Exchanges are hosted all over the world and enable you to buy or sell digital currencies from other users or vendors. Depending on the particular exchange you use, you can trade traditional currencies, like AUD, for digital currencies, such as Bitcoin. Alternatively, you can often use one digital currency, like Litecoin, to purchase another cryptocurrency, such as Bitcoin. 

However, every exchange has its own rules and fees, so be sure to check what the charges are before you decide which one to use. 

If you run a business, have a side hustle, or even sell secondhand items online, you might decide to accept Bitcoin as a means of payment. However, you will need to have a Bitcoin wallet in order to receive and store the currency you receive. A wallet can be downloaded from the Google Play store or the Apple store, although there are other places to find them online too. Digital currency wallets are usually free to download but some providers do charge a small fee for storing your funds for you. 

Once you’ve got a currency wallet, you can choose to accept Bitcoin payments in various ways, such as:

• Point of sale terminals that seamlessly integrate with your current payment systems.
• QR codes that can be scanned using a mobile device, such as a smartphone.
• Online payment processing systems that convert Bitcoin and other digital currencies into traditional currencies, such as AUD.

Miners verify Bitcoin transactions and ‘earn’ Bitcoins for doing so. Every transaction is secured with a virtual padlock, similar to a password. As a Bitcoin miner, you’ll run software that finds the key to the relevant padlock and unlocks it, thus facilitating a transaction. For every padlock that’s opened, you’ll receive a fraction of a brand new, unreleased Bitcoin.

Although Bitcoin mining is a legitimate way to ‘earn’ Bitcoins, you will need an extensive network to make a significant amount. Due to this, Bitcoin mining is usually carried out by entities with vast resources, rather than individual traders.

Finding the best Bitcoin exchange in Australia is a great way to make sure you have a smooth and positive experience each and every time. The best advice is to make sure you always use a cryptocurrency exchange for any Bitcoin purchase you make. There are actually a large number of these exchanges available, which means you’ve got many different routes to pursue. 

This type of exchange is under the jurisdiction of Australia’s financial intelligence regulator, which is called AUSTRAC. Now, that doesn’t guarantee the exchange has gone about getting their license, which is why it’s a good idea to look into it before using that exchange. As a newbie to Bitcoin, Swyftx is a great option for those needing a fiat-to-crypto gateway. The whole premise behind Swyftx is that it is user-friendly and always smooth, making for a simple process.

Another common question is whether or not it's legal to in fact purchase Bitcoin in Australia. You may be surprised to learn that Australia was actually among the first in the world, back in 2013, to give it the green light, which means that, yes, it is legal to buy it. In order to protect people, the country put into place various polices that are meant to keep things legitimate and regulated. These are the anti-money laundering (AML) steps.

Since its time of being legalized, it has gone through some changes, and as of 2017, it was designated as property. Until that point, it has been double taxed in the country, but now, thanks to that policy shift, it is only single taxed, falling under Capital Gains Tax (CGT). Now, if you're looking into mining Bitcoin, this is legal as well but there is one large stipulation - people must be sure to use their own computational and electricity power - or their own resources if you will.

As you start to dig a little deeper into Bitcoin and dip your toes into the world of cryptocurrencies, you'll quickly discover there are a number of digital crypto wallets out there. This can lead to the question of which one to choose from here in Australia? Experts tend to agree that a hardware wallet is the best option if you have any plans of long-term storage of your bitcoins. While online wallets may appear convenient and smart to use, the fact is that hackers can have a field day with them at your expense. It’s not something you want to be dealing with.

So, what makes hardware wallets a better option? These aren't actually attached to the internet so they aren't vulnerable to hackers. Another option is the internal wallet that Swyftx offers. This is ideal as a short-term solution.

Maybe you want to be able to use cash in order to make your purchase, and the good news is that it is possible in Australia to do this. In fact, there are a few really great ways to go about it, making it convenient and safe. Your options include:

• Using an exchange in Australia that features cash payments such as CoinJar and CoinSpot. These payments are known in the industry as "blueshift."
• Use what's called a peer-to-peer exchange. With this method, you will actually physically meet with a person (a peer), give them the cash, and they will purchase the Bitcoin for you. A popular route for this option is Local Bitcoins.
• Finally, you can deposit your cash in a Bitcoin ATM, which you can then withdraw from. This is done through what is called a liquid broker. That cash you withdraw can then be placed directly into your "wallet".

