Bitcoin was the original cryptocurrency, first entering the market in 2009. It is a peer-to-peer decentralised cryptocurrency. A person or group of people created Bitcoin under the alias Satoshi Nakamoto. It’s a peer-to-peer network meaning it can operate without a third-party intermediary like a central bank. All Bitcoin transactions happen directly between independent network participants.
According to Satoshi 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 is currently the largest digital currency in the world by market capitalisation. Bitcoin has paved the way for other digital currencies to enter the market and transform the future of currency.
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 ‘Bitcoin mining’. Bitcoin uses a proof of Work (PoW) consensus algorithm which is used for verifying new transactions and mining new coins.
To buy Bitcoin (BTC) in Australia, simply sign up for a trading account with a Bitcoin exchange platform such as Swyftx.
Check out our Introduction to BTC on Swyftx learn, to find out more.
It is easy to Bitcoin in Australia using a Bitcoin trading platform like Swyftx. The first step to purchasing Bitcoin is to set up an online trading account with Swyftx. Having an account with Swyftx allows you to purchase cryptocurrency using a secure, easy-to-use app.
Follow these simple steps to start buying BTC:
Create your account: Sign up to Swyftx by providing some personal details including; full name, phone number and email address. Ensure your account is secure by creating a secure password.
Verify: Swyftx’s verification process is quick and easy. All you need to do is verify your phone number, email address and identification (I.e. passport or driver’s licence)
Deposit funds: Once you have created an account and completed your ID verification, you can deposit Australian dollars (AUD)from your bank account into your Swyftx account, via numerous payment methods including:
Start trading: Once the AUD deposit clears from your bank account, simply enter the amount of Bitcoin you wish to purchase and click the ‘Buy Bitcoin’ button. Once you buy BTC, the Bitcoin will become immediately available in your swyftx wallet.
Swyftx is an Australian cryptocurrency exchange that has an abundance of features and benefits, to make it easy to buy and sell Bitcoin. We offer low trading fees for those wanting to trade crypto, meaning you can maximise your profits and keep more in your pocket.
Additionally, you’ll also enjoy features such as automatic orders, recurring orders, combined order books and integrated viewing charts where you can chart and closely monitor Bitcoin (BTC) and other listed digital assets.
Unlike other crypto exchanges, Swyftx offers ‘demo Mode’. If you are new to trading crypto and want to practice trading 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 trade Bitcoin with real fiat currency (AUD).
After you purchase Bitcoin, it is recommended that you use a crypto wallet to store your BTC and other digital assets. Crypto wallets are software mechanisms that allow you to interact with blockchain networks, allowing 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, the digital currency will be immediately accessible in the Bitcoin wallet integrated into 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.
Bitcoin was the very first cryptocurrency available on the market. The development of Bitcoin has birthed a new multi-trillion-dollar industry that is growing rapidly. The emergence of BTC was a tech revolution. It is a totally decentralised and trustless payment system based on blockchain technology. Bitcoin and blockchain have inspired the development of various decentralised projects and companies, shaping the future of the digital world.
Bitcoin mining is a term that refers to the creation of bitcoin. Bitcoins are mined by using high powered computers to solve complex mathematical puzzles in order 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 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.
Many people buy 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 and more businesses are beginning to accept Bitcoin transactions. There is an array of different locations where you can withdraw, spend and exchange bitcoin. This includes Bitcoin ATMs, cafe’s, retailers and shops. Swyftx has created an index for all the businesses that accept Bitcoin in Australia.
It is always important to be cautious when buying Bitcoin and practice safe investing to help minimise risk. Before investing in bitcoin or any other cryptocurrencies, it’s paramount that you do your own research, develop trading strategies and trade on reputable Australian Bitcoin exchanges. At Swyftx, security and safety is our top priority. Our trading platform has a robust security framework in place to ensure our customers can trade Bitcoin in a safe environment. We partner with Chainalysis, the world’s largest blockchain analysis company, making us one of the safest options to invest in Bitcoin in Australia. Additionally, we run personalised customer support and due diligence programs that require various identification checks for opening new accounts.
Yes! Swyftx supports credit and debit cards. Before you start trading Bitcoin, you’ll have to deposit money (AUD) into your account using your credit or debit card. 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 and have it available in your wallet immediately.
For most people, buying 1 Bitcoin is a huge commitment. Bitcoin has surged in value and is now worth tens of thousands of dollars. Fortunately, you can buy a fraction of a Bitcoin. 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. Swyftx has minimum orders in place, allowing you to buy as little as $1 of Bitcoin.
Much like traditional investments, the current price of Bitcoin is determined by its supply and demand. If more people are wanting to buy BTC than sell it, then the price is like to increase. Whereas an increase in people wanting to sell Bitcoin will cause prices to decrease.
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 authentication (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.