It’s been almost a year since the huge rise in the value of Bitcoin made cryptocurrency a worldwide phenomenon, however, it’s not something which has died down. In fact, cryptocurrency has continued to build in strength and there are millions of people worldwide who rely on the likes of Bitcoin, Ripple and Ethereum, amongst others, each and every day.
But bitcoin isn’t readily available to buy everywhere in the world — in India, for instance, there are severe restrictions placed on bitcoin exchanges. If you have found yourself at the point where you have done all your research and you are ready to take the plunge and invest in it, then your first task is going to be to figure out exactly how you can go about buying some. Fortunately, buying Bitcoin and many of the other cryptocurrencies is simple and there are plenty of resources out there such as Crypto Head who can teach you how to do it.
#1: Is Buying Cryptocurrency Legal in Australia?
Yes, completely legal! In fact, Australia has recently brought in new laws to regulate cryptocurrency providers which makes it a much safer prospect for wannabe investors and those who aren’t quite as switched on and tech-savvy as your “typical” cryptocurrency enthusiast.
There are some countries throughout the world which have banned cryptocurrency, however, and do not recognise it as a legitimate currency. One of these countries is Ecuador who have banned Bitcoin and other decentralized digital currencies. Whilst they have banned it, it is very hard for them to enforce due to the nature of cryptocurrencies being anonymous and hard to trace.
#2: Where is Cryptocurrency Bought?
A lot of people don’t realise that buying cryptocurrency is as easy as shopping on Amazon or heading down to the supermarket for a grocery shop. No, seriously – there are several marketplaces online which deal with the buying and selling of several cryptocurrencies.
The most popular of these by far is Coinbase. You can create an account in minutes and once you have verified your identity you are good to go – you can instantly begin trading in a cryptocurrency of your choice, whether that’s Bitcoin or Litecoin. You do have to verify your identity, though, so if you are unwilling to provide some form of identification, then you will not be able to use the Coinbase service.
When you’ve registered and are all set up, you can just start buying cryptocurrency using your debit card.
#3: Do I Have to Use These Platforms?
No, but it is recommended. You can always privately trade cryptocurrency, but this does carry an inherent risk… namely that it’s all anonymous and you can easily get scammed. Coinbase provides a safe trading environment in addition to its marketplace allowing you to securely trade coins between two cryptocurrency wallets. There are other trading platforms available, however, but Coinbase is the most popular one.
Over the last couple of years, the popularity of cryptocurrencies – mostly thanks to Bitcoin – has skyrocketed. Today there are people all over the world getting involved, even people who are in no way tech-savvy. This is facilitated by cryptocurrency marketplaces which make it super easy to get involved.