An Aussie who wants to start Buying Bitcoin?

silverbug (65) in cryptocurrency • 8 years ago (edited)

I would like to start buying some bitcoin, but I don't have a wallet yet and have never bought any cryptocurrencies before. I was just curious as to where is the best place for an Aussie to get ( or most trusted ) place to get a wallet? I would also like to know which is the best exchange for Aussies to buy bitcoins? If someone could answer these questions for me I would be very grateful for your advice. Thanks

cryptocurrency bitcoin steemit teamaustralia whalepower

8 years ago by silverbug (65)

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stocka (50) · 8 years ago

I'll probably do the same siilverbug, but before I spend money or SBD on bitcoin I'll get a TREZOR and keep my bitcoin on there, and transfer it to a wallet on my computer or phone when I want to buy something.

silverbug (65) · 8 years ago

Thanks @stocka, I will check out Trezor, I don't think I will be in a hurry to by yet, I have a lot of reading to do first. Cheers

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stocka (50) · 8 years ago

yeah, there is a lot of research to do. Also the only way you can buy a Trezor is with bitcoin. the price is $99 USD. But if you get one from amazon.com they are charging $250 USD

silverbug (65) · 8 years ago

If you buy one from Amazon it will probably have some spyware build in by the NSA.

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stocka (50) · 8 years ago

I don't know. But the Trezor is made in england. That is why the are charging $99 USD but you have to pay them with bitcoin. They don't want fiat currency.

mattclarke (68) · 8 years ago

I've always used coinjar.com
They're originally from Melbourne, but they moved to the UK when AusGov did dumb crap around btc/GST

silverbug (65) · 8 years ago

Thanks @mattclarke, havent heard of that one before, I will check it out. Cheers

sirknight (67) · 8 years ago

I too say meep to coinjar.

silverbug (65) · 8 years ago

Thanks sk, If coinjar doesn't like the Aussie Gov, that's a plus in my books. Cheers

ionlysaymeep (50) · 8 years ago

meep

sirknight (67) · 8 years ago

I am groot!

ionlysaymeep (50) · 8 years ago

meep

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silverbug (65) · 8 years ago

meep

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ionlysaymeep (50) · 8 years ago

meep

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silverbug (65) · 8 years ago

meep

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ionlysaymeep (50) · 8 years ago

meep

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silverbug (65) · 8 years ago

meep

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ionlysaymeep (50) · 8 years ago

meep

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Show 2 more replies

sirknight (67) · 8 years ago

meep

silverbug (65) · 8 years ago

meep

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robynann (25) · 8 years ago

I believe Scott Morrison has announce that Bitcoin transactions are now GST free - unable to check though because ATO website is currently down

mattclarke (68) · 8 years ago

Not sure it'll be enough to coax them back though.
Fickle governance like this isn't attractive.

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merlinnz (25) · 8 years ago

Easiest place to get is from https://localbitcoins.com/. When you register, it creates an escrow wallet for you. Once you initiate a purchase, it then adds these bitcoins into escrow until the seller send the funds. This means there is a measure of safety when you buy bitcoin. Also there is a rating system and I believe these traders do not want negative ratings... The downside is that when the demand is high, these guys charge a lot. Depending on country and demand, this could be as high as 15%. Once the transaction is complete, it is best to move it from this escrow wallet to a wallet that you control the private keys for. I would suggest https://blockchain.info/ for this as it is very easy to use and you keep you private keys. Or you can always buy a hardware wallet - use https://trezor.io/ as example. I hope this helps...

silverbug (65) · 8 years ago

I have a lot of research to do, but you have given me some good links. thanks @merlinnz

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stocka (50) · 8 years ago

It would be good if you can find a bitcoin exchange that creates a Cayman Island account. Australia has not agreement there. that is why Malcolm Turnbull has a multi-million dollar account there.

merlinnz (25) · 8 years ago (edited)

