Over the years, bitcoin’s value has soared as a result of its global usage and usefulness as a potential investment tool. Because of the surge in demand, the price of Bitcoin has surpassed $50,000, prompting investors to consider how to buy bitcoin in Australia.
There are several options to buy Bitcoin in the country, the most common and convenient way to buy is through an online exchange or brokerage, where you may buy with your credit card and receive Bitcoin right away. However, some persons prefer to pay in cash while others may choose to buy Bitcoin with cash from a Bitcoin ATM depending on which method one fines to be convenient.
In this article, we’ll teach you how to buy bitcoins in Australia quickly and easily.
What bitcoin means
Bitcoin is digital money that runs independently of any central authority or government monitoring. All bitcoin transactions are recorded in a public ledger, and copies are stored on servers all around the world. Rather than relying on a central source of trust like a bank, consensus on who owns which coins is reached cryptographically among these nodes.
Miners consolidate these transactions into a group known as a block and add them to the blockchain permanently every ten minutes or so. This is the definitive bitcoin account book.
Bitcoins are now subdivided into seven decimal places: a milli is a thousandth of a bitcoin, and a satoshi is a hundred millionth of a bitcoin.
In reality, there is no such thing as a bitcoin or a wallet; rather, the network agrees on who owns a coin. When making a transaction, a private key is used to prove ownership of funds to the network. A “brain wallet” is a concept in which a person can simply memorize their private key and use it to retrieve or spend their virtual money.
What is the purpose of bitcoin?
Bitcoin was created as a means of transferring money over the internet. The goal of the digital currency was to create an alternative payment system that was free of central control and could be used in the same way as existing currencies.
Bitcoin’s cryptography is based on the SHA-256 algorithm, which was developed by the US National Security Agency. For all intents and purposes, cracking this is impossible because there are more possible private keys to test (2256) than there are atoms in the universe which makes it secure and reliable.
How To Buy Bitcoin in Australia(A step-by-step Guide)
To buy bitcoin in Australia, there are procedures for doing so, below are the steps:
- Create an account with exchange
- Buy bitcoin
- Keep your bitcoin secure
Step 1: Create an account with exchange
If you’ve concluded that buying bitcoin in Australia is right for you, the first step is to figure out how and where you’ll buy it. Although there are hundreds of platforms to choose from, they can be divided into three categories which are as follows:
- Bitcoin brokers
- Cryptocurrency trading platforms
- Peer-to-peer (P2P) exchanges
Bitcoin brokers are merchants who sell Bitcoin and other cryptocurrencies. They provide easy-to-use platforms and are the quickest and most convenient way to purchase Bitcoin. Brokers allow you to pay in fiat currencies (such as the Australian dollar or the US dollar) using common payment methods like a credit card or a bank transfer. The biggest disadvantage is that they frequently charge more costs than other alternatives.
Cryptocurrency trading platforms
Platforms such as Binance and Independent Reserve, allow you to purchase Bitcoin on the open market from other dealers. Some exchanges offer fiat currency purchases, while others are solely for cryptocurrency trading and do not accept fiat deposits.
They are, however, more difficult to use and necessitate a fundamental understanding of trading concepts such as the distinction between limit and market orders.
Peer-to-peer (P2P) exchanges
Peer-to-peer exchanges are similar to bulletin boards where anyone can advertise whether they’re buying or selling Bitcoin and at what price. On peer-to-peer exchanges, buyers and sellers contact one other direction and make their arrangements.
This allows users to use a broader choice of payment methods, such as cash, and trade in a more private manner. The disadvantages are that peer-to-peer exchange prices are frequently higher than market exchange rates, and users must be cautious of scammers on these platforms.
Step 2: Buy Bitcoin
In most situations, after selecting an exchange, the initial step is to register an account by supplying your email address. You may also be needed to supply your full name, contact information, and evidence of ID before being authorized to trade, depending on the exchange you use and the regulatory restrictions it is subject to.
You can pay for your purchase once your account has been validated. Depending on whether you’re using a broker, a trading platform, or a peer-to-peer exchange, this will seem different.
