So you’re ready to get began with Bitcoin.
While I’m actually from Fresh Zealand, I’m also an Aussie citizen and have an Australian handelsbank account, which made things very effortless for mij when getting embarked te Bitcoin (opportunities te Australia are much better than te NZ).
Buying Bitcoin ter Australia is not complicated. While Australians only have limited access to the big US exchanges like Coinbase, there are some good Australian exchanges that are (almost) just spil good. Spil long spil you have an Aussie handelsbank account, you’re good to go.
But before wij get into all that, let’s back up a bit and begin from the beginning…
The elementary reaction: To make money.
But unlike some bullish Bitcoiners out there, I’m not going to tell you that Bitcoin is the future and it’s going to be a million dollars by 2020. Nobody knows that for sure.
What I will say is it’s a very fresh and titillating technology, it has received big uptake around the world, it solves many, many current problems with banking and currency and it’s only getting fatter. I certainly don’t recommend mortgaging your house and putting te hundreds of thousands of dollars, but 3-5% of your portfolio? Undoubtedly.
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It is mined off a blockchain, using rekentuig power. Those are fairly technical terms that I cannot explain here without writing thousands of words, but go after those linksaf I’ve collective and read about them if you’re interested.
What I can do is attempt to explain it te layman’s terms. A cryptocurrency is a digital currency – you can send it electronically to buy and sell things, much like regular dollars. Ter fact, most money is digital nowadays anyway – you buy and sell things and numbers just rise and fall ter your canap account on your pc screen. When wij buy things today, physical specie uncommonly switches mitts, and most countries are talking about becoming cashless soon anyway.
Therefore, cryptocurrency can almost be thought of spil Money Two.0. It’s a currency that would far better suit this cashless, total environment. It is more efficient and you can send it to anyone instantly (no waiting Trio days for a wire transfer), it is entero (no more switching AUD into pounds and euros and dealing with foreign exchange fees) and it is managed by the people rather than the government. All of thesis factors have led to Bitcoin receiving massive uptake te the total community. People are buying cars and houses with Bitcoin. Japan has ultimately accepted it spil a currency. You can book travel on Expedia with it. And it’s only bot around for ten years. This is just the beginning.
While it wasgoed intended to be used spil a currency, I consider Bitcoin more like gold. It’s a store of value.
However, Bitcoin is better than gold spil you don’t need a ample underground vault to store it. It’s also digital, meaning you can send it with a few clicks of a mouse, rather than locking it up ter a shipping container and sending it across the world. It’s also transactional, meaning you can actually buy stuff with it, unlike gold kroegen. And most importantly, there will only everzwijn be 21 million bitcoins mined, everzwijn. Merienda they’re mined, the only way to get them will be to buy them off other people, or sell them something for it. Rarity is the fattest negociador to an investment being valuable.
That means there are two main ways to make money on Bitcoin:
- You can hold it. Like any investment, you can make money with Bitcoin by holding it spil an investment, much like you do with precious metals, stocks, actual estate, and like I said earlier, gold. I have a puny amount of Bitcoin stashed offline and it has enlargened many times overheen te value since I bought it. To give you an idea of how this could work, ter the middle of 2018 Bitcoin wasgoed around $230. Ter the middle of 2018 it wasgoed $450. Te the middle of 2018 it wasgoed $1,400. By the end of 2018 it wasgoed $15,000. My prediction is spil it gets rarer it will only get more valuable.
- You can trade it. Bitcoin is bought and sold on a market, like any stock or foreign currency. If you fancy yourself a trader, you can aim to trade the swings te the market, much like people do with shares and forex. I would only recommend this if you have previous trading practice, however. The crypto markets are particularly volatile.
Okay, so you’re ready to get embarked.
Very first, a few disclaimers:
- While my background is te finance and accounting, I am not suggesting financial advice here. This article is informational only and you should do your own due diligence before investing your money.
- Only waterput ter money you can afford to lose. Do not mortgage your house to buy bundles of Bitcoin, please. Cryptocurrency is very volatile and while you stand to make mega bucks, you can just spil quickly lose them.
- Obviously I can’t assure any results. While I’ve had some superb success te the crypto markets, I can’t assure you will have them too.
Okay, now that’s out of the way, let’s get to the good stuff.
To buy Bitcoin ter Australia, you need to use an exchange. This is where you’ll be able to buy and sell Bitcoins to/from other people just like you.
