Bitcoin is an uncentralized digital cryptocurrency that is the first of its kind anywhere in the world. All Bitcoin transaction is processed via a peer-to-peer network; no central authority or server must verify the transaction with a bank prior to processing a transaction.
Where to Buy Bitcoin in Australia
If you are looking for an idea of investing in Bitcoin (BTC) in Australia, There are various options you can choose from. The most popular method is to purchase Bitcoin via a crypto exchange.
Connecting the bank account, debit, or credit card to a cryptocurrency exchange makes it simple to convert fiat currencies into cryptocurrency.
Additionally, if you want to buy on an exchange or an ATM or Bitcoin ATM, there is the option of using peer-to-peer (P2P) trading platforms.
This makes it possible to purchase Bitcoin directly from someone via an online marketplace. It has yet to be widely known but has several advantages.
For instance, P2P exchanges often have greater liquidity than traditional exchanges, with lower fees and higher exchange rates.
Another method to purchase Bitcoin is via over-the-counter (OTC) trade. This is how it’s possible to buy huge quantities of BTC.
The transactions are made directly between two parties; there is no need for an order book.
This method of purchasing Bitcoin is very popular with large institutions and investors who exchange Bitcoin for large sums of money.
Capital.com offers a great alternative to traditional cryptocurrency exchanges insofar as you can trade Bitcoin via contracts-for-differences – or CFDs.
In simple terms, CFDs track the real-world market value of Bitcoin, and therefore, you can bet about the digital currency’s future value without having any tokens. Additionally, it is true that all Capital.com markets, including that of BTC/AUD – can be sold without commissions.
Suppose you’re learning how to purchase Bitcoin within Australia for the first time, which means you are just beginning to learn about the field of investment. In that case, eToro is arguably the most suitable cryptocurrency app to do the task.
The platform is not only extraordinarily user-friendly and perfect for novices. However, it’s also backed by solid regulatory guidelines. In this regard, eToro is authorized and regulated through ASIC—the Australian Securities and Investments Commission (ASIC).
Additionally, Australians make use of Binance to trade cryptocurrency. A large number of crypto traders purchase their cryptos here and make use of Binance’s services like margin trading or crypto staking. With over 600 tokens on offer, the platform is popular with investors.
Four Ways to Buy Bitcoin in Australia
- Crypto Exchanges
- Bitcoin ATMs
- P2P Exchange
- OTC Trading
How much tax is imposed on Bitcoin gains in Australia?
The country of Australia, Bitcoin, and other digital currencies are considered to be property to be taxed. This means that buying, trading, selling, or buying causes capital gains tax that could be due.
The tax is due on the earnings that are made.
The Australian Taxation Office (ATO) has issued guidelines regarding the tax treatment for Bitcoin and other cryptocurrencies.
As per the ATO, Bitcoin transactions are subject to tax on capital gains when the Bitcoin is kept for longer than 12 months. If investors have held Bitcoin longer than 12 months, the profits are treated as ordinary income.
