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What is Bitcoin (BTC)? 



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About Bitcoin (BTC)

Bitcoin is a digital currency invented in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto. BTC is a decentralised currency, meaning it operates on a peer-to-peer network without the need for intermediaries like banks. Transactions are verified and recorded on a public ledger called a blockchain. 

According to Satoshi Nakamoto, Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.” 

Bitcoin is the biggest, most well-known cryptocurrency and often accounts for over 50% of the overall cryptocurrency market capitalisation (the total value of the crypto market).  

The maximum supply of Bitcoin is capped at 21 million coins, with over 19 million BTC already in circulation. New coins are constantly being created through a process called mining. Bitcoin mining is performed by specialised computers that verify transactions on the Bitcoin blockchain and in exchange, are rewarded with newly-minted BTC. 

If you’re interested in buying Bitcoin in Australia, you can sign up to Swyftx.

How to Buy Bitcoin (BTC) in Australia

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  2. Verify your account
  3. Deposit AUD instantly
  4. Buy BTC

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Bitcoin FAQs

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How do I store Bitcoin?

After you purchase Bitcoin or any other cryptocurrency, it is stored in a digital wallet. These wallets allow you to interact with blockchain networks, permitting users to send, receive and store 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 crypto assets listed on our exchange. If you decide to sign up and buy Bitcoin through Swyftx, it will be immediately accessible in the wallet associated with your account. If you are planning to hold onto your assets for an extended period of time, we recommend choosing a cold storage wallet to keep your crypto safe and offline, once you are comfortable using one and understand how they work.

What makes Bitcoin unique?

Bitcoin was the very first cryptocurrency available on the market. Its development birthed a multi-trillion-dollar industry and spurred a tech revolution. It is a totally decentralised and trustless payment system built on blockchain technology, unlike anything the world has seen before. Bitcoin and blockchain tech have inspired the development of various decentralized projects and companies, shaping the future of the digital world.

What is Bitcoin mining?

Bitcoin mining is a term that refers to the process of creating Bitcoin. Bitcoins are mined by high-powered computers that solve complex mathematical puzzles to verify transactions and create new blocks. The miner who successfully solves the problem first is given a block reward. This reward is presented as a predetermined amount of BTC.

Bitcoin miners clump these transactions together in ‘blocks’ and then add them to the blockchain, which is a public record. Nodes, which are computers that connect to the Bitcoin network, maintain records of those blocks so that they can be verified in the future.

Can I buy Bitcoin through an ETF?

The Securities and Exchange Commission (SEC) approved the very first spot Bitcoin ETFs on US exchanges in January 2024. Investors can access these ETFs through global trading platforms. Australian-based Bitcoin ETFs are less prominent, but can be purchased through an alternate stock exchange such as Cboe Australia.

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Introduction to Bitcoin (BTC)

Bitcoin was the first cryptocurrency and has paved the way for thousands of others. Learn more about what Bitcoin is and how it works.

Dislcaimer: The information is for general information purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any assets. It has been prepared without regard to any particular investment objectives or financial situation and does not purport to cover any legal or regulatory requirements. Customers are encouraged to do their own independent research and seek professional advice. Swyftx makes no representation and assumes no liability as to the accuracy or completeness of the content. Any references to past performance are not, and should not be taken as a reliable indicator of future results. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose. Consider our Terms of Use and Risk Disclosure Statement for more.