Cryptocurrencies – Easy Crypto https://au.easycrypto.ai Your SUPER-powered WP Engine Site Tue, 18 Aug 2020 04:21:42 +0000 en-NZ hourly 1 https://wordpress.org/?v=5.4.1 https://au.easycrypto.ai/wp-content/uploads/2020/04/cropped-favicon-32x32.png Cryptocurrencies – Easy Crypto https://au.easycrypto.ai 32 32 Understanding Cryptocurrency Tax in Australia https://au.easycrypto.ai/learn/understanding-cryptocurrency-tax-in-australia/ Thu, 06 Aug 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2162 Cryptocurrencies have formed a borderless payment system that, while they have managed to decentralize the economy for many people, this also represents an advantage for organizations with illegal purposes, especially the deep web markets and illicit urban transactions paid for in crypto. For this reason and many others, the Australian Government maintains a control over…

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Calculator, cryptocurrency tax reporting sheet, and various cryptocurrencies are illustrated as physical coins

Cryptocurrencies have formed a borderless payment system that, while they have managed to decentralize the economy for many people, this also represents an advantage for organizations with illegal purposes, especially the deep web markets and illicit urban transactions paid for in crypto. For this reason and many others, the Australian Government maintains a control over the manipulation of digital assets in national territory and has imposed some rules, which will definitely have an impact on your tax payment if you have earned income trading cryptocurrencies. All citizens must keep a record of their movements with cryptocurrencies, especially if they are receiving an income.

How does cryptocurrency tax work in Australia?

The taxes that cryptocurrency traders have to pay are going to depend directly on the nature of the operations they perform, but they will have to be paid even if you are using a foreign cryptocurrency exchange. CGT (Capital Gain Tax) will be charged when selling cryptocurrencies, acquiring goods / services through them, exchanging them for fiat currency such as AUD or other cryptocurrencies. In short, if you get some kind of capital gain from a cryptocurrency transaction, regardless of how it was done or for what purpose, a portion of that income will be taxed.

However, if this type of crypto transaction comes from a formal business, these gains will be perceived as regular income (like any other) and not as capital gain. It should be noted that each cryptocurrency involves different CGTs.

Every time you carry out a cryptocurrency transaction that leaves you a profit margin, said profit will be calculated in AUD and subsequently taxed. For example, if an Australian buys 2 BTC at a price of $10,000 each and the market drives the price towards $15,000, the user would be making a net profit of $10,000 AUD, so taxes will be applied based on $10,000.

Physical illustration of Bitcoin (BTC), tax report sheets, and calculator

Here are two different ways how cryptocurrency tax works in Australia:

Tax on cryptocurrency in business or professional income

As we have previously mentioned, those people who have businesses running and carry out some type of transaction in cryptocurrencies, will be taxed as regular income, just as any other type of activity would be.

The ATO (Australian Taxation Office) considers these transactions as regular income when they come from cryptocurrency mining, professional trading in the crypto market, solid businesses that involve cryptocurrencies and businesses related to the exchange between some good for cryptocurrencies, such as restaurants or other businesses that accept Bitcoin (which are common in Australia).

Now, whether the ATO considers the product of a crypto transaction as regular income or not will totally depend on the parameters under which said transaction was made, the business plan existing at the time of carrying it out, paperwork or digital records on scheduled payments, among others.

Tax on cryptocurrency as personal investment

If an individual’s cryptocurrency operations escape the aforementioned parameters, they will be considered as CGT. This case is very common among entrepreneurs, freelancers and freelancers who do not have a company or business organization beyond their knowledge and ability to invest.

The ATO considers personal investments to be small-scale cryptocurrency mining, trading when done occasionally and without a plan that leads to consistency and buying cryptocurrencies as a hobby, in order to earn some kind of income from your investment.

What is ATO?

The Australian government collects taxes on individuals and businesses through the Australian Taxation Office (ATO). Each citizen or company must request this taxpayer number (tax file number), which is individual and non-transferable and is used by the ATO for identification and registration purposes.

The logo of ATO (Australian Taxation Office)

Citizens can request the taxpayer number online 24 hours a day, 7 days a week and the only information required is the passport number and the address of the citizen. Obtaining the taxpayer number takes 10 days from the citizen’s online registration.

There are also paper forms that citizens must fill out and send directly to the ATO. Using this procedure, the process can take 28 days. The taxpayer identification number must be well protected. It should not be supplied to third parties, except in very specific cases such as when a bank account must be opened.

How does the ATO classify cryptocurrency in tax regulations?

The ATO recognizes cryptocurrencies as digital assets that are not issued by any government or political/financial entity, but rather work decentrally through a blockchain network, whereby all records of transactions made are kept without the possibility of being falsified/modified.

It is necessary to mention that the last years have been very important for the launch of new cryptocurrency projects and not all are equal to Bitcoin. Despite the fact that almost all of these digital assets share characteristics (such as a particular blockchain and borderless transactions), the ATO remains open to change or reclassify cryptocurrencies should a project with different properties appear; For example, if any bank launched a centralized cryptocurrency.

How to keep record of cryptocurrency transactions?

Regardless of how you use your cryptocurrencies, each Australian citizen must keep track of their transactions, regardless of whether it is for personal purposes or for reasons of a particular business. Maintaining this record is important to successfully meet your cryptocurrency tax obligations and thus, be able to carry out an estimate of your income, losses, expenses and more.

The illustration of Bitcoin (BTC) wrapped with receipt or its cold paper wallet

In order to keep track of your transactions in cryptocurrencies, you must save a series of data regarding these operations:

  • Transaction Date: The day on which a transaction was made with a digital asset.
  • The value of the cryptocurrency used in AUD at the time of the transaction: Assuming that you made transactions with Bitcoin on May 5 at a value of $ 8,000, this would be the value chosen to establish the tax.
  • Reason for the transaction and recipient: This means that you will have to explain the purpose of the transaction (be it the payment of a service, deposit, exchanges, etc …) and to whom the tokens were sent. Here we can understand how OTA works to limit illicit activities in crypto.

In addition, you must keep records regarding any activity that you have maintained in crypto spaces. This information will not be directly delivered to the ATO but will help you keep detailed records of the transactions you have carried out.

  • Receipts and invoices for online purchases and investments in cryptocurrency exchange companies
  • Accounting records
  • Activity logs on wallet platforms (where users keep their cryptocurrency tokens)
  • Software expenses to calculate your tax obligations

Saving this information will prevent you from losing track of your expenses and taxes, so making a habit of this record is a great idea.

Why do you have to buy cryptocurrencies?

Purchasing cryptocurrencies in Australia is still an excellent idea, contrary to the ideology of many people who think that it is too late due to the high price of some like Bitcoin. The cryptocurrency market houses at least 6,000 distinct tokens, not to mention that new projects with brilliant ideas are constantly emerging, which are seized upon by futuristic technologies to exert a function. That is, it is not only a good idea from the economic point of view, but they will also help you learn, optimize your performance in different obligations and even for entertainment.

Various cryptocurrencies that available in Australia are illustrated as physical coins

Although the price of Bitcoin is so high, it is still a great idea to buy, especially if it is long term. Bitcoin tokens are obtained through a process called “mining”, through which hardware devices are used to solve algorithms and thus “mine” said tokens. Because Bitcoin was created to be a deflationary currency (its value will increase over time), the mining reward is chopped in half for 4 years, thus making Bitcoin’s total supply finite and increasing its demand dramatically every certain period. of time. This causes the price of BTC to increase “The lower the supply, the greater the demand”.

