Buying, Selling, and Transacting with Bitcoin – Unrevealing the Things

by Tyeman Btc Tyeman BTC - Trusted Bitcoin Traders in Australia

First things first – Bitcoin is a network, protocol, a pioneering technology, and a culture that is unique in itself. However, when it was first introduced by Satoshi Nakomoto in 2008, it was primarily designed only as a way to revolutionize the buying, selling, and the transacting value of the modern digital era.

During those days what was required was an electronic payment method that was purely based on cryptographic proof instead of trust; therefore, allowing any two willing parties to carry out a transaction directly with each other without the need of any trusted third party.

The result was better than what was thought about it – it was a new kind of financial asset referred to as the “Bitcoin”. Participation in this transparent and equitable revolution became literally an easy thing, so anyone in the world with an internet connection can buy, sell and transact BTC could be a part of this.

Even though it has now become a successful thing for traders, there are still some persistent questions for the newcomers as well as the old ones. This guide has therefore been created with the idea to cover the basics around bitcoins – including the best ways to make a purchase of BTC, methods of selling the BTC, explanation of BTC transactions and much more. A thing to take a note of here is that bitcoin is a relatively attractive option for most investors who are looking for a safe place to make an investment and get on some good money.

Read on for some more information.

Which is Better – Buying or Mining Bitcoins?

The incredibly low – cost days of mining bitcoins lasted for a couple of years – these were also the days when one bitcoin was so cheap that it somehow financially made sense to mine them at a very low cost instead of having to buy them. Honestly, this was also the period of time where bitcoins were looked at as a little more than just a newly create novelty and could easily be mined in larger quantities using an average computer.

Talking about the current day, it is practically difficult to mine bitcoins because there are some strict measures that need to be taken in order to mine them with perfection at this current level of difficulty.

Furthermore, taking about mining – it requires special kind of hardware that performs high end computations which are all necessary for mine bitcoins. All of these points considered, it can now be said that buying bitcoins in the current scenario is much more preferable than the mining option.

How to Buy Bitcoins in Australia?

The purchase / sale of bitcoins in Australia has always been mostly the same and is rather increasing over time. New traders are coming up and they are ever ready to try new things and make the big move – or are at least taking the initiative to make it bigger than ever.

But, the question still remains the same – how can the purchase be made. Here in this section is the answer on how people in Australia can buy bitcoins, as well as the things they need to consider in order to ensure the perfect decision has been made and the deal will be absolutely fruitful.

Here is it –

In order buy bitcoins the first thing is to understand the many ways in which you will be able make the purchase. Also, it is important to note that different countries or even local exchange services offer their own methods and you specifically need to choose from one of those methods.

Taking about Australia, some of the available options include –

1.      Bank Transfer - Bank deposit may be a better option for most customers in a situation to buy Bitcoins although in most cases you will be able to do an instant transfer to one of my bank accounts, so this won’t be a problem. 

 

2.      Bpay Bill Payment - Cardless cash is just another very easy method of buying Bitcoins in Australia. After you have registered a local BTC account here you can initiate the payment and purchase bitcoins.

 

3.      Cardless Cash – One another really promising method is cardless cash or btter known as cash by mail – a method for you to buy BTC and cash be sent via a secure post office. This is a method selected by most traders in the Australian continent.

 

4.      Cash in Hand – This method is usually available for people who live in a certain area of are at least in close proximity to the exchange service to be able to hand over the cash in person in exchange of the bitcoins that are being purchased.

 

5.      Cash Deposit - Cash deposit is one of the easiest payment methods available for the purchase of cryptocurrency and a majority of people follow this method – considering you get your coins instantly. However, you just have to keep in mind that certain steps need to be followed as per the local crypto exchange service – as may be suggested to you.

Similar to the buying process of bitcoins is the selling process and some more or less same steps need to be followed in sell bitcoins as and when you need to.

Other things to keep in mind –

Other things that you specifically need to keep in mind when trying to trade in Bitcoins is to do your market research and understand when is the best time for you to make an investment and start the process of trading. Also, it is essential because one usually needs to be aware that crypto exchange is all about digital money and things may go up and down – but you should keep you self prepared for anything like that in the market.

Apart from all of this, the one thing that is definitely important but also underestimated is the selection of a trustable local crypto exchange service – one that can handle the trading things for you but maintain the required level of transparency and honesty between the parties involved as well as the one that acts as mediator between the two.

Remember – it is always in best interest to be aware of what you’re investing in and how the things will turn out for you, irrespective of the market and the choices you may have. 

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Created on Sep 4th 2020 04:41. Viewed 316 times.

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