How to buy cryptocurrency in Australia?
Hey guys,
I have been getting asked a lot - why should I buy bitcoin? What is NEO? How do I buy these coins? I thought I would take to Steemit to explain.
WHY BITCOIN?
- Decentralised (Beauty of blockchain - the ledger or record of transactions is on several hundred computers or miners as we call them i.e. no central source)
- Limited supply (21 million)
- Difficulty in mining (This gets harder with time - comparable to gold mining it gets harder to find quality mines with time)
- Easily divisible (Up to 8th decimal or satoshi which is 0.00000001 BTC)
- Safe and secure (Given you are using a hardware or a 'cold storage wallet' and you know your private keys - NEVER EVER give this out it is basically the rights to your money, public keys however are like a bank account number). There are risks however such as theft/hacking and losing private keys so be vigilant with safety also the price can always go down.
ME GUSTA...HOW DO I BUY BITCOIN?
One of the easiest and quickest ways to buy bitcoin is Coinbase - check out the link below (using it you get $10 in BTC for free given you spend more than $100).
Link: https://www.coinbase.com/join/593e073fa1e75263bdd076e5
WHAT ARE ALTERNATE (ALT) COINS?
These are other 'cryptocurrencies' that serve different functions whether it is privacy in exchange (Monero), platforms for launching coins and ICO's (ETH/NEO), currency for exchange (LTC) etc. there are over 1000 out there.
Advice would be to not go beyond the top 25 starting out - have a look at Coinmarketcap to see what they are: https://coinmarketcap.com/
They have the potential to give higher gains than bitcoin. BUT they are seen to be even riskier.
HOW DO I BUY ALT COINS?
For new starters Coinspot is the perfect starting point - with a simple interface and several of the top coins listed. Check out the link below:
2021 Update (Top 4 Exchanges are as follows):
- https://ftx.com/#a=13592015 (All Solana Coins here and best fees + AUD deposits)
- https://www.binance.com/en/register?ref=10231577 (Most altcoins found here + AUD deposits)
- https://www.kucoin.com/ucenter/signup?rcode=E3LyM5 (Ultimate shitcoin exchange + Transfer USDT here)
- https://www.huobi.com/en-us/topic/welcome-bonus/?invite_code=2xc88 (Coins not on Kucoin + Binance that will eventually get listed)
Link: https://www.coinspot.com.au?affiliate=UCZKE
Once you are more comfortable you can explore exchanges such as Bittrex, Bitfinex and Binance etc.
DISCLAIMER: Always invest with money you can afford to lose and do your research - these are VERY risky investments. A lot of groups and people will misguide you so be sure you know what you are doing. Always remember all these investments can erode significantly in value as these are VERY volatile markets.
Feel free to join my FB group: https://www.facebook.com/groups/253342165192623/
You wont be driving a lambo to the moon in one day... Good things take time! Stay tested and vested.
Cryptoshaf
Other sites (in AUD) that I know of include :
https://btcmarkets.net/
https://www.coinspot.com.au/
https://www.coinjar.com/
BTC markets is the best one in terms of low commissions.
I can personally attest that coinjar.com are excellent. I've been using them for several years without issue.
Edit: I was talking to a friend about this and he claims they're heavy handed with the fees when you want to cash out back to Aussie dollars, so keep that in mind.
I have a coinjar account that I'm locked out of on account of 2FA being set up to my old Aus phone number that I no longer have. They want a million pieces of info to unlock it, which seems like a lot of effort since I have nothing in it and don't need it anymore. But yes, they were the first one I came across when I got into bitcoin and I liked what they offered.
Coinspot is probably the easiest for starters. From what I have heard BTC markets has had some issues in the past regarding hacks and has closed accounts with sudden notice.
Interesting. I've never had problems with btcmarkets personally. I've found them to be really good.
I have not heard of them being hacked. When did that happen?
Thank you for the info. I'm going to explore further. Cheers.
Thank you very much for sharing inspiring content.
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