Trading Strategies

10 Things You Need to Know Before Checking the Bitcoin Price in Australia

Cryptocurrency has piqued the interest of many people, but before you dive in, there are some crucial steps you need to take. To help you get started on the right foot, we’ve compiled a list of the top ten things you must know before checking the Bitcoin price. So, whether you’re a seasoned investor or a curious beginner, read on to discover what you need to do to ensure your cryptocurrency journey is a success.

Getting started with Bitcoin can be exciting, but it’s important to take a few crucial steps first. Here are the top three things you need to know before diving into the Bitcoin market:

  1. What is Bitcoin?

Before exploring the Bitcoin price, it’s essential to understand what Bitcoin is. At its core, Bitcoin is a decentralised digital currency based on blockchain technology. Its creator, Satoshi Nakamoto, designed it to operate outside the traditional banking system and government control.

  1. Your Bitcoin Wallet

Since Bitcoin is entirely electronic, you’ll need a secure Bitcoin wallet to store it outside of your trading platform. There are several types of wallets to choose from, including hot and cold wallets. Do some research to find the wallet that suits your needs best.

  1. Open the Right Account

Once you have your digital wallet set up, it’s time to open a trading account. With Virgo, you can easily open an account online and monitor your activity through their website or mobile apps for Apple or Android. Be prepared to provide additional information to verify your account before you start buying Bitcoin.

By following these three steps, you’ll be well on your way to exploring the exciting world of Bitcoin. Keep learning and stay informed about the latest developments in the market. Happy trading!

  1. Get Buying

Congratulations! You have a digital wallet and a verified online account. Now, it’s time to start buying Bitcoin.

The first step is to fund your account, which can be done through several payment methods, including PayID & Wire Transfer on Virgo without any additional fees.

Once your account is funded, you can use either the website or the mobile app to purchase Bitcoin and other cryptocurrencies. And when the time comes, you can sell your cryptocurrencies as well.

  1. Selling Your Crypto

Selling your cryptocurrencies is just as easy as buying them. You can sell them using the Virgo platform, which allows you to view the live prices of different cryptocurrencies and sell them at any time.

  1. Bitcoin ATMs

Did you know that Australia has several Bitcoin ATMs? These ATMs are not connected to any typical banks but allow you to access your Bitcoin accounts and retrieve your crypto quickly. Keep in mind, however, that these Bitcoin ATMs often have high transaction fees and set low deposit and withdrawal limits.

  1. Keep Educating Yourself

New to crypto trading? It’s essential to keep educating yourself before jumping in. Bitcoin values can be volatile, so we recommend reading books, blog posts, and taking courses if necessary to learn as much as possible about the market.

  1. Explore Other Digital Currencies

While Bitcoin is the most well-known cryptocurrency, there are many others worth exploring, such as Ethereum, Solana, Cardano, and stablecoin USDC.

  1. Discover Bitcoin-Friendly Retailers

An increasing number of retailers now accept cryptocurrency as a valid form of payment. Research local businesses that accept Bitcoin to make the most of your crypto while supporting like-minded establishments.

  1. The Golden Rule

Never invest more than you can afford to lose, and always consult with a licensed financial advisor before making any trading or investment decisions.

Ready to start your Bitcoin journey? Virgo makes buying and selling simple and straightforward. Sign up today to see how we can help.