Crash Course on Trading Bitcoins in General and in Australia

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bitcoin ripple
Photo of a Bitcoin and a Ripple coin on weathered wood. QuoteInspector.com/ Flickr

As a beginner in the Bitcoin arena, it could be difficult understanding something so abstract. But there’s nothing to be tense about. Here’s how you can engage in cryptocurrency trading.

Purpose of Bitcoin

Without a second thought, Bitcoin is the most sought-out cryptocurrency in the world. When it began, a single Bitcoin’s value was less than 1 AUD. At this point, even after a recession followed by stagnancy, it is worth tens of thousands of Australian Dollars.

  • Bitcoin was the very first digital value storage vault, all the while being completely anonymous and out of the government’s range.
  • The core idea of Bitcoin, and of most other cryptocurrencies, is to decentralize the expenditure of currency. That is to say, there is no central command for Bitcoin.
  • With the freedom, one is also made solely responsible for the cryptocurrency he possesses. If you lose it somehow in internet fraud or otherwise, nobody could help you.
  • Hence, you should always purchase Bitcoins from trustworthy exchanges.
  • It is imperative to do enough research before rushing to make foolhardy and hazardous mistakes.

Buy Bitcoins in Australia

Bitcoins and other cryptocurrencies are bought through exchanges. By exchanges, one hints at the forums where you sign-up and then transact credits or your Australian Dollars with Bitcoins and vice versa for trading bitcoin in Australia.

  • There are a few good exchanges in Australia that you must first register yourself on in order to proceed with Bitcoin trading.
  • While signing up, look for ‘Enable 2-Factor Authentication’. Now you will receive an email, following the onscreen instructions of which will authenticate your account.
  • Revisit the exchange page and then deposit the credits or the Australian Dollars into your account. You will have to enter basic bank details for this purpose.
  • Once the money has been transferred, varying from exchange to exchange, you will get the alternatives of either buying or selling Bitcoins. Click on ‘Buy BTC’ for purchasing Bitcoins.
  • Again, depending upon the exchange, select either the Bitcoin count or the Australian Dollars you want to spend.

Sell Bitcoins in Australia

At this point, it is assumed that you have your account set up at an exchange and that you own some Bitcoins. Once that is ready, we can proceed by using the Bitcoins to convert them into Australian Dollars.

  • While attempting to sell Bitcoins, you will have alternatives to either convert it into Australian Dollars (if you are an Australian) or convert them into some other cryptocurrency.
  • Visit any Bitcoin Exchange of your choice and deposit your Bitcoin possession if not already done. Next, click on the ‘Sell’ button and then withdraw your money.
  • Now, that was the most common thing to do. Yet, if you want to switch your coins with other cryptocurrencies in the market, that’s easy too.
  • The difference here is that after you click ‘Sell’ select the option to convert Bitcoins into other cryptocurrencies.
  • Now, all that is left is to transfer your new anonymous, digital currency into your cryptocurrency wallet.

Tips

  • Before selecting your Exchange, make sure that they are trustworthy and have good customer support.
  • Don’t try to sell all your Bitcoins at once. If the amount being transacted is too much, it could lead to slower processing time and also a risk of being hacked.