How to Buy Bitcoin in Australia?
December 5th, 2017 – Australia is a smaller Bitcoin market when compared with the U.S, Europe, and Asia, though it expands rapidly.
How to Buy Bitcoin in Australia?
There are a number of ways acquiring Bitcoin, the most common method to purchase Bitcoin being via a Bitcoin exchange. Purchasing Bitcoin via exchange might be difficult for some and restrict trading strategies. For that reason, one can choose brokers like FXTM as an alternative to exchanges as brokers provide a contract for differences (CFD’s) as a way to buy and sell bitcoin. Yet, if you wish to invest in Bitcoin and hold the currency as in an exchange, here is a list of Recommended Australian Bitcoin exchanges:
One of the top leading and reliable Bitcoin exchanges is CEX.IO. The exchange has a low trading fee of just 0.2% and allows customers to buy Bitcoins with credit cards, bank transfers, SEPA transfers, cash or AstroPay. Credit card purchases are immediate. Below is a complete guide to buying Bitcoin via CEX.IO in 4 easy steps.
Step 1 – Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies and interacts others via the blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is Blockchain.info.
Step 2 – Register & Open an Account
Once you enter CEX.IO website, register and open an account that can provide you with their service.
Step 3 – Receive the 2FA Code
This is the authentication code as well as your password when you access CEX.IO. The code will be generated by an application and will be delivered to you by SMS.
Step 4 – Purchase Bitcoin
Now you can easily purchase Bitcoin and other cryptocurrencies. Note that you can always buy fractions of Bitcoin and CEX.IO allows you to choose fixed amounts with your own currency.
Bitcoin ATMs in Australia
Bitcoin ATMs provide buyers and, on occasion, sellers of Bitcoin to buy and sell Bitcoin away from the Bitcoin exchanges. The ATMs are linked to the Bitcoin network via the internet and are not linked to the banking networks, as is the case with the more traditional ATM. Fees for transactions tend to be on the higher side, whilst the limits on buying and selling Bitcoins are on the lower side. The process is particularly generic and with no need for verification of identity, provides anonymity to those looking to buy and sell Bitcoins. There are a total of 23 Bitcoin ATMs in Australia. 7 are in Melbourne, 6 in Sydney, 5 in Perth and 4 in Brisbane. In Australia, the buying fees are perhaps slightly more competitive than the global average, while the fees for the sale of Bitcoins, though few in number, are particularly competitive and as low as 1.5% of the value of Bitcoins being sold.The average buy fee is 8.54% (based on 1,126 ATMs that support the purchase of Bitcoins), while the average sell fee is 7.03% (Based on 410 ATMs that support the sale of Bitcoins). To find the nearest Bitcoin ATM, Coin ATM Radar is a good website to search for the nearest Bitcoin ATM. For many, the distances will certainly too great to travel in order to buy or sell Bitcoin, which would leave buying and selling via an exchange or on sites such as LocalBitcoin.
Conclusion
It’s perhaps unsurprising that the use of Bitcoin is less widespread in Australia, with the number of merchants accepting Bitcoin for purchases on the lower side. The country has vast expanses of farmland and desert, with the majority of the wealth concentrated in the largest and wealthiest cities located on the coasts. When also considering the wealth demographics, Australia is likely to remain a smaller Bitcoin market when compared with the U.S, Europe, and Asia, though when only considering the big cities, we will expect the use of Bitcoin to widen, whilst not completely replacing the Aussie Dollar.
Written by FXEMPIRE
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