If you wish to buy cryptocurrency in Australia, this article will help you. Additionally, if cryptocurrency is a new field to you, or even if you have been dealing with it for a long time, this article will give you a broad view of the matter and might clear up some confusion.
In this article, you will learn if it is wise to buy a cryptocurrency and if you have what it takes to become a trader. Furthermore, we will teach you how to buy, sell, and spend crypto safely in Australia or any other country in the world.
Cryptocurrencies are the digital version of the paper money that we know and use in our daily lives. If you want to know more about crypto, its history, and its future, you can read this article. Let’s learn how and where we can get crypto in Australia safely.
Is Cryptocurrency Safe in Australia?
Is digital currency, known as cryptocurrency safe? That is the question that people dwell on, and this concern has prevented many people from joining the vast ocean of cryptocurrency.
Imagine you are at a new estranged place, and you have a significant amount of money in your pocket. How comfortable do you feel? Probably not much! Keeping cash is as safe as it gets, and there is always the risk of having your asset stolen from you. However, imagine you have a big digital safe box at home hidden at home where nobody would find it even if they tried for hours. Nobody except you knows where it is, and nobody except you knows the code to the safe. How comfortable would you feel then? You would probably feel super comfortable!
Keeping cryptocurrency is just the same. Crypto is very safe unless you make rookie mistakes. These mistakes are like investing in the type of coins or tokens that have no backbone, sharing your passwords with other individuals or unsafe platforms and websites, and using unsafe apps on your phone or desktop on which you have your wallet.
Is cryptocurrency for everyone?
If you wish to join the cryptocurrency world, we recommended to educate yourself first. If you are not familiar with digital currencies or blockchain technology, even the basic concept can be overwhelming for you. However, you can take a little time to understand this decentralised world before investing in it.
Helpful terms for Beginners in Cryptocurrency
Here are some of the basic subjects we recommend you get familiar with:
- Decentralised: In the context of crypto, this means that the currency is not supported by a central bank or other financial institution.
- Blockchain: Blockchain is an immutable ledger that enables recording transactions and tracking assets in a network.
- DLT (decentralised ledger technology): This is a decentralised digital record. Disparate from typical databases, there is no central authority.
- Bitcoin: This is the first network and first cryptocurrency that came out in 2009. BTC is the most valuable crypto currently.
- Altcoins: Any cryptocurrency after BTC is called an altcoin, including Ethereum, Dogecoin, Litcoin, etc.
- Mining: Miners can use computational technologies to solve mathematical problems and find blocks; this will reward them with an amount of crypto.
- Pool: A group of miners share their computational resources in a mining pool, giving them a better chance of finding a block or otherwise successfully mining for crypto.
- Token: This is a kind of digital currency representing an asset or specific use. Tokens are on their own blockchain and can be used for investment purposes, to maintain value, or make purchases.
- Exchange platform: A marketplace where you can purchase and sell digital assets.
- Wallet: This is a place to keep your digital currency holdings.
- NFT: NFT stands for non-fungible token. Ethereum blockchain technology supports NFTs, creating a brand-new way for folks to get into digital fine art collecting.
- Stable-coin: These are the type of digital money that
- Ethereum: This is the second network that became well-known and is currently very popular amongst users. Its crypto is called Ether.
How can I buy cryptocurrency in Australia?
You can buy cryptocurrency just like you can buy fiat currencies. First, it is advised to choose the crypto you wish to purchase; Choose wisely and according to your requirements. Do you want to have a long-term or short-term investment? Think about it. Then we recommend you research the digital currency you have in mind. They usually have a white paper that you can read, and additionally, we suggest you read its charts and see how that crypto actually works in the market to know the right time for purchase.
After choosing crypto, it is time to select a suitable exchange platform for you. A cryptocurrency exchange is a platform where traders meet to trade these digital currencies. You have to have in mind many factors before choosing a platform. Different exchanges offer different services and have various policies, so you have to find the best one for your interest.
