What Can You Buy with Bitcoin
Bitcoin is the world’s most popular cryptocurrency. If you’d like to buy Bitcoin, you can open an account with BTC.com.au and purchase some with funds deposited from an Australian bank account. After you have some Bitcoin, you may like to know what can you buy with Bitcoin?
Many people that invest in Bitcoin will hold on to it and then sell it later for a profit. However, there are many ways that you can spend Bitcoin. Microsoft is probably the most well-known company that readily accepts Bitcoin on its Xbox servers. Bitcoin as a currency is only ten years old, and many merchants are yet to accept this digital currency. The easiest way to spend Bitcoin is to buy gift cards online and then use those to make your purchases.
Many factors contribute to the popularity of Bitcoin. Many people will say that Bitcoin is attractive to people because it is new and unpredictable. When Bitcoin was first released in 2009, nobody knew what to make of it. The first Bitcoin transaction was for a pizza in 2010 for 10,000 BTC or about US$41. If that trade were made at the highest valuation for Bitcoin, it would be worth around US$644 million. Not a bad increase for a little over ten years!
When this Bitcoin was first mined for this transaction, no one had predicted its eventual rise in value. But that is a part of the interest in Bitcoin. The topic fascinates many people, and with an excellent investing strategy, it has been shown that investors can make substantial returns.
The first step in buying Bitcoin is to choose a cryptocurrency exchange. BTC.com.au is the coin exchange of choice for thousands of investors in Australia. When deciding which exchange offers you the best value, check on what fiat currency is required, if there are any fees attached to purchases, and if they offer a crypto wallet to store your Bitcoin. You should also check that you can buy the crypto coins you’d like through that exchange. Bitcoin is the world’s most popular cryptocurrency, but some exchanges may choose to focus on different coins. Before you open an account, ensure the exchange ticks all your boxes.
Opening a trading account at BTC.com.au is similar to opening a bank account. You’ll need some government-issued identifying documents and an Australian bank account to make your first deposit. If you need any assistance opening your account, you can contact our service team, and they’ll help you through the process.
After your account is opened, you’ll need to make an additional deposit. This deposit is completed in the same way a transfer between two individual bank accounts happens. In some crypto exchanges, you’ll need to deposit in the fiat currency they prefer, which is often USD. When transferring money from an Australian account, you will need to convert it to USD for the transfer, which may incur additional bank fees. At BTC.com.au, you can deposit AUD, which can be used for all your crypto purchases.
After your funds are recorded in your exchange account, you’re ready to make your first Bitcoin order. Select Bitcoin and enter the amount you’d like to buy. Depending on your exchange, you may need to enter the amount of fiat currency you’d like to spend or the amount of Bitcoin you’d like to purchase. Once you finalise the purchase, your order will be enacted, and when the transaction is complete, you’ll be notified.
When the Bitcoin purchase is finalised, you’ll need a place to store it. At BTC.com.au, we offer our account holders an online crypto wallet, and you can place your crypto there. Alternatively, you can send your Bitcoin to any wallet you choose. If you plan to hold the Bitcoin for a while, it may be best to store your coin in an offline crypto wallet for safekeeping.
If you’ve bought Bitcoin, you may be wondering, what can you buy with Bitcoin? In the decade since Bitcoin was created, many businesses have been accepting Bitcoin as a form of payment. If you’re in a retail store, you will see signage stating they accept Bitcoin, and online stores will have it marked in the checkout phase of your purchase.
Using Bitcoin to purchase goods or services may attract some fees, but as it is convenient to transfer large amounts of money, it is often better than carrying around cash. When Bitcoin was released in 2009, it was thought to replace fiat currency. However, the primary use for Bitcoin today is to purchase it and then sell it later after the value has increased.
In Australia, Bitcoin is treated more as a commodity than a monetary unit. This means you can think of Bitcoin the same way as gold and stocks. For example, you can buy gold stocks, but you don’t get any gold; instead, it is held in a bank, and you receive a certificate of ownership.
At BTC.com.au, we have many articles covering Bitcoin and other cryptocurrencies (e.g., ETH). Aside from articles explaining what can you buy with Bitcoin, we also have articles about buying Ethereum, how to sell Bitcoin, how to use Bitcoin, where to buy Bitcoin, where to buy ETH, and converting BTC to cash. When you are ready to learn and invest in cryptocurrency, you can open a trading account at BTC.com.au.
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