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How to Buy Local Bitcoin

Are you interested in Bitcoin but not sure how to buy local Bitcoin? At BTC.com.au, we are the crypto exchange of choice for many Australians, and we operate using AUD fiat currency to buy Bitcoin. As Bitcoin is a worldwide cryptocurrency, buying local Bitcoin usually means using your local fiat currency to buy Bitcoin.

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Anyone living in Australia with a current Australian bank account can open a trading account at BTC.com.au. If you’d like to open a trading account, you’ll need to supply some identifying documents, similar to what you’d need to open any banking account. After you enter your details and supply relevant documents, we’ll open your account, and you can make your first deposit using AUD.

While some popular international crypto exchanges are operating in Australia, many of these only take USD, which means you’ll need to pay international currency exchange fees when you make a deposit. At BTC.com.au, all deposits are made in AUD, saving you these additional fees, and you have more money to put towards your Bitcoin investments.

What is the purpose of Bitcoin?

Bitcoin was created because there was a need for people to send money over the internet without using a third party. Digital currency removes the need for a central agency to check and confirm cash transfers, so Bitcoin and other cryptocurrencies are known as decentralised currencies.

Bitcoin was released for public use in 2009, with the first transaction to buy pizza. In this first transaction in 2010, 10,000 BTC were used to purchase two pizzas, valued at around US$25. If this transaction were completed at the height of Bitcoin’s value (November 2021), those pizzas would be worth around US$644M. In the beginning, Bitcoin was only sent to people interested in Bitcoin on internet forums, and in this purchase, the Bitcoin was sent to someone who then paid cash for the pizzas.

Today, Bitcoin has two primary purposes: it is used to transfer cash to anyone in the world, and it is used for investment. The idea of Bitcoin was to create an alternative currency that could be used at any time and at any location. However, Bitcoin is now more popular as an investment, with people buying and selling it for profit.

How to buy local Bitcoin?

If you’d like to learn how to buy local Bitcoin, you can open a trading account with BTC.com.au. Opening a trading account at BTC.com.au will only take a few minutes, and you’ll need to send through some identifying documents. After we receive your documents, we’ll set up your account, and you can sign in and link your Australian bank account to make your first deposit. Transferring funds to your trading account for the first time may take a while, but the balance will be shown once this is completed.

You can make your first Bitcoin purchase when your trading account has available funds. You can buy Bitcoin by selecting the coin and entering how much you’d like to buy. Once you’re happy with the amounts shown, you can finalise the purchase, and we’ll deduct the amount from your account, and you’ll have access to your Bitcoin. After you purchase Bitcoin, you need a safe place to store it, and this is where you’ll need a crypto wallet.

There are many different types of crypto wallets, and the one you choose will depend on your situation and the level of security you prefer. The two main types of crypto wallets are known as cold and hot. A cold wallet is not connected to the internet, and a hot wallet is connected to the internet. Investors will usually use a cold wallet for most of their Bitcoin when holding it for a long time and a small amount in a hot wallet for trading and faster transactions. Before you choose a crypto wallet to store your Bitcoin, you need to research the benefits and drawbacks of each.

What are the benefits of investing in Bitcoin?

Bitcoin has two primary purposes: as a digital currency to make purchases worldwide and as an investment. Currently, Bitcoin is not considered legal tender in Australia, but it does have value, and many people will accept it as payment for goods and services. One of the advantages of Bitcoin is that when you need to send a large amount of money to someone, the fees are very low. When you use a bank for an international transfer, the fees can vary from bank to bank, but they are often relatively high.

As an investment, Bitcoin can offer excellent returns. As with all commodity investments, there is an element of risk, and the value of Bitcoin is unpredictable. Many investors recommend starting with around 5% of your investment dollar in crypto while getting used to how the price can fluctuate. Investing in Bitcoin can be a fun challenge for some people, and with a solid strategy, your gains can be quite substantial.

At BTC.com.au, we have many more articles about Bitcoin and other cryptocurrencies, including converting BTC to cash, buying cryptocurrency, buying Ethereum, buy things with Ethereum, how to sell Bitcoin, and selling Bitcoin in Australia. If you know how to buy local Bitcoin, you can open a trading account at BTC.com.au and start trading today!

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