it inherent risks.
Singapore-based trading platform, Bitcoin Exchange, purchased a Lamassu system and is scouting for a location to place the ATM, which will begin operation in March. The company plans to acquire more units if demand grows, according to Bitcoin Exchange's director Zann Kwan.
She told local newspaper MyPaper that Bitcoin buyers in Singapore currently need to wait at least a day after transfering money, including service fees, to an overseas exchange before they receive their Bitcoins. "This is not cheap and defeats the concept of bitcoin... A Bitcoin vending machine makes it very easy and safe to buy Bitcoin, and avoids such additional costs and other risks," Kwan said, pointing to the possibility sellers might default on the transaction.