Let’s review some of the reasons why it is a good idea to invest in cryptocurrencies:

  • Anonymity and Privacy: Anonymity and privacy are another of the strengths of cryptocurrencies, because the blockchain system prevents external parties, organizations and governments from knowing what you are investing or buying in, how much you have spent and who you are buying from.
  • Transaction costs: The fees for transaction with cryptocurrencies are much lower than those made with traditional currencies. Transaction costs are typically zero to very low for cryptocurrency exchange as miners are compensated by the network.
  • Easy to buy: Traditional investment methods can be difficult; However, with cryptocurrencies it is easy, not as many permits are required and businesses operate 24 hours a day. You can receive and send cryptocurrencies without expensive software, without extensive training or licenses, and nobody can stop you from investing.
  • Easy to handle: It is becoming increasingly complex to carry large amounts of money from one place to another. Carrying thousands in cash can be a problem; However, with cryptocurrencies all these difficulties are solved, since it is possible to carry any amount of money in cryptocurrencies in just a flash memory.
  • Transaction speed: With cryptocurrencies, you can send money anywhere in the world, without restrictions and it will arrive in just minutes. It will only take the time it takes for the network to process the payment.
  • Debt Free: Cryptocurrencies do not represent debt, they represent themselves and always accurately reflect the total amount of money you have.
  • Low inflation risk: Although their prices change in the market depending on bullish/bearish trends, cryptocurrencies have very low inflationary risk. This happens because all the traditional currencies in the world are controlled by governments and if they face a crisis, then their currency suffers the effects, which leads to a devaluation in the value of the currency. Because governments do not directly control cryptocurrencies, they cannot mismanage them and consequently, they are not capable of damaging their value, as has happened in countries like Venezuela.
A person is having various cryptocurrency coins in hand

You can buy cryptocurrencies in Australia from a local exchange platform, although it is recommended that you choose one that serves your needs in terms of rates, manageability, fluidity of the system and details of the wallet. Easy Crypto AU is a local exchange platform on which Australian residents will be able to buy Bitcoin and other cryptocurrencies directly in AUD through bank transfers. After registering in the Easy Crypto system, you will have to verify your account with a KYC process and you will be able to buy Bitcoin, Ethereum, Dash, Digibyte, Litecoin, Ripple and many other cryptocurrencies. If you have questions, the customer support team will be ready to accompany you on your orders.

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Top Reasons to Invest in Tether (USDT) in Australia https://au.easycrypto.ai/learn/top-reasons-to-invest-in-tether-usdt-in-australia/ Wed, 05 Aug 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2161 What is Tether (USDT)? And how does it work? Tether is a stablecoin, a cryptocurrency with a price equivalent to that of fiat currency (USD, in this case). It is pegged to the US dollar and maintains a 1-to-1 ratio with it in value terms. Tether is in fact the most popular stablecoin in the…

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The logo of Tether (USDT) on a grey background

What is Tether (USDT)? And how does it work?

Tether is a stablecoin, a cryptocurrency with a price equivalent to that of fiat currency (USD, in this case). It is pegged to the US dollar and maintains a 1-to-1 ratio with it in value terms. Tether is in fact the most popular stablecoin in the world, and it even acts as a substitute for the dollar on popular exchanges like Bitfinex and Poloniex and ranks 9th among the cryptocurrencies with the largest market capitalization (around USD 6.41 billion). If you are looking how to invest in Tether (USDT), you came to the right place.

Tether was originally created to use the Bitcoin network as its transport protocol, specifically, the Omni layer, to allow traditional “tokenized” currency transactions. Since this original version of Tether uses the Bitcoin blockchain, it inherits the inherent stability and security of the older established blockchain network.

Now there is a newer Tether transport protocol, on the Ethereum blockchain as an ERC20 token. This is why it can be sent to any Ethereum address like any ERC20 token.

Tether’s main objective is to provide liquidity and hedge against volatility in the crypto market. Tokens are pegged to a fiat currency, meaning there should be no loss of value or volatility as with other cryptocurrencies.

How is Tether (USDT) doing in Australia market?

If you want to invest in Tether (USDT) here, in Australia, there are some pairs that you can use to trade this stablecoin. Like the other countries, Australia has a high trading volume in the BTC / USDT market, as this is one of the most coveted pairs in the crypto market. ETH / USDT is also very popular and is constantly fluctuating, providing excellent opportunities to generate profits using a stablecoin.

Furthermore, the Tether market in Australia can also establish a relationship between the value of the USD (whose unit equals 1 USDT token) with the AUD. It has been proven that although the value of tether is stable and goes hand in hand with each US Dollar, some of its decimals can vary, which could also allow taking advantage of these variations by buying and selling the necessary amounts with AUD.

Tether (USDT) charts according to CoinMarketCap
Source: CoinMarketCap

Why should I invest in Tether (USDT)?

Tether is a great way to protect yourself against the volatility of cryptocurrencies in spot markets. For example; Suppose we have bought $500 and Bitcoin price falls to $10,000. With these funds, we can acquire 0.05 BTC and if the price increases to 11,000 USDT, the profits obtained can be withdrawn by buying Tether again (50 USDT in this case, to be exact).

Beyond trading and investing, Tether is a great way to save crypto funds and get them ready to trade internationally at extremely low commission rates and in some cases, free. Remember that BTC transactions require a miner fee, which will cause less money to arrive than you sent or to be deducted before being sent. In the other hand, USDT tokens can be sent to any USDT address faster and way cheaper.

Tether makes it easy to transfer real cash to digital cash. It is also faster to convert into cryptocurrencies than a regular fiat. Tether also allows you to buy cheap cryptocurrencies when the market falls.

Liquidity is a key aspect of anyone with capital. You must be able to move your money to make investments. If you decide to invest in a cryptocurrency whose price turns against your market analysis, this will prevent you from changing those tokens to other currencies because you would be assuming a loss that could turn into a profit. For that reason, buying Tether solves the problem of low liquidity in user accounts in the crypto community.

How to start investing in Tether (USDT) in Australia?

Buying Tether is as easy as buying Bitcoin or another cryptocurrency can be. However, we recommend a local platform like Easy Crypto AU for Australian residents.

To buy at Easy Crypto we must register and meet a series of KYC requirements to verify your account and recognize you as a trusted member. Once you have been verified, you can start buying the tokens available on the platform with AUD through bank wire transfers.

The 4.8 stars review for Easy Crypto via Trustpilot
The review for Easy Crypto via Trustpilot

The Easy Crypto wallet not only has space for Bitcoin and Tether, since it also supports the storage of different tokens (EOS, ETH, LTC, BAT …). It should also be noted that you can make swaps within the platform to exchange cryptocurrency cradle with another.

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Top Reasons to Invest in Ripple (XRP) in Australia https://au.easycrypto.ai/learn/top-reasons-to-invest-in-ripple-xrp-australia/ Tue, 04 Aug 2020 01:00:18 +0000 https://au.easycrypto.ai/?post_type=learn&p=2154 What is Ripple (XRP)? And how does it work? XRP is a centralized cryptocurrency created by the company Ripple Labs, developed as a solution to allow banks and financial entities of all kinds to use the power of blockchain technology to improve their cross-border transaction systems. Basically it is a project that tries to lead…

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Ripple (XRP) token is illustrated as a physical coin

What is Ripple (XRP)? And how does it work?

XRP is a centralized cryptocurrency created by the company Ripple Labs, developed as a solution to allow banks and financial entities of all kinds to use the power of blockchain technology to improve their cross-border transaction systems. Basically it is a project that tries to lead blockchain to improve aspects of the financial system that we still have.

The XRP token is a cryptocurrency that has been operating on Ripple’s open source platform since 2012. The bases of its creation have been very different from other traditional cryptocurrencies, this being a centralized currency. Choosing to invest in Ripple means taking advantage of the pros that come with cryptocurrencies while staying in a financial safe zone, as several banks support this project.

XRP is known as the banks’ cryptocurrency, since the Ripple protocol is intended to be a complement to the current banking system, where it helps international transfers to transform from fiat money, gold and even air miles. The goal behind its design was to make such transactions faster and cheaper. This cryptocurrency — unlike Bitcoin — does not require as many confirmations to process a transaction and its consensus system is its own. It seeks to be used to make cross-border payments almost instantaneously.

