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How to buy bitcoins in Australia?

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buy bitcoin in australia

Decoding the mechanism to purchase Bitcoins in Australia.

  • What is Bitcoin?

Many people assume that Bitcoin was the first cryptocurrency but that is not the case. A number of other cryptocurrencies prior to Bitcoin were invented but were not sustainable enough due to a number of reasons. Backed up by the Blockchain Technology the cryptocurrency, Bitcoin proved to be one of the most sustainable and reliable forms of cryptocurrency till date. Bitcoin is mostly used as an investment asset rather than a currency due to its highly volatile nature throughout the world and even in Australia. Cryptocurrency market is still in its nascent stage hence the market is not mature enough and prices keep fluctuating rapidly. 10% fluctuation of prices within hours is not uncommon in a crypto space. The cryptocurrencies might experience a bullish or bearish trend – might gain and become double or lose to almost half of its value or within a month. It is to be noted that the cryptocurrencies are not backed up by any form of asset hence many of the investors consider it to be a pyramid scheme. Generally, a pyramid scheme is one where a particular user invests money in a belief that the future investors would be investing or willing to pay a slightly higher value then what they paid. Nevertheless, each and everyone wants to purchase cryptocurrencies, especially, Bitcoin due to its immense value than any other cryptocurrencies.

  • Why is it so famous?

No Bitcoin explanation is complete without mentioning its distributed nature. It’s this nature was mainly responsible for its massive acceptance by the citizens of the United States and all around the world, post the 2008 Financial Crisis. Bitcoin developers have named themselves as Satoshi Nakamoto, however, he has been one of the most controversial figures in the crypto space. Recently revelations have been made that he is going to reveal his identity through his autobiography, where he mentions himself to be a British microeconomist and digital scientist. Even makes it very clear that he is often referred to by his Japanese pseudonym.

Let’s summarize some of the most popular and easy ways to buy Bitcoins in Australia. One of the largest cryptocurrency exchange, Coinbase is one of the most preferred options for everyone but due to the exorbitant amounts of traffic that the exchange experiences, it is wise for us to choose alternatives within the country.  Convenient services are provided by Australia Crypto Exchange, CoinJar, CoinTree, Independent Reserve and BTC Markets in Australia for the Crypto related transactions.  

  • Step 1

Prior to the purchase of any cryptocurrency coins, a user needs to have a cryptocurrency wallet in order to safeguard their private keys. The cryptocurrency wallets are available in the three formats Desktop wallet, Online wallets, and Hardware wallets. The hardware wallet is one of the most secure ones.

 

  • Step 2

Once the cryptocurrency wallet is ready, the user can buy Bitcoins through a broker who would be buying Bitcoins on user’s behalf, or from cryptocurrency exchange if the user needs to extensively trade between various cryptocurrencies and Fiat.

On registering on a  cryptocurrency exchange, a user needs to undergo many verification procedures depending on the amount of Bitcoin sought to buy. On the other hand, buying the cryptocurrency coins with a broker is highly convenient but is liable for high brokerage fees. Bitcoin is divisible up to 8 decimal places and one can start investing in Bitcoins with least amounts.

 

  • Step 3

Providing the wallet details is the last step in order to receive a stipulated amount of Bitcoins. A transaction cannot be initiated without providing the public address. Once a transaction is initiated depending on the busyness of the network,  it might take up anywhere between 10 minutes to 1 hour for confirmation.

 

  • Alternatives for buying Bitcoin in Australia

Offering goods or services in exchange for Bitcoin, receiving donations in the form of Bitcoin, and mining one is some of the alternative ways to obtain them. The former two are the easiest and inexpensive ways to get Bitcoins but the latter one implies comprehensive procedures.

Even buyabitcoin.com.au proves to be an effective tool to purchase Bitcoins. The process is as simple as providing email ID and wallet address. Almost $9000 AUD worth of Bitcoin purchase is possible here.

#Scam

Bitcoin Giveaway Scam: High Profile Twitter Accounts Hacked

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A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam.

A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam. These include the twitter accounts of retail industry giants Target and The Body Shop. The hackers are believed to be poor in English writing as the scam messages are usually written in a poor language. The hackers targeted a number of verified Twitter accounts.

The tweet on Target’s Twitter account read:

Target-Twitter-Hack

After which a few hours later when the team realized that their account had been hacked, they posted another tweet stating that their account was inappropriately accessed for posting a bitcoin scam:

 


Apart from Target, a number of other accounts such as The Body Shop, Universal Music Czech Republic, Toledo Rockets, the Agriculture, Horticulture Development Board and UNHCR Serbia account were also targetted by the hackers.

