Australia is a blockchain-friendly country that takes a friendly stance on digital currencies. Around one in four people in Australia (25 per cent) invest in or plan to invest in cryptocurrency.
If you’re looking to buy cryptocurrency in Australia, you may be wondering where to start. It can be strenuous to navigate the world of digital currencies, but it’s easy enough for anyone to get involved with a bit of know-how.
This article will explain the basics of buying cryptocurrency and provide tips to use sites like Swyftx Australia.
What is Crypto?
Cryptocurrency is digital money that exists only in the digital world. It uses cryptography to secure the transactions and control the creation of new units. Cryptocurrencies are decentralised, meaning governments or banks don’t regulate them.
The first well-known cryptocurrency is Bitcoin. It was created in 2009 by an anonymous person or group of people under Satoshi Nakamoto.
Cryptocurrencies are often traded on decentralised exchanges and can also purchase goods and services.
Why Buy Cryptocurrency in Australia?
Australia has the third-highest crypto holding rate globally at 17.8 per cent, surpassing countries such as Indonesia and Hong Kong. It makes sense that Aussies are taking it to crypto. Australia is a wealthy country with a robust infrastructure and tech-savvy citizens.
Here are the top reasons to invest in cryptocurrency in Australia.
1) A Great Investment Opportunity
Cryptocurrencies are volatile and offer great investment opportunities. The value of Bitcoin, for example, has increased from $200 in January 2017 to over $20,000 at the end of 2017. Cryptos have a high potential for growth and offer great returns if you invest in the correct currency at the right time.
Despite their volatility, cryptocurrencies are a solid investment choice that can offer great returns over time. The rise in the value of Bitcoin and other cryptos has led to a surge in crypto coin millionaires. People who bought Bitcoin early on and stuck with it are now reaping the rewards.
If you’re looking for a high-risk, high-reward investment, then cryptocurrencies may be suitable for you.
Crypto prices can change dramatically in a short period, so it’s essential to monitor the market and understand the risks before investing.
2) Easy to Access
The days of having to mine for coins are over. Nowadays, it’s easy to buy cryptocurrency from sites like Swyftx in Australia with a few mouse clicks.
Cryptocurrency is bought and sold on decentralised exchanges, which are online platforms that allow you to trade digital currencies for fiat money or other cryptocurrencies.
You can buy Bitcoin, Ethereum, and many altcoins in Australia. All you need is a crypto wallet to store your currency, access the internet, and an Australian bank account or debit card.
You can find the proper model for your investment goals with many currencies available.
Blockchain-Friendly
Australia is a global leader in the blockchain industry. The Australian government has openly supported cryptocurrencies and blockchain technology, with the Australian Securities Exchange (ASX) trialling blockchain technology to replace its current clearing and settlement system.
The Reserve Bank of Australia has understood blockchain for quite some time, and the Australian Securities and Investments Commission (ASIC) recognises Bitcoin as a financial product.
How to Start Trading Cryptocurrencies in Australia
It’s easy to start trading cryptocurrencies in Australia using the following steps.
a) Choose a Cryptocurrency to Buy
You can choose from the top cryptocurrencies, such as Bitcoin and Ethereum, or an alternative coin. You should do your research on the currencies you’re interested in, including their price history, value, and how to use them.
b) Choose a Wallet
You’ll need a crypto wallet to store your currency. A crypto wallet means you’re in control of your funds and can make transactions without the need for a third party.
There are different wallets to choose from:
– Hardware wallets: These are physical devices that store your cryptocurrency offline.
– Software wallets: These are downloadable software programs that allow you to store your currency on your computer or mobile device.
– Web wallets: These are online wallets that allow you to store your currency on a remote server.
– Paper wallets: These are physical documents that store your cryptocurrency offline.
c) Buy Currency
You can buy cryptocurrencies on decentralised exchanges. You can buy Bitcoin using credit or debit cards on most exchanges, but some exchanges don’t accept fiat money, so you’ll need to purchase Bitcoin or another crypto first.
Final Thoughts
Cryptocurrency is a relatively new phenomenon that offers excellent opportunities. The Australian market offers many options for investors. It’s easy to start trading cryptocurrencies in Australia, so start doing your research today.
You must verify the exchange platform’s reputation. It’s crucial to trade with a respected platform that has been around for several years and is well-known in the cryptocurrency industry.
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