How to Buy Bitcoin (BTC) in Australia — A Simple Guide
Bitcoin is the most popular cryptocurrency in the world. You can say that it is the “gateway” to the crypto space for the majority of.
Bitcoin is the most popular cryptocurrency in the world. You can say that it is the “gateway” to the crypto space for the majority of people. Its relatively low volatity (as compared with other cryptocurrencies) makes it friendly to beginner crypto investors.
Contrary to popular belief, it is actually incredibly easy to buy Bitcoin in Australia, as well as in most countries on Earth. In this guide, we’ll show you how to buy Bitcoin in Australia in less than five minutes.
Get started with Bitcoin: Click here to buy Bitcoin in Australia.
How to buy Bitcoin in Australia?
As a peer-to-peer decentralised digital currency, Bitcoin can be purchased from Bitcoin ATMs, marketplaces, exchanges and retailers. However, the easiest way to buy Bitcoin in Australia would be through a crypto retailer. Think of it like an online money exchanger, but for cryptocurrencies.
Easy Crypto is one such example, a place where you can directly convert your Aussie dollars to Bitcoin and 100+ other cryptocurrencies. You can do this transaction securely, without worrying about any hidden fees — you pay exactly what you’re charged in the final bill.
Time needed: 5 minutes.
Here is how to buy Bitcoin in Australia through Easy Crypto:
- Sign up
Signing up and verifying your identity will take around 5 minutes using Sumsub, a web interface used by many financial services to comply with KYC and AML protocols.
- Place an order
Click on Buy & Sell > Instant buy/sell on the navigation bar to quickly check today’s Bitcoin / AUD rate.
- Choose destination
Enter the wallet address where you will receive your Bitcoin.
- Choose your payment method
In Australia, you can pay using a standard bank transfer, pay via OSKO, POLI Pay, or Account2Account.
- Review & pay
Check that all details are correct — the amount of Bitcoin you ordered, your wallet address, and your payment method. Complete your payment in this step.
Not all cryptocurrencies can be sent in an instant. We make the transaction at the blockchain level, meaning that you may need to wait a few minutes to an hour until the transaction is confirmed.
- Admire your new portfolio
If you click on Tracker, you will see all the crypto assets that you’ve bought through Easy Crypto. Use these tools to help you monitor your net worth over time, and to pick the right time to sell your Bitcoin!
Choosing your first Bitcoin wallet
Bitcoin is stored inside crypto wallets. Some crypto wallets were built to accommodate only a certain cryptocurrency. But other wallets can support multiple cryptocurrencies.
Electrum is a Bitcoin-only wallet and has gained the trust of millions of users. However, we also recommend Exodus, a multi-currency wallet. Maybe one day you’d like to buy something other than Bitcoin, and it’ll be really helpful to have everything in one platform.
Crypto wallets are free downloadable software, which means you can just go to the official Exodus website, click Download for whatever operating system that you use, and then immediately use. There is no coding, no technical tinkering involved. Simply download the wallet and make your first deposit.
Need a Bitcoin wallet? Read our picks for best crypto wallets in Australia.
So, what really is Bitcoin?
Bitcoin is the culmination of years of debate, trial, error and problem-solving.
Bitcoin is a digital ecosystem that can transmit monetary value across the border-less, worldwide Bitcoin network. A single unit of Bitcoin is referred to as a ‘Satoshi’ (after the founder of Bitcoin) and the network is accessible from almost any device imaginable.
Bitcoin is used for multiple purposes. It is used as a store of value, a transactional currency, an investment vehicle and as virtual ‘gold’.
The traditional currency uses a mix of virtual and physical value. A centralised ‘bank’ controls the supply and distribution of money. Bitcoin does it differently. There is no one person that has central control over Bitcoin, it is decentralised. To change anything to do with Bitcoin there must be a consensus between the majority of users. This is very hard to achieve, which in turns gives the digital currency very high stability and safety.
Bitcoin uses blockchain technology in its network. Its transactions are stored on a blockchain which is a ledger of everyone’s accounts and transactions from the beginning of Bitcoin (the genesis block). Your Bitcoins are protected by high-level encryption and digital signatures, which are theoretically impossible to crack. Bitcoin can be traded on the open market using, exchanges such as Easy Crypto.
Learn more: Beginners guide to Blockchain technology.
New Bitcoins are created through a process known as ‘mining’. Miners use specialized hardware (CPUs, ASICs) to do two things. First, they create new Bitcoin by attempting to be the first to solve a randomly generated mathematical problem. Secondly whilst doing this they are facilitating the confirmation of transactions between people on the Bitcoin network.
More on Bitcoin Mining: What are ASIC Miners?
This process of verification is called ‘Proof of Work’ or POW. It is in all miners’ best interests to honestly complete this task, as any variance to exactly what the network expects will block that miners’ transactions and make their participation null and void. In completing this task, the miners are helping secure the Bitcoin network, facilitate transactions and earn Bitcoin for their work.
Lastly Bitcoin is a revolution.
Bitcoin wallets in Australia: What is your best option?
There is a plethora of wallet options for Bitcoin users in Australia to store your Bitcoin (BTC). It can be found in desktop, mobile, hardware and paper wallet formats. For now, we will cover desktop and mobile wallets.
