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What is Bitcoin?

Bitcoin, or BTC, is the first and most popular cryptocurrency traded between individuals. Bitcoin trading is a type of peer-to-peer transaction where digital cash is exchanged without the need for a bank or other third party. While Bitcoin is the cryptocurrency many traders and non-traders recognise, its access is limited, as only 21 million tokens have ever been created.

Who invented Bitcoin?

Despite its mass success and online growth, the identity of Bitcoin’s creators remains a mystery. One name that traders are familiar with is Satoshi Nakamoto, which many believe is a pseudonym for the inventor or investors behind the creation of the cryptocurrency, who choose to be anonymous. Due to a lack of personal information and limited communication, the identity of Satoshi Nakamoto was never revealed. Satoshi Nakamoto’s involvement in the birth of Bitcoin began in 2007 when he first developed the software and ended in 2010.

How do you buy Bitcoin in Australia?

Wondering where to buy Bitcoin in Australia? Buying Bitcoin in Australia is fast and easy with BTC Markets. Traders looking to buy Bitcoin will need to set up an account with BTC Markets and provide the required information so we can verify your identity. When approved, traders can transfer funds to their account via BPay or Osko on the 'Deposits' page. Once their account is funded, traders can use the 'Buy/Sell' page to buy BTC.

Where is the best place to buy Bitcoin in Australia?

BTC Markets is one of Australia’s largest and most liquid crypto exchange platforms, with more than 325,000 active traders. We use straightforward tools and processes to give traders the assistance they need to sell and buy BTC in Australia safely and efficiently. Traders can choose from various order types that best suit their investment strategies and set up recurring transactions to streamline their portfolios. Sign up to BTC Markets to start trading Bitcoin today.

Frequently asked questions

How is the price of Bitcoin determined?

As Bitcoin has no association with banks or governments, influences such as inflation do not significantly impact it. Australian Bitcoin exchange prices are instead determined by several factors, including:

  • The supply and demand in the market
  • The number of competing cryptocurrencies
  • The cost of producing a Bitcoin
  • Any regulations that arise regarding its sale

How much does Bitcoin cost to buy?

This will depend on how much of a Bitcoin you intend to buy. Depending on the time of your purchase, one Bitcoin can cost tens of thousands of dollars. Many traders opt to purchase a fraction of a Bitcoin, such as one-third or half of a coinThis will depend on the time you purchase Bitcoin and the amount you want to purchase. Like all markets, the price of Bitcoin fluctuates.

The smallest unit of Bitcoin is a Satoshi, which is equal to one hundred millionth of a Bitcoin. Similar to $1 in fiat currencies may be divided into smaller units like 50 cents, 20 cents, 10 cents, etc.

Satoshi Nakamoto understood that for a currency to function as a medium of exchange, it must be simple to divide into smaller amounts that can be used to pay for all products and services in an economy.

Is it safe to buy Bitcoin?

There are many other factors traders must consider before buying Bitcoin.

To safely store and purchase Bitcoin, traders must open a digital wallet with only a private key they can access. It’s essential to keep this private key or password out of sight from prying eyes online — store it in a place you won’t forget. This will prevent you from being locked out of your account and losing your digital coins.

Experts recommend transferring your Bitcoin to a cold wallet, an offsite storage drive similar to a USB. BTC Markets use superior and industry-recognised security technology to keep your Bitcoin safe in our offsite cold wallet. We’ve also implemented two-factor authentication, SSL encryption and run regular reconciliation of funds — twice daily for cryptocurrency.

We also encourage our customers to complete due diligence on any project they are investing in. Our website provides security tips, that outline common signs of phishing to helpful resources to prevent cybercrime.

Can you convert Bitcoin to cash?

Yes, traders can withdraw and convert their Bitcoin to cash in several ways. Depending on how traders wish to use their Bitcoin, the cryptocurrency can be transferred to a crypto debit card or directly into their bank account, where it can be spent regularly.

Alternatively, traders can withdraw their Bitcoin through the BTC Markets mobile app. Simply log into your account via the website, select Account and Withdraw. You will then be prompted to select your withdrawal type — AUD or crypto. Please note that if you opt to cash out your Bitcoin through cryptocurrency, you must enter the correct blockchain address.

How did Bitcoin begin?

Following The Great Recession in 2008, a group of individuals known only as Satoshi Nakamoto released a whitepaper addressing how money was currently being controlled and what level of trust should be required when handling an individual's funds. The whitepaper argued that banks and other financial institutions disrupted transactions and required unreasonable costs.

Bitcoin was presented as a practical solution to this issue, as transactions could be conducted between individuals without the need for a third party. It’s argued that Bitcoin was created out of distrust of banks and the overall financial ecosystem. The first blockchain was released in 2009, with the first test transaction occurring shortly after its launch. From there, Bitcoin exchange has become one of the most intriguing ways to purchase goods and services.

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  2. 2. Deposit

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  3. 3. Trade

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This Week in Crypto: 1st December 2022
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