Investing In Cryptocurrency
Wondering what cryptocurrency is all about? Cryptocurrency is a digital crafted commodity that is created to work as a means of exchange. They do not exist physically in the form of coin or currency. A cryptocurrency unit such as Bitcoin or Ethereum is an example of a digital token generated by codes known as blockchains. Cryptocurrencies are used as a mechanism of payment system to carry out contracts and delivering services all around the world without having to carry out physical cash.
The cryptocurrency exchange is legal in Australia, and it has serves as a means of investment and financial breakthrough for cryptocurrency investors.
How do I invest in cryptocurrency in Australia?
Investing in cryptocurrency in Australia isn’t something someone should just wake up and do, you need to have full knowledge of how it works and the steps to follow so you won’t fall into the hands of hackers or scammers, like every online get rich scheme. In getting started on cryptocurrency investment, you should take note of the following.
- Firstly you should open an account with a cryptocurrency exchange like Swyftx or Coinspot.
- Complete the signup questionnaire and verify your account in whichever way you seem comfortable and safe with and make sure you enable a 2-factor authentication
- Click on the account tab, deposit a certain amount of cryptocurrency of your choice with a preferred payment method, and confirm that you want to buy it.
- Enter the value of the cryptocurrency you want to buy and double-check the details to confirm your purchase.
How do I pay for cryptocurrency?
The question of how do I pay for my cryptocurrency is a question most people keep asking themselves, and when they can’t figure how it’s done, they just give up on the idea of investing in cryptocurrency.
In paying for any cryptocurrency, you must understand that there are different ways you can pay for your crypto investment in Australia.
Bank account transfer
Most cryptocurrency exchanges in Australia do not accept bank transfer, but they accept the related payment, such as POLI, OSKO, and PAYID, which are always free and often instantaneous. Coinbase and coin jar are two crypto exchanges in Australia that accept bank transfers. But if you are looking to buy from any crypto exchange overseas, you may see bank transfer options, which is referred to as wire transfer or SWIFT payment. You should note that some of these oversea cryptocurrencies might take weeks and days and might attract higher fees than domestic bank transfers.
Credit card/ Debit card
Many cryptocurrency exchanges in Australia let users make use of a debit card or credit card to purchase cryptocurrency. Some of these Australia exchanges include Coinspot and Swiftx, among others. Cryptocurrencies you can buy with debit/credit cards in Australia include Bitcoin, Ethereum, Litecoin, and many others.
Buying cryptocurrency with cash
You should note that when you are buying with cash, there are three-way you can do that
The first is a direct way which involves the use of a peer- to- peer exchange which is set up in a person cash transaction with someone in our local area.
We can also purchase cryptocurrency with cash in Australia by finding a Bitcoin ATM and then deposit cash, which will then be converted to any cryptocurrency you want.
The third way to buy any cryptocurrency with cash is by making use of a newsagent. You select the cash payment method on the exchange website with the value you wish to purchase. The exchange will now create a QR code that will be sent to the users’ email account, which will be taken to a participating newsagent anywhere in Australia. The newsagent will now be paid in cash, which then they will scan the barcode, and the crypto will be credited to your exchange account. Buying any cryptocurrency with cash can provide a quick and convenient payment method, but it is also one of the most expensive methods.
Buying cryptocurrency with PayPal
Paying with PayPal is a rarely accepted cryptocurrency exchange method because of the risk of chargeback fraud. However, if you are determined to buy with PayPal, it is still possible. It is difficult and impossible to find seller accepting PayPal as a means of payment, but you can fund Xcoin or eToro account with PayPal
- Other methods we can purchase a cryptocurrency exchange includes buying with other cryptocurrencies and buying crypto anonymously.
Why should you invest in cryptocurrency?
The reason most people choose to invest in cryptocurrency is because of the financial freedom it might create, but if you are not investing for the long term, then you might be getting it all wrong.
Firstly you should invest in cryptocurrency because you need to bet your net-worth against the dollars and other established currencies. Most people believe that the traditional currencies we use now might collapse and be replaced by cryptocurrency.
The second reason to invest in cryptocurrency is that cryptocurrency represents a new and exciting possibility for individual freedom. They keep playing an essential role in the society which investors see as a social and polite vision.
Finally, the reason you need to invest in cryptocurrency is that it serves as an investment opportunity that paves the way for new technology and new blockchains.
What to do after investing in cryptocurrency
After you have successfully invested in crypto, you need to store and keep it safe because there are many hackers in the cryptocurrency world, and many people have lost their entire savings as a result. The best way to store your cryptocurrency is your wallet in which you can control, find a good wallet that suits you, and have an offline wallet to store your cryptocurrencies so you can have total control and make it safer than storing in an online wallet.
In conclusion, it is vital to consider the current popularity of cryptocurrency investment so far in Australia and to understand that because people are running away from investing in cryptocurrency does not make it any more unprofitable and risky, it is because they haven’t invested the right way. Please always consult a financial advisor before making any investments.