How to buy Bitcoin in Australia

Even though terms such as blockchain technology or Bitcoin may seem confusing, purchasing Bitcoin in Australia is simpler than you might expect. If you are new to this realm and wish to acquire Bitcoin while also gaining knowledge about it, you have landed in the right place! So, continue reading, and we will transform you from a nocoiner into a bitcoiner.

The concept of Bitcoin and its purpose have been a topic of debate. Some argue that it is a form of currency, while others view it as a payment method or a cyber bank. Nonetheless, Bitcoin is the first and most successful cryptocurrency ever created, with over 6,955 different cryptocurrencies in existence according to CoinMarketCap. It was developed as open-source software, utilizing blockchain technology.

Unlike fiat currency, which is issued by central governments, every transaction made with Bitcoin is recorded on a public ledger called the blockchain, visible to everyone. This feature provides a higher level of transparency and immutability, ensuring that data cannot be falsified or altered.

While Bitcoin shares many characteristics with money and can be used as a form of payment, it differs from fiat currencies. The Bitcoin network has the potential to create a new global monetary system that operates based on mathematical principles.

Steps to Buy Bitcoin in Australia

In summary, purchasing Bitcoin in Australia involves the following steps:

1. Register for an Account: Sign up with a regulated cryptocurrency trading platform, such as Virgo Australia.
2. Complete Verification: Complete the verification process to safeguard your funds and identity.
3. Add Funds: Add funds to your account, with a minimum of AUD 10.
4. Purchase Bitcoin: Buy Bitcoin.

It truly is that straightforward. However, if you are interested in exploring other methods of buying Bitcoin in Australia or wish to gain additional knowledge about buying and selling Bitcoin, keep reading.

Where Can I Buy Bitcoin?

Cryptocurrency trading platforms are the easiest means for Australians to purchase and sell Bitcoin. Several regulated exchanges/trading platforms are available, enabling Australians to trade cryptocurrencies quickly and efficiently. It is essential to conduct thorough research when selecting a platform that best suits your needs. Several factors should be considered when making this decision:

Security: Nothing is more crucial than safeguarding your information and assets. It is essential to opt for a platform that offers the utmost level of security for your funds. At Virgo Australia, we prioritize security for every transaction, fund, and system to ensure your protection at every stage of your trading journey. We utilize Two-Factor Authentication (2FA) for all logins and password resets, and multiple layers of security measures are implemented to safeguard user data. Furthermore, we require users to complete the Know Your Customer (KYC) process to protect their identity and comply with the government’s anti-money laundering initiative.

Storing Your Bitcoin

Once you have purchased Bitcoin, it is essential to keep it secure by storing it in a safe location.

You have two options: storing it in your own Bitcoin wallet or on the platform for ease of trading. Bitcoin wallets can be categorized into two types: hot wallets and cold wallets.

A hot wallet is a digital cryptocurrency wallet connected to the internet, allowing for convenient trading and daily transactions. However, it requires additional security measures as it is susceptible to hacking attempts. On the other hand, a cold wallet is a physical device that stores your assets offline, making it the safest way to store your Bitcoin as it is virtually impossible to compromise (although it can be physically damaged).

Platform’s Commitment to Compliance and Security

One of the crucial aspects that determine the legitimacy of an exchange is its banking relationship. A trading platform that maintains robust regulatory relationships can sustain its daily operations. At Virgo Australia, we have established multiple banking relationships that allow for various funding methods, such as PayID and bank transfers.

At Virgo Australia, we prioritize regulatory compliance and ethical business practices. We have completed a financial audit, a Proof of Reserve Audit, and an AML audit, all of which underscore our dedication to being a transparent, secure, and dependable cryptocurrency platform.

Fees

Fees are a significant factor to consider when choosing a trading platform, and it’s essential to compare and review the fees of different platforms to find the best fit for you. At Virgo Australia, we offer some of the most competitive trading costs in Australia. We have a 0 trading fee, 0 deposit fee, and a 0 withdrawal fee for fiat currencies and most cryptocurrencies.

