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How to Use Bitcoin

Are you interested in Bitcoin (BTC) but are not sure how to use Bitcoin? At BTC.com.au, we can show you how to how to buy Bitcoin in Australia and how to spend your Bitcoin. Many people use Bitcoin and other cryptocurrencies, such as Ethereum (ETH), to invest in their future. The price of Bitcoin can be quite volatile, but it is entirely possible to make money buying Bitcoin and other cryptocurrencies with a dedicated investment strategy.

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All you need to start buying and investing in crypto is the best coin exchange in Australia and a crypto wallet. At BTC.com.au, we offer all our account holders our secure crypto wallet, but you are welcome to use any wallet of your choice. Open an account today and start learning how to use Bitcoin; after a few minutes, you’ll wonder why you waited this long!

How to use Bitcoin?

If you’re new to buying Bitcoin, then you’re probably thinking about how to use Bitcoin. Bitcoin is most commonly used to buy goods and services where a peer-to-peer trade is preferred. When you buy Bitcoin, you’ll need the services of a cryptocurrency exchange (such as BTC.com.au) and a crypto wallet. Researching crypto wallets and crypto exchanges is required to ensure you select the best crypto exchange in Australia.

Choose your crypto wallet

You need a crypto wallet to store your Bitcoin. This wallet will be used to buy things with Bitcoin, and you need to safeguard it against any potential security breaches. At BTC.com.au, we offer an online crypto wallet for our account holders.

Buy Bitcoin

Once your crypto exchange account is set up and you have a crypto wallet, you’re ready to buy Bitcoin. After your Bitcoin is secured in your wallet, you can use it to make purchases or send it directly to others in exchange for services.

Spend Bitcoin

You can spend Bitcoin at any merchant that accepts it as a form of payment. You can also transfer Bitcoin to an individual with their own crypto wallet. As Bitcoin gains popularity as a means for purchasing, the higher its value may increase.

Where can I use Bitcoin?

The first transaction where Bitcoin was used as payment was to buy pizza for 10,000 BTC on May 22, 2010. If this transaction were made today, it would be worth approximately $600 million. In 2010, Bitcoin was experimental, and no one was sure if it would catch on. Today, you can spend Bitcoin in many places worldwide, with some countries starting to consider it legal tender.

If you’re looking for places that accept Bitcoin as payment, you can ask them directly or look for any displayed signage. Here are some examples of where you can use your Bitcoin.

Donations

Making a Bitcoin donation can be an excellent way of giving back to your (or another) community. Charities worldwide are accepting Bitcoin as payment because transactions do not attract as many fees, which means the charities can do more with the money they receive.

Online gaming

Microsoft accepts Bitcoin for purchases made on their Xbox console. You can also find several gaming servers that allow you to buy in-game goods using Bitcoin.

Purchase gift cards

If your favourite retail shop doesn’t accept Bitcoins, you can get around that by using the hundreds of gift card retailers that will accept Bitcoin as payment. If you purchase gift cards when Bitcoin’s value is high, you lock in that value and use it for purchases whenever you prefer! Most gift cards have an expiry date of 12 months.

Cafes and restaurants

Using Bitcoin to buy food at cafes and restaurants is becoming a popular trend. Many Bitcoin enthusiasts seek out places to eat that will trade in Bitcoin. There are several places to eat worldwide that only accept Bitcoin as payment.

Travel

When you’re travelling, you’ll find that many places accept Bitcoin as payment. You can book your trip with booking agents that accept Bitcoin, and some car rental places accept Bitcoin for online transactions.

How do bitcoin transactions work?

When you’re first learning how to use Bitcoin, you can avoid all the technical nitty-gritty and cover the basics. Getting started with Bitcoin means that you need access to a place you can buy Bitcoin along with a crypto wallet to store your Bitcoin. At BTC.com.au, we are the cryptocurrency exchange of choice for many Australians, and we can offer account holders a secure online wallet to store their crypto purchases.

After you have your crypto wallet set up, you can use it to create your first Bitcoin address and then more later as they are required. When you need to purchase or receive funds, you can disclose your address so Bitcoin can be transferred in or out as you request. Keeping your cryptocurrency wallet secure is your top priority, so a Bitcoin address should only be used once per transaction.

Transactions between Bitcoin wallets use a private key (or seed), which is a secret piece of data. These codes are used to verify the transaction and ensure they came from the owner of that wallet. This data also prevents any alterations to the transfer from being conducted. Bitcoin miners will confirm the transaction in 10–20 minutes, after which it is complete.

At BTC.com.au, we have more detailed information about Bitcoin and cryptocurrency, including where to buy Bitcoin, how to sell Bitcoin, where can you spend Bitcoin, and what you can buy with Bitcoin. Open your BTC.com.au cryptocurrency trading account and start your Bitcoin journey today!

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