How to buy bitcoin Australia with a broker
Simply type in the amount of Bitcoin you want to purchase, and the broker’s website will tell you how much it will cost and what payment alternatives are available. The broker deposits Bitcoin into your account after you make your payment. You can then withdraw the Bitcoin to your wallet or send it to someone else.
How to buy bitcoin Australia with trading platform
To begin, you must first deposit into your account. Go to the market for the currency pair you want to trade after you’ve made your deposit. If you wish to buy Bitcoin with US dollars, for example, you would go to the BTC/USD section of the exchange website. Place a buy order in that market to purchase Bitcoin. There are several order types to choose from, but if you simply want to buy at current market prices, a market order is a way to go.
Buy bitcoin Australia with a peer-to-peer exchange
Look through the available sell offers to locate one with a reasonable price and a convenient payment option. The seller should ideally have a strong reputation and their notice should not trigger any red flags.
Make contact with the vendor and inform them that you want to purchase Bitcoin.
Step 3: Keep your bitcoin secure
Now that you’ve bought bitcoin, it’s critical to maintain it safe and secure, much like a bank account.
Here are some basic principles to follow:
- Make a copy of your private keys for safekeeping. We recommend keeping a backup of your private keys off-site to defend against robbery, fire, or hard drive failure.
- Never give anyone your private keys because it’s the same as allowing someone access to your bank account if you give them your private keys.
- Keep your offline and online wallets up to date with the newest software by using mobile and desktop wallets.
Popular exchanges to buy bitcoin Australia
The most widely use exchanges to buy bitcoin in Australia are:
- Crypto exchange based in Australia
- Supports credit card buying
- Easy to use interface
- Crypto exchange based in Australia
- Free & instant deposits
- Large selection of cryptos & live chat support
- iOS & Android apps that let you trade
- Instant bank transfer with PayID / Osko / NPP
Best ways to exchange bitcoin In Australia
Australians can sell Bitcoin in a variety of methods, depending on whether they want to convert BTC to AUD or sell Bitcoin to exchange for a different coin.
These are the best methods to sell Bitcoin to receive cash or crypto:
- Sell Bitcoin using an exchange to AUD or crypto
- Sell Bitcoin for cash to a friend or family
- Convert Bitcoin to a gift card to spend
- Withdraw cash from a Bitcoin ATM
- Pay bills using Bitcoin
- Spend using a Bitcoin debit card
- Lend Bitcoin to obtain an instant cash loan
How to buy bitcoin in Australia with a credit card or debit card
Many Bitcoin brokers, including Coinbase and Coinmama, allow you to buy Bitcoin using your credit card, and utilizing your credit card allows you to make rapid and straightforward purchases. Customers can now buy cryptocurrencies straight with a credit card through third-party payment connections on trading sites like Binance.
Credit card transactions, on the other hand, are subject to quite high fees, which normally range from 1.5 percent to 3 percent. They may also be subject to cash advance fees. Banks are often wary of these transactions, and some have barred customers from purchasing cryptocurrency using plastic.
How to buy bitcoin in Australia with cash
There are three primary methods to buy Bitcoin Australia using cash.
The simplest method is to use a peer-to-peer exchange and organize a cash buyer with someone in your region. Another option is to locate a Bitcoin ATM in your area and deposit cash, which can subsequently be turned into BTC.
The third option is to pay cash at a newsstand. This payment method is commonly referred to as “cash deposit” or “blueshyft” by exchanges. To utilize this, go to the exchange’s website and choose the cash payment or blueshyft option, then input the quantity of Bitcoin you want to buy.
Take this QR code to a participating blueshyft newsagent (there are over 1,000 in Australia) and tell them you’re using the blueshyft service and which exchange you’re using it for.
You can then pay with cash at the newsagent, which will scan the QR code and credit your exchange account with Bitcoin.
CoinSpot and CoinJar are two Australian exchanges that accept blueshyft payments. Cash purchases of Bitcoin can be as rapid and simple as other payment options, but they are also among the most expensive.
How to buy bitcoin with PayPal In Australia
Due to the risk of chargeback fraud, bitcoin exchanges and other sellers rarely accept PayPal. This is when someone buys Bitcoin and then demands that PayPal reverse the transaction after they receive the Bitcoin, allowing them to keep the Bitcoin while receiving their money back.
