How to Invest in Bitcoin in Australia
Cryptographers have been trying to implement the idea of digital cash since the late 1980’s. Bitcoin is the breakthrough product that when released, organically caught.
Cryptographers have been trying to implement the idea of digital cash since the late 1980’s. Bitcoin is the breakthrough product that when released, organically caught the attention of first the computer underground and then the mainstream public.
Bitcoin can be best described as a digital system that allows the transmission of value across the worldwide Bitcoin network. A single unit of Bitcoin is knows as a ‘Satoshi’, which is the first name of the anonymous creator (Satoshi Nakomoto). In simple terms, Bitcoin is a digital currency that has no central authority.
Australian’s are known for their ability to question the status quo and to always consider whether they are getting a ‘fair go’. Australia also has a strong tradition in computer science and cryptography. Naturally, this has fueled the popularity of an alternative currency that is controlled by the individual, and not by a corporation.
So to answer the question of whether an Aussie can buy Bitcoin or not? The answer is a resounding yes! Australia has a vibrant and welcoming cryptocurrency community that are more than happy to assist new comers in purchasing Bitcoin. Here at Easy Crypto, we have set up the simplest way to buy Bitcoin in Australia.
It’s both encouraging and reassuring that in April 2018 the Australian Government implemented legislation around the buying and selling of Bitcoin. What this legislation enforced was the need for Digital Currency Exchanges (DCE’s) to be registered with the Australian national regulator AUSTRAC. This has helped grow the industry and ensure that unprofessional or potential scammers are weeded out of the exchange world.
Bitcoin has a myriad of uses. It can be a transactional currency for buying goods and services. It can be an investment vehicle or store of value and it is seen by some as digital ‘gold’. We mentioned earlier that Bitcoin has no central authority. What this means is that when you are in possession of Bitcoin it is like you are in possession of cash. It is purely up to you to ensure its safety as there isn’t an authority that can reverse transactions. What’s great about this is you are completely in control of your financial assets. No matter what occurs (financial institutes go bankrupt, governments bailing out failing banks, global financial crises, etc.) your Bitcoin is safely stored and untouchable.
Bitcoin transactions are stored on the most important element of the Bitcoin network; the blockchain. In simple terms, the blockchain is a cryptographically secure ledger of all Bitcoin users accounts from the beginning of time. All transactions between accounts are recorded on this blockchain and secured behind digital signatures.
This all sounds very complex however in practice it is relatively simple. All you require to get started is a Bitcoin ‘wallet’ that you can send Bitcoin to. Then you can purchase Bitcoin from an exchange such as Easy Crypto and send it directly to your wallet. Your wallet will have a password; this will allow you access to see your Bitcoin balance and the ability to send or receive Bitcoin.
We recommend new users to start with a small amount, such as $50 Australian Dollars (AUD). This will get you used to how a wallet works; and to help get comfortable using digital currency and the Bitcoin network.