Cryptocurrencies are growing in popularity worldwide because of how they promote seamless transactions. They support instant payments and anonymity and are secure. Many people have embraced them in several countries, including Australia.
As a matter of fact, statistics show that over 4.6 million Australians own cryptocurrency, with Bitcoin taking the lead. Not only that, but the country also has a high crypto adoption rate, which is the third-highest in the world.
This has promoted the establishment of many crypto exchange platforms, data websites such as CoinCodex, and apps where Aussies buy Bitcoin. The crypto buying process is easy and takes a few minutes if you visit a reliable platform and do the right things. So, let us take you through how you can smoothly buy Bitcoin in Australia.
About Bitcoin
Bitcoin is a popular cryptocurrency founded in 2009 by Satoshi Nakamoto and the first to enter the crypto market. It is a digital token representing value with a public key assigned to you for ownership. However, its ownership is transferable to another person when making transactions. You use your Bitcoin wallet or mobile application to send or receive crypto.
You can use this digital currency for payments instead of physical cash or fiat currencies. In simple terms, Bitcoin is a store of value, a unit of account, and a medium of exchange. It also uses a blockchain to secure your transaction data from centralized third parties and data thieves. Blockchain technology has strong cyber security frameworks that reduce risks of attacks and fraud.
The crypto is also convertible, and you can exchange it for cash. You get its current market value from trusted and reliable cryptocurrency exchanges. However, Bitcoin regulations vary in different countries because some accept it while others don’t.
Common Uses of Bitcoin Among Aussies
1. Playing Online Pokies
Australia is among the world’s top gambling countries and has millions of gamblers. Aussies engage in many activities, such as online sports betting and casino gaming. For the latter, the country has hundreds of online casinos with thousands of pokies that are favorites for most Australians.
The good thing is that most of them now accept cryptocurrencies, with Bitcoin as the most popular. Aussies use it for funding their casino accounts and cashing out their winnings. Bitcoin transactions are fast and deliver deposits and withdrawals instantly.
Not only that, but they are also secure and free from transaction fees. Fortunately, you can easily find Bitcoin-friendly online casinos on comparison sites like Australia Internet Pokies. When you visit it, you will discover several top Aussie casinos that accept many cryptocurrencies. They also have a variety of the best online pokies and generous bonuses.
2. Investing
Aussies are investing heavily in Bitcoin. A 2023 study by the Australian Securities Exchange shows that 29% of Australian investors have an interest in buying cryptocurrencies. Moreover, 15% of them have already invested in it. They choose reputable exchange platforms and apps like Binance, CoinSpot, Coinbase, and Kraken for their investments.
Good enough, the exchanges cater to both experienced and novice investors. Most Australians reveal that their main purpose of investing in Bitcoin is to diversify their portfolio. Also, the increasing value of cryptocurrencies that are making several people rich in the country is attracting more investors.
3. Online Shopping
Many top e-commerce stores in Australia, such as Shopify, Zumi, Boardworld, Retro Girl, Gumnut, and Ministry of Style, accept Bitcoin. Aussies use it for purchases and can buy things like electronics, food and drinks, fashion, and repair services.
Best of all, online stores that accept Bitcoin include it in the banking section. So, you can go for it when making payments. Besides online stores, Australia has several physical stores that also accept Bitcoin. This includes grocery stores, beauty clinics, and restaurants.
How to Purchase BTC in Australia
1. From Cryptocurrency Exchanges
Australia has several cryptocurrency exchanges where you can easily buy Bitcoin in minutes. But first, examine the platform and confirm its reliability. For example, examine customer comments and choose one with positive reviews. Also, check the exchange rates and identify platforms with the best on the market.
The next step is to sign up on the exchange website of your choice. Then, go through the platform’s ID verification process. It is a security measure they use to avoid impersonation by confirming your personal details.
Afterward, you can now deposit your funds and make your Bitcoin purchase. It is better to buy from a crypto exchange that offers many cryptocurrencies and fiat currencies for your exchanges.
2. On Peer-to-Peer Platforms
You can also buy Bitcoin in Australia through the peer-to-peer trading method. It is all about looking for offers from personal or individual crypto holders. P2P trading is straightforward as you only have to browse various offers and choose the best for your needs.
Australia has platforms with tools that connect sellers and buyers directly. Your task is to join any of them, check the offers on the platform, and buy the best Bitcoin package for you. The good news is that they support different payment methods, and you can use your favorite option for the purchase. Some include PayPal Australia, debit cards, and Apple Pay.
3. Via Bitcoin ATMs
Another easy way to buy Bitcoin in the country is via Bitcoin ATMs. Australia is among the countries with the highest number of Bitcoin ATMs in the world. The machines directly convert your cash to crypto, as explained at Bankrate.
They are spread throughout the country, and you can also use them to sell your Bitcoin. You will find many Bitcoin ATMs in states like Melbourne, Brisbane, Sydney, and Adelaide.
Purchasing BTC in Australia is Easy
Australia doesn’t have strict regulations against cryptocurrencies because it accepted them as a legal tender in 2017. So, buying and selling Bitcoin is legal in the country. Luckily, Aussies can buy it in several places, as explained above.