Much to the contrary of Bitcoin and other cryptocurrencies, Ripple does not operate under blockchain technology as such. Instead, it employs DLT (Distributed Ledger) technology alongside its own consensus protocol called the Ripple Protocol Consensus Algorithm (RCPA). This helps them to validate the transactions that are carried out within the RippleNet system. Thus, RippleNet has special servers in charge of validating transactions and XRP tokens.

The logo of Ripple (XRP) on top of water

These servers do not offer a reward like the case of Bitcoin, but rather it is a network managed by independent servers. This type of structure is what makes Ripple highly centralized. And it is that most of the XRP nodes are owned by the same banks that make use of the system and by the company Ripple Labs. Furthermore, it is estimated that more than 60% of their tokens are in the hands of their own developers.

What can I do with Ripple (XRP) in Australia?

Like other cryptocurrencies, Ripple has a ton of uses that will benefit you in one way or another. However, we must first clarify that although the price of Ripple is relatively stable it is NOT a stablecoin. The XRP price does fluctuate and in fact has grown a lot since it was launched on the market. Currently 1 XRP token is worth AUD $0.3, although it is not close to its maximum price (or its minimum price), which means that in the face of any market movement we will be able to buy cheap XRP directly with our AUD and benefit from price variations.

For those who invest in Ripple, buying several items with XRP such as video games, hardware wallets (Trezor and Ledger), purchase VPN services, Internet Hosting and more is very easy. Also, since it is totally legal and Australia has been so adoptive with cryptocurrencies, you will surely find some merchant who is willing to offer you a product/service in exchange for XRP.

It is worth mentioning that you can also use XRP to carry out international transactions at very low commission rates and without the possibility of fraud. Also, an XRP transaction is processed much faster than a Bitcoin transaction (which takes about an hour to be confirmed). This is ideal if you have a business or a company that has to work from other countries or you need to make some kind of significant investment.

A professional gamer is playing a game

Why should I invest in Ripple (XRP)?

Ripple Labs has established alliances with several of the main major banks worldwide. Among them are BBVA, Santander, Axis Bank, Yes Bank, Westpac, Union Credit, NBAD, UBS and Itaú. We can also review the association it has with the Federal Bank of India, which is one of the largest in this Asian country, and also an important financial center. All of these banks have decided to use Ripple’s technology to make cross-border payments where they can relate to the remittance market they manage. This makes Ripple a trustworthy project and gives us an idea of how serious it actually is.

As the use of Ripple is greater in the financial ecosystem, its price in the market will increase significantly, so if someone were to invest in Ripple right now, they would be getting amazing returns within the next months. Since its launch, the coin has been growing in value steadily but perhaps a little slower than other cryptocurrencies, but if the forecasts are met, it may become the second cryptocurrency by market value in very few years. A revaluation potential that will allow those who buy it today to enjoy a great return on their investment.

Ripple does not use blockchain technology in a similar way to the rest of cryptocurrencies, since it uses its own encryption system through its own network, faster and capable of greatly reducing transaction costs. Its system allows real-time payments and users can send and receive money at any time and between people anywhere in the world. A unique technology in the cryptocurrency market that undoubtedly turns Ripple into a payment system with its own personality.

A person is holding a physical model of Ripple (XRP) token

Thanks to all of the above, Ripple is a cryptocurrency that enjoys great stability in the cryptocurrency market. While other digital currencies grow and decline randomly with the ups and downs of the markets, Ripple shows a more stable situation with sustained growth. This provides a guarantee for investors, who will not have much chance of losing a significant amount of their investment if they need to sell their ripples. As you can see there are many reasons that invite investors to buy Ripple before other cryptocurrencies. Its multiple benefits for companies and users and the growth potential that it has thanks to its irruption in the banking business can make this cryptocurrency one of the great protagonists of the coming years in the crypto ecosystem.

How to start investing in Ripple (XRP) in Australia?

The first step to invest in Ripple will be to register for a wallet service where, after obtaining an XRP address, we can receive direct payments. Another option would be to register with an exchange company, although it will totally depend on your level of experience to successfully buy XRP tokens, considering that you have chosen a platform that offers a Spot market and not only perpetual contracts.

If you are starting in the world of cryptocurrencies and want to know how to buy Ripple in Australia, you can opt for a local exchange platform with integrated cryptocurrency wallet, just like Easy Crypto Australia (AU) is. On this platform you can register and verify your data with KYC procedures to be able to buy the available cryptocurrencies (NANO, BAT, BTC, LTC, ETH, EOS, XRP, DASH, OMG, XTZ, DGB, DOGE and many more) through bank wire transfers with your AUD funds, saving you the time to buy BTC in another exchange and then convert them to XRP tokens.

The logo and the tagline of Easy Crypto on a dark background

Once you have made the first purchase, your experience level will change and you will have understood the purchase mechanism, so you can then explore the Swap options and other functions that the platform allows.

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Why Should We Have Cryptocurrency in Australia? https://au.easycrypto.ai/learn/why-we-should-have-cryptocurrency-in-australia/ Sun, 02 Aug 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2127 Cryptocurrencies move hundreds of millions of dollars monthly and represent one of the markets with the highest profit margin, especially since there is a lot of volatility and prices fluctuate frequently. If we combine this with the decentralization aspect that these digital assets generally impose, we will have a perfect recipe to invite people unrelated…

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Cryptocurrencies are illustrated as physical coins in someone's hand

Cryptocurrencies move hundreds of millions of dollars monthly and represent one of the markets with the highest profit margin, especially since there is a lot of volatility and prices fluctuate frequently. If we combine this with the decentralization aspect that these digital assets generally impose, we will have a perfect recipe to invite people unrelated to traditional financial institutions to participate.

As could be expected, Australia has been one of the countries with the highest adoption of cryptocurrencies in the world, since we can see from thousands of people participating in the crypto markets using the local currency (AUD) to businesses that accept Bitcoin as a payment method. Furthermore, Australia’s regulatory agencies have taken action on cryptocurrencies that allow their free circulation while preventing them from being used for illegal purposes (taking advantage of their anonymity feature).

That being said, we can understand that cryptocurrencies are legal in Australia and even the largest crypto exchange companies include AUD as a deposit method and even as a trading pair. This crypto ecosystem continues to grow and joining means growth for us too, especially since it works with futuristic technology and comprises a series of advantages that we will explain later.

The reasons why it is important to have cryptocurrency in Australia

Investing in crypto is easy

There has never been as much information about the cryptocurrency world as there is today, making crypto transactions extremely easy to execute. The truth is that saving and receiving/sending crypto transactions is not rocket science, since all you need is to have the funds and a destination address where to send the tokens.

Additionally, many companies have emerged that offer wallet services for a long list of cryptocurrencies. Although it is true that it is only recommended to use these services if you can trust them with your money, we must also consider that there are currently many faultless and reputable companies that you can trust.

A person holding a phone in front of Bitcoin ATM machine to do some transactions

High profitability

The volatility of this market is something we all know about. However, while such volatility presents high risk, it is also a great opportunity to quickly increase anyone’s financial capital. This attracts investors who are risk tolerant, as well as financial capital who are willing to risk.

Unlimited and cheap transfers in the market

On the other hand, cryptocurrencies are assets that allow the transfer of funds at home or abroad quickly and with much lower rates than existing services.

It should also be noted that immigrants use cryptocurrencies as a way to support their family members who are still living in countries that are going through disastrous economic situations. Millions of dollars in crypto have entered these countries because of how easy it is to send cryptocurrencies.

Thanks to blockchain technology, which is the basis of cryptocurrencies, the price for sending funds changes dynamically, depending on demand, and is almost always lower than what the client would pay if they used traditional banking channels.

Blockchain generates security

In addition to keeping track of transactions, blockchain technology provides security, decentralization, and transparency.

The answer to all the questions about the best time to invest in cryptocurrencies, if it is safe to invest in them, is in the hands of Blockchain technology. This is because the technology of this system guarantees the security of transactions in a way never thought before.

