Bitcoin is a decentralised cryptocurrency that was created in 2009 by a person or group of people using the alias, Satoshi Nakamoto. It’s a peer to peer digital currency which means it can operate without the need for a central authority like a bank or a company. All Bitcoin transactions happen directly between independent network participants. According to Nakamoto’s own words, Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Bitcoin holds the distinction of being the first-ever cryptocurrency to come into use and it has paved a path for other cryptocurrencies to do the same. BTC in and of itself is an international force to be reckoned with. Not only is the market cap approaching 1 trillion dollars, but the entire cryptocurrency industry is able to capitalise off of the rush. This is similar to the way gold mining companies and shovel providers capitalised off of gold. Proprietary companies (pty ltd) specialise in all different types of subindustries within Bitcoin.
The total supply of BTC is limited by its software and will never exceed 21 million coins. New coins are created by a process called ‘mining’ and about 70% of Bitcoin mining power is controlled by China. That said, you certainly don’t have to be a miner to acquire bitcoin or other cryptocurrencies. To buy BTC in Australia, you will need to sign up for a trading account with a Bitcoin exchange platform such as Swyftx.
It’s easy to buy Bitcoin in Australia using the Bitcoin trading platform Swyftx. The first step in buying Bitcoin is to set up a free Swytfx Cryptocurrency Exchange account where you can purchase digital currencies using the secure app. Once you have created an account and completed your ID verification, you can deposit funds into your exchange account (in AUD) using payment options including bank transfer, OSKO, PayID, credit/debit card and more. Once the deposit clears, simply enter the amount of Bitcoin you wish to purchase and click the ‘Buy’ button. Once have bought your Bitcoin BTC, the Bitcoin will become immediately available in your Bitcoin wallet.
If you are new to the world of crypto and want to wrap your head around things before you start investing, you switch your account to demo mode and practise trading using real-time data and mock currency. Once you are confident, switch off demo mode and buy Bitcoin with real currency. Swyftx has an abundance of features and benefits that makes it convenient and easy to buy Bitcoin in Australia. It offers low spreads and trading fees for those wanting to sell and buy BTC, offers the ability to create automatic sell and buy Bitcoin orders, has online support, the ability to set up recurring orders, combined order books and Integrated Viewing Charts where you can chart and closely monitor Bitcoin BTC as well as any other digital currencies you would like to track.
Swyftx supports credit and debit card deposits. When you buy Bitcoin with Swyftx, you can deposit money into your account using your credit or debit card, which can then be used to buy Bitcoin BTC. To deposit using a cred/debit card, simply navigate to the AUD deposit page, then select the credit card deposit option and follow the process. Once you have successfully deposited funds into your account, you can buy Bitcoin immediately and have it available in your wallet.
After buying Bitcoin, it’s generally recommended that you store your BTC and other cryptocurrencies that you may hold in a crypto wallet. This is a mechanism that allows you to interact with Blockchain networks and is necessary for sending, receiving and storing cryptocurrencies. Unlike the wallet you keep in your pocket, crypto wallets securely store your Bitcoin as pieces of data. Swyftx has digital wallets for all the crypto assets on our Bitcoin exchange. If you decide to sign up and buy Bitcoin through Swyftx, we have a wallet already integrated into your account so you can maintain your crypto safely and securely.
Compared to other cryptocurrencies of a similar nature, Bitcoin’s main advantage is that it was the very first cryptocurrency on the market. It has given birth to a new multi-trillion dollar industry with millions of enthusiasts. The emergence of BTC provided a technological platform and vision that has inspired the development of various competing projects and companies.
‘Bitcoin mining‘ is a term that refers to the creation of bitcoin. It is performed by high powered computers that solve complex computational maths problems. When computers solve these complex maths problems on the bitcoin network, a new bitcoin is produced. Then the miner who created that bitcoin is responsible for making the bitcoin payment network trustworthy and secure by verifying its transaction information.
When bitcoin is sent or received, it is called a transaction. Bitcoin miners then clump these transactions together in ‘blocks’ and then add them to the blockchain, which is a public record. Nodes, which are computers that connect the bitcoin network, then maintain records of those blocks so that they can be verified in the future.
Purchasing Bitcoin is considered by many people to be an investment. The majority of people are buying Bitcoin to gain profit from the potential future growth of BTC. However, Bitcoin’s primary purpose is its use as a currency. As the popularity of Bitcoin in Australia continues to surge, the spending options are becoming broader. There are an array of different locations that you can withdraw, spend and exchange bitcoin. This includes ATM’s, cafe’s, shops and businesses that accept bitcoin as a currency.
In the digital world, we live in, where scams and online fraud are common, it’s important to be cautious when you’re buying bitcoin. When you’re looking to buy bitcoin, it’s paramount that you do your research to find a reputable crypto exchange. At Swyftx, security and safety is our top priority. Swyftx has a robust security framework in place to ensure our customers can trade bitcoin in a safe environment. We partner with Chainalysis, the worlds largest blockchain analysis company, making us one of the safest options to buy bitcoin in Australia. Additionally, we run personalised customer support and due diligence programs that require various identification checks for opening new accounts.
When you buy Bitcoin in Australia with Swyftx, enjoy lower spreads and cheaper trading fees than our closest competitors. Swyftx cryptocurrency exchange has some of the lowest fees on the Australian market.
Enjoy instant online verification without uploading documents. This is convenient for those who are looking to buy Bitcoin BTC in Australia when they’re in a hurry. If you have the credentials to satisfy the requirements that Australia looks for, then why wait days for verification?
Buy Bitcoin in an account protected by password detection breaches and two-factor authentication. However, we recommend a hardware wallet in addition to your Swyftx wallet to store your cryptocurrency offline securely.
Learn to trade and gain experience with Swyftx risk free by enabling the demo mode. We even simulate real life liquidity and market depth.Create a free account
Deposit and Withdraw AUD via PayID, OSKO, Bank Transfer & POLi
Automate your crypto investments. Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
Never miss a trade or get caught out by the crypto market volatility. Set Buys and Sells to trigger at any price you want.
Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.