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Exploring the Popularity of Bitcoin Ownership in Australia

Bitcoin investment has caught a lot of attention recently in Australia. Contrary to the general belief that one has to be a financial expert or tech-savvy to buy and trade bitcoin, numerous people who do not have these backgrounds invest in them. Everyone, including retail Aussie investors to big banks, considers bitcoin a great form of long-term investment. As it is rising in popularity, it has become easier to buy bitcoin in Australia than people realise. The cryptocurrency exchange has drastically simplified this process over the past decade, allowing access for everyone to invest in it.

Australia is one of the first few countries to make bitcoin legal. In December 2013, the Reserve Bank of Australia declared that there is no law against bitcoin transactions in the country. Similar to any other digital currency, bitcoin must be registered to the Australian Transaction Reports and Analysis Centre (AUSTRAC). Any financial institution providing the currency exchange and investment must comply with the anti-money laundering and counter-terrorism financing (AML/CTF) rules.

Why Is Bitcoin Highly Valued?

Bitcoin is a cryptocurrency devoid of the traditional, centralised control from the government or any company. It protects such institutions from seizing, halting or blocking the transactions during a financial or political crisis in the country. Traditional currency like the Australian dollar can reduce its value due to inflation and the bank’s ability to print more money. However, bitcoins have a fixed supply monitored by non-inflationary software, ensuring that the bitcoin amount never excess 21 million. Only 18.5 million bitcoins are in circulation today, and the rest are not recoverable. It makes them scarce and more precious than traditional currencies or assets like gold.

Bitcoin also has monetary sub-units called satoshis, much like cents with dollars. One bitcoin amounts to 100 million satoshis. Therefore, individuals need not own bitcoins but a fragment of them at any point and have it as an asset.

Why Do People Buy Bitcoin in Australia?

Bitcoin is a digital currency that allows its owners to efficiently transact with anyone over the internet. The decentralised nature of bitcoin is appealing to people as the value and safety of their money is in their hands and does not depend on the country’s financial or political scenario at any time. As it is accessible to all, they can send and receive them through a peer-to-peer blockchain network. It also provides an exciting opportunity for investors to explore the new avenue of trading currencies. First-timers put significant effort to understand how bitcoin mining works and how to store, access and transact it safely.

What Are the Things to Consider While Buying Bitcoin?

Bitcoin investors must register an account with a trusted agency that provides cryptocurrency exchange. Research is an integral part of it. After mining bitcoins, to ensure safety, they must have a private key and back it up such that others cannot access it. One of the easiest ways to store bitcoin is in the bitcoin wallet. They can install it on their phones and protect it using a strong password or in a hard wallet that looks like a USB if they want to protect it offline. They must never store the private key or the password on common online platforms like email, cloud storage or other messaging apps. Keeping the wallets up to date and backing them up regularly is the best way to prevent losing access to bitcoins. Individuals can use a wide variety of payment methods like Paypal, credit cards, net banking or cash to purchase bitcoins.

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