What is Bitcoin (BTC)?

Bitcoin is the original digital currency, otherwise known as cryptocurrency, created in 2009 that relies on peer-to-peer technology to facilitate instant payments with no central authority or banks. It remains the largest cryptocurrency by market capitalisation and has increased dramatically in value over the last few years. Due to the increasing popularity of cryptocurrency since 2017, a bunch of great Australian-based cryptocurrency exchanges have popped up to make it super easy to buy Bitcoin.

Where can I buy Bitcoin?

Since Bitcoin is the world’s most popular cryptocurrency, you can buy Bitcoin on any cryptocurrency exchange. With so many options, it can be tough to decide which one to use. The most important thing is that you select a legitimate crypto exchange that doesn’t scam you. To make sure you are buying Bitcoin safely, I recommend using one of the best crypto exchanges for Aussies. They all have registration with AUSTRAC to prevent money laundering and financing of terrorism, so you can trust they are legitimate exchanges.

I have listed my top 3 recommendations for Australian investors below. I am going to outline a step-by-step guide to buy Bitcoin using screenshots from our exchange of choice CoinSpot (#1 Australian crypto exchange). They’re our top recommendation for Australians and the registration process is nearly identical on mobile. If you want to follow along with the guide easily, you can sign up with CoinSpot too.

Top 3 Recommendations

#1

CoinSpot

   Best Overall  

Rating

4.9

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Swyftx

Best for Demo Mode

Rating

4.6

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Digital Surge

Lowest Spreads and Fees

Rating

4.4

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Step 1 – Create a CoinSpot account

The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot’s home page. Click on the white “Register” button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.

Step 2 – Verify your account

Once you have created your CoinSpot account, the next step is verification. Click the “Complete Verification” button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot’s account so you can get used to how it works.

Step 3 – Deposit AUD into your account

After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the “Deposit Funds” button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click “Continue to POLi” to make the payment.

Step 4 – Buy Bitcoin

When your money has arrived in your CoinSpot account, it’s time to buy some Bitcoin. Click on “Buy/Sell” in the menu along the top, search BTC, then click the buy BTC button.

You will be taken to the purchase screen, where the price of one Bitcoin is displayed in the middle of the screen. Select how much AUD you want to spend on BTC, then click the blue “Buy” button.

You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of BTC. When you are happy with the details, click “Confirm Buy” to complete the transaction. Congratulations, you now own some Bitcoin!

Step 5 – Sit back and enjoy your Bitcoin

Congratulations, you are now the owner of some Bitcoin!

If you want to learn more about CoinSpot, then feel free to read our review where you can see exactly how they operate, what fees they charge, and all their excellent features.

If you want to you want to explore other Australian crypto exchange options then feel free to read our guide on the best Australian crypto exchanges.

Any questions feel free to leave a comment below.

We recommend CoinSpot for buying Bitcoin

• Easy to use, perfect for beginners
• Access to over 530+ cryptocurrencies
• Live Chat and email support available 24/7

Other Cryptocurrency Exchanges where you can Buy Bitcoin:

Comparison Table of the Best Crypto Exchanges in Australia

Crypto ExchangeCrypto ExchangeCoinSpotSwyftxBybitDigital SurgeeToroFiat CurrenciesFiat CurrenciesAUDAUD, NZDAUD, USD, GBP, EUR, NZD & moreAUDAUD, USD, GBP, EUR & 11 moreCryptocurrenciesCryptocurrenciesBTC, ETH, LTC, XRP, BCH, ADA & 530+ moreBTC, BTG, BCH, ADA, ETH, ETC & 440+ moreBTC, ETH, LTC, XRP, EOS & 280+ moreBTC, BTG, BNB, ADA, XRP & 400+ moreBTC, ETH, BCH, XRP, LTC, ADA & 110 moreDeposit MethodsDeposit MethodsBank transfer, BPAY, Cash, POLi, PayID, CryptocurrencyPOLi, PayID, OSKO, Bank transfer, Credit card, CryptocurrencyVisa/Mastercard & Apple Pay for fiat gateway, CryptocurrencyPayID, POLi, OSKO, CryptocurrencyBank Transfer, Credit card, Debit card, PayPal, POLiTrading FeesTrading FeesMarket order: 0.1%, Instant buy: 1%0.6%0.1% for spot, 0.01%/0.06% for derivatives0.5%1%Visit SiteFull Review Visit SiteFull Review Visit SiteFull Review Visit SiteFull Review Visit SiteFull Review

Crypto assets are unregulated & highly speculative.  No consumer protection.  Capital at risk.

