Buying Bitcoin in Australia
The extent to which bitcoin trading and profitability have been exaggerated and overhyped could make you feel like you’re missing out a great deal. All you’d want to think of is how to get started with digital trading currency and make quite a fortune of it.
Although it could be profitable to trade Bitcoin, Ethereum, Litecoin, and many others, it is somewhat discouraging that cryptocurrency is unacceptable in some parts of the world. However, there’s good news; Australian banks are now opening up to Bitcoin transactions.
It could get difficult and sometimes confusing if you’re just starting or trying to navigate your way through the world of cryptocurrency. Nevertheless, here’s a guide on how to buy Bitcoin in Australia.
Key Takeaways
• You can now purchase Bitcoin on Coinbase with your debit card, which comes with a service fee of 3.99% per purchase. You get instant delivery for your Bitcoin purchase.
• Commonwealth Bank is the first bank in Australia to allow customers to buy, hold and sell cryptocurrency assets like Bitcoin. CBA’s Commbank is the largest banking application in Australia, with over 6.5 million users.
• Its transactions are safe, fast, and secure.
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What is Bitcoin?
Bitcoin happens to be one of the earliest decentralized digital cryptocurrencies in the world. It is the first of its kind. In Australia and worldwide, the number of places that accept Bitcoin as payment increases by the day. Even at that, the fact that it is very volatile remains.
In 2009, bitcoin was invented by a Japanese, Satoshi Nakamoto, who also implemented the first blockchain ( as claimed). Bitcoin acts as a medium of exchange in storing value and the unit of account, yet it is decentralized.
All bitcoin transactions are made on a peer-to-peer network, and for clearance of transactions to be made, it does not require to be checked first with any bank because there is no server or central regulating authority.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has been empowered by the financial intelligence agency of the Federal government to checkmate all the activities revolving around digital currency exchanges.
In addition to this, the Australian Securities Investments Commission (ASIC) is very active in regulating the industry’s security measures and combating various crime groups or individuals to keep users safe from exploitation and all manner of crime.
Buying Bitcoin In Australia
To buy Bitcoin in Australia, you’d have to sign up for a local bank account with which to spend and save money.
It is also necessary that you choose a platform you would sign up for in other for exchange to be possible. A great platform to buy bitcoin in Australia is Coinbase.
Once you have decided on which platform to use, you’d have to fill in your details, and the industry’s security measures will verify your identity.
You will have to provide pictures of you, a driver’s license, your social security number, and detailed information about your employer and fund source.
Once you’re able to provide these details, congratulations to you, you are well on your way. You could also visit Zipmex to buy bitcoin in Australia.
In addition to these, you must also set up a payment method that you will use to pay for any cryptocurrency that you purchase. Various payment methods are available from which you can choose.
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Some of them include credit cards, credit cards, direct bank transfers, or even PayPal. There’s always a fee attached to the purchase of Bitcoin; You can always check it at the purchase time.
Upon knowing how to get Bitcoins, you might be wondering what to do with it. A wide range of options is left open.
You could choose to spend your Bitcoins on a variety of things. You could choose to save, invest, spend, buy, or trade your Bitcoins. More interestingly, you could use your Bitcoins to pay for goods and services.
Stores and ATMs now support the use of Bitcoins as a means of payment, bringing a whole new development and ease of access to everyone involved in Bitcoins.
Wondering what stores and ATMs accepts Bitcoin around you? Here’s how to find out; Visit Coinmap, and you’ll get to know what stores and ATMs accept Bitcoins around you.
Frequently Asked Questions
1. How can I buy Bitcoin in Australia?
You can use Coinbase to buy Bitcoin with your debit card as a resident of Australia.
2. Can I buy Bitcoin from a bank in Australia?
Commonwealth Bank will become the first bank in Australia to allow customers to sell, buy, and hold cryptocurrency assets like Bitcoin. With over 6.5 million users, CBA’s Commbank app is the largest banking application in Australia.
Final Thoughts
The need for Bitcoin transactions increases by the day. Because of this, possibilities are opening up for businesses and individuals.
Bitcoin is gradually gaining acceptance as a model of payment in Australia and the world all over. Nevertheless, cryptocurrency remains volatile.
However, this new improvement would be a game-changer for the Australian market.
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