How to buy Bitcoin (BTC) in Australia?
- 1. Get a Bitcoin wallet
- This is where you will store your purchased cryptocurrency. You can get a free online wallet or a hardware wallet.
- Elbaite does not hold your cryptocurrency in their own centralised wallet. Elbaite believes, your cryptocurrency is only yours if it is in your wallet.
- 2. Find an offer from a trusted seller
- Find an offer on a peer to peer exchange at a price and amount you would like to buy.
- Elbaite is a peer to peer exchange that connects trusted sellers to trusted buyers through our unique TraderTrust system.
- 3. Pay for your purchase
- Pay the agreed amount using your bank account.
- On Elbaite you can pay using OSKO / PayID or mobile banking to the Elbaite escrow bank account where it is kept safe until you receive your Bitcoin in your wallet. The seller will never know your banking details, keeping your data private.
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalisation and the most well known cryptocurrency. The Bitcoin Blockchain was first released in 2008 by an anonymous figure by the name of Satoshi Nakomoto in a paper called: "Bitcoin: A Peer to Peer Electronic Cash System”. This paper proposed the Proof of Work protocol as a solution to the "double spend" problem inherent in digital currency.
Total supply of Bitcoins is capped at 21 million. The smallest unit is the 8th decimal place, 0.00000001 BTC which is called a Satoshi (or sat). The network is maintained by miners who validate and write transactions into the Bitcoin blockchain via the Proof of Work protocol. Miners are incentivised by being rewarded with Bitcoins. This reward is halved approximately every 4 years.