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How to buy Bitcoin in Australia – If you are in Australia and interested in buying Bitcoin, this article will lead you through different processes and you will be able to achieve that. Let’s start with the meaning of the word ” Bitcoin”.
Bitcoin is a cryptocurrency, which means a virtual legal tender created or made to act and perform the same function as our fiat currency ( money). It can be said to be also a form of payment that can not be under the power or control of any person, organization, or entity. Therefore, removing and also rendering the need for a third party involvement in any of its financial deals unnecessary.
It is also being given as a form of reward or gift to blockchain miners for their efforts or work done to verify transactions, it also can be purchased or bought on several blockchain exchanges like Binance and Coinbase.
Bitcoin was first introduced to the general public in the year 2009 by an anonymous developer or creator or a group of creators, using the name “Satoshi Nakamoto”. It has since then become the most well-known cryptocurrency in the whole world.
It was its popularity and success that has inspired the creation of other cryptocurrencies, the creators of the other cryptocurrencies will either try to replace Bitcoin as a payment system or will be used as a utility token in other blockchain and up-and-coming financial technologies.
Read Also>> List of The Most Trusted Cryptocurrency Trading Sites
how to buy bitcoin in Australia – Key points on Bitcoin
It was officially launched in 2009, Bitcoin is also the largest and most successful cryptocurrency in the world.
Unlike our regular fiat currencies, Bitcoin is created, distributed, and stored using a system of decentralized ledger also known as a “Blockchain”.
The history of Bitcoin as value storage has not been very smooth. It has experienced many surges, booms, and also downs within a relatively short life span.
As part of the pioneer of virtual currency to meet worldwide popularity and success, Bitcoin inspired and brought about the wake of other cryptocurrencies.
Ways on how to buy Bitcoin in Australia
There are numerous ways of buying Bitcoin in Australia, but the most popular is buying through exchanges. Here are the most popular Australia exchanges:
- Swyft x
- Coin jar
- Independent preserve
- Coin spot
- Easycrypto.com
We are going to go through their features, pros, and cons right here:
1. Swyft x
Swyft x was first launched in the year 2017, it has the aim of making crypto buying very simple for beginners with a very easy-to-understand user guide. Swyft x like fast chat support and great guides.
Pros of Swyft x
- Very active customer service through fast chat.
- 230 different trading pairs.
- Numerous methods of payment.
- Instant verification.
Cons of Swyft x
- ID verification will be needed when you want to deposit Australian dollars (AUD)
2. Coin jar – how to buy bitcoin in Australia
Coin jar was first launched in 2013, coin jar is one of the easiest ways to buy, store, trade, or spend virtual currencies like Bitcoin. Their effective Android and iOS applications allow users to trade Bitcoin anywhere and at any time.
Pros of Coin jar
- Low exchange fees which are just 1%.
- Clean interface which makes it very easy for first-time buyers.
- Instant bank transfer.
- It is an Australian crypto exchange formed in 2013.
Cons of Coin jar
- Verification is required to trade Bitcoin.
- Overall, it is very easy to use and has an average speed with low fees.
3. Independent Reserve
Independent reserve is also an exchange formed in 2013. It is one of the most trusted exchanges for people living in Australia and New Zealand.
Pros of Independent reserve:
- Independent Reserve supports automatic buying at any time settings.
- Numerous payment methods.
- Supports Fiat currencies like Australian dollars ( AUD), New Zealand dollars(NZD), and United States dollars (USD).
- Transaction fees range from about 0.5% to about 0.05% depending on the amount of trade volume.
Cons of Independent Reserve
- The user interface is confusing for first-time buyers.
- Overall it is relatively easy to use, has an average speed, and also very low fees. It also has a very trusted reputation.
4. Coin spot
Coin spot was also launched in 2013. It is a very popular Bitcoin and virtual currency exchange in Australia and it is well known for its 24/7 live chat support. The exchange supports various forms of cryptocurrencies like Bitcoin, Litcoin, and Ethereum.
Pros of Coin spot
- Local exchange for Australian.
