Bitcoin is the most prevalent cryptocurrency on the world’s market today, with 208,167,902,364 AUD in market capitalisation (in May 2018). BTC is the acronym for Bitcoin or the ticker symbol listed on the exchanges, where the cryptos are traded publicly. Exchanges use unique ticker symbols (abbreviations) to identify widely traded commodities. As a trader based in Australia, the most prudent way to purchase or sell Bitcoins is to exchange BTC to AUD and avoid additional costs.
Tips for choosing the right cryptocurrency exchange
If you are just starting out as a cryptocurrency trader and enthusiast, the safest and most up-front way to trade this virtual asset is through a verified exchange. Understanding the financial implications and the technological advancements of the evolving cryptocurrency market can be a bit challenging for a beginner
In this article, we will provide you with a few instructions and guidelines on how to choose the right virtual cryptocurrency platform for you.
- The reputation of the exchange – Always choose a platform that has trustworthy partners and is not involved in any cryptocurrency scandals.
- In-house rules – The internal procedure that regulates the buying and selling of Bitcoins on the exchange is the most crucial factor you should consider before opening an account. A certified exchange would have in-house rules in place, which are understandable and straightforward. After reading the rulebook, you will have a clear picture of how to place orders, which are the payment methods and how to transfer your Bitcoins into your virtual wallet
- Easy navigation – An intuitive interface is a big plus if you’re just starting out in the cryptocurrency marketplace. A simple and elegant design of the virtual platform will make trading easier, and proficiency will come faster.
- Security – After a few widely known hacks on Bitcoin exchanges, like Bitfinex, Bitstamp and the latest hack on the Japanise Coincheck ($534m worth of Bitcoin were stolen), you will want to make certain that the platform you’re picking has security measures in place.
- Compliant with Australian law – This is also very important when you’re choosing an exchange because you want to make sure that the platform you’re using is compliant with the AML/CTF guidelines drawn by AUSTRAC.
- Go local – If you’re worried about the legal protection and you want to exchange BTC to AUD, find a respectable local exchange, like Blockbid, and trade on their platform.
Follow the Bitcoin price in AUD on the Blockbid exchange
The Bitcoin marks 34 percent of the total worth of all cryptocurrencies on the market as of January 15, 2018. Another interesting fact about this crypto-coin is that 60 percent of all Bitcoin holders are under 35 years old, making the Bitcoin (the Blockchain technology) one of the most significant technological investments of the millennial generation.
Australia fits right into this profile. In a survey conducted by Bitcoin.com.au, the profile of the average Australian Bitcoin owner is a white male under the age of 34 living on the country’s eastern seaboard.
It’s apparent that cryptocurrency is no longer a trend, but a whole industry that has its own economic system. In the words of Prof. Dr Garrick Hileman, an economic historian at the University of Cambridge and the London School of Economics:
“Many economists dismissed it as a flawed form of money, something that could never achieve the level of adoption that it has. Today we estimate 5 to 10 million unique active users of cryptocurrencies, and in my opinion, that’s nothing short of a minor economic miracle.”
Тrading with Bitcoins, despite the volatile nature of the market, is starting to look like a thought-provoking investment, especially if you take other Altcoins and Blockchain ICO projects into consideration.
The Blockbid exchange
Blockbid is a virtual exchange platform based in Australia, which offers its clientele a minimum of 0.1 percent transaction fees with fiat currencies (AUD, EUR and USD) transactions. The exchange supports most popular cryptocurrencies and fiat currencies for a more diverse experience among traders, and facilitating the trading of more crypto-coins on a single platform than any other in the world.
If you are worried about the security of your assets, Blockbid is fully covered by cybersecurity insurance, and 95 percent of the deposits are stored in an offline multi-signature hardware vault. You can follow the Bitcoin price in AUD on Blockbid. They also feature a BTC to AUD converter on the website of the exchange.
Bitcoin value in AUD
Determining the Bitcoin value in AUD or any other fiat currency has been an open question since the cryptocurrency appeared on the market in 2009. The main reason people embraced this new way of transferring money is that it was useful, anonymous and an institution or a government didn’t control the currency itself.
The popularity and the utility of the Blockchain technology made the Bitcoin possible and, almost 10 years later, it’s getting an even stronger foothold in the market. For example, take the amount raised for ICO Blockchain projects like Filecoin ($257,000,000), Tezos ($232,000,000), EOS ($185,000,000) and more.
The Bitcoin value comes from its characteristics, in that it’s durable, convenient, limited, divisible and backed by high-level technology. However, the Bitcoin price is set by the principal rules of supply and demand, and the maximum number of Bitcoins mineable is capped at 21 million, which makes the cryptocurrency limited and thus sought after.
According to the rule of thumb (practice rather than theory), no currency is entirely safe because, just like hyperinflation can damage the fiat currencies, technical malfunctions and hackers can damage the cryptocurrencies.
The Bitcoin market price is volatile, which can be expected given its nature and the number of users. Conversely, a stable price would require a broader audience, and a more general audience needs price stability, which makes this a causality dilemma situation.
On December 17, 2017, the Bitcoin reached $19,783.21, which is the highest value for any cryptocurrency so far, and as of the writing of this article, the Bitcoin price is set to 11,991 AUD. If you want to trade with Bitcoins in Australia, use a BTC to AUD exchange to avoid extra conversion fees.