How Can You Buy Bitcoin in Australia?

There is so much news around Bitcoin in the world right now that it is almost impossible to have not heard about it. If you have heard about it, then you might be wondering how you can buy Bitcoin in Australia. In this helpful guide, we will tell you everything you need to know about buying Bitcoin in Australia so you can own this digital currency. The Bitcoin price has increased from US$7158 to around US$60,000 in the last 12 months

Bitcoin: An Overview

For those who might not have heard about Bitcoin or those who do not fully understand what it is, Bitcoin is a digital cryptocurrency. It is decentralized, meaning it is not held or regulated by any one person or government or banking organization. Its decentralized nature is what makes it easy to transfer funds between different parties quickly and at a lower rate than that offered by traditional banks.

All transactions are also anonymous, as the currency is only tied to an electronic address and not to you personally.

Where can You Buy Bitcoin?

There are several platforms where you can purchase Bitcoin and they are separated into three primary categories. The first category is Bitcoin brokers. Brokers act as middlemen, facilitating the selling and buying of Bitcoin between different people. These brokers charge a set fee and users can purchase Bitcoin using fiat currencies such as the Australian or American dollar.

Although brokers are considered a speedy way of selling and buying Bitcoin, their fees are very high compared to other options. However, their platforms are easy to use and are considered a suitable option for new sellers and buyers.

Peer-to-Peer exchanges are platforms where people post about the Bitcoin they would like to buy or sell. They also post the price they are willing to offer or accept for the Bitcoin. The users on these platforms exchange Bitcoin amongst themselves without the intervention of middlemen or third-party actors.

Peer-to-peer exchanges offer users a lot of privacy and a wider range of purchase options compared to other ways of purchasing Bitcoin. Peer-to-peer exchanges are not particularly liked due to the high prices on these platforms as well as the reports of numerous Bitcoin scams involving these platforms.

The last way of purchasing Bitcoin is through the use of a cryptocurrency exchange. Exchanges differ from brokers in that buyers and sellers can interact on these platforms, using either fiat currencies or other digital currencies to purchase Bitcoin. The exchange only provides the platform for the transaction to take place.

These platforms usually have lower fees and better rates compared to both peer-to-peer exchanges and brokers. They also allow users to buy, sell or transact using a wider range of digital currencies and assets.

The main downside of using an exchange is that the platform can be difficult to use and users ought to know at least the basics of trading. These platforms are best suited to professionals and those who want to make quick trades, taking advantage of changes in prices to make the most money and avoid losses.

How to Buy Bitcoin in Australia

There are several steps you need to complete to purchase Bitcoin in Australia. The first step is choosing a platform where you are going to buy or exchange Bitcoin. Because of the high prices on Bitcoin brokers and peer-to-peer exchange platforms, the best platform to buy Bitcoin is on a cryptocurrency exchange. You can buy Bitcoin (BTC) with CoinSpot, a reputable cryptocurrency exchange that makes it easier to buy and sell Bitcoin and other digital currencies in Australia.

Next, you need to create an account. You will be required to provide your email address as well as some form of identification. Once you have verified your identity, you will choose a payment method to deposit and withdraw funds. All these different methods have their pros and cons so research them all to find which works best for you.Enter the Australian dollar amount you want to invest, and CoinSpot’s currency convertor will calculate how much Bitcoin you can buy

Once you deposit the funds, go to the platform under the Bitcoin section. For platforms like CoinSpot, this section is easy to get to. Next, enter how much Bitcoin you would like to buy as well as the amount you would like to spend.

After checking that all details are correct, click the purchase or similar button and the Bitcoin will be sent to your account. To make it easier to sell and buy Bitcoin as well as ensure its safety, it is always a good idea to store the Bitcoin in a hardware wallet. There are lots of physical and digital (app) wallets that you can use to safely store your bitcoin.

Harness the Potential of Bitcoin

There is so much you can do with Bitcoin; you can trade it like an asset or invest in it to sell in the future when the price rises. The guide above should help you get started with Bitcoin if you are interested in harnessing its potential.

Editorial Note: This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.