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How to Buy Bitcoin in Australia

Bitcoin is fast growing in popularity, and many people are asking how to buy Bitcoin in Australia. There are some very well-established crypto exchanges in other countries, but many of these only operate in USD. If you’d like to use these services, you have to convert AUD to USD, which can attract some additional fees.

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When you use BTC.com.au, you can buy and sell Bitcoin in Australia using AUD. Provided you have an existing Australian bank account, you can open a trading account at BTC.com.au and start investing in Bitcoin using Australian fiat currency.

What are the advantages of Bitcoin?

Bitcoin was created over ten years ago (2009), and it is still thought of as a new type of currency. Misinformation has been problematic when learning about Bitcoin, with some people pushing a specific agenda. If you listen to some reputable sources, you’ll quickly learn if Bitcoin is something you’d like to invest in.

Detailed here are some of the advantages that Bitcoin can offer.
Accessibility

Bitcoin is not beholden to borders, as it is a truly international currency. You can trade in Bitcoin no matter where you are in the world. You can also transport large quantities of Bitcoin without being questioned by authorities. There are also very few or zero fees associated with using Bitcoin in a country other than yours.

User anonymity and transparency

Bitcoin is not anonymous, as some would have you believe. A code identifies users of Bitcoin, and this code can have many public keys. This means that a specific transaction cannot be traced back to any user. However, all transactions are viewable to all, but they’re kept safe from fraudulent usage by how the blockchain operates. Only the owner of a crypto wallet can see how much crypto coin you currently own.

Lacks a central authority

Bitcoin is decentralised, which means the users regulate it, and it doesn’t rely on a central organisation like a bank or government agency. As no one else has access to your funds, only you control your Bitcoin.

High return potential

Investing in Bitcoin has the potential to reward investors with some very high returns. In early April 2021, BTC reached a milestone value of $64,000, whereas in March 2017, only four years earlier, it was valued at under $1,000.

How to buy Bitcoin in Australia?

When you’re thinking about how to buy Bitcoin in Australia, the first thing you need to find is a cryptocurrency exchange that will allow you to purchase Bitcoin in AUD. The majority of popular crypto exchanges are based out of Australia, and these will require you to convert AUD to USD before you can trade. This fiat currency conversion will often come at a cost, which means you have less available funds to buy Bitcoin!

You can open an account after you’ve done your research and chosen a Bitcoin exchange that offers excellent value (naturally we think BTC.com.au is the best!). After opening your exchange account, you can link a bank account and make your first deposit. When your account shows a balance in AUD, you’re ready to make your first purchase.

Before you buy Bitcoin, ensure you’re familiar with how Bitcoin works. If you’re happy with the current price of Bitcoin, you can select that cryptocurrency and make your first purchase. After you’ve bought Bitcoin, it needs to be stored in a crypto wallet. At BTC.com.au, we offer our account holders an online crypto wallet, but you can send your new crypto to any wallet of your choosing.

How to use Bitcoin?

Bitcoin can be used to make online purchases and in some retail stores. Microsoft accepts Bitcoin for payment on its gaming servers. While large online organisations such as Amazon are yet to accept Bitcoin as payment, you can go around this by purchasing gift cards from merchants that will accept Bitcoin.

If you’ve been wondering how to buy Bitcoin in Australia, several places will accept direct Bitcoin as payment. Still, often it is best to sell your Bitcoin through a cryptocurrency exchange (e.g., BTC.com.au) and then transfer the AUD from the sale into a linked banking account.

The most common use for Bitcoin is to purchase it as an investment and then sell it later for a higher price. Studying how cryptocurrency works is the best way to learn about the industry and determine when it is best to buy and sell for a profit. It’s important to note that any profits made from the sale of Bitcoin (and other cryptocurrencies) will attract capital gains tax, and you’ll need to note it on your annual tax returns.

As Bitcoin can fluctuate dramatically in value, many investors caution against investing more than 5% of your overall portfolio in cryptocurrency. However, many people consider crypto to be no different from other investment types. If you have a reasonable investment strategy and stick with it, it is possible to make good returns by trading in crypto.

At BTC.com.au, you can open an account and start trading today. If you’d like more information about crypto, we have several articles to help new and established investors. These articles include how to buy things with Ethereum, where to buy ETH, where can you spend Bitcoin, how to buy cryptocurrency, and how to spend my Bitcoin. If you’re ready for the exciting world of trading in crypto, then open your account today!

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