Are you planning to buy bitcoin in Australia? I am sure you are, considering the recent surge in popularity that this digital currency has seen.
Who would have ever thought that a virtual currency like Bitcoin would create such a huge impact on the world within such a short time span? But beating all expectations, and bringing all speculations to end, this block chain based cash system has turned quite a number of heads around from all over the globe.
A little bit about Bitcoin
Bitcoin, a peer-to-peer electronic cash system created and held electronically, is taking over the crypto currency marketplace. It allows people to buy things electronically and since it is not controlled by any bank or government, it has made things easier for people. However, unlike fiat money, the total number of Bitcoins is limited to 21 million. Once this many Bitcoins are created, their supply will be tapped out, unless Bitcoin’s protocol allows larger supply of Bitcoins.
How are Bitcoins created?
There has been quite a huge hullabaloo about bitcoin mining – the process by which this cryptocurrency is created. So, we thought why not shed some light on the basic process that is used to generate bitcoins.
Bitcoin is mined digitally by a community which can be joined by anyone, even a computer novice. You simply need a basic software and a specialised hardware. The software used for Bitcoin mining is open source, which means it is free to download and run. In addition, a potential miner requires a Bitcoin wallet, an online bank account, to hold what has been created.
Where can you spend your Bitcoins?
The biggest uncertainty is how can a bitcoin owner use this currency. To put it even more precisely – which are the places where bitcoins can be spent?
A large number of retailers, including online and offline, are accepting Bitcoins as payments. From buying electronic appliances, furniture, kitchen appliances, property, clothing, holiday packages to paying bills at restaurants or for hiring a cab, it is possible to use Bitcoins as a quick and hassle-free means of payment.
Although the spending options are quite limited as of now, but the rate at which the demand of bitcoin is growing, it would not be long before you will see even small vendors accepting bitcoins for trading in goods and services.
What are the benefits of transacting through Bitcoin?
You might be wondering – what is the need of bringing forward a virtual currency system? Isn’t the current currency system working fine? Well, the answer to this lies in the benefits and ease of usage that bitcoin brings. Here is a look at some of the major benefits of transacting in Bitcoin that make it a great currency option –
Unless a user chooses to publish his Bitcoin transactions, the purchases made by him are not associated with his personal identity.
One of the major benefits of Bitcoins is that it is a decentralised currency; no government, bank or other financial intermediaries can interrupt user transactions or freeze Bitcoin accounts.
Low transaction fees
Conventional transactions and foreign purchases involve certain fees and exchange costs. However, since Bitcoin is purely peer-to-peer, the transaction costs are kept very low for the same.
Where to buy BTC in Australia?
KryptoXchange offers a simple, fast and secure platform to buy Bitcoin Australia, making it easy for you to convert your local currency into Bitcoin.
Fast Buy Bitcoins Australia
Our platform is the fastest and easiest way to buy BTC Australia, just 4 simple steps and you are ready to roll.
Get the best rate
The price of Bitcoin fluctuates significantly on a daily basis, however, KryptoXchange offers the best Bitcoin rate so you secure the most valuable deal.
With KryptoXchange, your Bitcoins are 100% secure. We allow only authenticated users to log on to our platform and access their accounts.
Just in case, you have made up your mind to invest in this virtual currency, all you need to do is register with us at KryptoXchange and begin trading in bitcoins quick, easy and in the most hassle-free manner!
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