How to buy

Owning Bitcoin (or fractions of Bitcoin) can be done by either purchasing or mining , Links to locations that you can buy Bitcoins can be found at the bottom of this page.

 

Here are the steps to buying Bitcoin.

  1. Choose a site & payment method (card, bank transfer, cash, paypal…)
  2. Register & complete identity verification
  3. Deposit AUD, USD… and trade it for bitcoin
  4. Choose a wallet to safely store your cryptocurrency
  5. Withdraw from the exchange to your wallet

 

Example using BTCMarkets.net

To purchase online go to an exchange like BTCMarkets.net and sign up.  This will require your bank account details and to be verified as part of the KYC (Know Your Customer) policy.

To make a deposit Select the Account menu and  press deposit, this will give you the BSB and account number to make a deposit to.  This method can take from 1-2 business days.  BTCMarkets also accepts POLI which can be much faster, however the website does state it can also take up to 2 days.

 

Once the funds have arrived you can now buy Bitcoins, Select the Buy/Sell menu , click on the limit option, then in the buy section you put the price you are willing to pay and quantity and select buy.  If you want to buy at the next available price that is being sold you can select the market option (be carefull with this option if new as you could end up paying a higher price than you thought you were, compared to the limit option which will not buy higher than the price you entered).

Now you have your own Bitcoins (or fractions of a bitcoin), it is not recommended to keep your Bitcoins on any exchange as you are trusting a third party with your money, they could lose it, get hacked, disappear etc  so always a good idea to be in control of your coins.  View Transferring bitcoin section  to understand how to send and receive.

 

Places to Buy Bitcoins

https://www.btcmarkets.net/

https://www.hardblock.net/

https://www.independentreserve.com/

https://localbitcoins.com/country/AU (in person, bank transfer)

https://www.coinjar.com.au/

https://www.coinbase.com/join

https://bitcoin.com.au/  (newsagents deposit)