- Wide varieties of cryptocurrencies.
- Free and fast deposits.
- Registered under AUSTRAC.
- 24/7 live support.
Cons of Coin spot:
- ID verification is needed when depositing Funds.
- Overall, the exchange is easy to use and has average speed, low fees, and a trusted reputation.
5. Easy Crypto – how to buy in Australia
Easy crypto is an exchange that supports over 40 cryptos and their fees are 1% with no hidden costs at checkout.
Pros of Easy Crypto:
- Noncustodial.
- Low fees.
- No hidden fees.
Cons of Easy Crypto:
- Few payment options.
Overall, the exchange is easy to use, has low fees, average speed, and a trusted reputation.
Most people would love to use these exchanges but due to the id required before trading, they can not do that. I will also be sharing ways people living in Australia can buy Bitcoin without being required to use an id.
How to buy Bitcoin in Australia without id
Some exchanges don’t require an id for some amount of trade, which means that they have some of the trading limits for id verification requirements.
Local Bitcoin: it can let you buy Bitcoin worth 1000 Euros per year without verifying your id but you can’t sell without verifying your id.
Paxful: it won’t require an id verification from you during account creation, but eventually will need one for accounts that reach an equivalent of $1500 United States dollars in trade volume.
Kucoin: it offers you crypto to crypto trading and will not even require an id for either trading or withdrawal but offers a limit of withdrawal per 24 hours without verification which is 2 BTC.
You can buy Bitcoin without any limit and with no need to verify your id through:
Peer-to-peer marketplace(P2P): Platforms such as ” Local Bitcoin” and “Paxful” allows you to directly connect and transact with other users who want to trade their Bitcoin. Most traders will not require you or need you to provide an id before you buy Bitcoin and you can opt to arrange a kind of meeting with the person and pay cash to the seller.
Why do people want to buy Bitcoin without an id?
There are numerous widely held beliefs as to the reasons why someone would what to buy Bitcoin without id or Anonymously. Some are bad reasons which include buying all manner of illegal goods and services on the dark web, but they are many legal reasons why someone would want to buy Bitcoin without an id.
Most people are worried about crypto exchanges being a major target to hackers and their personal information stolen.
- Most people don’t trust the government.
- Most people like around an estimated one billion people don’t have any id.
- Most people own lots and lots of crypto and don’t want to be a major target for thieves or robbers.
How to buy Bitcoin with a credit card in Australia
Here is a step-by-step guide to buying Bitcoin with a credit card in Australia:
- Create an account with Binance or Coinbase using either email or social media.
- Verify your account: upload a copy of your id.
- Deposit: you can now deposit any amount you feel like in the exchange using your credit card or debit card or any payment method of your choice.
- Buy Bitcoin: you can now be able to buy any amount of Bitcoin through the exchange.
How to buy Bitcoin in Australia using Commonwealth bank
Commonwealth bank of Australia (CBA) is the largest Australian financial institution. It includes the four largest banks in Australia and was formed in 1911. The consumer can now easily buy, sell and hold cryptocurrency directly to the bank app which is the Comm bank app.
What are the benefits of buying Bitcoin?
Now I know you would be asking what are the special benefits of buying Bitcoin.
- You can receive, transfer and spend your Bitcoin anywhere and at any time because several outlets accept payment as a payment method globally.
- Trade Bitcoin: many sites allow you to buy Bitcoin with your fiat currencies at a lower price and sell it at a higher price to earn a profit.
- Gambling online: in Bitcoin casinos, you can fund your account with Bitcoin and start playing your favourite game. The best part is the special bonuses are given to players using Bitcoin thereby increasing Bitcoin’s popularity.
- Anonymous payment: You can buy and sell things with Bitcoin anonymously, hence you can make payments without being tracked or without your identity known.
Cryptocurrency especially Bitcoin is not going anywhere soon and its popularity is also growing at a very alarming rate, soon most payments would be made solely by crypto because it is trusted by many people all over the world.
How to buy bitcoin in Australia.
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