When you have have Bitcoin in any wallet, it is like having your own bank on your own planet. It is not backed or controlled by any government and therefor cannot be taxed either as long as it is in Bitcoin. For now, you still exchange Bitcoin into FIAT when you want to use it, but like Japan since April 1, the time will come that you will not need to. You have to only look at taxes when you convert your bitcoin into FIAT.
In fact.... In the US, Bitcoin is a commodity asset if I am correct. You only pay capital gains tax once you convert it back to USD. In other countries it is also an asset. It is not seen as a currency. As far as I know, even in Japan, it is not a currency. It is only accepted as a form of payment.

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silverbug (65) · 8 years ago

What does Turdbull need a Cayman Island account for, their laws don't apply to them scumbags just us. Cheers

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stocka (50) · 8 years ago

Whom knows, But it was released to the public by the media back in 2015. It is presumed to be a way for tax avoidance.

merlinnz (25) · 8 years ago

Start with Andreas Antonopoulos. He is the guru of blockchain and promotes bitcoin a lot all over the world. He was recently in Sydney as well.

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silverbug (65) · 8 years ago

Thank you my friend I will. Cheers

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balkrishna (1) · 8 years ago

Create new bitcoin addresses with https://multibit.org/. Set up those same addresses using the cloud wallet service https://blockchain.info/ wallet. Buy some bitcoin from https://cex.io/r/0/up104639387/0/ Send some bitcoins from one address to another.

silverbug (65) · 8 years ago

Cheers @balkrishna I have some more reading to do. Thanks for your help.

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merlinnz (25) · 8 years ago

I would also suggest you learn from the best. You can follow Andreas Antonopulos on youtube to get a lot of information. He also discusses what to do in the case of a hard fork. I found his video's very informative. Good luck.

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silverbug (65) · 8 years ago

Thanks I will check him out. Cheers

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lucky.digger (54) · 8 years ago

@silverbug, you can also open a bittrex account if you want, it's very quick and immediate. You can transfer steem that you have directly to there, then exchange into bitcoin or anything else. I personally do not buy any crypto at all, I only mine it. The reason is that I love hardware that I can physically touch, if crypto goes to hell then I still have my rigs, maybe a 50/50 approach is the wisest, but I have had it all, including exchanges fucking me, that's why I distribute my risk and focus on coinfolio. I mine DASH, BTC, ETH, UBQ, SC, BCN, XMR etc.. My mines send the money to either:

1.) Digital wallets that are also actual nodes
2.) Cold storage wallets (see my video on how to make a paper wallet)
3.) Exchanges (such as Poloniex and Bittrex)

The current amortisation period for mining equipment is approx. 100 days.

20 Rigs will cost you around 70 000 AUD, they will currently deliver approx. 700 AUD of revenue a day, and cost you around maximum 6 AUD electricity to run per rig and day.

If somebody told you it's all easy no worries, then they are lying, you have around 6 months learning curve until you know what you are doing. After around that time you will have the ability to tweak your equipment, the differences can be considerable, such as +20%.

Hope that helps.

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silverbug (65) · 8 years ago

WOW, that's a bit of information overload, but very interesting as well, thanks @lucky.digger. Cheers

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sols (54) · 8 years ago (edited)

hey mate, i get mine from coinbase
follow that link you will get a bonus $10
it takes a few minutes to setup though the first time
edit: i should add they have a limit of like $300

you can use cointree they have a minimum $200 but i dont think they have a max, same identification process takes few minutes
both are around the same speed, but your amount will probably dictate
also, cointree has active support if you need it

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silverbug (65) · 8 years ago

Thanks for your response, I have been hearing people complaining about coinbase, so I thought I would ask who other Aussies are using. Cheers thanks for that.

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buster544 (52) · 8 years ago

Coinbase for the most part works well, there are many . I tried Gemini but they wanted my actual bank username and password for my account, no.
Poloniex is pretty cool, joined but haven't used them yet , as far as a wallet I just use Jaxx for now, going to get probably a nano or trezor as a hard wallet later.

