Bitcoin is a virtual currency (cryptocurrency) that has recently started to gain the world’s attention. Different groups see the Bitcoin in different ways; some see it as an investment, some as a means of sending and receiving payments globally, another set thinks of it as a way to make transactions without being tracked. Whatever your reason may be, you are left with one question, “how do you buy Bitcoin as an Australian?”
There are some ways to acquire Bitcoin. You can buy Bitcoins from those who you know have some and are willing to sell; they can be friends, families, or business partners. Purchasing through online platforms that connect buyers and sellers. Lastly, you can buy Bitcoin on cryptocurrency exchanges or at Bitcoin ATMs.
There are no restrictions on the amount of Bitcoin you can purchase, outside of the exchanges, as long as the seller has got the value of Bitcoins you need. Some exchanges restrict the number of Bitcoins you can purchase daily, and buying beyond a particular amount could alert the authorities on your transactions as most exchanges would require that you identify yourself to make transactions above certain limits.
Whether you are buying a bitcoin or more, or want some fractions of the virtual currency, irrespective of where you are purchasing them; from those you know, on platforms online, or cryptocurrency exchanges, you need one thing, a Bitcoin wallet.
Bitcoin wallets are devices/software applications used to make bitcoin transactions. It’s needed to store, send, or receive bitcoin from others. We have previously written a guide on best bitcoin wallets you can use.
Buying Bitcoins From Friends & Family Members
This method of purchasing bitcoin is straightforward. All that’s needed is you giving your bitcoin wallet address/public key to the person that wants to sell to you. He/she then sends the required amount of bitcoins, and you make a payment to him/her in cash or a bank transfer.
Connecting With A Seller Close To You
Some online platforms connect buyers and sellers. This way, if you don’t know anyone with bitcoin, you can connect with someone who does. Usually, you will see details to get in touch with the seller. You can call to meet him up somewhere close to make the transaction. You can also choose to make a bank transfer to his account details as provided without you meeting with him, but you need to be careful, some people will scam you this way, and it might be worthless going after them if the transaction is not that huge. Platforms like LocalBitcoin and MyCelium are best places to meet people who sell bitcoins.
This platform is available to residents of over 200 countries world over. It’s a person-to-person trading site. For Australian residents, the LocalBitcoin platform connects you with people you can exchange the Australian Dollar (AUD) for bitcoins. The site allows users post advertisements, stating their rates and payment methods for buying and selling bitcoins.
MyCelium Local Trader
This service is right inside the MyCelium Bitcoin Wallet app. You need to install the MyCelium Wallet for your Andriod and IOS devices here. On MyCelium Local Trader you can connect with local bitcoin sellers. Once you meet with them, you meet them up in person to make the transaction. It costs nothing to use this service.
Bitcoin ATMs is a fast and easy method to purchase bitcoins. Bitcoin ATMs, however, charges between 5-10% fees on transactions.
If you, however, want to buy Bitcoin this way, you can check the FindBitcoinATM‘s website, made for Australia only.
Buying Bitcoins On Cryptocurrency Exchanges
There are a lot of cryptocurrency exchanges to buy from as an Australian. It’s important to note that cryptocurrency exchanges do not directly buy and sell to users. Exchange platforms are designed to automatically merge a buy and sell transaction without transaction participants knowing each other. Because of the high rate of buying and selling on these platforms, transactions are carried out instantly.
Cryptocurrency exchanges, being the middlemen of the trade, will require users to pay fees on transactions carried out on the platform.
Here are popular cryptocurrency exchanges available to Australians:
Those residing in Australia can purchase bitcoin with their debit or credit cards on the Coinbase exchange platform. Fees on the platform are at 3.99% and bitcoins purchased are delivered to you instantly.
Coinmama is available to users in almost all countries of the world. People can purchase bitcoins with their debit or credit cards. There’s a 6% transaction fee on every purchase made on the platform.
This platform is well-known in Australia. CoinJar users can purchase bitcoins on this platform using BPAY and will only be charged a 1% fee on transactions.
BuyABitcoin is another famous Australian bitcoin exchange. On this platform, you can purchase bitcoins using fiat deposits at 4.9% transaction fee. You should get your purchased bitcoins within an hour.
The IR platform is an Australian Exchange for traders and corporations. User accounts can be funded with EFT, SWIFT, or Crypto Capital.
Now you have a good idea on various ways you can buy bitcoin in Australia and also cryptocurrency exchanges you can purchase the virtual currency fast and easy.
Need to know more about bitcoin or best way to invest them to make more money, you can click here to check out various guides we’ve written in the past.