Cryptocurrencies have seen remarkable surge in popularity in the past decade, with Bitcoin at the lead. Since bitcoin is technically a digital currency, and since the only legal tender allowed in Australia is the Australian currency, is bitcoin common in Australia? Is it tradable? Where can you get best places to buy btc Australia and how can you store it?
Is Bitcoin Tradable in Australia?
Very. A lot of people may be put off by the high price of one bitcoin, which is in 10s of thousands of dollars. However, you can buy a fraction of bitcoin instead of a whole one. You have many trading options, you can buy it from a bitcoin exchange like Bitcoin Australia, CoinTree, CoinJar, BitTrade and the likes. You can also opt to be paid in bitcoin instead of hard currency, but you’ll need to have a suitable wallet to store it. If you knew what to do some years back, you could have mined your bitcoin, then trade it. However, mining bitcoin today is severely limited to centralised miners with huge budgets, because of the need for powerful computers, which ordinary folks don’t have access to.
Is Bitcoin Common in Australia?
Increasingly so. There’s an increasing range of things you can pay for with Bitcoin, and ATMs that accept bitcoins in Australia. Download CoinMap and it’ll literally show you all businesses and ATMs that accept bitcoins.
Where to Store Bitcoins
Because cryptocurrencies can’t be regulated by any single country, you can’t stuff your burlap sack full of digital currencies in a bank. So what do you do when you finally get enough bitcoins? You get a bitcoin wallet, either from Apple or Google Playstore. It’s just impractical to store your coins with an exchange. Other storing alternatives are specific softwares you can download on your computer. Each storage option comes with its own advantage and disadvantage, so look around for a little bit before committing to any of the various storage options.