Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoin in Australia is still in its infancy but that doesn’t mean it’s not growing. The number of businesses and individuals using Bitcoin in Australia is increasing everyday.
Here’s a quick guide on how to buy Bitcoin in Australia.
First, you’ll need to find a reputable exchange that supports AUD withdrawals and deposits. Once you’ve found an exchange, you’ll need to create an account and verify your identity.
Once your account is verified, you can deposit AUD into your account via bank transfer or credit/debit card. Once your AUD is deposited, you can then start buying and selling Bitcoin.
To buy Bitcoin, you’ll need to find a seller who’s willing to accept AUD for their Bitcoin. You can do this by finding a seller on an exchange, or through a peer-to-peer marketplace like LocalBitcoins.
Once you’ve found a seller, you’ll need to agree on a price and payment method. Once the payment is made, the Bitcoin will be released from escrow and sent to your wallet.
Selling Bitcoin works in much the same way as buying Bitcoin, except that you’ll need to find a buyer who’s willing to pay the price you’re asking for your Bitcoin. You can do this by finding a buyer on an exchange, or through a peer-to-peer marketplace like LocalBitcoins.
Once you’ve found a buyer, you’ll need to agree on a price and payment method. Once the payment is made, the Bitcoin will be released from escrow and sent to the buyer’s wallet.
Bitcoin is still in its early stages of adoption in Australia but more and more businesses and individuals are starting to use it everyday. With a little bit of research, you can easily start buying and selling Bitcoin in Australia!.