Buy Bitcoin Over-The-Counter

To purchase or sell a significant amount of Bitcoin or other cryptocurrencies, you can utilize the OTC (Over-the-counter) service. Numerous Australian cryptocurrency trading platforms, including Virgo Australia, provide this service. With our OTC service, you can receive individualized assistance, secure a fixed price, and benefit from swift settlement. If you wish to learn more about buying Bitcoin through OTC desks in Australia, contact our team at [email protected]

Get Bitcoin by Mining

Before centralized crypto exchanges existed, the only way to get Bitcoin was by mining. You can still earn Bitcoin by mining nowadays, but it will require a lot of expensive equipment. For daily users like you and me, buying and selling Bitcoin from an exchange or trading platform is still the easiest and most cost-efficient way.

Is it possible for me to purchase Bitcoin even though I don’t have a lot of money?

Don’t worry, you don’t need to buy a whole Bitcoin, as there are smaller units available called “Satoshi”. One Satoshi is equivalent to 0.00000001 BTC, so you can purchase Bitcoin in fractions. You can acquire numerous Satoshis with the money you intend to spend. At Virgo Australia, you can become a Bitcoin owner for as little as $10.

Where can I utilize my Bitcoin?

Make Purchases: It’s hard to believe, but someone once paid 10,000 Bitcoins for two pizzas, which today (at the time of writing) is valued at over AUD $348 million. This incident has become an urban legend and is remembered as Bitcoin Pizza Day. The event is significant for two reasons: first, paying such an exorbitant amount for two pizzas is ludicrous, and second, it was the first-ever Bitcoin purchase, which demonstrated the potential of Bitcoin as a new payment method.

Since that time, almost 13 years have passed, and an increasing number of businesses, including Microsoft, Wikipedia, and others, have begun to accept Bitcoin and other cryptocurrencies as a means of payment.

Donation: If you’re interested in giving back to society while also receiving tax benefits, it’s possible to do so! Many charities around the world accept cryptocurrency donations.

Holding, Buying, and Selling: Many people compare Bitcoin to gold, where you buy it but don’t necessarily have to spend it right away. That’s one approach you can take. In addition to using it as a store of value, you can also buy and sell Bitcoin on a cryptocurrency trading platform. Along with Bitcoin, there are many other cryptocurrencies available for trading, such as Ethereum, Cardano, Solana, and Bitcoin Cash.

Guide on Purchasing Bitcoin on Virgo Australia:

Step 1: Sign up and Verify Your Identity

To begin trading, create a Virgo Australia account. It’s a straightforward process with only three steps:

1. Provide an email address.
2. Set up a strong and secure password, and don’t forget to set up 2FA (Two Factor Authentication).
3. Verify your identity.

To start the verification process, log in to your account and start the verification process.

Automatic Verification: This option involves using Jumio, which requires taking a photo of your ID and a selfie.

Alternatively, you can choose manual verification and upload the necessary PDF documents.

Once you complete these easy steps, you’re good to go!

Step 2: Add Funds to Your Account by Depositing AUD

There are two ways to add funds to your account:

1. PayID
2. Bank wire transfer.

Step 3: Purchase Bitcoin

There are several ways to buy Bitcoin on Virgo Australia:

1. Quick Trade: Designed with new traders in mind, Quick Trade allows you to easily buy or sell Bitcoin at the market price, and it’s ideal for small to medium-sized orders.
2. Advanced Trade: Designed for experienced traders, Advanced Trade provides charting tools, technical analysis, recent transaction history, and more. There are also tools like limit order, grid trading, and recurring buy to help you up your trading game!

Fees: Virgo Australia offers low fees with complete transparency. For more information on fees, please check out the “Fees” page.

Lastly, you can either store/trade your Bitcoin or withdraw it to a wallet of your choice.

Congratulations! You’re now a Bitcoin owner!