On peer-to-peer marketplaces like Paxful, it’s unlikely, but not impossible, to locate sellers who accept PayPal. You can also finance an eToro account with PayPal if you’re more interested in the price action of Bitcoin than the underlying asset.
A potentially riskier third option is xCoins, a rather obscure peer-to-peer platform created particularly to support Bitcoin transactions through PayPal. It’s a little hazy on how it works, and it doesn’t have the finest track record in terms of security.
You can also link your PayPal account to a credit card and then buy Bitcoin with that credit card if you merely want to use your PayPal amount.
Using PayPal can involve additional fees, and finding exchanges that accept it can be challenging. However, there are still a few possibilities if you truly want to use them.
How to Buy Bitcoin with another crypto
If you wish to trade another cryptocurrency for Bitcoin, you’ll be happy to know that BTC is available in a wide selection of trading pairings on several different cryptocurrency exchanges. The goal is to locate an exchange that has the services and fees that you require.
You’ll need to look for exchanges that list your desired trading pair, such as BTC/DASH, and then weigh the benefits and drawbacks of each. You may acquire Bitcoin by following a few simple steps once you’ve located a suitable exchange.
The following will be required:
- Register for an account.
- Enable 2-factor authentication.
- Click on “Funds” and select “Deposits.”
- Select the digital currency you want to deposit (eg, DASH) and then copy the relevant wallet address or scan the QR code.
- Transfer the digital currency into your account from your external wallet.
- Click “Exchange” and select either the “Basic” or “Advanced” trading view.
- Search for the pair you want to trade, such as “BTC/DASH.”
- Select a Limit, Market or Stop-Limit Order.
- Enter the amount of BTC you want to buy in the field provided.
- Take a moment to review the details of your transaction.
- Click “Buy BTC”.
If you’re unclear about how to proceed, check for a how-to guide on your preferred exchange or contact its customer service team.
How To Sell Bitcoin In Australia
The following methods are used to convert Bitcoin to cash or cryptocurrency in Australia:
- Create an account with an exchange
- Complete ID verification
- Enter in bank details
- Transfer the Bitcoin (BTC)
- Find BTC/AUD or crypto pair
- Enter the amount to sell
- Click ‘Sell’ to convert Bitcoin
- Withdraw AUD or crypto
How to choose a Bitcoin exchange
Finding the best Bitcoin exchange for your needs might be difficult with so many platforms to select from. Consider the following crucial factors while comparing exchangers to make your decision easier:
Examine the platform’s security features, such as 2-factor authentication and PGP-encrypted emails.
Examine the tiny print to determine the precise cost of your transaction. Trading and transaction fees, as well as deposit and withdrawal fees, may apply depending on the platform you use.
Bitcoin, by far the most popular digital money in the world, maybe purchased and traded on a wide variety of platforms. However, if you want to buy other cryptocurrencies in addition to Bitcoin, examine what else you can get through the platform.
Will you be able to swiftly and easily contact customer service if you have an issue with a transaction? Check out the several ways to contact the team and how quickly they answer questions.
The Exchange location
When possible, it’s a good idea to use local exchanges to buy bitcoin in Australia. They’re more likely to accept local currency and payment methods, making it easier to avoid costly international transfers and exchange costs that can occur when depositing money in overseas exchange. It may also provide you with additional protections under specialized exchange or financial services rules, as well as any applicable consumer rights laws in your country if something goes wrong.
Receive bitcoins for goods and services
If you have a Bitcoin digital wallet to hold the currency, any business or individual can take bitcoins as payment. You can get a Bitcoin wallet from the Apple or Google Play stores, and then you’ll have to pick how you’ll receive the payment.
Some ways of accepting payments include:
- QR codes generated in a Bitcoin digital wallet program and scanned with a smartphone.
- Online payment processing solutions that can convert digital currency such as Bitcoin into a traditional currency such as Australian dollars automatically.
- In-store custom Point of Sale (POS) terminals that work with your existing cash register.
How to store your bitcoins in Australia
If you’re thinking about getting into the Bitcoin game, you should probably find a secure way to store your bitcoins.
A wallet is a secure storage location for bitcoin that is not connected to a cryptocurrency exchange. Some wallets have more features than others, and some are better than others. Some wallets are solely for Bitcoin, while others may hold a variety of different altcoins.
