Pt. 1: How to Buy Bitcoin and other cryptocurrencies (Australia main)
I’m COMPLETELY FED UP with hearing all the media promoting buying bitcoin at these high commission exchanges!
But as Bitcoin gets more media attention, everyone is looking for where to access to buy/sell cryptocurrencies!
Everyone knows me for being into “Bitcoin fanatic” for the past months as I continuously talk about it at work and....literally everywhere! Now everyone’s coming to me to find out where to purchase it! So here’s just a little intro guide part 1!
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Bitcoin has been the centre of attention in the past month.........
.........and it will be for the next months to come!!
Please note that these exchanges are best suited for Australian users only. To search of exchanges that are accepted in your country go to: https://www.buybitcoinworldwide.com/
These below are my personal favourites for buying in using Aussie fiat (less Coinbase):
Coinbase – The most popular exchange right now. Takes just a 4% fee for deposits; not taking in account of other secret charges! Takes advantage of all new users. (I’ve personally even had a few unresolved issues when I started MONTHS AGO; they cancelled my deposit without letting me know and have not returned the funds!!!)
https://www.coinbase.com/
Coinspot – I use this exchange a lot more than I would like to. Charges anywhere between 1% - 3% on each transactions. Good thing about this exchange is that it’s instantaneous with Polio and deposits are free! Offers a wide range of cryptocurrencies.
Just watch out for this exchange as it seems pretty neat in the beginning and the interface is very easy to use. But beware of the rates; compared to market rates it is a lot higher. Coinspot itself is not actually listed on coinmarketcap.com or cryptocoincharts.info as a proper exchange.
It might be just a multi-currency wallet itself with a automated computer system that purchases from exchanges for you; hence the higher rate.
https://www.coinspot.com.au/
BTCmarkets – Very basic and limited exchange. I would recommend this exchange as it charges lower fees than all exchanges I’ve played around with. Only issue is that it takes 1-3 working days to deposit your funds (free deposit), also uses Polio. Has only 6 different cryptocurrencies.
https://www.btcmarkets.net/home
Keep in mind that:
• Exchanges each provide you with their own list of different crypto currencies
• ALL exchanges charge transaction fees.
• Exchange wallet security is not recommended for huge amounts or long term holdings
• All Exchanges have daily limits on how much you can purchase/sell. (may increase with time and ID verifications)
• Each exchanges have their own method of deposits/buying cryptocurrencies
NOTE: It is ALWAYS RECOMMENDED to have 2FA security for your wallets as a extra layer of security!!! (google authentication)
CryptoZen's Guide to Cryptocurrency
PT. 2 The Guide to "Bitcoin" and Cryptocurrency Exchanges
https://steemit.com/bitcoin/@zen-analyst/pt-2-the-bitcoin-cryptocurrency-exchanges-recommendations
PT. 3 What is a Cryptocurrency wallet?
https://steemit.com/bitcoin/@zen-analyst/pt-3-what-is-a-cryptocurrency-wallet
Pt. 4 Transferring cryptocurrency from wallet to wallet
https://steemit.com/bitcoin/@zen-analyst/pt-4-transferring-cryptocurrency-from-wallet-to-wallet
Pt. 5 Trading cryptocurrencies
COMING SOON!
Am I missing any other good recommendations for us Aussies?
Let me know!
Merry Christmas and Happy new year everyone!
CryptoZen
Coinspot might not charge huge fees but their prices are usually pretty high
Sorry I didn't specify properly there, it takes a HUGE cut from the rates itself if you compare to standard market price. I believe Coinspot has some kind of automated computer system that buys from another exchange for you and has built up their own little pile of coins from the difference between exchanges.
That or they made a easier string of coding to buy directly off the exchanges and calculated in the speed of how volatile the market is, then added that extra % to ensure they earn from all transactions.
Thanks, I edited that part in.
This is part of my belief in Steemit and decentralisation itself, one person alone cannot ever reach perfection.
But with everyone's input and knowledge, the possibilities are limitless, as a huge online community then branching off into sub-communities in real life.
I hope my vision isn't too far fetched.
Well the sheer nature of running an exchange means you'd have to have a sufficient float of each coin you service, and no doubt they would, or at least should adjust this float to cater for fluctuations in demand, and coin price movements, and yes they would profit largely from price arbitration between exchanges. They're essentially a retailer, not an exchange/marketplace.
Livingroomofsatoshi works in a similar way.
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This is great stuff - well done in documenting all these guides!