Bitcoin – the virtual currency has created quite a stir in the industry. From being something that the world was completely unaware of to gaining a huge popularity worldwide, this block chain based virtual currency has become one of the most sought after things in the world.
The question, however, that you might have been stuck with is – how does this bitcoin thing work? If you have been wondering how you can sell bitcoin in Australia and trade in them, then this blog post will guide you through each and every step with ease. Without wasting any time, let us enter the mysterious world of Bitcoin – the hottest selling crypto currency in the market today.
Sell Bitcoin in Australia
When it comes to selling Bitcoins in Australia or anywhere across the globe, there are two methods that can be adopted – selling Bitcoin online and selling Bitcoin in person. The former is a more common way of trading Bitcoins and is usually chosen by people since it is quick, easy and reliable.
Let’s get some more understanding about selling Bitcoins online.
There are no Bitcoins, just records of Bitcoin transactions
It might come as a surprise to you to know that Bitcoins do not exist anywhere, not even on hard drive. If you look at a Bitcoin address of someone having Bitcoins, you will find out that there are no digital Bitcoins in it. There is no physical object or even a digital file that you can point at and say that it’s a Bitcoin.
Instead, there are just records of transactions that take place between different addresses, with balance that increases or decreases. Each transaction that takes place is stored in a vast public ledger known as the block chain.
So, you really do not have any traces of the transaction left behind in a physical form. Everything gets done in a virtual world!
How does a Bitcoin transaction look like?
- A normal bitcoin transaction can be divided into three stages. For instance, if you are sending Bitcoins to your friend, the transaction will comprise 3 bits of information –
- An input: It includes a record of Bitcoin address which was used to send the Bitcoins to you in the first place.
- An amount: This is the amount of Bitcoins that you are sending to your friend.
- An output: This is your friend’s Bitcoin address.
How are Bitcoins sent?
To send Bitcoins, two things are required – a Bitcoin address and a private key. A Bitcoin address is a sequence of numbers and letters which are generated randomly. A private key is also a sequence of numbers and letters, but unlike Bitcoin address, it is kept secret.
When you want to send Bitcoins to your friend, you are required to use your private key to sign a message with the input, amount and the output. Your Bitcoins are then sent from your Bitcoin wallet to the wider Bitcoin network, where the transaction is verified by Bitcoin miners, put into a transaction block and eventually solved.
You want to sell BTC Australia, what’s next?
If you have decided to sell BTC Australia, KryptoXchange makes the process easy and straightforward for you. Being one of the most trusted places to sell bitcoins in Australia, we make your entire transaction quick, easy and hassle free so that you can make money without having to worry about anything.
We process every transaction in minutes, so once you create an order to sell Bitcoins Australia, it is taken care of quick.
We allow only authorised users to log in to our platform, which means you can count on our reliable platform for secure exchange of currency.
Get the best price
Selling your Bitcoin through KryptoXchange allows you to enjoy the benefit of getting the best price on the market.
So, are you interested in selling bitcoins in Australia? If yes, visit KryptoXchange for quick, easy and uninterrupted transactions.
Click here to sell Bitcoin