There are a few options for these wallets in the app stores, as well as software for laptops and computers, so do some research to see which one best meets your needs. Wallet apps that protect modest amounts of money with a private key kept on your phone or secure device are available. These also include scannable QR codes, which saves time when it comes to typing long bitcoin addresses when sending money.
Why do you need a crypto wallet?
Multiple types of coins and tokens can be stored, sent, and received using cryptocurrency wallets. They range in complexity and appearance, with some facilitating simply basic transactions and others offering a wide range of technical features. Before you choose a wallet, think about what you’ll be using it for and what’s most important to you in a crypto transaction.
The decision between a crypto or Bitcoin wallet usually boils down to a trade-off between security and speed, or control and convenience.
Features of a good crypto wallet?
A good crypto wallet must have the following:
- be easy to install
- be safe to use
- put users in complete control of their funds
- be accessible on the go
While finding a crypto wallet that meets all of the above criteria is difficult, we can certainly assist you in determining which form of wallet is appropriate for your needs.
Desktop crypto wallets in Australia
A desktop wallet is a Windows, iOS, or Linux-based PC program. Full apps such as Bitcoin Core and lightweight clients such as Electrum and Metamask are among them.
Metamask, a browser-based Ethereum (ETH) wallet, is one of the most widely used in the world. This is because it allows anybody to transact any ERC20 token, including Chainlink (LINK), Tether (USDT), and Basic Attention Token (BAT), directly from their web browser. It necessitates a fundamental understanding of how cryptocurrency transactions work, which in the case of Ethereum can be a little more complicated.
Mobile crypto wallets in Australia
Cryptocurrency wallets that run on phones, tablets, and other mobile devices are known as mobile wallets (Android and iOS). They are a wonderful choice for people who value portability and convenience over security, but they are also the least secure. Transacting with mobile wallets is simple since funds may be transmitted to addresses represented by QR codes, which eliminates the need to copy and paste the address.
There are several good multi-coin mobile wallets available that can come in handy if you need to send or receive a specific coin on the run. Trust Wallet, for example, supports over 160 coins and tokens and is constantly adding new ones.
Digital assets can be swapped for one another and even purchased with a credit card from within the app. While Trust Wallet does not store your private keys, you can use a backup mnemonic to retrieve the whole contents of your wallet (which essentially acts as a cross-coin private key).
Hardware crypto wallets in Australia
With a hardware crypto wallet, you can HODL and buy bitcoin in Australia. A hardware wallet, sometimes known as a “cold wallet,” is a physical device that connects to a computer and/or mobile device, as the name implies.
If you’ve heard the term “hot wallets” before, it refers to internet-connected wallets like mobile and desktop wallets.
Because you must connect your device to the internet to sign an outgoing transaction, hardware wallets can make the spending procedure a little more complicated. A hardware wallet may be the best option for long-term investors who are concerned about leaving their coins on an exchange.
Finally, it’s important to note that Bitcoin isn’t the only cryptocurrency out there. While it is the largest and most well-known, there are over 4,000 other cryptocurrencies available, and the number is growing. While the value of some of these coins is debatable, there are other additional digital currencies to explore as Bitcoin alternatives.
How do I buy bitcoins in Australia?
Here is the step-by-step guide for you to buy bitcoin in Australia: #1. Create an account with exchange #2. Complete ID verification #3.Buy bitcoin…
What is the best platform to buy Bitcoin in Australia?
The best platforms to buy Bitcoin in Australia are:
- Swyftx Exchange – Best overall for Australians.
- CoinSpot Exchange – Most secure and audited exchange.
- Digital Surge Exchange – Best exchange for fees in Australia.
- eToro Australia Exchange – Best exchange for copy trading.
- Binance Exchange – Best for serious trading.
Is Bitcoin available in Australia?
You can usually buy Bitcoin with AUD.
How do I buy Bitcoins on Coinbase Australia?
First, visit the “Trade” page on Coinbase.com or tap on “Buy” or “Sell” options in our iOS or Android apps to add a credit or debit card. Then, buy your bitcoin with ease.
Is Binance available in Australia?
Yes, Binance is available for Australian citizens and residents to open an account and begin trading.