Desktop Bitcoin Wallets
Being the most popular cryptocurrency in Australia, Bitcoin teams up perfectly with the popular Exodus Wallet. Exodus has a slick user interface, is easy to use and is popular both in Australia and across the world. Recently Exodus has launched a mobile version, for both Android and iOS.
The Exodus wallet is perfect as a first wallet, as well as catering for those who require more advanced features. The wallet allows you to send and receive Bitcoin, create a Bitcoin wallet address and also backup your wallet for safekeeping.
Advanced users will enjoy its integration with the Trezor Model T, creating a seamless user experience combined with safety. Cryptocurrency enthusiasts can also add digital assets other than Bitcoin to the Exodus wallet. It supports the majority of mainstream crypto including Ethereum, XRP, Litecoin, and more.
More on Exodus: Read our review on the Exodus Wallet.
Bitcoin Core Wallet (Official)
The Bitcoin Core wallet is Bitcoin’s official wallet from the development team. As expected, this wallet is the safest option for securing your Bitcoin. However, ease of use suffers when using the official wallet, due to having to download the entire Bitcoin blockchain to synchronize to the most recent transaction prior to use. This can take a considerable amount of time to download and must be kept in sync.
Once set up, the wallet is reliable and has a medium learning curve for new users. It is probably worth your time if you want to delve a little deeper into the Bitcoin ecosystem.
The Electrum wallet is a ‘Bitcoin only’ wallet downloadable on Windows, Macintosh, Linux and if you are looking for a mobile version, Android. The Electrum wallet is popular worldwide, and this is no exception in Australia. The wallet focuses on security, with two-factor authentication, secure private key generation (only stored locally), ability to export private key to other wallets, decentralized servers and multisig ability.
As mentioned above Electrum only supports Bitcoin. This is a positive for Bitcoin only holders, as the developers are focused on the best possible experience for Bitcoin only. On the downside, if you are looking to purchase and hold altcoins, you will require more than one wallet. It all depends on your priorities. The wallet has a low to medium learning curve for users, its user interface is serviceable but not elegant. Once it is set up, you will find your Electrum wallet as a solid, reliable choice.
The Jaxx Liberty wallet (previously only known only as Jaxx) is a popular Bitcoin and altcoin wallet, available on a range of devices. Jaxx is popular in Australia due to its positive track record with security features and ease of use.
Speaking of features, Jaxx includes local private key storage, backup function, passphrase protection and a built-in block explorer. The wallet is pleasing on the eye with an intuitive user interface, great for beginners and veterans alike.
Jaxx Liberty is a 3rd party wallet and does not have an open-source codebase; in the eyes of some this may be a concern. Overall Jaxx delivers a smooth, easy to use experience for not only storing Bitcoin but a range of 80+ different cryptocurrencies. You can find it on Mac OSX, Windows, Linux 32/64, Android, iOS, and on the Google Chrome web store.
Mobile Bitcoin Wallets
Coinomi was first founded back in 2014, and currently holds the reputation of being the oldest multi-chain wallet on the market. It’s not hard to see why it has millions of active users worldwide. Coinomi provides native support and true ownership for more than 125 blockchains and thousands of digital coins and assets.
Setup your Coinomi: Click here for the official setup guide.
Wallet of Satoshi
Wallet of Satoshi is a Bitcoin (lightning) mobile wallet available for both Android and iOS operating systems. Lightning is a new way to spend Bitcoin, created to increase the speed and ease of Bitcoin transactions. The Wallet of Satoshi (brought to you by the creator of Living Room of Satoshi) is a zero-configuration Australian based Bitcoin wallet that focuses on user experience and simplicity. You can easily top up your wallet using Australian Dollar (AUD) and spend in multiple retailers around Australia.
Things to consider when buying Bitcoin in Australia
Before you buy Bitcoin in Australia, please do your research around the unpredictable nature of Bitcoin and the cryptocurrency marketplace in general. It’s also important for you to understand how does cryptocurrency tax work in Australia. You can read about the tax implications directly from the Australian Tax Office and if possible, speak to an accountant who is well versed in digital currency investment. In summary, a tax event will occur if you convert AUD to BTC, BTC to AUD, or BTC to another cryptocurrency (e.g BTC to ETH).
Crypto wallet security is extremely important when storing your Bitcoin. If you fail to take the correct precautions you are at risk of losing your Bitcoin either through your own negligence (forgetting passphrase, not backing up wallet) or through a scam or crime.
Remember Bitcoin is a decentralized asset; meaning you are completely in control of your own Bitcoin and if you do not store it correctly, there is no central authority that can return it to you. If you are new to crypto, ensure you start with small amounts.
Practice sending and receiving small amounts between yourself and a friend or family member. Ensure the passphrase or the crypto password that you use is extremely strong and that you backup your wallet if that function is available.
Using a block explorer
A block explorer is used to track transactions on the Bitcoin’s blockchain. Due to all BTC transactions being traceable, the blockchain explorer can advise you the following details about your transaction:
- Wallet address sent to
- Wallet address sent from
One of the more popular Bitcoin explorers is located here. After your first transaction, it is a good idea to put your wallet address in the block explorer to see how it works and become familiar with it going forward.
On a closing note, buying Bitcoin in Australia is easier than you think. It’s never too late to invest!
Don’t miss out! Click here to buy Bitcoin in Australia today.
With that said, a little knowledge goes a long way on your crypto journey! Explore our learn site to expand your knowledge on all things crypto.
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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