If you are thinking about buying Bitcoins in Australia, you should find a local and verified virtual exchange. The Blockbid cryptocurrency platform supports almost all popular fiat currencies, so you can have a more diverse buying experience, and at the same time, it provides you with the option to choose between the mainstream crypto-coins.
The access to the “trading floor” is easy and fast. Blockbid is designed intuitively, so even if you are a beginner, you can find your way around the platform. Security is one of the most important questions when it comes to cryptocurrency trading, which is why 95 percent of the deposits are stored in an offline multi-signature hardware vault, and Blockbid is fully covered by cybersecurity insurance.
Furthermore, when you are buying Bitcoins in Australia, you should keep in mind that there are conversion charges if you are not using a local exchange. Blockbid has 0.1 percent transaction fees on fiat currencies, and the platform can perform up to 1 million transactions per second. At the beginning of April 2018, the Australian Government passed the new cryptocurrency law, and Blockbid is fully compliant with the legal framework and the AUSTRAC guidelines.
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How to buy cryptocurrency in Australia
The easiest way to get any cryptocurrency is to buy it on an exchange. It is more user-friendly towards beginners, and the risks of manipulation and fraud are very low. We have already discussed the exchange method of buying crypto in the previous chapters, but primarily, it comes down to the simple concept of exchanging AUD for a cryptocurrency. Once you get verified by the exchange and gain access, you are ready to trade.
How to buy cryptocurrency in Australia?
You will need to create an account on a virtual exchange platform. What you need to know about choosing the right one if you are in Australia and want to buy cryptocurrency:
- Check if the exchange is safe, verified and compliant with Australian law
- What cryptocurrencies are offered
- How high the transaction fees are that you will have to pay
- Daily limits in buying/selling cryptocurrencies
- What payment methods you can use
- Find out if the storage is safe and if your crypto-coins are secure
Buying any cryptocurrency at the moment is an investment, and as such, it comes with risks and possibilities for profit. Economic advisors have been warning people about the cryptocurrency bubble, especially the Bitcoin bubble, but as time passes, it looks more and more like an industry instead of a trend. However, if you want to buy Bitcoins in Australia, take all the necessary precautions while choosing an exchange.
Buy Ethereum in Australia
If you want to buy Ethereum in Australia, you should follow the same steps described above. What you need to check, additionally, is if the prefered exchange offers Ethereum to its clients. If the Bitcoin is volatile, the Ethereum is slow but steady in its growth, making it the safest cryptocurrency on the market. The Ether became five times more valuable in a matter of months in 2017, and the platform is backed up by several Fortune 500 companies.
People are drawn to buying Ethereum because it is more than just a crypto-coin. The Ethereum platform introduced the smart contract concept, and a group of devoted developers continually upgrades it. Even financial institutions are supporting the Ethereum, like the Bank of America.
Since the beginning of 2016, the Ethereum has the second-largest market cap among the cryptocurrencies. As of the writing of this article, it is around USD 63,112,901,411.
Another interesting fact about the Ethereum Blockchain is that most of the ICOs are hosted on it, since it makes developing apps and hosting ICOs easy. It has been reported that around 77 percent of the ICOs are held on the Ethereum Blockchain. Moreover, the only limitation on the total number of Ethers is annual — 18 million Ether can be mined every year.
When and where to sell Bitcoin
Trading Bitcoins has turned into a very profitable skill in the last couple of years. Knowing when to buy and sell Bitcoins can make the most significant difference between profiting and losing huge amounts of money. You can sell your Bitcoins on an exchange.
Most of the financial advisors recommend a mixed strategy when it comes to selling your cryptocurrency, meaning you should re-invest some, sell some and keep some of them in your crypto wallet. Selling between 20 percent and 50 percent of your Bitcoins is suggested if you are not prone to risks or if you want to cash out because of pressing financial needs.
There is no formula for the right moment for you to sell or buy any cryptocurrency, although the early investors in Bitcoin or Ethereum have made incredible profits. However, the main reason behind the appeal is that they are your coins, and you can use them in any way you see fit. The allure of the cryptocurrency realm lies in the decentralised nature provided by the Blockchain technology.
How do I buy Bitcoin?
If you are still wondering about how to buy Bitcoin, let us give you a few options:
- Virtual cryptocurrency exchange
- Local sellers/buyers
- Bitcoin ATM
On the exchange platform, you can buy Bitcoins from other sellers, or when you become more proficient in trading, you can become a seller. However, you need to keep in mind that every cryptocurrency has its own processing time, and it is easier to buy Ethereum than Bitcoin. The volume of performed transactions and the high demand can sometimes prolong the process of buying.
You can use a credit card/debit card, cash or PayPal as payment methods to purchase crypto-coins. Most of the established virtual exchanges will allow you to use your credit card/debit card to buy Bitcoins without too much difficulty. As a new buyer, make sure you check the transaction fees you will have to pay when purchasing with fiat currencies.
Where to buy Bitcoins?
f you are still searching where to buy Bitcoins, then consider Blockbid, a virtual exchange based in Australia with high security and low transaction fees. You should always use AUD if you can, because it will save you money on conversion fees.
If you are just starting out in the cryptocurrency world, it is advisable for you to buy your Bitcoins on an exchange, instead of going to a local seller. Local sells are anonymous, instead of exchanges, where you have to provide proof of identity, but they are much less safe.
Now when you know how and where to buy Bitcoins in Australia, we can move on to other more precise topics. When you buy your first Bitcoin, you can choose to keep it on the exchange (if that option is provided) or you can store it in your wallet. If you want to know more about crypto wallets, read our next article in the guide.