Some people have a hard time trusting a platform that is not nearby and maybe on the other side of the world. However, if you are in Australia and you wish to buy digital currency, you can choose Bitunivex, which is a fiat and cryptocurrency exchange platform in Australia.
Cryptocurrency exchange platforms
When choosing a suitable exchange, the first thing you need to do is be extra careful and ensure that its network has to be secure so hackers would not be able to reach your account in the exchange. Next, when choosing the platform, since there are many frauds and unsafe platforms that can reach your account and empty your wallet, you will have no way of investigating who took your money.
When you make sure that they offer a safe environment, you need to read their policies and services. Different exchange platforms offer different fees (some fees are lower than others). Some offer digital wallets, and some offer great supportive customer services. Some allow you to exchange fiat and crypto.
After selecting your platform, you can sign up and open an account on that platform. Depending on the exchange policies and the amount of crypto you decide to buy, you might have to verify your identity. This verification is a vital step in preventing fraud. Some platforms will not allow you to purchase crypto until your verification process is done. Other than a clear photo of your face, they might ask for a copy of your ID, passport, or driver’s license.
The Best Cryptocurrency exchange in Australia
Bitunivex is a reliable and safe exchange platform that offers many excellent services to its customers. Not all platforms provide their users with wallet services. Not only that, but it also gives you the option to exchange crypto and fiat. Furthermore, Bitunivex has the policy to answer its customers in less than 3 minutes and handle their possible problems.
How can I buy cryptocurrency from Bitunivex?
Here we will give you a step by step guidance on how to start trading in the Bitunivex cryptocurrency exchange platform in Australia or any other place in the world:
1-Create an account: All you need is an email address to sign-up. Confirm the email you receive, and that’s it; you can now log in to your Bitunviex account.
2-Unlock your account: Don’t wait for days! Thanks to our Automated Identity Verification, get your account fully activated just in a few minutes. To have a safe society and conform to local regulations, all users must accomplish verification.
3-Deposit funds: Generate your wallet address and deposit your AUD or crypto funds. Bitunivex is connected to Australian Osko PayID payments, which enable our users 24/7 instant AUD deposits. If your bank still doesn’t support Osko payment, don’t worry! We support Australian standard EFT bank transfers as well.
4-Enjoy trading: Now you are all set! Put your order via Bitunivex Quick Trades. If you are a pro and want more complex trading features, head to Pro Trade. Once your order is filled, you get your crypto in your wallet.
Where can I keep my cryptocurrency in Australia?
Crypto has caught the attention of influential people, including governments, investors, and enterprises, which led to attracting the public to the industry. Wonder where you can keep your asset? You can keep your crypto in your exchange wallet or other wallets. A crypto wallet is a place to manage, secure, and use digital assets like BTC, ETH, NFTs, and altcoins. People have concerns about the consequences of choosing a crypto wallet since it is a critical decision before investing in crypto. The following discussion gives a detailed overview of the types of crypto wallets you can use according to different requirements. How secure are these wallets? What type of wallet is the suitable choice for you?
You have to understand what crypto wallets are. First, you should know that keeping crypto is not like keeping traditional money. Cryptos are a group of codes, and these codes are on a blockchain with a specific address. People can control the public key to assist other users in transferring digital assets. You can also use a private key to unlock the crypto assets in the wallet.
Different digital wallets provide improved security measures in comparison to ordinary physical wallets. Crypto wallets do not store the actual cryptocurrency, but they ensure the storage of keys to the cryptocurrency. The crypto wallet could keep the information for connecting users to funds to confirm their safety.