Buying Bitcoin in Australia: What You Need to Know

The media has been full of talk about Bitcoin in recent months, but how much do you really know about it? Digital currencies have been becoming more mainstream in general and many people have reported making good returns from investing in Bitcoin and other cryptocurrencies. As a result, there’s increased demand when it comes to buying and selling.

To find out how to buy Bitcoin in Australia, take a look at our step-by-step guide that will tell you everything you need to know.

Bitcoin: What Is It?

Bitcoin was the first decentralized cryptocurrency to launch back in 2009. Since then, many other digital currencies have been created but Bitcoin remains the most widely known. Introduced by Satoshi Nakamoto, Bitcoin acts as a unit of account or a store of value. Unlike usual currencies, however, it’s not issued by a government or governing body. 

Although cryptocurrencies aren’t issued by official governments, there is an increasing number of regulations designed to deal with issues of taxation. If you want to know more about how Australia taxes cryptocurrencies, including Bitcoin, visit the Australian Taxation Office (ATO) website.

All Bitcoin transactions occur on a peer-to-peer (P2P) network. Here, Bitcoins can be transferred from one user to another, without them needing to be passed through a central system or being approved by a single authority. 

Although the process is verified, the decentralized nature of these transactions means they can take place more quickly than alternative methods, such as standard money transfers at a bank. Similarly, buying and selling Bitcoin is typically cheaper than using traditional methods. Banks tend to charge high fees to make an international money transfer, for example, whereas there are low or no fees involved in making Bitcoin transactions.

How Are Bitcoin Transactions Made?

Transactions take place using a type of technology known as Blockchain. This acts as a record or ledger of every Bitcoin transaction that occurs so that ownership can be established. When a transaction is made, the information is sent to the decentralized network and added or ‘mined’ into the Blockchain. 

While the Blockchain keeps a record of who owns Bitcoin, this doesn’t necessarily mean that the cryptocurrency is linked to your name. Instead, Bitcoin owners use digital keys, similar to passwords, to access their currency and make transactions. 

Digital currencies are becoming more mainstream, and an increasing number of vendors now accept payments via Bitcoin. However, it is still a relatively new phenomenon. This, combined with a variety of other risk factors, mean that it’s generally considered to be a high-risk form of investment.

The Australian Securities and Investments Commission (ASIC) has lobbied for cryptocurrencies to be regulated to prevent them from being used by organized crime groups and the Australian Transaction Reports and Analysis Centre (AUSTRAC) has now been given some powers to monitor exchanges. However, it’s not yet clear what impact this regulation will have on merchant fees and the accessibility of exchanges. 

How to Buy Bitcoin in Australia

Before you get started, it’s important to know that Bitcoins are highly divisible. In fact, they can be divided by up to eight decimal points, so you don’t have to buy a whole Bitcoin. When the value of Bitcoin is high, purchasing a whole Bitcoin will cost thousands of dollars, but you can buy a fraction of a Bitcoin if you want to experiment with trading. Many exchanges will permit you to buy or sell as little as $10 worth of Bitcoin, as an example.

There are numerous ways to buy Bitcoin in Australia but some of the most popular include:

Storing Your Bitcoins

If you’re going to purchase Bitcoins, or any digital currency, it’s important to have somewhere safe to store them. Some exchanges will permit you to store them on their platform but it’s generally safer to store Bitcoins in a digital currency wallet.

The Apple Store and Google Play store are both popular options but it’s advisable to shop around and compare the various wallets available before you decide which one is right for you. Some wallets are best suited to frequent traders, for example, whereas others are ideal for storing small amounts. Similarly, wallets that are designed for mobile users often have a scannable QR code, which comes in handy if you want to authorise transactions on the go.

Where Can You Pay with Bitcoin in Australia?

Digital currencies are used online most frequently but some in-store environments are beginning to accept Bitcoin payments too. If you purchase goods from an online or physical store, for example, many vendors will allow you to pay with Bitcoin. 

As cryptocurrency becomes more mainstream, more and more companies and vendors are accepting Bitcoin payments. If you want to find out where you can use Bitcoin locally, Coinmap makes it easy to find businesses and shops that accept Bitcoin. You can use Coinmap to search globally for ATMs and businesses that allow you to pay with Bitcoin, so don’t hesitate to find Australian companies that are embracing this new form of payment.

Buying Bitcoin in New Zealand

The process of buying Bitcoin is similar all over the world. In fact, many exchanges are open to traders worldwide. However, it’s worth learning more about buying Bitcoin in New Zealand if you live on the islands or you’re planning to visit soon. 

FAQs

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