The hackers seem to be quite expert as it is quite surprising how a good number of verified Twitter accounts were all hacked at once. Earlier, the hackers used to clone the accounts rather than directly taking over the accounts.

In a recent case, a group of hackers had cloned the account of Cap Gemini Australia and replaced the name with Elon Musk and posted a similar bitcoin scam message stating that Elon Musk was giving away 10,000 BTC to all his community:

elon-musk-twitter

 

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#Bitcoin

Bitcoin Cash Fork Explained, Forking the Fork on 15 November

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A "wait and see" approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not "dump" their BCH for BTCABC and BTCSV

The upcoming Bitcoin Cash BCH fork is what everyone is talking about. It is scheduled for tomorrow, 15th November.

Bitcoin came into existence in 2008 when Satoshi Nakamoto released the Bitcoin Whitepaper and the aim was to make a peer-to-peer electronic cash system. In 2009, Satoshi released the code for Bitcoin. Satoshi left the project in 2013 and vanished from the Bitcoin world, not to ever come back again. He handed over the project to a small group of developers.

It is believed Satoshi Nakamoto might have Hard-Forked the original Bitcoin code multiple times in the early years, after which multiple coders and developers joined and started working on the Bitcoin code.

 

Issues within Different Teams, welcome Bitcoin Cash

Right after Satoshi vanished, consensus issues started arising between different teams/developers who wanted to implement different upgrades in the current codes. There was no consensus mechanism that can help everyone to agree on an upgrade.

Fast forward to 2015-16-17, we have thousands of developers writing code for Bitcoin, divided into certain teams. Some people wanted “Bigger Blocks” and some people wanted “Lightening Network” for example. The fight between different “features” led to developers divide into teams. In 2017, the first major Bitcoin Hard Fork happened that led to “Bitcoin Cash” and the original blockchain started being referred to “Bitcoin Core” or just “Bitcoin”.

 

Forking the Fork

On November 15, the forked Bitcoin Cash is being forked again. Two teams being “BitcoinABC” and “BitcoinSV” or Bitcoin Satoshi Vision. the two groups of teams are updating the Bitcoin Cash in a certain way. Craig Wright or Faketoshi leads one team of BitcoinSV, others are on the side of the BitcoinABC side. This split is very similar to the 2017 Hard Fork of the original Bitcoin.

 

The Real cause for the Forks

It is presented to the public as a political drama and technical details for the fork, but the main cause of such forks is a lack of a formal governance process to help everyone agree on how to upgrade the software. A governance process can be a formal voting process where everyone can come to a common agreement. It can be similar to the elections. This governance process does not mean that we need a government involved in the process, but it means there has to be a process where everyone can agree on a decision based on a majority vote. This lack of a process for a “final decision” is the key cause of Hard Forks, which are usually portrayed as technical upgrades for normal people or investors, who do not care of all small technical issues.

 

Profit Opportunity during/after the Fork

In 2017 during the Bitcoin Fork, many investors bought BCH in the hype created and gradually lost their investments during the process. A “wait and see” approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not “dump” their BCH for the hype created by media and the two teams. As an individual investor, I consider the second version of BCH as a “bonus“. What do you feel about my thinking process? Your comments are welcome below.

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#Bitcoin Cash Price Analysis

Bitcoin Cash BCH Price Analysis: Can BCH break $520 level?

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BCH price is still struggling to break the $530 and $540 levels. A significant resistance level between $515 and $520 could not be broken.
  • Hourly RSI is below the 50 level.

  • Hourly MACD is in the bearish zone for BCH/USD

  • Major Support Level: $500

  • Major resistance Level: $520

 

Key Points:

  • BCH price is still struggling to break the $530 and $540 levels.
  • A significant resistance level between $515 and $520 could not be broken.
  • BCH price is at risk to drop below $500 support level.

At press time, Bitcoin Cash price is trading at $514 against the US dollar.

 

Bitcoin Cash Price Analysis

BCH price is at risk to move below the $500 support level. BCH/USD pair has remained in the bearish zone, and although it tried to break the resistance level of $530, it failed. A low was formed yesterday at the level near $495, breaking the $500 level temporarily, but the price was soon pushed back to above $500.

 

 

If the price of BCH is successful in breaking the $525-$530, the price can move up, but it is unlikely. The 50% Fibonacci retracement level of the last fall from $560 to $494 has also prevented gains.
All in all, the bearish trend continues today as long as key resistance levels of $520, $530 are not broken.

Taking a look at the chart for BCH/USD, we can see a lot of pressure under the $510 level.

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