You can keep your asset on the platform you bought it (the exchange). If you buy small amounts of digital coins, then you can see them in your accounts. This is one of the basic cryptocurrency wallet types. Most importantly, the wallets on the exchanges will also offer certain layers of security, including insurance policies like FDIC. However, we should say that this insurance is not enough to get rid of concerns about securing your crypto. There are two types of wallets and different categories that we will take a look at in the following:
Online wallets: These wallets are also called hot wallets. These wallets connect to the internet and have less security than cold wallets. On the other hand, online wallets provide better accessibility because they connect to the internet. Although hot wallets are vulnerable to charlatans and hacker attacks, they are very easy to use. The followings are different types of hot wallets:
- Desktop wallets: These wallets are applications you can download on your desktop. The application will help produce a data file for holding people’s keys. Users should also make a password for accessing the keys. Desktop wallets allow you to have the advantage of ownership of your key, although there is also the risk of physical damage or malware infection.
- Web Wallets: These are in the category of hot wallets. These wallets are available through the web wallets through a web browser. You will not have to download any applications. Web wallets allow accessibility from any location with your password, a device, and a web browser.
- Mobile Wallets: Mobile wallets work mostly the same as desktop wallets. You have to install a mobile application on your phone. Cell phone wallets offer better flexibility for exchanging assets. However, they also present some security risks.
Offline wallets: Cold wallets are another type of wallet. They are designed for offline storage. This means that these wallets keep the crypto tokens of users in offline mode. Thus, they serve like vaults that you can use for everyday transactions. People with larger assets and those who wish to keep their assetsassets for a long time rather use offline wallets for their safety. You can see the two common variants of offline wallets here:
- Paper Wallets: As one may guess, these wallets are actual papers containing all the data you would need for accessing your cryptocurrency. Cold wallets generally offer additional security. But, you must know that paper wallets might get lost, which will lead to losing your asset. Paper wallets also limit the amount of sending partial funds. Furthermore, transactions with paper wallets take more time which is not ideal, especially if you wish to trade.
- Hardware Wallets: They provide security since they avoid the online exposure of private keys. Hardware wallets save the keys on a physical device in an offline setting and work as a USB flash drive. These wallets are easy-to-use because you can connect them to computers or any other device via a USB drive. Even if you connect the device to the internet, the private key will not go on the internet. The device will ask for the transaction details and give validation for the data. Then, the transaction is completed, and the transaction details go to the online network, where they are recorded.
Remember that it is essential for sensible investors to understand the difference between these types of wallets. There are advantages and downsides to each type of wallet, and you have to choose the one that works the best for your interest.
How can I sell cryptocurrency in Australia?
You can sell your cryptocurrency just the way you bought it. You can go to your exchange platform and sell your asset; however, remember to read the charts and follow the market’s movement to figure out what is a good time to sell.
You can make an account in Bitunivex and sell your cryptocurrency in a matter of minutes. This platform is in Australia so people who wish to choose an exchange locally can feel more comfortable dealing with Bitunivex.
How can I spend cryptocurrency in Australia?
You can also spend your digital asset. Take BTC, for instance. You can spend Bitcoin through debit or prepaid cards, several online retailers, or payment processors.
Purchasing goods from online businesses that receive BTC is easy if you have a crypto wallet with an integrated browser or browser extension. You can also use a QR code to send and receive specific cryptos online and offline.
Crypto-linked debit cards allow you to spend your digital currencies. You can use them for daily expenses, exactly like credit or debit cards you get from a bank.
Additionally, you can spend your BTC in several online and offline businesses, including Baskin-Robbins, Crate + Barrel, GameStop (GME), Home Depot (HD), Starbucks (SBUX), and Whole Foods (AMZN).
How can I send cryptocurrency?
If you wish to send a certain amount of asset from your account to another account, you can go to your wallet, click on the send option, enter the wallet address of the recipient, and choose the currency and the amount you intend to send, then confirming the transaction.
You can do the above-mentioned steps in your to send cryptocurrency in Australia or any other place to another corner of the world from your Bitunivex account.
Top 5 ways to earn cryptocurrency in Australia
Purchasing crypto with your fiat currency is the easiest way that comes to mind. And there are various exchange platforms for that. We mentioned how you could work with them.
