Know How Can You Buy Bitcoin In Australia?

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How can you buy Bitcoin in Australia?

There has been quite a lot of interest around cryptocurrencies lately, so we’ve put together this simple and easy guide on how to buy Bitcoin and other cryptos in Australia. Although Australia has a small-scale Bitcoin market compared with other countries with larger populations, it in fact is a world-leader in providing the safety and easiest crypto platforms for both the newbie and pro alike. The following is all you need to know about trading Bitcoin in Australia.

What is Bitcoin?

Bitcoin is a virtual digital cryptocurrency and the first of its kind in the world. It lives on the internet highways and does not have the physical characteristics of fiat money. In simplistic terms, it is newer, harder, safer, faster and fairer money. It is not controlled by a central body, cannot have its supply of 21 million increased and does not suffer from the inflationary forces that your dollars face every day. Bitcoin was invented by Satoshi Nakamoto back in 2009 and since then, it has grown in value on average by more than 200% per year, every year! While Bitcoin serves as a ...
... means of exchange, a store of value, and unit of account, is not issued under the authority of any government or centralised body. None-the-less, it is recognised and accepted by the Commonwealth of Australia and as such, is a perfectly legal asset that faces the same rules and liabilities as other stocks, income or assets. You can read more about it here on the tax treatment of cryptocurrency in Australia from the ATO.

Every Bitcoin sale is made on a peer-to-peer network and there is no specific server or primary authority that needs to first validate the transaction with a bank or other body for the purchase or sale to take place. The decentralized confirmation method creates an internet of money where funds can be transferred between parties faster, safer and cheaper than olden day fiat. On this point, it’s important to realise that Bitcoin is far more than just a currency; it is a digital payment method that has revolutionised all money globally. That’s why olden day financial institutions hate it as it takes away their monopoly power over all money everywhere.

How to buy Bitcoin in Australia

There are several methods to acquire Bitcoin. The most common way is to purchase Bitcoin via a crypto exchange. The easiest way to buy Bitcoin and other cryptos (known as alt coins) instantly and safely is by going to Coinspot. A margin trading platform like Overbit is an alternative to exchanges as brokers provide a contract for differences (CFD) as a way to buy and sell Bitcoin and other cryptos. If wish to invest in Bitcoin (and other cryptos) and hold the currency, here is a complete guide in 5 easy steps:

Step 1 – Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies. It’s kind of like a bank account, but instead of a central body holding your account details, a wallet is yours and you control it entirely. There are many sources of digital wallets, but it is highly advisable to do your research before you decide which one is the best for you.

Step 2 – Register & Open an Account
Open the wallet provider website, register, and open an account that will provide you with a wallet through their site. Unlike a bank account, there is no opening, closing or other fees for having a wallet. You will need a wallet for each crypto you hold. That is, you’ll need a Bitcoin wallet for BTC, an Ethereum wallet for ETH, a Cardano wallet for ADA and so on.

Step 3 – Ensure you secure your log-in details with a 2FA Code
Two factor authentications (2FA) is an authentication code used in conjunction with your password to provide you even greater security when you access your wallets or send crypto. The code will be generated by a third-party application (like a Google app) and will be delivered to you by SMS or directly through the app on your phone or computer.

Step 4 – Add funds to your account
You’ll need to get rid of some of that olden day money called fiat (aka dollars) to purchase some crypto. This is as simple as a transfer from one account to another and if you go through safe sites such as Coinspot, the transfer is instant and with no fees.

Step 5 – Purchase Bitcoin
Now you’re all set to buy Bitcoin and other cryptocurrencies instantly. Keep in mind that you can always buy fractions of Bitcoin. That is, unlike traditional shares where you need to buy an entire stock or more, with crypto you can purchase as little as 1 cent worth. That’s right, because crypto is digital, it is divisible by 100 million parts which means you can buy just fractions of any crypto instantly, 24 hours a day, seven days a week. Once you start to see how powerful it is to buy, sell, send, store and trade crypto to anyone, anywhere for almost free and within seconds, you’ll start to understand the power of crypto and why olden day money is like comparing a steamboat to a jet aircraft – there is no competition.

To do everything crypto safely, and ensure you are never going to a shadow or scam site, always go through TheCrypto.Land where you’ll find everything crypto on one safe and easy site.

TheCrypto.Land is a one-stop-shop for everything you need in crypto. It not only provides real-time accurate data on the crypto markets, but also provides with you guaranteed safe links to learn, shop and explore crypto by protecting you from shadow or malicious sites. If you want to do anything crypto, the safest, fastest and easiest way is right here.