Similarly, it could be said that blockchain technology is here to stay and that it is one of the great advantages of this market.

In conclusion, the growth of the cryptocurrency market at an exponential rate has led people to believe that the future of finance is here.

Businesses have started accepting cryptocurrency payments in Australia

Due to the high acceptance of cryptocurrencies by Australians, many businesses in Sydney, Melbourne, Brisbane and Perth are offering their products and services in exchange for BTC at a price equivalent to their original value in AUD.

This is very convenient for people who receive income in cryptocurrencies (especially Bitcoin) since they can make their purchases with their tokens without having to make an exchange. Among these businesses, we can find bars, cafes, restaurants, hairdressers, tattoo shops and medical offices.

How to buy cryptocurrency in Australia?

The excellent review for Easy Crypto via Trustpilot
The excellent review for Easy Crypto via Trustpilot

Buying cryptocurrency in Australia is exceptionally easy, as there are multiple BTC ATMs and alternatives on the internet to exchange AUD for BTC. Although there are large crypto exchange companies in Australia offering this service, Australian residents may feel more comfortable buying Bitcoin through a local exchange platform such as Easy Crypto AU. Easy Crypto AU allows you to buy Bitcoin and other cryptocurrencies through bank wire transfers directly with AUD and automatically attributes the tokens to your BTC wallet. At excellent spread rates, you will have a comfortable and simple experience with the Easy Crypto service.

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Is Ethereum A Good Investment? Is It Worth Buying? https://au.easycrypto.ai/learn/is-ethereum-a-good-investment-is-it-worth-buying/ Sat, 01 Aug 2020 01:45:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2110 Ethereum is an integrated software platform that works through blockchain technology to create new decentralized applications. The idea behind the creation of Ethereum was to create an improved version of the pioneering cryptocurrency Bitcoin, although the two projects are very different. When we say Ethereum is a decentralized system, we mean that it is not…

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Ethereum investment is illustrated as physical gold coins

Ethereum is an integrated software platform that works through blockchain technology to create new decentralized applications. The idea behind the creation of Ethereum was to create an improved version of the pioneering cryptocurrency Bitcoin, although the two projects are very different.

When we say Ethereum is a decentralized system, we mean that it is not under the control of any financial or government institution. In other words, it is a 100% autonomous protocol and governance is observed among all the volunteers’ computers around the world, thus eliminating the probability of Ethereum “disappearing”.

While Bitcoin is primarily a P2P payment system intended to carry out transactions that are processed on a blockchain network, Ethereum has expanded the capabilities of its own network, allowing it to exercise coding language functions, manage decentralized operations, and even web browsers.

Now, considering that Ethereum is the platform where these applications work and work as a decentralized internet with stores for different softwares, it is logical that we need a means of payment to acquire these services. To do this, Ether was created.

Ether, like Bitcoin, is a digital asset that does not require the participation of third parties to start negotiations. Although this cryptocurrency also participates (and with a high price) in the market, it also serves to allow developers to make updates and/or changes to their applications within the Ethereum network, just as if it were fuel to work. No matter the reason why you’re buying Ethereum, it is always a good investment and crypto exchange platforms in Australia (and all over the world) know it.

The Ethereum logo on a dark background

The reasons why Ethereum is a good investment

Ethereum is one of the most popular cryptocurrencies in the market today. That’s because it has the potential to compete Bitcoin and many benefits to offer. Here are those benefits and reasons that make Ethereum is a good investment:

1. Fast evolution

Ethereum is a cryptocurrency that saw its origins in 2014, and since then it has gone through a slow but progressive increase in its prices and trading volume. The digital currency is just barely 6 years old and has better growth indicators than Bitcoin has had in its first years of history.

Ether has shown very favorable prospects particularly this year, going from trading at $8 to registering values ​​today above $1,417 per unit.

Experts in the area of ​​cryptocurrencies assure that Ethereum is barely seeing its beginnings and that its performance may be much more promising in the years to come.

2. Accessible price

Surely those interested in entering the ecosystem of digital currencies the first alternative that comes to mind is to invest in Bitcoin, although it is possible that many think twice when they see the value that digital currency currently registers per unit, which currently exceeds USD 9,300.

For its part, Ethereum is a much cheaper currency that also enjoys good standing and reputation. ETH is currently trading on the cryptocurrency market at $245 per unit, making acquiring ETH tokens easier in terms of investment than thinking about buying Bitcoin tokens. Crypto exchange companies in Australia currently have a 342 AUD price on ETH.

If we consider this point in light of the aforementioned, it could be a smart purchase to invest in Ethereum right now, since it has already registered prices very close to $400 per unit and its value is expected to increase in the short term.

3. Faster and cheaper transactions

One of the problems afflicting Bitcoin users right now is the existing collapse within the network, which results in the owners of assets in the digital currency being forced to pay higher commission margins than usual so that the respective transfer arrives as soon as possible to its recipient.

With Ethereum, this does not happen. Despite the fact that the volume of operations and the number of users making transactions is much higher than that of Bitcoin (especially due to the incorporation of ICOs), the digital currency network promoted by Vitalik Buterin manages transfer costs equivalent to some few cents, and the same is confirmed by the Blockchain in less than approximately 30 seconds.

Vitalik Buterin is speaking in public a forum

4. Easier to mine

Knowing that Ethereum is a worthy investment, a lot of people stopped buying it and actually mine it. Unlike Bitcoin, to carry out mining activities with Ethereum it is not necessary to have a mining CPU specially designed for that purpose, since they are not compatible with the digital currency network. Just as you can buy ETH in Australia, you can mine ETH tokens too.

Instead, users interested in mining assets should only invest in video cards destined for this purpose and install them on the corresponding computer. While mining activities require some important technical knowledge, Ethereum reduces the burden on stakeholders by minimizing the initial investment margin, since the hardware required to mine the digital currency created by Buterin may be cheaper than those traditionally used for mining Bitcoin.

5. Programmed and optimal evolution

Ethereum’s team of programmers has a series of documents in which they inform users about the most important updates to be made to the digital currency infrastructure, in order to improve the operation of the network and gradually convert it into a platform that best suits the needs of its users.

This represents an important point in comparison to the situation that Bitcoin was presenting, since to make important modifications to its operational components, the approval of at least 85% of the ecosystem mining participants was required, since they would have to carry carry out the installation of the respective changes in your mining devices so that the network can assume the respective change.

Although miners have the opportunity to decide which version they prefer, the advancement of the network is mainly led by the main programmers, who, to cite an example, launched Metropolis (a proposal to improve aspects of the network as the issue of scalability) a couple of years ago, while Bitcoin carried out the installation of SegWit after almost more than two years of heated debates regarding the future of the currency digital.

6. Growing commercial adoption

In recent years, the number of exchange services and companies that have seen Ethereum as a good economic opportunity has grown, as they have sought to incorporate into the digital currency.

Ethereum tokens are illustrated as physical coins

What are Smart Contracts? And why they are so important?

Smart contracts are a set of instructions that execute agreements specified by two or more parties, causing a certain action or protocol to be carried out after these conditions are met. That is, when a pre-programmed condition occurs, the smart contract automatically executes the corresponding clause.

These smart contracts “live” in an atmosphere not controlled by any of the parties involved in the contract, in a decentralized system.

Basically, the conditions are programmed, signed by both parties involved and placed on a blockchain so that it cannot be modified. Blockchains, as we know, are shared networks and governed by the consensus of all participants, therefore, it cannot be modified or falsified.

The main objective of these contracts is to implement a higher security status than the traditional contract, reduce costs and reduce the time associated with this type of interaction.

Is now the best time to buy Ethereum?

Considering the current price of Ether, we are facing one of the best times in history to buy as many tokens as we can. If we analyze a chart of ETH / USD in monthly timeframe, we will realize that the price has already fallen everything that had to fall from its maximum price since it was launched to the market and has started a new uptrend that, although it will take time to taking Ethereum to much higher levels could return us up to 100% of our investment in the medium term.

