Willing to buy some Bitcoins in Australia but don’t know how?
Well, if you are new to the world of cryptocurrency, then comprehending how exactly bitcoin works, and how and where to buy them in Australia is a big challenge.
To help you make sense of the jargon as well as safely get your hands on one of the world’s most popular cryptocurrencies, we have put together this guide to buying bitcoin in Australia.
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5 Things To Consider Before You Buy BTC in Australia
You would not invest in shares without doing your research first. So, just make sure that you understand the following essential facts about bitcoin before you buy some –
Is it Volatile?
Have a look at a graph chart of the price history of bitcoin, and you will see straight away if its value is capable of rising or falling sharply in a relatively short span of time.
Bitcoin is not just volatile, but it is also highly unpredictable as a very new asset class- meaning there’s a high level of risk associated with buying BTC.
Is Security Vital?
Have you, at any point, heard the saying that if you don’t possess your private key, you don’t claim your bitcoin?
Understanding the difference between your private and public key, as well as the significance of securely storing your private key is pivotal to securing your BTC.
BTC Transactions Can’t be Cancelled
Once you have processed a transaction to the bitcoin network, it just can’t be cancelled. With this in mind, make yourself to be doubly sure about the receiving address before sending your bitcoins.
Is Bitcoin Really Anonymous?
There is a widespread misconception that all transactions are anonymous. Well, that’s not the truth since your public address and a few more details of your transactions are visible to everyone.
If anonymous transactions are an important feature for you, then it might be worth researching privacy-centred coins, like Monero.
If you hold some BTC as an investment, then you will be taxed on any capital gains that you make when you sell it for AUD or any other cryptocurrency.
Tax obligations also apply to Bitcoin mining and professional bitcoin traders. So, just make sure that you are completely aware of what you need to report to the ATO.
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An Easy Guide To Buying Bitcoin in Australia
- Register yourself with an exchange llikeCoinSpot
- Enable 2-factor authentication
- Verify your account
- Click on “Deposit AUD”
- Transfer your funds into your account
- Click on “Buy/Sell” at the top of the screen
- Search for bitcoin and click on “Buy BTC”
- Enter the amount of Bitcoins you are willing to buy
- Review the transaction details
- Click on “Buy BTC”
Congratulations! You’ve successfully bought Bitcoins in Australia.
Finally, it is also worth remembering that Bitcoin is far from being the only fish in the cryptocurrency sea.
It may be the biggest or best-known, but there are more than 2,000 other cryptocurrencies available as of February 2019.
Whereas the value of some of these coins is questionable, there are many other virtual currencies worth considering as an alternative to Bitcoin.
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