Buy Bitcoin in Australia

Bitcoin

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Overview

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2009Active since

What is Bitcoin?

Bitcoin is the most famous cryptocurrency, and probably always will be. It has the highest market capitalisation, which is another way of saying that more people own Bitcoin than any other cryptocurrency. It was also the first cryptocurrency to be created, and this happened in 2009.

So who created this “digital gold” that now is becoming a mainstream store of value? Strangely, the creators of Bitcoin, even to this day, remain anonymous.

The cryptocurrency was created by one person or perhaps a group of people who called themselves “Satoshi Nakamoto”. They have not been heard of since 2010, and it may be a mystery that is never solved.

Bitcoin (also known as BTC) was the first digital asset to be built on a blockchain, which means that every transaction that takes place using BTC is recorded on that blockchain. These transactions can be viewed by the public at any time. While we can’t know who is using the BTC to make these transactions, it is still a public ledger that is viewable by anyone.

Culture

Bitcoin started its life just 13 years ago, but already there is an established culture and lore that keeps media outlets buzzing. Even in the early days, the idea of Bitcoin captivated people.

For example, the first Bitcoin purchase was for pizza. However, this has blown up into “Bitcoin Pizza Day” and is a really fun theme on the internet.

On May 22, 2010, a programmer named Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas, which was worth about US$41 at the time. Today, that Bitcoin would be worth over US$500 million. Keep in mind that the performance of bitcoin can be highly volatile, with the value dropping as quickly as it can rise. Past performance is not a guide to the future.

These days, you can buy a lot of stuff with Bitcoin. Besides pizza, you can use Bitcoin to buy things like travel, gift cards, games, art, and even space flights.

There are also many charities that accept Bitcoin donations.

Other interesting Bitcoin facts

Bitcoin is legal tender in El Salvador. On September 7, 2021, El Salvador became the first country to accept Bitcoin as legal tender, meaning that people can use it to pay taxes, debts, and goods and services. The government also gave every citizen US$30 worth of Bitcoin to encourage adoption.

In other interesting Bitcoin news, Bitcoin has a finite supply of 21 million coins, but not all of them are in circulation. Some of them are totally lost. Sometimes this is due to forgotten passwords, lost wallets, or the death of the owners. According to crypto data firm Chainalysis, around 20% of Bitcoin has been lost or is stuck in wallets that can’t be accessed.

Bitcoin is not only a currency, but also a network of computers that run the Bitcoin software and validate transactions. These computers are called nodes, and anyone can run one. There are tens of thousands of nodes distributed across the world, with the highest concentration in the United States, Germany, and France.

Blockchain

By using a blockchain, it means that transactions are checked as they happen. Because the blockchain is made up of a huge network of computers across the globe, and they all have to agree with one another when a transaction takes place, it means that it is probably impossible to cheat the system. This means that trust in the system is built in, so people using Bitcoin don’t need the bank or the government to act as an intermediary.

How many Bitcoin exist?

There will only ever be 21 million Bitcoin in circulation, but they have not all been “released” yet. At the time of writing, 19.6 million Bitcoin have been mined so far. When 21 million Bitcoin have been mined, that’s the end of the road for new Bitcoin. It’s still a long way off yet and is predicted to happen in 2140.

What is mining?

To mine a Bitcoin, miners use hugely complex computers to compete with each other to solve cryptographic problems. The winner is rewarded with a Bitcoin, but more importantly, the winner adds a new “block” of transactions onto the blockchain, keeping the network healthy. This process is called a Proof-of-Work consensus mechanism. The mining life isn’t always easy. For example, every four years, the Bitcoin network hits the “Halving” time.

The Halving is a time when the reward given to miners literally gets cut in half. This means that some miners will bow out of the race to mine Bitcoin, as the reward won’t be worth their efforts. The Halving is designed to make Bitcoin more scarce and subsequently put upwards pressure on its price.

Trading pairs

Bitcoin is often used as a trading pair for other cryptocurrencies. Crypto enthusiasts use trading pairs to exchange one cryptocurrency for another, and they can do this without having to use normal money.

Bitcoin forks

A Bitcoin ‘fork’ is when a new cryptocurrency is created using new rules, while Bitcoin still follows the old rules. They split away the main blockchain and are then known as independent cryptocurrencies. Examples are Bitcoin Cash (BCH), Bitcoin Satoshi’s Vision (BSV), Bitcoin Diamond (BTCD) and Bitcoin Gold (BTCG).

