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 Bitcoin on Swyftx Learn to learn more.
How to buy Bitcoin in Australia?
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; your 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:
- bank transfer
- OSKO
- PayID
- POLi
- credit/debit card.
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.
Why purchase Bitcoin with Swyftx?
Swyftx is an Australian cryptocurrency exchange with abundant features and benefits, making 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 track 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).
How to store bitcoin
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 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 based on blockchain technology. Bitcoin and blockchain have inspired the development of various decentralised projects and companies, shaping the future of the digital world.
What is Bitcoin mining?
Bitcoin mining is a term that refers to the creation of 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.
