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 third-party intermediary like a central bank. 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. It is the largest cryptocurrency asset in the world by market capitalisation.
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.’ Bitcoin miners engage in a process called Proof-of-Work (PoW), which refers to deploying computers that compete in a race to solve complex puzzles in order to verify transactions. That said, you certainly don’t have to be a miner to get Bitcoin. 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 purchase Bitcoin in Australia using a Bitcoin trading platform like Swyftx. The first step in purchasing Bitcoin is to set up a trading account with Swyftx. This allows you to purchase digital currencies using a secure, easy-to-use app. Once you have created an account and completed your ID verification, you can deposit funds into your account (in Australian dollars) via numerous payment methods including bank transfer, OSKO, PayID and credit/debit card. Once the deposit clears, simply enter the amount of Bitcoin you wish to purchase and click the ‘Buy Bitcoin’ button. Once have bought your BTC, the Bitcoin will become immediately available in your Bitcoin wallet. Learn more about how to buy Bitcoin in Australia.
If you are new to the world of crypto and want to wrap your head around things before you start investing, you can switch your account to demo mode and practice trading using real-time data and mock currency. Once you are confident, switch off demo mode and start trading Bitcoin with real fiat currency (AUD).
Swyftx has an abundance of features and benefits that makes it convenient and easy to buy Bitcoin in Australia. We offer low trading fees for those wanting to buy or sell Bitcoin, meaning you can maximise your profits. Additionally, you’ll also enjoy features such as automatic orders, online support, recurring orders, combined order books and integrated viewing charts where you can chart and closely monitor Bitcoin (BTC) as well as other listed digital currencies.
After buying Bitcoin, it’s generally recommended that you store your BTC and other digital assets 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, Bitcoin’s main advantage is that it was the very first of its kind available 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 mathematical puzzles. When computers solve these complex maths problems on the Bitcoin network, a new Bitcoin is produced. Then the miner who created that Bitcoin is then responsible for making that 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 and payment method. 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 Bitcoin ATM’s, cafe’s, shops and businesses that accept bitcoin as a currency.
In the digital world we live in, where scams and cyber theft 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 cryptocurrency 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.
Swyftx supports credit and debit card deposits. Before you start trading Bitcoin, you’ll have to deposit money into your account using your credit or debit card, which can then be used to buy Bitcoin. To deposit using a credit/debit card, simply navigate to the AUD deposit page and select the credit card deposit option. Once you have successfully deposited funds into your account, you can buy Bitcoin immediately and have it available in your wallet.
Yes, 1 Bitcoin can be divided into 0.00000001 BTC. This is referred to as a Satoshi and it is currently the smallest unit of Bitcoin currency recorded on the blockchain.
Much like traditional stocks, the price of Bitcoin is determined by its supply and demand. Bitcoin and other cryptocurrencies can be highly volatile. Bitcoin’s price can have sharp rises and falls.
Swyftx has low trading fees and spreads when you purchase Bitcoin and other cryptocurrencies on our trading platform. Swyftx cryptocurrency exchange has some of the lowest fees on the Australian market.
Verify your account without submitting any documents. This is convenient for those who are looking to buy 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?
Advanced security features like two-factor authentification (2FA) and breached password detection protect your account against scammers.
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.