Let’s not forget that Ether was trading at $ 440 for a long time and it’s a solid range for the cryptocurrency, so it’s likely to hit that price again soon. The charts define Ethereum as a great investment opportunity.

Also, remember that there are many cryptocurrencies that have different functionalities and since they belong to the Ethereum blockchain, they can only be acquired by ETH tokens. In short, we are facing the best time to buy Ethereum if we ignore the first year of its launch and its ICO (Initial Coin Offering), obviously.

Is it safe to buy Ethereum in Australia?

It is 100% safe to buy Ethereum from Australia as long as you are registered on the correct platform to do so. It should be noted that although the cryptocurrency boom gave rise to many large exchange companies that carry out very useful procedures, a new class of scammers also appeared, which we must avoid at all costs if we are interested in protecting our money.

However, Australian residents will be able to buy ETH tokens from the local Easy Crypto AU exchange platform, where you can register and verify your account through a KYC process, thus establishing a relationship of trust between the user and the exchange to carry out the desired negotiations.

The logo of Easy Crypto and its tagline on a dark background

Easy Crypto has affordable spreads and a very simple process to buy cryptocurrencies (ETH, in this case) with AUD, so it is not necessary to acquire other cryptocurrencies first to make the purchase, although there are also other payment methods in crypto. If you have doubts, the Easy Crypto customer service team will accompany you throughout the process so that you have the best experience buying cryptocurrencies.

The post Is Ethereum A Good Investment? Is It Worth Buying? appeared first on Easy Crypto.

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How to Choose A Bitcoin Exchange in Australia? https://au.easycrypto.ai/learn/how-to-choose-a-bitcoin-exchange-in-australia/ Fri, 31 Jul 2020 01:00:11 +0000 https://au.easycrypto.ai/?post_type=learn&p=2126 What is Bitcoin exchange and how does it work? A Bitcoin exchange is a service that functions as an intermediary between users and cryptocurrency markets, allowing them to buy and sell Bitcoin and hundreds of other digital assets, just like CFDs (Contracts For Difference) between cryptocurrency pairs. These markets are offered to people through these…

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Physical Bitcoin is standing on the top of Australian Dollars

What is Bitcoin exchange and how does it work?

A Bitcoin exchange is a service that functions as an intermediary between users and cryptocurrency markets, allowing them to buy and sell Bitcoin and hundreds of other digital assets, just like CFDs (Contracts For Difference) between cryptocurrency pairs. These markets are offered to people through these companies that are in charge of preparing decent platforms with all the necessary tools so that the user has a satisfactory experience in their investments.

The Bitcoin exchange began to appear years after the creation of Bitcoin itself, at the time when new cryptocurrency projects and independent tokens emerged that went on sale in their respective ICOs (Initial Coin Offering) and obtained a quote, thus creating with over time (and among many other projects) the cryptocurrency market.

These companies also allow cryptocurrencies to operate as pairs with fiat currencies such as USD, EUR, AUD and others, in addition to accepting deposits with credit / debit cards and bank wire transfers. Most Bitcoin exchanges allow you to transform the balance available on the platform to cryptocurrencies and make withdrawals to another wallet or to your personal bank account, if you prefer fiat withdrawals.

For example; if you are using a Bitcoin exchange in Australia and would like to receive your earnings in AUD, the platform recognizes your withdrawal petition and sends the money to your bank account after requesting it. If you want a BTC withdrawal, you can receive your tokens in a personal wallet and keep them for hodling or you can also sell Bitcoin in Australia, as it is completely legal.

What to consider when choosing the Bitcoin exchange?

The illustration of Bitcoin exchange process

Before depositing our money to any Bitcoin exchange in Australia or any country, we must ensure that we are choosing the best possible service. We will know this by analyzing the properties and capabilities of each exchange company to determine if it is worth our trust.

Security

Due to the fact that these platforms move huge amounts of money they are frequently targeted by phishing and cyber attacks. Criminals will take advantage of any type of vulnerability or system failure to access significant amounts of money belonging to users and withdraw them between different wallets.

For this reason, trustworthy exchange companies decide to encrypt their systems using complex security protocols and keep most of the funds in cold storage (offline storage), which prevents anyone from accessing these funds without authorization.

Another important aspect is 2FA (2-factor authentication), a security protocol that verifies if the person behind the login is really the user by sending a verification code to their mobile device and email, which will have to be entered to the system to access the account.

Technology

It is logical that we look for a Bitcoin exchange built on recent technologies and the platform is programmed to respond to every request made by a user. It will depend on this aspect that our actions within the exchange can be carried out successfully.

Transparency

Each Bitcoin exchange has to be fair to its users, this includes the internal policies of the platform and the company in general terms. Let’s also remember that there are many fraudulent exchange platforms that scam their users through requests such as deposit minimums and use the money invested for other purposes, which begins to trigger problems when users make a withdrawal.

The illustration of blockchain technology's transparency

We recommend using regulated exchange services because you can count on your money to be safe. If a Bitcoin exchange is regulated, you can be sure that they will not be able to commit fraudulent maneuvers, improperly take advantage of users’ investment or manipulate prices at will. Generally, we can know if an exchange company is regulated by whether it asks for KYC (Know Your Customer) verifications in order to operate on its platform.

In addition, we also recommend using a Bitcoin exchange that can support users in the event of a security breach since the blame does not fall on the users (logically).

Fees

Bitcoin exchanges receive profits through trading fees and spread with which they establish market prices. This means that a percentage will be taken from each transaction and for each contract you buy, they will receive a small part. You might as well choose an exchange with low fees.

User experience

The exchange platform that we are going to use must be smooth and easy to use, which means that we should not go through bugs or difficulties when placing an order or canceling it. We also need to be able to understand the interface and familiarize ourselves with the options, in order to be able to play a good role in our experience.

Where to buy Bitcoin in Australia?

You can buy or sell Bitcoin in Australia using an exchange company that meets the requirements you are looking to create an account, buy the BTC tokens from friends or family who are interested in exchanging them or simply buy BTC from a Bitcoin ATM in Australia. These devices process your transaction and allow cash and card purchases to then send the equivalent amount in BTC to a wallet that you must specify.

The front page of Easy Crypto website

If you are looking to get the best crypto exchange in Australia that means you’re looking for a transparent option that allows you to directly deposit in AUD and buy tokens to your preference, so it is recommended that you use a local platform like Easy Crypto AU.

Easy Crypto is an exchange service for Bitcoin and many other cryptocurrencies that will allow you to make purchases in AUD and/or other cryptocurrencies, as long as there is a wallet for it. This service also allows bank wire transfers and will ask you to go through a KYC verification before you can buy or sell digital assets on the platform.

Signing in is very easy and the platform has a friendly interface that will allow you to explore every inch of it so you can get used to how the options work.

The post How to Choose A Bitcoin Exchange in Australia? appeared first on Easy Crypto.

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Can I Buy A House With Bitcoin in Australia? https://au.easycrypto.ai/learn/can-i-buy-a-house-with-bitcoin-in-australia/ Fri, 24 Jul 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2108 As technology advances, the choice to buy a house with Bitcoin here, in Australia, is possible. It’s already been done in other countries, like Spain, Argentine, and Portugal. Bitcoin (and other cryptocurrencies) can be used to buy many kinds of things. And a house is not an exception. Although Bitcoin was born as an alternative…

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Stack of physical Bitcoins and a miniature of a house

As technology advances, the choice to buy a house with Bitcoin here, in Australia, is possible. It’s already been done in other countries, like Spain, Argentine, and Portugal. Bitcoin (and other cryptocurrencies) can be used to buy many kinds of things. And a house is not an exception.

Although Bitcoin was born as an alternative to an economic system that simply cannot avoid falling into crisis, it has been used as a payment method in different spaces since its first appearance. In its main stage, it was mostly marketed on the deep web for its decentralization and anonymity characteristics, until it was eventually accepted and promoted worldwide.

