What is Bitcoin?
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
How do I buy Bitcoin?
Learn more about Bitcoin
Why is Bitcoin valuable?
When people are introduced to Bitcoin, explaining why Bitcoin has value can be challenging. New people can tend to focus on the fact that Bitcoin is non-tangible and it is not a physical object. New Bitcoins are created through mining, which is a process of checking transactions carried out on the Bitcoin blockchain.
The value of Bitcoin is tied to its usefulness and trust. People can see value in purchasing Bitcoin as it is required to use certain services. If these services are in high demand, and the amount of Bitcoin is finite, then the value increases because more people want it. Any item in high demand but of limited quantity will increase in price; when the demand wanes, the price will drop. The value of Bitcoin increases when there are more buyers than available coins and drops when there are more coins than buyers, which is the same as other stocks and commodities.
However, Bitcoin has a value beyond what people are willing to pay for it. One of the main benefits of Bitcoin is how usable it can be in certain situations. Using Bitcoin, you can purchase from anyone in the world without needing to convert your local fiat currency to another. The fee structure of Bitcoin makes it useful for transferring large sums. While the fees can seem high for transferring a small amount of money, if you need to send a large amount of money, the fees will not increase.
Another reason that Bitcoin is valuable is because of its security features. If you have a large amount of money, it can take up a lot of room and be very challenging, or impossible, to take with you if you’re travelling. While banks can offer good security, especially in well-developed countries, they can be untrustworthy in some places, and it is better to take care of your own money. The Bitcoin network is incredibly secure and would only be affected if one person (or organisation) controlled more than 51% of total mining operations. As there are mining operations worldwide, this scenario is increasingly unlikely.
The only security threat that Bitcoin investors need to be watchful about is their own. While Bitcoin has seen some media attention about lost funds, these are usually due to poor personal security. Some people have fallen victim to fraud or phishing attacks; others have lost their private key or accidentally given it away. However, these losses and attacks can also affect any standard bank account (except losing your private key).
As more people become aware of the benefits of using Bitcoin for transactions, the higher its value will increase. Many Bitcoin investors choose to buy Bitcoin online and hold on to it with the understanding that as the currency gains popularity, the more its value will increase.
If you’re looking to buy Bitcoin in Australia using AUD, you can open a trading account at BTC.com.au and start your investing journey today. At BTC.com.au, we are the cryptocurrency exchange of choice for many Australians who want to buy Bitcoin online.
Many people in Australia are interested in buying BTC but may be a little cautious because they don’t know a lot about this (relatively) new currency. At BTC.com.au, we completely understand that investing in Bitcoin can be confusing, and in this article, we aim to clear up some of the mysteries surrounding Bitcoin. While it may appear complicated to buy Bitcoin in Australia, anyone with an Australian bank account can open a trading account and buy Bitcoin online.
How to buy Bitcoin?
The easiest way to buy Bitcoin is using a cryptocurrency exchange. At BTC.com.au, you can use AUD fiat currency to buy BTC, and we can offer access to an online crypto wallet to help you store all purchased Bitcoin. You can transfer your Bitcoin to a cold wallet for increased security if you prefer.
After you open a trading account at BTC.com.au, you can link an Australian bank account and make your first deposit. After the deposit is registered in your trading account (this can take up to two days), you’re ready to start buying cryptocurrency. You can select the cryptocurrency you’d like to purchase, enter an amount, and finalise the transaction. When the transaction is complete, it’ll be shown in your trading account.
At BTC.com.au, we have many more articles about how to buy BTC and other cryptocurrencies, including how to buy Ethereum, how to buy local Bitcoin , how to use Bitcoin, and how to buy cryptocurrency in Australia. Whether you want to learn how to buy things with Ethereum, how to spend Ethereum, or where can you spend Bitcoin, we have the information you need. Open your trading account and start buying Bitcoin today!
What factors should be considered when buying Bitcoin?
If you buy Bitcoin in Australia for investing purposes, you seek to make a purchase when the value of Bitcoin is low with the idea of selling when it is higher. Following a well-structured investment strategy will allow you to make profits. However, you should study the value of Bitcoin to understand when it is an ideal time to buy.
Due to the volatile nature of Bitcoin, predicting the value with any certainty takes a reasonable amount of skill. Some investors suggest only investing a portion of your total available funds. You can start with a small amount and then increase your investment as you get used to how Bitcoin works and when it is the best time to buy and sell.