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What is Bitcoin (BTC)?

Bitcoin is a digital currency that was invented in 2009 by an unknown person or group under the name Satoshi Nakamoto. It 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 accounts for over 49% of the overall cryptocurrency market capitalisation. It has a limited supply of 21 million coins, with over 19 million coins already in circulation. New coins are constantly being created through a process called mining. Bitcoin mining is done by specialised computers that verify transactions on the Bitcoin blockchain and are responsible for creating new Bitcoins.

If you’re interested in buying Bitcoin in Australia, you can Sign up to Swyftx – Australia’s most trusted crypto exchange.

How to Buy Bitcoin in Australia

  1. Signup for free
  2. Verify your account
  3. Deposit AUD instantly
  4. Buy BTC

Frequently Asked Questions

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 integrated 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.

What makes Bitcoin unique?

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 built on blockchain technology. Bitcoin and blockchain 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 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 to the Bitcoin network, then maintain records of those blocks so that they can be verified in the future.

Can I buy less than 1 Bitcoin?

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.

Can I buy Bitcoin through an ETF?

There has been a lot of talk about Bitcoin ETF's in 2023 given that several well known investment managers have applied for them in the US. It's widely considered that a Bitcoin ETF will bring more institutional investors to the market. There currently isn't a BTC ETF available on the Australian stock exchange (ASX).

Where is the best place to buy Bitcoin?

The best place to buy Bitcoin is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.

Is Swyftx Safe to buy Bitcoin?

Yes, Swyftx is a safe and secure platform to buy and sell Bitcoin (BTC). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.

Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.

You can find more information on our security practices here.

How is the price of BTC determined?

The price of BTC is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.

Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.

What deposit methods does Swyftx support?

You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:

  • Bank transfer
  • OSKO
  • PayID
  • POli
  • Credit or debit card

Swyftx also allows you to deposit cryptocurrency from another wallet into your account.

Can I buy Bitcoin with credit card?

Swyftx does not allow you to directly buy Bitcoin with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy BTC instantly.

What are Swyftx's trading fees?

Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.

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.