Currently, retail and institutional investors market products and services with Bitcoin and/or other cryptocurrencies, which has led to the growth of this digital asset. We can use Bitcoin to pay for online purchases, air tickets, health services, cars and of course, houses. To help you with some guidance, here, you can find the list of recommended businesses that accept Bitcoin as a payment method in Australia on our Learn-page.

The advantages of buying things with Bitcoin

The main advantage of purchasing products and services with Bitcoin is that we will get discounts frequently, not to mention that on many occasions we will end up paying fewer thanks to the price of BTC in the market. If we have 10 BTC and each Bitcoin is worth AUD 10,000, we have the token equivalent of AUD 100,000, so if the market drives the price towards AUD 12,000, we would be earning AUD 2,000 per token, leaving us with AUD 20,000 of profit.

The illustration of things that you can buy with Bitcoin in Australia

However, it is irresponsible to say that we will only experience bullish changes in the price of Bitcoin. The cryptocurrency market is relatively new, which is why it is still volatile and prices fluctuate every day. This can be a problem if we need liquidity in our capital and the BTC price falls since we would be losing its value in fiat currency and we would be spending more tokens than before.

For this reason, it is recommended to have a percentage of the capital in BTC and another in fiat currency (or stablecoins) to protect yourself against these sudden market movements.

Another positive aspect of buying things with Bitcoin is how fast and easy it is, especially if they are items that we buy on the internet. Payments are made only with a multi-signature address that will provide us with the part that receives the money and will have the funds available in your account in approximately 40 minutes, without the possibility of the transaction being returned or reported (as frequently happens in banking institutions.

How to buy a house with Bitcoin in Australia

Logically, the first step to buy a house in Australia with Bitcoin is by acquiring the equivalent in BTC tokens at the real price of the property in AUD. Unless you already have a business with a strong Bitcoin income that you have been saving. Although no property sales have been reported in BTC, this does not mean that an owner cannot decide the payment method for a property that he is selling, which would make the negotiation a little more personal and the terms between both parties (Bitcoin price, BTC address, etc.).

The formalities procedure to define property title and other legal specifications would be carried out in the same way as if it were a traditional property sale. Considering that there are still some limitations regarding Bitcoin’s immense reach, this process should be carried out thoroughly and with the agreement of both parties.

The illustration of a person who buys a house with Bitcoin in Australia

As has been done in countries such as Spain, Argentina and Portugal (countries where the purchase of properties with Bitcoin has become popular), the terms are a reason for negotiation between the buyer and the seller, although the transactions cannot be falsified or cancelled once processed.

How to get started with Bitcoin, before buying a house

The fastest and easiest way to acquire Bitcoin if you do not have experience with large exchange companies and/or do not have someone you know who is willing to trade their tokens is through a local exchange platform.

For Australian residents, Easy Crypto is the best option, since it allows you to acquire/buy Bitcoin or other cryptocurrencies in Australia such as Ethereum, Bitcoin Cash, Cardano, Litecoin, Chainlink and more through a bank wire transfer with AUD. Basically, you are acquiring the cryptocurrencies of your choice as if you were paying for any other online product.

The commission rates are decent and the platform accompanies you throughout the entire purchase process to ensure that your experience is satisfactory. After completing your order, your BTC tokens will be credited to your crypto wallet so that you have them as you wish. It should be noted that for bank transactions the minimum order is AUD 50 and the limit AUD 100,000.

Take a look at Easy Crypto Australia and familiarize yourself with the different options that we have on the platform. Our customer support team will be attentive to answer any questions or walk you through the negotiation process.

The front page of Easy Crypto website, the crypto exchange to buy Bitcoin (BTC) or other cryptocurrencies in Australia

How about that? Are you feeling interested in joining Bitcoin revolution? Let’s get started with Easy Crypto today, and buy your house with Bitcoin.

The post Can I Buy A House With Bitcoin in Australia? appeared first on Easy Crypto.

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Bitcoin ATMs in Australia: What, Where, & How to Use https://au.easycrypto.ai/learn/bitcoin-atm-in-australia-what-where-how-to-use/ Mon, 20 Jul 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2087 These days, Bitcoin ATMs are easily found in Australia. Over the past years, there numbers continue to grow. One by one Bitcoin ATMs have popped up in some areas. And that is great news since the number of people who buy Bitcoin is increasing as well in Australia. But the existence of the Bitcoin ATM…

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Two Bitcoin ATM machines and an Ethereum ATM machine

These days, Bitcoin ATMs are easily found in Australia. Over the past years, there numbers continue to grow. One by one Bitcoin ATMs have popped up in some areas. And that is great news since the number of people who buy Bitcoin is increasing as well in Australia.

But the existence of the Bitcoin ATM is still surrounded by confusion and a lot of questions by many people. Most of them still have no idea what a Bitcoin ATM is, what it looks like, how to use it, and where they can find them.

Luckily for you, today we’re going to talk about Bitcoin ATMs in Australia. Let’s start with the basics.

What is a Bitcoin ATM?

Bitcoin ATMs are ATMs as we know them but designed to sell Bitcoin (BTC) to users in fiat currency, thus serving as an alternative to people who are not familiar with exchange platforms. Most of these Bitcoin ATMs in Australia have the option of both buying and selling Bitcoin, which is very useful among customers.

These devices have a friendly and intuitive interface, which makes buying and selling Bitcoin using them, simple. The procedure for purchasing Bitcoin at these ATMs should be as familiar as standard ATMs so users of different ages and generations are able to transact. There are different models but they all work the same and each process is indicated when interacting with the device.

How to buy Bitcoin in Australia with Bitcoin ATM?

As we have previously mentioned, the process to buy BTC through a Bitcoin ATM is simple and almost anyone can do it. Unlike buying cryptocurrencies on an exchange platform, these Bitcoin ATMs allow you to buy with fiat currency in cash without having to enter the market to do so.

However, we have to highlight that the commissions when making an exchange with these devices is approximately 5% more expensive than the original market prices. This make a Bitcoin ATM not the best instrument for acquiring lots of Bitcoins, but it will serve to make people aware of it.

A person holding a phone in front of Bitcoin ATM machine to do some transactions

Follow these easy steps to buy Bitcoin in Australia with Bitcoin ATMs

  1. Complete a KYC process

    The first step is to complete a KYC (Know Your Customer) process to register your identity and be able to proceed with an exchange. Unlike some wallet services, Bitcoin ATMs do not allow anonymous or private transactions, thanks to the intervention of FinCEN. The device will scan your ID and/or request your fingerprint for identification.

  2. Provide your Bitcoin address

    The next step is to provide the address of your Bitcoin wallet to receive the tokens or coins.

  3. Make the order

    Now you must insert the cash equivalent to the amount of Bitcoins you want to buy.

  4. Confirmation

    Confirm the exchange and you have completed a successful exchange.

Make sure you use a crisp note so it goes in nicely and enter the exact amount. In most cases, the minimum purchase is equivalent to 5 AUD, although it may vary depending on the type of Bitcoin ATM and the place where it is located.

How to withdraw cash from a Bitcoin ATM?

Just as you can buy Bitcoin in Australia by using a Bitcoin ATM, you can sell Bitcoin as well and receive cash in return. This procedure is as simple as purchasing.

  1. Provide the account
    First, you will have to enter your Bitcoin ATM account, locate the “Withdraw Cash” option and press it.
  2. Specify the amount
    Specify exactly the amount of cash you want to receive in exchange for your Bitcoin.
  3. Receive QR code
    The device will provide you with a QR code with a Bitcoin address. This address must be used to send the equivalent in tokens that you wish to withdraw.
  4. Collect your cash
    After 30 minutes (waiting time to receive the necessary block confirmations) your transaction will be recognized by the Bitcoin network and you can collect your cash.

The purchase limit per person is the equivalent of USD 3,500, making it impossible to buy or sell a full Bitcoin token in its current price with these Bitcoin ATMs. However, you can periodically buy if you intend to collect multiple tokens and save them for the long term. It should be noted that the limit will vary on almost every Bitcoin ATM.