When buying Bitcoin, be sure to check that you are buying coins on the original blockchain.

How to buy Bitcoin (BTC): Steps

Wondering how to buy Bitcoin online? Haven’t bought Bitcoin before? Wondering where to buy Bitcoin? Don’t be overwhelmed. Using CoinJar to buy Bitcoin is somewhat similar to any other app that you use to purchase things you want. It’s very user friendly, so here's how to get Bitcoin in your possession!

1. Download the CoinJar app on your iOS or Android device.

2. Create an account and verify your ID.

While you wait, you can get a coffee and doomscroll your phone endlessly and get on with your interesting life.

UK customers are required by law to complete a questionnaire that shows the risk is understood, plus UK customers are required to wait 24 hours before verification to adhere to a “cooling off period” stipulated by law.

3. Once your ID is verified, you are free to buy some Bitcoin!

Choose how much Bitcoin you want to buy and how you want to pay for it. There are several ways to do this, so choose the one that suits you best. You can transfer money from your bank account, or use other methods to pay. In this step, you are changing fiat currency (everyday money) to cryptocurrency.

The thing to remember here is that you don't have to buy a whole Bitcoin. You can check the price of Bitcoin here.

You can actually buy part of a Bitcoin. You can invest in a whole Bitcoin if you want, but you can also just buy a part of a Bitcoin too!

4. Confirm your purchase.

After this, you will receive your Bitcoin in your CoinJar wallet. You now have your favourite asset! You can spend your Bitcoin, sell it, buy more, or convert it into other cryptocurrencies, like Ethereum.

That’s it! You have successfully bought Bitcoin from CoinJar. You are now part of the crypto club!

So, if you have been asking yourself, how do beginners buy Bitcoin? Now you know!

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Buy Bitcoin instantly using Visa or Mastercard. Get cash in your account fast with bank transfer, PayID or Osko. Convert crypto-to-crypto with a single click.

How to buy Bitcoin with CoinJar

Start your portfolio with Australia's longest running crypto exchange with these simple steps.
Step oneSign up to CoinJarGet the CoinJar app on iOS or Android, create an account and verify your ID.
Step twoDeposit funds Transfer funds from your bank account using bank transfer, PayID or Osko.
Step threeBuy your first cryptoBuy Bitcoin and almost 50 other cryptos using cash or credit card.
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Frequently asked questions

Where can I use Bitcoin in Australia?

While it’s still rare to find retailers that accept Bitcoin as payment, with CoinJar Card you can use the Bitcoin in your CoinJar account (or any of the other 50+ cryptos we offer) to make purchases anywhere that Mastercard is accepted.

What is the safest way to buy Bitcoin?

The safest way to Buy Bitcoin is through a trusted exchange with a proven track record. CoinJar is Australia’s longest-running crypto exchange and has been operating since 2013 with no unplanned downtime, security breaches or loss of customer funds. We are registered with AUSTRAC and the FCA UK (for AML purposes) and work with some of the world’s largest payment providers, including Mastercard, Visa, Apple Pay and Google Pay.

Can I buy Bitcoin with a credit or debit card?

Yes – with CoinJar Instant Buy you can buy BTC using any Australian-issued Visa or Mastercard. We also offer support for Apple Pay and Google Pay.

Can I buy less than 1 Bitcoin?

Yes, you can buy less than 1 Bitcoin. Bitcoin is denominated to 8 decimal places, with the smallest denomination being known as a ‘satoshi’ or sat. On CoinJar you can start buying Bitcoin with as little as $20.

How is the price of Bitcoin determined?

The price of Bitcoin in AUD is determined by the international Bitcoin market – basically, the price to be found on cryptocurrency exchanges in Australia and all around the world. These prices tend to be the same (or very close) because any differences are smoothed out by arbitrage traders that buy at one exchange and sell at another.

What is the best way to buy Bitcoin?

The best way to buy Bitcoin in Australia is through an exchange like CoinJar. We offer accurate prices, low fees and an easy-to-use, ultra-secure app.

What are Bitcoin Forks?

Bitcoin forks occur when a group of miners decide to split from the main chain by adopting a particular change to the network and causing a new blockchain to come into existence.

