What’s the Cheapest Way to Buy Bitcoin in Australia?
Before you try to find the cheapest way to buy Bitcoin, the first step that you have to do is to define the purpose of your purchase. In other words, you should know what type of buyer you are and why you are trying to get some BTC tokens. Considering Bitcoin revolutionized the financial space, users should know what to expect from this cryptocurrency, whether it’s the possibility to send international payments with small fees, not exposing yourself when sending money, or finding an escape route from fiat currencies that will most likely lose their value over time.
Reasons to buy Bitcoin
Here are three different reasons that could be your goal in buying Bitcoin:
The main feature of Bitcoin and many cryptocurrencies is that they work under decentralized technologies, therefore, the transactions take care of the privacy of their users, who will be able to carry out transactions freely for whatever reason they have. Also, many users look for platforms with strong security and privacy protocols to buy their cryptocurrencies.
The fact that the Bitcoin network only requires you to specify an address and the amount you want to send makes users who care about privacy start running their transactions with BTC tokens.
- Ease of use
Sending and receiving Bitcoin is even easier than handling money from a bank account. Basically, you just have to log in your Bitcoin or crypto wallet and copy (or paste) the address, depending on if you want to send or receive a transaction. Users no longer have to spend time registering other bank accounts in their directory, so many people decide to get involved with crypto and save quite a lot of time when making transactions.
People often jump into Bitcoin for the fact that no transaction will ever be lost, as blockchain is an eternal and incorruptible record of data. Unlike bank transfers, it is impossible to make a Bitcoin transaction that won’t get through or gets returned/blocked over banking policies. Besides, Bitcoin security protocols can be even stronger than those of financial institutions such as traditional banks. Users also become the only masters of their funds, so that makes them feel safer.
Regardless of the reason why you’re trying to get some Bitcoin, you probably want to get it the cheapest way by saving as much as possible on fees and exchange commissions.
How can you buy Bitcoin?
For a regular user, there are multiple ways to buy Bitcoin in Australia, especially if you know-how. Be that as it may, buying Bitcoin is nothing more than exchanging one currency for another between two parties, which can be done in several ways:
- You can buy Bitcoin from Bitcoin ATMs
These days, Bitcoin ATMs are easily found in Australia. And to use it, you will first need to scan an address from your BTC wallet with the ATM scanner. Depending on your country of residence you will have to scan your fingerprints as a measure against money laundering and then you can specify the amount to buy (there is usually a limit). Then insert your cash and the purchase will be processed automatically, which means that the ATM will send the BTC tokens to the address you previously provided. This is also one of the cheapest ways to buy Bitcoin.
- You can buy Bitcoin from exchange platforms
To buy Bitcoin in an exchange company you must register first, which you can do by giving your email address and typing a strong password. Some platforms allow you to participate in the market on a large scale and others simply have direct options to buy BTC and some cryptocurrencies. These spaces allow you to exchange other cryptocurrencies for Bitcoin or make purchases with a debit card/bank wire transfers.
- You can buy Bitcoin from family/friends
Crypto adoption has increased a lot around the world, especially in Australia. For this reason, many people receive their salary in Bitcoin or bought tokens that they now want to sell, making it completely legal to trade with them and receive BTC in exchange for the local currency. This can be one of the cheapest ways to buy Bitcoin since you do not have to pay fees and the transaction can be free if the sender uses the Lightning Network (instant and commission-free BTC payments).
So, what is the cheapest way to buy Bitcoin?
Regardless of the reason why you’re trying to get some Bitcoin, you probably want to get it the cheapest way by saving as much as possible on fees and exchange commissions. Hence, you might want to choose the cheapest way to buy Bitcoin, especially here, in Australia.
Some exchange platforms charge you deposit/withdrawal fees or obtain their part by taking advantage of the spread, which can be defined as the margin of difference that exists between the real price of BTC and the price that the exchange companies have.
As we have reviewed, it is possible to buy Bitcoin in various ways in Australia, although if you are thinking of using an exchange platform, few will allow you to do it as easily and cheaply as Easy Crypto Australia (AU).
The Easy Crypto commission system establishes commissions between 0.5% to 1.8% when buying cryptocurrencies, although this balance will not be deducted from your purchase but will be added directly to the price of the token (as we explained the spreads above), in this case, Bitcoin.
Easy Crypto provides a safe and cheap Bitcoin storage
You can store your BTC tokens on Bitcoin or crypto wallet platforms that have a good reputation and low commissions (for your convenience). These services allow you to keep your cryptocurrencies saved as if it were a bank and they do not charge you to keep your tokens there. However, if you want to withdraw your money you will be charged the mining fee + a small percentage for the wallet.
Easy Crypto also has a wallet service where you can keep your Bitcoin (and many other cryptocurrencies) safe although there are really many ways to keep your tokens saved; For example, hardware wallets and wallet applications for Android and iOS. We also recommend saving your cryptocurrencies in a cold storage wallet so no one but you can access them.
Although much big exchange platforms have wallet services for a large list of cryptocurrencies, it may not be the safest option since these spaces are usually a phishing target and your tokens may be at risk.
We are always ready to help.