Just like buying Bitcoin, exchanging them for cash charges a commission that will be deducted from the total balance. This fee can range from 5% to 10% depending on the device in use. Generally, there is also a cash withdrawal minimum limit and it is the same as the purchase minimum limit of $5 AUD.

An illustration photo of Bitcoin (BTC) ATM in Australia

Where to find Bitcoin ATMs in Australia?

Bitcoin ATMs have been popping up all over the world for the past 10 years, especially in first world countries. Naturally, people have gotten used to it and it is more and more common to see someone owning a bit of Bitcoin than ever before.

In Australia, there are a good number of these devices and they are distributed throughout the cities, so here is a small list in case one of them is near your location.

In Brisbane:

Phoenix Rising Cafe BTC ATM

  1. SkyHook BTC ATM.
  2. Fiat to Bitcoin only.
  3. 7 days a week from 10:00 am to 6:00 pm.
  4. Phoenix Rising Cafe, Lot 9 No2 Blue Knob Road, Nimbin NSW 2480.

Air Mobiles Bitcoin ATM

  1. Lamassu.
  2. Fiat to Bitcoin only.
  3. 9 AM to 5:30 PM weekdays with late-night availability on Thursdays until 9 PM. Weekend hours 10:00 AM to 4:00 PM.
  4. Shop 94 Grand Plaza Shopping Centre, 65-85 Browns Plains Road, Browns Plains QLD 4118.

Quickbit Bitcoin Exchange Bitcoin ATM Sunshine Coast

  1. Lamassu
  2. Fiat to Bitcoin only
  3. Tuesday to Saturday 8:00 AM to 4:00 PM
  4. 2/39 Brisbane Road, Mooloolaba, Sunshine Coast Queensland 4557

In Sydney

Haymarket City Convenience Bitcoin ATM

  1. Lamassu
  2. Fiat to Bitcoin only
  3. 24/7
  4. 86 Liverpool Street, Sydney NSW 2000

Wynyard Circular Quay City Convenience Bitcoin ATM

  1. Lamassu
  2. Fiat to Bitcoin only
  3. 24/7
  4. 234 George St, Sydney NSW 2000

Lucky 7 Crystal Minimart Bitcoin ATM

  1. Genesis Coin
  2. Bidirectional Buy and Sell
  3. 6:00 AM to midnight
  4. 22 Crystal Street, Waterloo, Sydney NSW 2017

In Melbourne

Gorilla Direct Bitcoin ATM Richmond

  1. Lamassu
  2. Bidirectional Buy and Sell
  3. Monday to Friday 10:00 AM to 5:00 PM
  4. Level 1, 2/4 Bridge Road, Richmond VIC 3121

Macaulay Cleanskins Wine Bitcoin ATM Melbourne

  1. General Bytes
  2. Fiat to Bitcoin only
  3. 12:00 PM to 10:30 PM
  4. Address: 478 Macaulay Road, Kensington VIC 3031

The Mainchain Bitcoin ATM Melbourne

  1. General Bytes
  2. Fiat to Bitcoin only
  3. 24 hours, 7 days
  4. 160 Swanston Street Melbourne CBD, 3000

The alternative and faster way to buy Bitcoin online

As practical and easy as it can be to use a Bitcoin ATM in Australia, there are other, simpler, cheaper alternatives that do not require you to go outside, for example; a local exchange platform.

The five stars review for Easy Crypto via Trust Pilot
The five stars review for Easy Crypto via Trust Pilot

Easy Crypto is the perfect example of a cryptocurrency exchange platform in Australia, allowing you to acquire over 20 cryptocurrencies using AUD. You can pay through bank transfer or POLi Payments and the commission (expressed as spreads) are far less aggressive than those charged at Bitcoin ATMs.

To use the Easy Crypto service, you must register on the platform, complete the KYC procedure to verify yourself as an official member and you can start exchanging cryptocurrencies to your liking.

Feeling interested in purchasing Bitcoin now? Do not hesitate to contact us for more information about buying Bitcoin or any other cryptocurrency in Australia.

We’re happy to help 🙂

The post Bitcoin ATMs in Australia: What, Where, & How to Use appeared first on Easy Crypto.

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Is Bitcoin Legal in Australia? | Cryptocurrency Regulations https://au.easycrypto.ai/learn/is-bitcoin-legal-in-australia-cryptocurrency-regulations/ Sun, 19 Jul 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2086 A lot of people have started to use Bitcoin in Australia, and that’s great news. After all, it’s only a matter of time that businesses, companies, and us, the people, must adapt to a better system and technology. Bitcoin, as one of the cryptocurrencies in the world, is helping us with that. Some people buy…

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Stacks of physical Bitcoins on an Australia's national flag

A lot of people have started to use Bitcoin in Australia, and that’s great news. After all, it’s only a matter of time that businesses, companies, and us, the people, must adapt to a better system and technology. Bitcoin, as one of the cryptocurrencies in the world, is helping us with that. Some people buy Bitcoin as a promising investment, some again buy it for updating their payment method.

The problem is, like any new technology in the world before cryptocurrency, there’s still confusion around Bitcoin’s legality, its regulation, and surely, its security. Now to settle those questions, we’ll discuss the answer one by one.

How is Bitcoin regulated in Australia?

Cryptocurrencies have emerged as an alternative way to the traditional financial system, especially after the crisis it had during 2008 when a real estate bubble burst and bankrupt many people, an event that today we know as “The Great Recession“. Although the concept of a decentralized payment network without international borders sounds perfect for the common investor, it is a bit intimidating for the current economic apparatus and fiat currencies.

Blockchain and cryptocurrencies are widely accepted in Australia and unlike the United States government, they have taken a friendlier approach towards them. In fact, there are already a lot of businesses in Australia that accept Bitcoin as a payment method today. While participation in the crypto community is encouraged and developing, the government needs to keep a check to prevent tampering with these digital assets for money laundering, terrorism, or any form of reward for illicit activities.

However, in 2017 the Australian Government declared Bitcoin and other cryptocurrencies legal and recognizes them as property. So cryptocurrency will be taxed now in Australia and citizens will have to report them to Capital Gains Tax (CGT). This means that Australians will be able to freely exchange/buy cryptocurrencies, as long as they report to the tax office.

A sign that explains if businesses accept Bitcoin in Australia as a legal payment method

How is cryptocurrency exchange regulated in Australia?

Logically, exchange companies must follow transparency protocols in order to maintain Bitcoin operations in Australia. The last regulatory measures for cryptocurrency exchange were established in 2018 when AUSTRAC (Australian Transaction Reports and Analysis Center) requested that all exchange platforms operating in Australian territory be registered in its database, to verify users through Know Your Customer procedures ( KYC), maintain a history of the financial activities carried out and comply with the AML / CFT parameters.

Although there are complaints from some sectors of the crypto community, it is necessary to recognize that if anything has changed in regulatory measures in Australia, it is that they are now more flexible (at least since cryptocurrencies had been subject to double taxation), for what we can expect a future with even better laws for cryptocurrency exchange.

How to buy and sell Bitcoin in Australia safely?

Users will be able to buy Bitcoin safely regardless of where it comes from as long as they use a reliable crypto exchange in Australia. There are many exchange platforms to buy BTC tokens, although it is also true that many fraudulent initiatives try to take money from beginning users through scam operations. For this reason, we must first study the company to which we are going to entrust our money.

Making sure that you are using a legitimate platform is not difficult at all, since there are many companies that really provide this service and more. Another detail that should be mentioned is that not all of these sites support any type of fiat currency, which can hinder the purchase process with currencies like AUD. Same goes for selling Bitcoin in Australia.

