Bitcoin in Australia: A Starter Guide
First launched in January 2009, Bitcoin is the world’s first true cryptocurrency. However, if you’re arriving here after typing ‘Bitcoin Australia’ into Google, you already.
First launched in January 2009, Bitcoin is the world’s first true cryptocurrency. However, if you’re arriving here after typing ‘Bitcoin Australia’ into Google, you already know that. What you likely want to know now is how to buy Bitcoin in Australia for yourself.
In this guide, we’ll run through the basics of Bitcoin for Australians, as well as inform you on all you need to know about getting started in the exciting world of Bitcoin and cryptocurrency.
What is Bitcoin?
Bitcoin (BTC) is the cryptocurrency market’s oldest and top-performing digital asset.
As the world’s first true cryptocurrency, Bitcoin has been in circulation for over 11-years. Bitcoin, therefore, benefits from the highest consumer trust rating of all cryptocurrencies.
However, if you plan to buy Bitcoin in Australia, it is important that you make sure to buy actual BTC.
Fun facts about Bitcoin in Australia:
- Bitcoin has been the global top-performing asset of the past 11 years, far outclassing traditional assets such as stocks, oil and gold.
- Since Bitcoin’s inception in 2009, over 19,000+ other cryptocurrencies have spawned — accelerating innovation and development in the cryptocurrency world.
- Reports indicate 80% of Australians are aware of Bitcoin, and around 4.5% of Australians own cryptocurrencies like Bitcoin.
There are also several other cryptocurrencies that exist which borrow the Bitcoin namesake. However, only Bitcoin (BTC) is the original Bitcoin. If in doubt, make sure that any coins you are buying are using the price ticker ‘BTC’, rather than ‘BCH’ or ‘BSV’.
How Bitcoin works
Bitcoin is open-source. This means that no single entity controls (nor can control) the Bitcoin payment network or the creation of new Bitcoin coins.
Unlike traditional cash, Bitcoin is also deflationary. This means that the number of new Bitcoins entering circulation diminishes over time. This results in Bitcoin steadily increasing, rather than diminishing in value.
Is Bitcoin legal in Australia?
Yes, Bitcoin is legal in Australia and has its own regulations. In December 2013, the governor of the Reserve Bank of Australia (RBA) made it clear that Bitcoin is legal.
That being said, Bitcoin is also taxable. It’s regulated under cryptocurrency tax in Australia. This means that capital gains tax applies whenever you sell or exchange Bitcoin you own for regular Australian Dollars.
How to buy, store, and use Bitcoin safely?
Bitcoin is a peer-to-peer digital asset that exists independently of any central authority — which has naturally sparked the interest of many investors and alternative finance fanatics.
Most Australians store money they own in banks like Westpac. Bank employees can, therefore, help if you ever lose access to your account. However, no such assistance exists in the world of cryptocurrency. Here some things you need to remember first:
- When you buy Bitcoin, you become solely responsible for the security of coins you own.
- If you ever lose Bitcoin you own, coins are lost forever.
- If you accidentally transfer Bitcoin you own to an address by mistake, there is no way to reverse transactions.
Thankfully, storing Bitcoin securely doesn’t have to be difficult.
Store your Bitcoin with cryptocurrency wallet
If you plan to buy Bitcoin in Australia or in any other country, your first step is to decide how you plan to store coins.
At Easy Crypto, we advise setting up a hardware wallet like Trezor or an app wallet like Exodus. However, if this seems confusing, we can deliver Bitcoin you buy from us to your email in a ready-made cold storage crypto wallet.
What is a cold storage Bitcoin wallet?
A cold storage Bitcoin wallet is a wallet that stores your Bitcoin private keys offline. This ensures that hackers cannot steal funds from app wallets or exchanges.
However, as we have already made clear, Bitcoin you own will not be recoverable if you lose your wallet or if it falls into the wrong hands.
How to buy Bitcoin in Australia
Easy Crypto is the leading place to buy Bitcoin instantly in New Zealand. Now, we also operate in Australia.
As a result, you can now buy Bitcoin directly in Australia faster, more securely, and for better rates than at overseas exchanges.
Time needed: 2 minutes.
To buy Bitcoin with us at Easy Crypto Australia, you can follow these steps below:
- Sign up
Your first step is to create an account in Easy Crypto website by signing up via email, Facebook, or Google.
- Verify your identity
Before buying Bitcoin, complete your profile and verify your identity using your Australian passport or driving license. Wait a few minutes for our automated system to confirm that verification has been successful.
- Make the order
Enter an AUD amount of Bitcoin to purchase.
- Provide your wallet address
Enter your existing Bitcoin wallet address, or let us know if you would like us to generate a cold storage wallet for you.
- Confirm the order and payment
Next, confirm the amount of Bitcoin you are purchasing, before providing payment via bank transfer or POLi Instant Pay.
In most cases, we can confirm new cryptocurrency orders instantly. However, it can take slightly longer to deposit coins in your wallet. We must also insist that you only provide payment using a bank account in your name.
2020 promises to be an exciting year for Bitcoin. This year, the number of new Bitcoin entering circulation will be cut by half. Historically, this usually results in major price gains. It is important to note, though, that investing in cryptocurrency can be high-risk.
No one can predict the future of the cryptocurrency markets. This being the case, always make sure to conduct your own research before investing.
So, that’s it guys, everything you need to know about Bitcoin in Australia. How about it? Are you interested in trying Bitcoin right now?
Do not hesitate to contact us for more information about Bitcoin and any other cryptocurrency in the world. We are always ready to help 🙂
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 29, 2022