If you’re new to the world of cryptocurrencies, knowing how to buy Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies might be a herculean task at first. But the fact is once you know the process and learn the ropes, it is simple even if you’re a beginner.
Just remember that this highly volatile cryptocurrency is prone to fluctuations and not for the faint-hearted. As an example, Bitcoin traded nearly $US70,000 in late 2021, and yet by June 2022 was trading below $US18,000 before reaching the $US20,000 mark on July 2022. As of October 5, Bitcoin was trading at $US20,124. All up, Bitcoin has dropped 70% in value since November.
As per experts, the rise of Bitcoin will never stop as the price of Bitcoin rises every single day. This is the right time to invest in Bitcoin and yourself and here is the guide for you. If you’d rather get started quickly because this is just a test run for you, there is another way to do so.
Buying Bitcoin through an Androids app or mobile is one of the simplest ways to get started in Bitcoin. Coinbase (it is one of the best places to buy and sell cryptocurrency) is easy to acquire and set up in a matter of minutes, and the application will let you buy Bitcoins right from your Android smartphone as long as you are in Australia. There are some other examples of Bitcoin exchanges which include Gemini, Bitpanda, Localbitcoins, Spectrocoin, and Bitquick. However, Coinbase is the most well-known so we’ll show you how to buy Bitcoin with Coinbase in the steps below.
How to Buy Bitcoin with Mobile
1. Sign up for Coinbase
Signing up with Coinbase is quick and easy. Once you’re a member, you may be entitled to free Bitcoins, either as a new customer or based on whether you sell a minimum amount of digital currency. If you sign up for Coinbase with this link, you will get $10 in free Bitcoin once you buy or sell $100 worth of Bitcoin in Coinbase. Wirefly will also get $10 in Bitcoin. You can also download the Coinbase Android app here, but you will not receive the $10.
2. Verify your identity
As Coinbase works as a financial exchange of sorts, it keeps all transactions legitimate and secure. As such, the algorithm will not sell Bitcoin to anyone who cannot verify their identity. Although it is against the basic anonymity that a digital currency like Bitcoin is expected to provide, it is the quickest way to get into the world of Bitcoin. The more verifications you pass through, the higher limits you would achieve.
3. Link your bank account
To start with Coinbase will prompt you to connect your bank account to your Coinbase account. Note that the steps for verifying who you are maybe little as on the country or state you reside. The same applies to linking your bank account, with the steps varying depending on your location. The basic structure will remain the same, however. Once you link your bank account, it is a matter of 5-7 days for the Bitcoin to reach your Coinbase wallet.
If you want to buy Bitcoins instantly, you have the option to use a debit or credit card. This is quite faster but will have lower limits. Connecting your bank account will take one or two days in the meantime.
It’s pretty convenient for users to buy Bitcoin with a credit card, but the processing fee is quite high than for bank transfers. Moreover, there is a greater risk of fraud involved in credit card transactions. You can make purchases of low as $50 to $500 daily. Those who want to make big transactions can use their bank account.
Other things to Consider
Apart from Coinbase, other sites offer Bitcoin services such as Gemini, Spectrocoin, Bitquick, Bitpanda, and Localbitcoins. Newbies find the use of credit cards more convenient when purchasing Bitcoin. However, this method uses a higher processing fee and is prone to transaction fraud. Also, credit cards have limits imposed on the amount used to purchase Bitcoin as Spectrocoin users can purchase up to $50 of Bitcoin for the first four days, which then increases to $200 per day and $500 after seven days.
How to use Bitcoins
1. Receive/sell goods and services
Any business or professional can accept bitcoins as payment if they have a Bitcoin digital wallet to store the currency. You can download the Bitcoin wallet from the Apple or Google Play stores, and you need to decide how you would like to accept the payment.
There are many ways to accept payments:
QR codes that you can scan using a smartphone and generate in a Bitcoin digital wallet app.
Online Payment processing systems that can automatically convert digital currency like Bitcoin into a traditional currency like Australian dollars.
Point of Sale (POS) terminals in store that integrate with your existing sales register.
How to Mine your own Bitcoins
Mining means finding new, unreleased Bitcoins. It’s the method of verifying bitcoin transactions across many different networks, with all transactions gathered into boxes with virtual padlocks.
A ‘miner’ can find the key to open the padlocks by running certain software. When they find the key, they can earn new, never-before-discovered bitcoins as a reward.
While Bitcoin continues to expand, the option of mining is now probably limited to bigger centralised miners with a big budget. This is because you would need the power of a big computer network that can be built upon to earn the rewards. In the early days, though, it was very popular.
Store your Bitcoins in Wallets
If you’re planning to plunge into the Bitcoin game, it’s probably the best idea to find a secure way of storing your bitcoins. It’s recommended to consider other ways to store your cryptocurrency beyond storing them on the exchange you purchase them from. A more secure option is to store it in a digital Bitcoin wallet.
A wallet can securely store bitcoin outside of a crypto exchange. Not all wallets are created equally and some have more features than others. Certain wallets are only for Bitcoin; some offer the ability to store numerous altcoins.
There are a few more options available on the app stores for these wallets as well as software on laptops or computers, so do a bit of comparison shopping to find which one best suits your requirements. You can get wallet apps that protect small amounts with a private key stored on your phone or secure device. These also have the added benefit of scannable QR codes, which saves time on entering long bitcoin addresses when you want to send money.
Who accepts Bitcoin in Australia?
It’s time to find out what you can do with Bitcoin. Many investors opt to treat cryptocurrency as a trading source or as a long-term investment. However, there are options to spend your cryptocurrency in exchange for goods and services. As cryptocurrency continues to become more popular in Australia, the range of things you can spend your bitcoin currency on is getting larger.
There’s actually a place you can go to quickly find out what stores or ATMs near you accept bitcoin. It is also possible to get Bitcoin via P2P exchanges. Coinmap allows you to find Bitcoin outlets and businesses anywhere in the world. Check out Coinmap directly for a more detailed view.
You can also send Bitcoins with mobile to your friends or anyone you like.