After 12 months of investing in cryptocurrencies I’m finally ready to admit that Bitcoin is the real deal. I honestly thought Ethereum was going to overtake it as the main currency with its blockchain that had more uses than just a currency, but I concede defeat. Bitcoin wins. Here’s how to buy yourself some Bitcoin in AUD.
If you’re just here for this, here is my Independent Reserve referral code: VNEKMG I get a little kickback if you use this, so thanks in advance.
Before you buy Bitcoin read this:
Firstly: Why am I telling you about this? Because I don’t want my mates to tell me I should have told them. You should have read my blog, friends!
Secondly: If you have any insecurities, if you think it’s a scam, if you think it’s a temporary trend… I don’t care. Don’t do it. Makes zero difference to me. 🙂
Ok, so moving forward…
What is Bitcoin?
Seriously? If you’re still asking that then how did you get here? Bitcoin is a digital currency controlled by nobody and everybody. If digital currencies were physical money then Bitcoin would be the US Dollar. It’s the value all other cryptocurrencies are compared to.
It is important that you do your own research. With all these new investment options in the crypto world, you need to decide for yourself if the coin deserves your investment. My advice is to work your way through a stack of videos and articles about it. Here is one to get you started: Bitcoin Explained (ABC) google “Bitcoin news” for mainstream news articles.
Here is a chart with Bitcoin’s recent price. Bitcoin is relatively established, but it’s still early days.
I’m not a financial adviser, I can’t see the future, I’m only moderately risk-averse.
That said… I dunno, man, looks like you should do it.
How do I buy Bitcoin with Australian Dollars?
After quite a bit of research, here’s what I found to be the best way:
- Go to Independent Reserve. Create an account. You will need photo ID and a bill with your current address to open an account. Here’s a referral code (it will ask for it on signup) VNEKMG Your account will take a little while (usually a couple of hours) to be approved. I chose Independent Reserve for their good reputation and they’re by far the lowest brokerage fee.
- Once approved log in and click on “accounts” in the main menu. Click on “deposit” in the row for AUD. This will open a window with details for bank transfer. Use these details to transfer your money from your bank account. Transfer will appear in your account the following business day (or it did for me). Don’t invest more than you can afford to lose. Like I said – I can’t see the future.
- Once AUD appear in your account, Click on “trade” in the main menu. Decide whether you want to buy at market rate or if you want to wait to see if the market comes down to a certain amount before you buy.
- If you are super savvy and want to try to day-trade the tempting fluctuations in price, start doing that. Otherwise, you might want to set up a coin wallet. I used Jaxx, which is available as ios and android apps and also as a desktop program. Great to have it backed up in those two places.
- If you aren’t day trading, don’t keep checking the price, it will consume your life. Hold it and go about your life 🙂
See you on the other side!