In this case, the best option to buy Bitcoin in Australia would be to use a local exchange platform with good user policies and low rates, such as Easy Crypto Australia (AU), where you can acquire BTC tokens through direct purchase with AUD (or other cryptocurrencies) and save them in its wallet section. You can pay with bank transfers or the instant payment methods provided by the platform. Orders are processed in less than 2 minutes and the tokens will be credited to your account.

The five stars review for Easy Crypto from Trust Pilot
The five stars review for Easy Crypto on Trust Pilot

Upon receiving your BTC you can use them to take advantage of price variations, hold them (save them as a long-term investment) or trade if you have that type of experience.

Will Bitcoin ever be classified as illegal?

As the years go by cryptocurrencies such as Bitcoin gain even more prominence as a financial solution for people who know how to put it to better use. When Bitcoin first appeared it had something of a “taboo” around it for its anonymity and decentralization features, which allowed many users to use it for illegal purposes. An example of this is trading with Bitcoin that was established on the Silk Road, a deep web black market, where BTC first boomed.

However, the authorities caught wind of this and began taking steps to prevent users from engaging in these activities using cryptocurrency technology. Eventually, Bitcoin would be incorporated into society as more than just a currency to purchase things anonymously.

Currently, there are multiple businesses that accept Bitcoin in Australia and it can be used to buy air tickets, electronic, cars, tickets to events, clothing, doctor’s consultations and basically anything else that you can buy with fiat currency. This speaks to a giant margin of adoption around this digital asset.

If we analyze the level of progress and acceptance that we have seen in Bitcoin for 10 years (considering that the rate of adoption increases every year), we can deduce that in the near future we will be able to use this cryptocurrency for many other purposes and see it become a refuge to protect the capital of millions of people, as it has already been doing.

Knowing Bitcoin is legal in Australia, is it worth the investment?

If the world’s first countries have already classified Bitcoin as “legal”, it is difficult to imagine that they will reverse the decision and make it illegal, especially once it has been integrated into our economic system and BTC transactions are as common as fiat.

Bitcoin is illustrated as physical gold coins with its price on chart

Another important aspect of saving BTC tokens in the long term is the potential gains that you can get without doing anything. This cryptocurrency was created with deflationary technology, which means that instead of losing its value over time, it will increase.

The Bitcoin network undergoes a process called “Halving”, where the mining reward is halved every 4 years. This makes the demand for BTC higher and the supply lower, periodically increasing the price of that currency. The highest peak of the Bitcoin price took place in December 2017, in a bull run that exceeded $ 20,000 USD.

If we think about the fact that we have just experienced another halving and there are many more to come, it is worth taking advantage of that Bitcoin is totally legal and saving some tokens, even if it is little by little.

The front page of Easy Crypto website

Now that you finally know and sure about the legality of Bitcoin in Australia, how do you feel about trying it? Do not hesitate to Easy Crypto team if you want to buy Bitcoin in Australia legally.

We are always ready to help.

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What Is UNUS SED LEO: Where & How to Buy LEO in Australia https://au.easycrypto.ai/learn/what-is-unus-sed-leo-how-to-buy-in-australia/ Sun, 12 Jul 2020 01:00:00 +0000 https://au.easycrypto.ai/?post_type=learn&p=2046 UNUS SED LEO was just added to BitFinex on May 20, 2019. It was founded as part of iFinex, to extend the capabilities of its platform and services. The technology is based on the Ethereum network, which means UNUS SED LEO is also an example of ERC20 tokens. And like many other cryptocurrencies, it has…

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The logo of UNUS SED LEO on dark background

UNUS SED LEO was just added to BitFinex on May 20, 2019. It was founded as part of iFinex, to extend the capabilities of its platform and services. The technology is based on the Ethereum network, which means UNUS SED LEO is also an example of ERC20 tokens. And like many other cryptocurrencies, it has a goal to become a digital form of value too.

According to Coin Market Cap, UNUS SED LEO has a current supply of 999,498,892. Its last known price is at $1.24 USD and is up 4.31% over the day this article was being written. It is thriving pretty well in the market, and there’s no reason not to try it.

But first, here’s everything you need to know about UNUS SED LEO.

What is UNUS SED LEO?

It is a utility token for the trading platforms and commercial services of the iFinex companies, which is why when using it on BitFinex and EthFine, users will get discounts and will be charged less fees. Note that Bitfinex is a renowned cryptocurrency exchange platform, creators of USDT (Tether).

This cryptocurrency was released last year. Although the token was launched by iFinex, Bitfinex was in charge of its development.

Bitfinex announced that its ICO (Initial Coin Offering) raised a billion dollars in what was its first IEO (Initial Exchange Offering). After this private sale, in which a total of 1,000,000,000 LEO tokens were sold at $1 per unit. 

Its price at the time of publication is $1.20 USD and in its relatively short period in the market, it has reached nothing more and nothing less than the 15th position in the market capitalization ranking according to CoinMarketCap.

One of its peculiarities is that this token has been launched on two blockchain platforms. The LEO team decided to adopt an innovative dual protocol approach. UNUS SED LEO was launched on Ethereum and EOS, a decision that provides benefits such as greater flexibility and ease of use for token holders and support for protocols.

Is UNUS SED LEO legal?

The acquisition of UNUS SED LEO is completely legal and even encouraged by the crypto community. In fact, very few countries establish prohibitions to buy cryptocurrencies, thus giving more room for the adoption of new tokens and blockchain technology applications.

Regarding the legal framework for cryptocurrencies in Australia, it should be noted that on September 20, 2018, the country announced the withdrawal of double taxation of digital currencies, which meant the end of the recording of this type of transaction.

The illustration of blockchain technology

Why do people in Australia buy UNUS SED LEO?

● Australians registered with Bitfinex and store LEO on the platform will enjoy 15% reduced fees when trading between cryptocurrencies, including stablecoins.
● An additional 10% will be applied to this reduction if the number of tokens in possession exceeds 5,000.
● For those with huge amounts, exceeding USDT million in LEO tokens, the reduction will be even greater. The maximum fee reduction will apply to users who hold USD 21 million in LEO on the platform.

Can I buy UNUS SED LEO in Australia?

Buying cryptocurrencies is legal in Australia and almost every country in the world, especially now that a trillion-dollar cryptocurrency market has been established. Australian residents will be able to choose their favourite digital asset in the crypto market and make use of their tokens at will.

The fascinating thing about cryptocurrencies is not exactly their value in a market but the technology under which they work. Each token, (although it can share networks with another) is a unique project and provides advantages in different fields. Not to mention the fact that you can transact remotely at minimal commission rates (if any).

How to buy UNUS SED LEO in Australia?

UNUS SED LEO is available in multiple exchange companies, which you can access to exchange Bitcoin in Australia for this token (or any other). However, it is a tighter option for experienced investors due to the different options and trading services. For those who are still understanding the concept of cryptocurrencies and transactions, it is better to participate in a local platform such as Easy Crypto Australia (AU).

The purchase process is very simple since Easy Crypto AU allows you to buy the cryptocurrencies listed directly with the local currency (AUD in this case.) After completing the transaction, the tokens will be credited to your wallet and you can have them as you wish.

How to profit from UNUS SED LEO?

It is necessary to know that these tokens can be burned (destroyed), which is why Bitfinex has been trying to recover almost all LEOs. Repurchase and burning of LEO tokens will reduce the total supply of the token, possibly leading to an increase in its price in the future. This is expected as it will result in a volume-weighted average price (VWAP).

So, users who manage to buy and save LEO tokens today are getting involved in a good long-term investment, even if they don’t know it. This is very convenient considering that the price of these tokens is a little more than $1.

The logo and tagline of Easy Crypto, a recommended crypto exchange to buy Bitcoin (BTC), LEO tokens, and other cryptocurrencies in Australia

Now that you finally know everything about UNUS SED LEO, how do you feel about trying it? Do not hesitate to contact Easy Crypto team if you want to buy UNUS SED LEO in Australia.

We are always ready to help.

The post What Is UNUS SED LEO: Where & How to Buy LEO in Australia appeared first on Easy Crypto.

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