How to Buy Bitcoin Cash in Australia: A Simple Guide
If today is the day you’re going to buy Bitcoin Cash in Australia, congratulations! As today we will talk about Bitcoin Cash (BCH), and guide you through the easy way to make your purchase, and also give information on what needs to be considered before buying.
Now, let’s get started.
What is Bitcoin Cash?
If you buy Bitcoin Cash (BCH) in Australia you will join a vibrant community of enthusiasts, who are passionate about the future of Bitcoin Cash, many retail outlets around Australia also rave about the easy to use Bitcoin Cash.
Bitcoin Cash is a fork of the original Bitcoin Blockchain, which officially began on 1 August 2017. It manifested due to a difference of opinion between two groups on how Bitcoin should progress moving forward. In short, Bitcoin Cash supporters sought to speed transaction times by creating larger blocks for the blockchain. In simple terms this meant that each block that is verified on the blockchain includes a much higher amount of transactions, speeding up the verification of the transaction process.
Bitcoin Cash gained popularity quickly and at the time of writing is the 5th most popular cryptocurrency in Australia. Recently a large Bitcoin Cash Conference was held in Townsville, Queensland, with speakers and guests from across Australia and even country towns attending. Townsville has many retail outlets who have adopted Bitcoin Cash as a payment option mainly within the tourism industry.
There is healthy debate around the Bitcoin Cash project and varying subjective opinions on the use case of both Bitcoin and Bitcoin Cash. What is for certain is Bitcoin Cash has carved out a top 10 spot in worldwide volume and has created strong debate around crypto’s use case moving forward.
Bitcoin Cash advantages include:
- Faster transactions due to larger block size
- Cheaper transactions due to larger block size
Bitcoin Cash disadvantages include:
- Not as much user confidence as the original Bitcoin
- Less liquidity (amount being traded)
- Not as much price history or we could say not as battle hardened
How to buy Bitcoin Cash in Australia with Easy Crypto
Time needed: 2 minutes.
Here are some easy steps to get started with Easy Crypto. The following animated pictures will show you how easy it is to buy Bitcoin Cash in Australia with us.
- Make your order
- Confirm your order & payment method
- Pay for the transactions
Once you have completed these steps you log in to your bank via POLiPay (or use a normal bank transfer) follow the prompts and you will have your BCH in minutes!
Which wallet should I use to store my Bitcoin Cash?
There are plenty of storage options for Bitcoin Cash in Australia. These include desktop wallets, mobile wallets and hardware wallets.
Learn more: Best Crypto wallets in Australia
- BITCOIN.COM Crypto Wallet
The Bitcoin.com Wallet is recommended by the Bitcoin Cash official site. It is a non-custodial wallet (meaning you control the private key, not the wallet software, which is highly recommended). It allows you to send, receive and store Bitcoin Cash, as well as the original Bitcoin. This wallet also has a scanning function to enable easy Point of Sale transactions.
- EXODUS Crypto Wallet
The Exodus wallet is a very popular 3rd party wallet which has the ability to store, send and receive Bitcoin Cash in Australia and around the world. It boasts a super slick user experience that is friendly to newcomers, whilst having the features that a cryptocurrency veteran would utilize. Exodus includes:
– Live charts and portfolio
– 24/7 user support from a real person
– 100+ other cryptos including Bitcoin Cash can be stored
– Mobile option that syncs with your Desktop wallet
– Advanced security features
Exodus is one of the best beginner wallets, especially if you are looking to buy more than just Bitcoin Cash.
Exodus is available on Desktop, iOS & Android.
Mobile cryptocurrency wallets
Jaxx Wallet is an example of mobile crypto wallets. It is available on both iOS and Android devices. When you buy Bitcoin Cash in Australia, you can easily send it to the Jaxx wallet, to allow you access to Bitcoin Cash in your hand, anywhere in the country. For those that like a consistent experience across devices, Jaxx is also available on desktop.
Jaxx supports Bitcoin Cash (BCH) as well as 80+ other cryptocurrencies. It is user friendly, has a portfolio tracker, includes market data, blockchain news and support 7 days per week.
Jaxx takes security seriously. They have no access to your private key, which you create a pass phrase for. They also have a password setup on the wallet itself and have no access to your personal data.
A fantastic beginners mobile wallet, Jaxx is recommended along with Exodus to be considered as a great all-round option.
Hardware cryptocurrency wallets
The safest way to store your Bitcoin Cash from Australia is by using a hardware crypto wallet. When buying any cryptocurrency, it is purely your responsibility to store and protect it. No central authority (or wallet software) will help you regain stolen or misspent Bitcoin Cash. Therefore, security should be your number one priority when choosing a wallet. Software wallets, when set up correctly, offer a great level of security. Hardware wallets are the next natural step.
Taking responsibility and storing your digital assets offline is the best way to have peace of mind long term. When considering hardware wallets there are two that are usually recommended by crypto enthusiasts. One is the Ledger Nano S (or X) and the other the Trezor. We like to lean towards the Trezor Model T as it supports a greater amount of applications, is easier to use and looks great. Both wallets support many cryptocurrencies, not just BCH, and are compatible with Australian computer hardware and software.
Other things to consider before you buy Bitcoin Cash in Australia
In addition to preparing your crypto wallet, there are other things that you have to consider first before buying your first Bitcoin cash here, in Australia. For instance, is the tax.
When you buy Bitcoin Cash in Australia, it is recommended you understand your tax obligations or crypto-tax. A tax agent (e.g Darcy Financial) that is well versed in cryptocurrency is likely your best source of advice.
The official Australian Tax Office page for cryptocurrency has a lot of information that can assist you if you are looking to gain a broad understanding.
To summarise how crypto-tax works, it is similar to property. When you hold cryptocurrency and then sell it, you must pay Capital Gains Tax (or CGT). CGT may attract a discount depending on how long you hold your cryptocurrency. You can also claim losses if you have not made a profit in a time period. Again it is best to consult a tax professional as it really is a case by case basis.
To buy Bitcoin Cash in Australia: FAQ’s
Bitcoin Cash was created (forked from Bitcoin) on 1 August 2017.
Bitcoin Cash has a total supply of 21 Million Coins; the same as Bitcoin Core (BTC).
Bitcoin Cash is a fork of the main Bitcoin and was created to make larger transaction ‘blocks’ which in theory, are meant to make transactions faster and more efficient, making Bitcoin closer to the use case for ‘cash’.
Yes, Bitcoin Satoshi’s Vision is a fork of Bitcoin Cash. BSV has gone in another direction around the confirmation times of transactions.
If you send Bitcoin Cash to a Bitcoin address, you will most likely lose access to it. Bitcoin and Bitcoin Cash addresses look very similar, so it is important that you are sending to a BTC address.