There are a number of Bitcoin forks that split off the main chain and became independent currencies. These include Bitcoin Cash (BCH), Bitcoin Satoshi’s Vision (BSV), Bitcoin Diamond (BTCD) and Bitcoin Gold (BTCG). Always make sure when you’re buying Bitcoin, you’re buying coins on the original chain.

Why is Bitcoin the most popular cryptocurrency?

Bitcoin is popular both because it was the first crypto in existence (so it’s had more time to develop market share) and also because it’s considered the purest cryptocurrency – no fundamental changes to its code have ever been made and no central body controls it.

Why is Bitcoin considered ‘digital gold’?

Some people argue that Bitcoin shares traits with gold – it’s a tradeable asset defined by its scarcity, finite supply and the difficulty of creating it. However, while gold is quite difficult to trade and own due to its weight and the need to physically transport it, Bitcoin can be traded and transported anywhere in the world at the click of a button.

How has Bitcoin performed over the past decade?

Bitcoin is the best performing asset over the last decade, growing by more than 300,000%. While the price of Bitcoin is famously volatile and capable of going up and down rapidly, the long-term uptrend has been remarkably stable.

How long does it take to set up an account and start trading?

It takes around 5 minutes to create a new CoinJar account and verify your ID. Once you’re verified you can deposit cash, buy and sell crypto and activate your CoinJar Card.

Why trade BTC with CoinJar?

CoinJar is the longest-running crypto exchange in Australia and has been designed from the ground up with security and ease-of-use in mind. From the quick and intuitive sign-up process, to our lightning fast bank deposits and withdrawals, low fees starting at 0% (on CoinJar Exchange), and a user-friendly iOS and Android app, CoinJar is the ideal crypto exchange whether you’re buying crypto for the first time or an experienced investor.

What are CoinJar’s fees?

All Australian dollar (AUD), Pound Sterling (GBP) and Euro (EUR) bank deposits and withdrawals on CoinJar are free.

You can make deposits using PayID, bank transfer using BSB and account number, SEPA and Faster Payments.

However, some things do incur a 1% fee.

-Buying and selling cryptocurrency using AUD -Making a purchase with CoinJar Card -Converting crypto to crypto.

Also, Instant Buy (Visa and Mastercard purchases) have a 2% fee.

Our professional trading exchange, CoinJar Exchange, has lower fees that range between 0% and 0.1%.

You can find a full list of our fees here.

Is CoinJar Australian?

CoinJar is Australia’s longest-running cryptocurrency exchange. Since 2013, we’ve helped more than 600,000 people worldwide to buy, sell, send, and even spend billions of dollars in Bitcoin, Ethereum, and dozens of other cryptocurrencies.

Is CoinJar secure?

CoinJar is one of the longest-running crypto exchanges on the planet, operating with no unplanned downtime since 2013.

We keep the vast majority of customer assets in cold storage or private multi-sig wallets and maintain full currency reserves at all times.

Personal and financial information is stored and processed in cloud services that meet our strict infrastructure security requirements. We’re also fully registered and compliant with AUSTRAC and the Financial Conduct Authority UK for anti-money laundering purposes.For more information, read up on our security.

What is the minimum deposit for CoinJar?

You can start trading on CoinJar with as little as AU$10. The maximum amount depends on your CoinJar's account limits and the transfer limits set by your bank. However, if you want to deposit millions, high roller, you can (with CoinJar’s compliance team approval).

For more information, check out our support article on account limits.

How to buy crypto on CoinJar?

CoinJar has two ways to buy cryptocurrencies, both are quick and easy. To buy crypto on CoinJar, you must prove your identity first.

After that, you can hit the ‘buy crypto’ button on the home page of the app. We offer 50+ cryptocurrencies to choose from. From here, you can instantly convert one crypto to another.

You can deposit funds with PayID, bank transfer using BSB and account number, SEPA and Faster Payments.

Alternatively, you can buy crypto in a flash using Instant Buy. Just choose your crypto of choice, and hit ‘buy’. Select your preferred Instant Buy method under ‘credit/debit cards’.

How long does it take to set up an account?

Not as long as most people think! In about 5 minutes (or similar, in most cases) you can create a new CoinJar account and prove your identity.

Once ID-verified, you can deposit cash, buy crypto, sell crypto, and you can also activate your CoinJar Card.

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