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silverbug (65) · 8 years ago

Thanks @buster544, have you tried coinjar?

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buster544 (52) · 8 years ago

Here in the Good ok US there are limited places and so coinbase was it.
Had a try for a small denomination to see how it goes and it went from there to the wallet took a matter of minutes. Hope this helps

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silverbug (65) · 8 years ago

Thanks mate, doing some heavy reading now, collected a lot of good info to my questions. Cheers and Thanks @buster544

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sols (54) · 8 years ago

yeah dude during the big surges their website goes down, it happened a couple weeks ago for almost a day, if ur gonna keep it, not a big deal, but if your trading can be a massive problem,
I don't know what the best is for trading, I hear of 2 mainly Poloniex, which I have never used and Bittrex which has been fine so far, except one complaint I have about some of their fee's

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silverbug (65) · 8 years ago

Thanks @sols, I have heard people on steemit bagging out Poloniex as well, it's a bit confusing some say they are good, some say they are crap. It just makes it hard to know which direction to go, I will take on board what your saying and just do more research. Cheers my friend.

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ppcman (46) · 8 years ago

Do your research. If you buy what is popular, you might get yourself into a situation. I wrote some of this on my blog. Every one seems to be running for the top 5 currencies without paying attention to the real picture.

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silverbug (65) · 8 years ago

Thanks for that, I will follow your advice, cheers

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autonomy117 (37) · 8 years ago

This is the safest route

https://www.bitcoin.com/guides/setting-up-your-own-cold-storage-bitcoin-wallet?

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silverbug (65) · 8 years ago

Thanks @autonomy117, I will investigate, cheers my friend.

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nezaigor (54) · 8 years ago

Thank you for your good post. Have a good mood.

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silverbug (65) · 8 years ago

Thanks for your comment. Cheers

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urs (56) · 8 years ago

..there are many ways as you could read already....
i'm having my BTC on a "Ledger Nano S"(plus ETH,ETC,LTC and DASH)
...there are paper wallets too..
i bought my first BTC 2 years ago with coinjar...
be careful where you have your BTC at 1.8.17 with the split.....
there are some good posts in team AUS about all that...

cheers

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silverbug (65) · 8 years ago

Thanks @urs, what do you mean by be careful where you have your BTC at 1.8.17 with the split..?. Cheers

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urs (56) · 8 years ago

i know what it means (its a bit hard to explain for myself...sorry) there is a good post out i read today.....i try to find it......im not a crypto master......lol....
hang on....

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urs (56) · 8 years ago

i found it...its part 2 and its on our teamaustralia post..here is the link:

https://steemit.com/bitcoin/@cryptodog/part-2-bitcoin-holders-you-need-to-read-this-your-holdings-could-decimate-very-quickly-if-you-re-not-careful

hope thats gonna help you.....

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silverbug (65) · 8 years ago

Thanks @urs, I'll have a look. Cheers

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urs (56) · 8 years ago

no worries....very informative...may have a read at part 1 too....

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silverbug (65) · 8 years ago (edited)

Thanks @urs, I reading the post you sent me now, cheers mate.

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urs (56) · 8 years ago

no problem,glad to help you.....

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michaelstobiersk (65) · 8 years ago

Excellent post. Thank you for sharing.

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silverbug (65) · 8 years ago

Thanks @michaelstobiersk, cheers

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cjfossy (31) · 8 years ago

Gday mate,
Im pretty green myself, but having done enough research to satisfy my interest in getting the most secure wallet possible, I settled for Exodus. Whack that into Google and you'll find a link. Its a desktop based multi-coin wallet with lots of features including Shapeshift (on the fly currency converter). Good security and support too and very easy to use. Best of luck mate

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silverbug (65) · 8 years ago

Thanks for that, I will check it out. Cheers

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