What if we told you that you could earn crypto without spending fiat money?
So without any wait, you can see the different methods of earning digital assets:
without any wait, you can see the different methods of earning digital assets:
- Use an exchange: Many crypto exchange platforms will put some crypto in your wallet if you sign up as a client of their platform; This is a safe way to store coins for free.
- Crypto staking: If you purchase a certain amount of crypto, you will be able to stake it and earn a continual source of income. This is a great way to make digital money if you wish to hold your asset. The amount of reward and income you will earn varies from coin to coin.
- Crypto Mining: This method has relatively high costs since it takes time, energy, and equipment to mine crypto. Cryptocurrency mining is complicated. Miners use their systems (computers) to solve complicated mathematical problems that confirm blocks of transactions. Keep in mind that mining crypto is illegal in some countries; however, you are allowed to mine cryptocurrency in Australia.
- Crypto savings account: A crypto savings account allows you to make a profit on your holdings while you enjoy their potential rise. And the initial interest rates you get might be a lot better than what traditional banks offer. Leading digital currencies like BTC and ETH may provide an annual return of a few per cent, while other altcoins or stablecoins might present a higher percentage of interest.
- Crypto lending: You can offer money to borrowers and earn interest on the transaction in your game. It is called DeFi (decentralised finance), and you can use digital currency and dApps to make money through P2P (peer-to-peer) lending. You have to be careful that the potential borrower can repay the money they borrow.
Other ways to earn cryptocurrency in Australia
- Get cash from a brokerage: Even traditional brokerages give promotions occasionally. They usually offer U.S dollars, but you can convert them into crypto on the platform.
- Participate in an airdrop: When you install a wallet, the developers of the new crypto might do an airdrop. Airdropping is when creators give free coins to users in order to promote their business. Sometimes you might have to do a few things to get these giveaway new coins, like follow the crypto project on social media, track it on a Discord channel or etc. However, you should keep in mind that some airdrops are just scams and might become worthless in a matter of days.
- Crypto credit cards: These credit cards might give rewards on every purchase in the form of BTC or altcoins.
- Cryptocurrency Dividends: You need to buy some cryptos and hold them for a while. In exchange, developers pay you a profit for holding their coin.
- DeFi Yield Farming: This is somehow similar to crypto mining, but decentralised finance projects also need somebody to work for them. This is also called Liquidity Mining and is a way to lock funds and provide liquidity to a DeFi token.
8 ways to earn cryptocurrency for free
- Browse the web: You may receive crypto by watching typical ads and accepting cookies. You can browse the web and earn digital money; however, avoid clicking on insecure websites.
- Take surveys: This is like an advertisement. You join a survey and answer some questions and earn cryptocurrency.
- Free NFTs: A non-fungible token is a type of digital asset or artwork, and they’ve become a hot topic now. Technically, NFTs are not a cryptocurrency; however, you can trade them for digital currency. There are giveaway NFTs for users, so if you look for them, you will find them. Many new crypto projects give NFTs as a bonus. You can also follow Twitter accounts for NFT giveaways, which you can get if you retweet and promote a project.
- Games: You can join some online games, and as you level up or pass a certain test, you get rewarded. There are also scavenging games where you can look for assets and earn digital currency.
- Cash-Backs: Many online sellers offer discounts and cash-backs. After making a payment, some of them give some coins back to promote cryptocurrency.
- Learn and earn: Some websites allow you to learn about crypto and earn simultaneously. You may need to watch some advertisements or take a quiz to earn the bonus.
- Get a Job at a Cryptocurrency Firm: There is a rising need for the workforce in the crypto field. By doing so, the companies who hire talented people offer them competitive packages and cryptos.
- Bitcoin Faucets: Faucets are platforms that give visitors free digital money when they finish certain tasks ranging from a simple online game, captcha typing, watching ads, online tests, and taking surveys.