In recent years, the worldwide interest in cryptocurrency has sky-rocketed. Since the foundation of Bitcoin, hundreds of new alternative coins (or currencies) have entered the market, all of which offer different technologies and possibilities to future economics. Bitcoin is the mothership of these currencies, and its fluctuation in price usually dictates the price patterns of the surrounding competitor coins. Its worldwide adoption is highly-touted, so getting involved now could potentially be an intelligent financial move.
As conversations have begun to ramp up around dinner tables and in pub gardens, many of you will be wondering how exactly to enter the Bitcoin space and get hold of some for yourself. In Australia, there are a number of platforms and vendors that are on hand to guide you one step closer to becoming a Bitcoin owner today.
1. Understand the market
Before taking the plunge into becoming a Bitcoin trader, it is important that you understand the technologies, price sensitivity and wider landscape of the market. Bitcoin, amongst other coins, is extremely volatile in price, and you will need to be prepared for major fluctuations on a regular basis. Understanding the mechanisms behind this movement is vital to making smart financial decisions once you are an owner of Bitcoin.
2. Register with an exchange
Some will tell you that the most effective way of buying Bitcoin is by using an online exchange — whilst this method is popular, it comes with a host of security risks that might make your assets unsafe. In order to bypass this threat, we suggest finding a physical dealership to securely buy or sell your coins. We recommend attending Bitcoin Dealers, the best Australian crypto exchange, which has offices in Melbourne, Adelaide and Sydney, meaning that wherever you are, there is a secure dealership near you. When you attend, you will simply need to hand over the duty to the wonderful employees in the office, who will be able to securely buy or sell Bitcoin for you. Another benefit of attending the dealership is that you have a face-to-face transaction; this is a rare commodity in the cryptocurrency space, when so much of it is done through online exchanges.
3. Store your Bitcoin in a secure wallet
Once you are a Bitcoin owner, it is important that it is securely locked away. To manage this, we advise that you set up a digital wallet, or even buy yourself a physical wallet, which can store your coins away from potential hackers. Digital wallets, such as Exodus, are encrypted with unique keys offline, and are much more difficult to access externally than coins that are kept online. If you’re wanting extra security, buying a physical wallet (small Bitcoin-specific memory stick) will mean that your coins are literally in your hands, and only your hands, at all times. Either way, if you attend Bitcoin Dealers, we will be able to advise you on the best option for you. Bitcoin Dealers is on hand to resolve any of your questions on how to buy Bitcoin in Australia.
Entering the Bitcoin market can be a scary prospect, and this is why it is vital to get sufficient guidance when you want to buy or sell it. Bitcoin Dealers can give you this security.