How To Get Started With Digital Currency In Australia

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How To Get Started With Digital Currency In Australia

Popular cryptocurrencies such as Bitcoin, Ethereum and many others have been in the limelight for some years now. Unless you’ve been living off-grid in a cave, you would have heard quite a bit of chatter about digital currencies and how you should be investing in them.

Whether digital-currency is the way of the future when it comes to finances, no one knows for certain yet. One thing we do know is that cryptocurrencies are not going to disappear.

If you’ve finally decided to take the plunge and get your feet wet in the digital currency market, chances are you’ve been wondering how to get started, and what the process is with buying Bitcoins in Australia.

In this post, we’ll take a look at how you can take your first plunge into the world of digital currency.

Don’t Be Put Off By the High Price of Bitcoin

Many people are hesitant to buy Bitcoin because of the cost of each “coin”. After all, Bitcoin is worth more than gold these days.

The good news is, you don’t have to buy full Bitcoins to get started investing in them. Bitcoins are broken down into smaller increments, much the same way as our dollar is broken down into 100 cents.

The smallest unit of Bitcoin is a Satoshi, which is equivalent to 0.00000001 of a Bitcoin. It’s possible to start off with an investment in the currency without having to pay for a full Bitcoin.

It’s a good idea to start small anyway. So, you can test things out and give yourself time to learn more about the cryptocurrency industry and how it all works.

If you want, you can often invest as little as $10 Australian dollars. Just to get going and build up from there as you learn more and your confidence level grows.

Do Some Research First

If you know nothing or very little about cryptocurrencies, but want to jump aboard because of the hype. It’s best to educate yourself a little first. There is industry jargon to comprehend, blockchains to wrap your head around and a whole host of other stuff to learn. You don’t have to know it all before you buy your first Bitcoins. But you’ll feel more confident if you at least have a general idea of what it’s all about.

There are also a number of cryptocurrency scams and Ponzi schemes online. If something doesn’t sound like genuine Bitcoin investment and trading. Then it’s more likely a Ponzi scheme using Bitcoin as the lure. Another reason why you should do a bit of homework before making your first dig into the digital currency market.

Buying and Trading Bitcoin (and Other Digital Currencies)

The easiest way to buy, sell and trade Bitcoin and other currencies is to join a reputable Bitcoin exchange. There are many good ones in Australia. In fact, because of stringent regulations in the industry, Australia is one of the safest countries to invest in cryptocurrencies.

Setting up an account with an online platform is actually very easy. Your standard details such as name and address will have to be input. Before you can start trading in cryptocurrencies, you’ll need to provide usually 2 forms of identification. So, the exchange can be sure you’re who you say you are. This is for your own security and peace of mind. This process helps to weed out anyone with less than honourable intentions.

Once your account has been set up on the platform you’re ready to go. Buying and selling Bitcoins and other digital currencies is dead easy. With an account with a crypto exchange in Australia, you’ll be buying your digital coins with Australian dollars. The Bitcoins you purchase are then stored in your digitally secure Bitcoin wallet. You can either hang onto them and wait for the price to go up, or use your Bitcoin to make online purchases.

Many online retailers accept Bitcoin along with regular currencies. So, you’ll find the world’s most popular digital currency is very versatile. Buying Bitcoin isn’t a scary, mysterious process at all. It’s really just like any other form of currency except it’s all digital. Do some research, learn a bit about it, then take the plunge.

Photo by Pixabay from Pexels
Craig Evans

Hi, my name is Craig Evans. I am a finance fanatic and tech junkie based in Sydney, I frequently write articles related to Business & Marketing and am expanding my niche of writing by experimenting with different content.

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