There are many Bitcoin exchanges te Australia, but the exchange I’m going to recommend to you today is the one I believe offers the best value: It has the lowest fees, the easiest user interface and the best security. It is also the exchange I presently use for all my Bitcoin purchases. That exchange is Independent Reserve.
(If you don’t like them, you can attempt Coinmama or Coinspot, spil both permit you to buy Bitcoin and other cryptocurrency te Australia too, but both are more expensive and not spil effortless to use. Ter my opinion, Independent Reserve is by far the best Bitcoin exchange ter Australia right now. If you’re looking to buy other altcoins and cryptocurrencies te Australia, I’d recommend Coinspot).
Very first, head to the Independent Reserve webstek by clicking here, then click the “Create Account” listig ter the top right corner. You should get a screen like this:
Simply come in your details and click “Create Account.” You’re going to get taken to a screen to come in your individual details. This is indeed not much different to setting up a Facebook or email account. Just pack te your details and you’re good to go.
Merienda your account is set up, you’ll get asked to verify your identity (by law they’re required to do this). It should come up spil a blue buffet on top of the screen. You need to do this before you can begin trading.
What they’ll ask is for a passport or driver’s license. You’ll need to take a photo with your webcam or phone and submit it. Then they’ll ask for a bankgebouw statement. You can just download one from your internet banking and submit the pdf. It should all be done ter about five minutes.
I actually reminisce wanting to buy Bitcoin about two years earlier, and I stopped at this part because I just ‘couldn’t be bothered finding my passport’. Spil you can imagine I’m kicking myself right now. I know this part can be a little tedious but it doesn’t take long. My advice it to just get it done.
Merienda your account is all set up, you’re going to need to deposit some AUD into your account (obviously). With Independent Reserve this is truly effortless – all banks are supported and all deposits are free.
Just head to “Accounts” on the top menukaart. It will demonstrate a list of accounts. Go to the AUD katern and click “deposit”. All the instructions you need will be there – it’s the same process spil depositing money into any other regular canap account. Usually your deposit clears by the next business day.
Merienda your deposit clears, you’re ready to invest!
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Now, before you buy your very first Bitcoin, you need to understand how the market works.
On Independent Reserve (and te most financial markets) there are two “types” of buying – Market Buys and Limit Buys.
They’re both pretty plain and I’m going to explain them both to you below.
Very first wij’ll do a Market Buy. Head to “Trade” on the top spijskaart. Make sure you have XBT (Bitcoin) and AUD selected te the top left. You’ll get a screen like this:
Let mij take a uur to explain this screen to you.
You can see wij’ve chosen “Market Buy” te the top left, spil I’ve outlined ter crimson. This means wij are going to buy Bitcoin at the current market price.
Take a look overheen to the right side of the screen. This shows all the buyers and sellers on the market, and how much they’re willing to buy and sell for. You can see that the lowest price a seller is presently suggesting is $20,239.31. That means that is the current market price.
Let’s go ahead and waterput ter an order for a Market Buy. Te the screen above, you’ll see I’ve waterput an order to buy 0.005 Bitcoin. At the current market price, that works out to $101.Nineteen. Independent Reserve also charges half a procent brokerage, which works out to 50 cents. That brings to the total to $101.Sixty-nine. Pretty plain, right?
Submit the order and it will execute te the next few seconds.
Congratulations – you’re the proud proprietor of Bitcoin!
When wij do a Limit Buy, wij are telling that the market price is too expensive right now, but if the price falls to a certain level (i.e. our limit price) wij would like to buy. Here’s how to do that…
Head back to your trade screen and this time, select Buy (Limit). It should look like this:
You can see ter the above screen, I’ve waterput te an order to buy 0.005 Bitcoin again, but this time I’ve used a limit price of $Legal,000. That means my order won’t execute right now, but if the market price everzwijn falls to $Eighteen,000 my order will go through. The purchase will be $90, plus 45 cents brokerage, totalling $90.45.
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This is a good option because you can get the precies price you want, and you don’t need to be sitting there watching the market 24/7. Simply waterput your orders ter and let them sit.
Now, you might be wondering when you can sell your Bitcoin and get some profit.
The good news is you can sell your Bitcoin on Independent Reserve ter exactly the same way.
You will see te the screens above there are two sell options – Market Sells and Limit Sells, and they work ter exactly the same way spil Market Buys and Limit Buys. If you want to sell your Bitcoin at market price, simply waterput ter your quantity and it will execute at the current price. If there is a limit price you want to sell at, simply come in a Limit Sell order and it will waterput it on the market for you.
