Buy Bitcoin on the Blockbid exchange
How can you buy Bitcoin on the Blockbid exchange?
Bitcoin is not everyone’s cup of tea, but it’s undeniable that the cryptocurrency changed the way we perceive the virtual world and the way we handle money transactions. For a short introduction into the realm of cryptocurrency, Bitcoin is a decentralised digital currency and a world payment system that runs on the Blockchain network.
The Blockchain is the virtual ledger that records those transactions in a way that makes them unalterable, consecutive and public. If you want to buy Bitcoin, the safest way to do it is through a local, certified exchange like Blockbid.
Purchasing Bitcoins on a virtual platform is safer and more straightforward. You will need to open an account providing your personal details, verify it to gain access and, after that, you can start trading. Blockbid is based in Australia, and it’s fully compliant with Australian cryptocurrency laws and AUSTRAC guidelines.
If you want to buy Bitcoins, you need to place an order with regard to the internal rules of the exchange, then you will have to choose your payment method and remunerate the amount. When the transaction is completed, you will receive your Bitcoins on the online electronic wallet provided to you by Blockbid for usage on the exchange.
Subsequently, you are free to transfer your Bitcoins into your permanent wallet (hardware, software and mobile) or keep them on the exchange for further trading.
Why should you consider Bitcoin trading?
One of the most common questions in the cryptocurrency world is whether you should consider trading Bitcoins in the first place. The cons of Bitcoin trading are the relatively short track record, the volatile nature of the market, the momentum fever and the general uncertainty of the novel technology. The pros, however, are the following:
- Endurance - The Bitcoin virtual currency has fierce competition in the fiat currencies (USD, EUR and AUD), and in the gold/silver commodities, the fact that it’s still gaining traction and it’s getting a wider audience by each passing day speaks volumes of the Bitcoin durability on the market.
- Irreversibility - As we mentioned in the beginning, the Blockchain technology prevents reversibility, meaning once you get your Bitcoins, they are yours. Bank transfers are reversible.
- “Digital Gold” - It’s the synonym for Bitcoin since it became popularised in the mainstream media, and for a good reason. The Bitcoin price is more similar to the price of gold than any other fiat currency. Furthermore, the value of the Bitcoin is tied to the technology that made it possible — the Blockchain.
- Investment opportunity - One of the main reasons people buy Bitcoins is because of its decentralised nature (free from government and institutional control). If you want to invest in Bitcoin or if you wish to have a hedge against market uncertainty, acquiring cryptocurrencies can be a smart way to achieve that.
Buy Bitcoins in Australia
If you are contemplating about buying Bitcoins in Australia, then you should consider opening an account on Blockbid.
Blockbid is a secure virtual exchange platform that facilitates the trading of more crypto-coins on a single platform than any other exchange in the world. Every major fiat currency is supported for trading on the exchange, so that you can pay for transactions in AUD, EUR, USD or other currencies.
Furthermore, the fiat currency costs are minimal, at only 0.1 percent in transaction fees, However, if you are based in Australia, it’s smarter to buy BTC with AUD.
The platform has an intuitive interface, which is easy for navigation by beginners and expert traders alike. You will be proficient with the inner mechanics of buying and selling Bitcoins very quickly.
Also, if you are worried about the speed, Blockbid can perform up to 1 million transactions per second, since it was built from the ground up in order to support high traffic.
The security of the assets is always the most critical request of cryptocurrency traders, which is why 95 percent of all deposits are stored in an offline multi-signature hardware vault. Blockbid is one of the first exchanges, which is entirely covered by cybersecurity insurance. Moreover, the platform is compliant with AML/CTF guidelines drawn by AUSTRAC and Australian cryptocurrency laws.
Is buying Bitcoin a prudent investment?
“Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too. Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution. And Bitcoin is doing just the same when it comes to inventing a new currency.”
- Richard Branson, Founder of Virgin Galactic
Buying Bitcoin as an investment is not a novel concept, but a somewhat popular one among owners. What the economic analysis has shown so far is that even though the Bitcoin is a volatile commodity, at the same time, it’s also an asset, which is valuable enough for risk management. Furthermore, investors tend to use the Bitcoin as a safe-haven for certain assets, and they include it in their portfolio for diversification purposes.
While we are on the subject of Bitcoin investment, we might as well offer some sensible and practical advice on the matter:
- You should only invest as much as you are willing to lose/afford - The Bitcoin market is not a stable one. On the contrary, as Richard Branson would say, you can make money off of volatility, but you can also lose them.
- Use a verified exchange - It cannot be emphasised enough how crucial it is to always use a reputable exchange for cryptocurrency transactions. As a trader, you should familiarise yourself with the in-house rules and find a local exchange where you can buy and sell Bitcoins safely.
- Start small - Once you understand how to buy Bitcoins, the smartest way to build up your portfolio is to take it slow. Learn about market capitalisation and reading the financial charts shown on the platform, and after some time, you will be able to make your own predictions about the Bitcoin price.