If you like the idea of being able to use a Bitcoin ATM but aren't sure if there are any available in Australia, the good news is that there are options. There are currently 41 different Bitcoin ATMs across the country, all of which can be located using FindBitcoinATM. 

The number of available ATMs has been growing over the years and they are starting to spread to smaller cities. Originally, they could only be found in the big cities across the country, but thanks to their rise in popularity, this is changing.

Just because you want to get into buying Bitcoins, doesn't mean you feel like embracing all-digital aspects. What happens if you want to purchase bitcoins for cash? Let's face it, for many this is the most convenient, fastest, and most comfortable way to go about it. While it would be great to say there are tons of options, the fact is that peer-to-peer exchanges will be the only route you can use. You will need to meet up in-person with the individual who will take the cash from you in order to make the purchase.

If you don't like the idea of this option, you can locate a Bitcoin ATM and they purchase BTC from it. Tip - not all of these ATMs will accept cash, so be prepared with a different method of payment

Maybe you like the idea of staying anonymous and want to know if you can do so when purchasing Bitcoin in Australia. The best option in this case is to make use of the popular peer-to-peer exchanges, wherein you physically meet up with a person to give them the cash so they can make the purchase for you. With this type of transaction, you don't need any sort of documents like ID, so you can in fact stay anonymous. All you'll need for this option is to provide an email address.

Conversely, you can use trade on a centralized exchange by visiting a Bitcoin ATM. There are a number of these ATMs scattered across Australia. Just keep in mind that if you plan on making a fiat deposit, this is when you can no longer remain anonymous. You will in fact require some form of ID to do this.

Here's a really popular question, as people want to know just how much of that profit is theirs to keep. Back in 2017 the laws were changed for the better and they made it so that Bitcoin would be taxed under the Capital Gains Tax (CGT). Before that point, it was being taxed two times, meaning people were paying a lot more. Keep in mind that this CGT applies to the capital you make trading, selling, converting, exchanging, and gifting Bitcoin. It is rather sweeping, so it's smart to be prepared.

Of course, the notion of having profits taxed isn't new or unusual in the financial industry, it's just wise to be informed and know what to expect. If you want to keep up with trends, news, and changing policies, then you can visit the ATO website

In Australia, getting started with a cryptocurrency exchange is probably much easier than you would have thought. The good news is that anyone can start - you don't need any previous know-how or experience as newbies can easily get started. The best tip is to find a platform that is suited for beginners and is welcoming and approachable. You don't want to feel overwhelmed or out of your element. This is exactly why Swyftx is such a great option for beginners, as the platform is designed to be incredibly user-friendly, smooth, self-explanatory, and welcoming. Not only that, but you can perform crypto trades with fiat currency.

The way it works is that you make a deposit straight to your account using Australian dollars, and then you will be able to purchase Bitcoins. There is no third-party exchange involved, or having to mess with converting currencies. It's very fast, and best of all, it's very simple.

If you don't want to have to jump through hoops and waste all kinds of time just getting access to Bitcoins, then you will be happy to know you've got options. It's always best to use your debit or credit card on a crypto exchange if speed is your number one criterion. Your payment is collected immediately, which speeds up the process, but you will also want to look into any extra costs that this may result in. In general, you can expect a fee to be applied to the transaction somewhere in the ballpark of 4-5%. This may not be of concern to you, or it may seem too high and have you looking for other ways to get Bitcoin. Also, there is a transaction limit that will be applied, so you won't have unlimited access.

Here in Australia, there are also Self-Managed Super Funds (SMSF) that can be used with your Bitcoin. We suggest that you head to the Bitcoin SMSF so you can read up on what it is, and how to go about it.

So, now that you've got Bitcoins, what can you do with them? Can you convert them into cash? The answer is, yes you can, and this is actually the best way to get the value out of your funds. Right now, there are plenty of places that do accept Bitcoin as a form of payment, but that doesn't mean it is widespread. It is far from being mainstream and until that happens, you're better off converting it to cash. 

Should you decide to go ahead and convert your Bitcoins to cash, you'll need to use a crypto exchange. There will likely be fees applied to the withdrawal you make, which is something to be aware of in advance. The funds will then be placed in your bank account.