Ter it’s most simplest form, you could utilise thesis functions like so: Buy your very first chunk of Bitcoin at $20,000. If you buy 0.005 Bitcoin, it will cost you about $100. Then waterput ter a Limit Sell at $22,000 for that same parcel of Bitcoin. If Bitcoin rises to that price and it executes, you will have made a cool 10%.
While brief term trades like that can be joy and arousing, I usually suggest people do a “Buy and Hold” strategy, especially if they’re fresh to investing. That’s generally a safer treatment than attempting to pick the market swings, but either way, it’s your investment, and it’s up to you to choose a strategy. I can only wish you luck!
Securing your Bitcoin is doubly significant, because Bitcoin is not overseen by any laws or regulations. The blockchain is much like the internet – anything goes. That means if someone hacks into your account and steals your coins, there is absolutely nothing you can do about it. Bitcoin is stored on the blockchain, and the blockchain is anonymous – it does not record a holder’s name, address, phone number, or any individual information. While this is good for your privacy, it also means stolen coins cannot be traced. Merienda your coins are gone, they’re gone.
Fortunately there are a few effortless things you can do to keep your coins secure:
This is a feature on your account that requires two passwords for you to login. One password is your regular password, the other is a six digit number from an app on your phone. Most exchanges use the Google Authenticator app which you can download from the App/Google store.
To turn on 2FA ter Independent Reserve, just click “Settings” te the top spijskaart and then scroll to the very bottom. Your 2FA settings will be there. Simply turn it on and go after the instructions – it’s very effortless.
I very recommend you turn 2FA on.
A good idea if you are holding your coins long term is to use a wallet.
However before I can explain what a wallet is, you need to understand blockchain keys. Every Bitcoin holder has a public key and a private key.
Think of the public key spil your bankgebouw account number. You can give it out to people, and they can send money to that address to pay you. You can securely give anybody your public key.
You private key is like the password to your internet banking. This is the key you use to send Bitcoin. If someone has your private key, they can do whatever they want with your Bitcoin. Always keep your private key private! Do not share it with anyone.
Now that you understand that, you will understand wallets. There are two types of wallet: soft wallets and hard wallets.
A soft wallet is generated on your rekentuig. Think of this spil the wallet you carry around ter your pocket each day. It’s superb to store a little bit of currency, but not thousands of dollars. Soft wallets are not spil secure spil hard wallets, because the private key is generated on your laptop which could possibly be compromised, depending on how secure your laptop is. Keeping coins on a soft wallet is safer than keeping them on an exchange, but it is not 200% safe. I don’t use a soft wallet presently, but if you would like to use one, BitGo comes very recommended.
A hardware wallet is a physical device. Your private key is generated fully offline so it is much safer than a soft wallet. If your soft wallet is like the wallet ter your pocket, a hard wallet is like a vault underneath your house. This makes it much better for storing large amounts of Bitcoin. If you are programma to buy and hold Bitcoin for the long term, a hard wallet is the way to go.
I presently use a Ledger Nano S – it’s one of the most popular hard wallets out there and is very recommended by the community. If you project on investing a significant sum te Bitcoin, it’s a very worthwhile investment. You can get one here.
That’s it – everything you need to know about buying Bitcoin ter Australia.
Reminisce – Bitcoin is an investment, like anything else. If you can’t afford to lose a lotsbestemming of money, don’t invest a lotsbestemming of money. Read and educate yourself spil much spil you can. If you have questions, ask them. Stay up to date with the market. It is not different to existente estate, the sharemarket, and even gold. It takes time and research to make the best investment decision for you.
For advanced investors: If you’re based ter Australia and interested ter other altcoins such spil Dash, Ripple, Monero, Litecoin, NEO and so on, you will need to use a larger exchange. I am presently using Binance and recommend them. They are lightning quick and super liquid – one of the thickest exchanges out there, plus the verification requirements are minimal. You can sign up for an account here.
Your very first step will be to buy some Ether on Independent Reserve (you can also use Bitcoin, but I choose Ether spil it’s swifter and has lower fees), then you’ll need to send your Ether to Binance. Merienda you receive it te Binance, exchange it for Bitcoin or USD and embark trading. Binance fees are super low so converting is no biggie.
If you want to purchase directly with AUD instead, the best option I know of is Coinspot. However they have fairly a long winded verification process, plus their fees are very high. The buying process itself is very effortless however.
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