Australia is one of the most bitcoin-friendly countries in the world. As of November 2021, the Commonwealth Bank of Australia (CBA) announced its plans to let its mobile bank users trade cryptocurrencies. It addresses the demands of at least 500,000 bank customers engaging in crypto trading. Moreover, it means you can Buy Bitcoin in Australia faster and more conveniently than ever.
For those who do not know, bitcoin is a cryptocurrency and a groundbreaking payment network that came out during the 2008-2009 financial crisis. This digital currency comes with many benefits, including rapid transactions and lower transaction fees. If you consider buying bitcoins in Australia, these advantages will help convince you to begin trading right away.
Super Fast Transactions
One of the significant disadvantages of fiat currency is the waiting time to complete the transaction. Fortunately, you will not experience the same with bitcoin transactions. You will get your money immediately no matter what time you begin your trading.
Bitcoin trading does not need any involvement from intermediaries. It means you do not need to wait to get your money. It also has lesser hassle compared to traditional financial transactions. You may also conveniently send bitcoins to other people in a different Australian state or other parts of the world.
Reduced Transaction Fees
Buy Bitcoin in Australia, and you will never have to worry about paying an exorbitant amount of money for transaction charges. For example, traditional withdrawal may charge you more than $35 each time you decide to get over $1000 from your bank account.
If you decide to do bitcoin transactions, you do not have to pay transfer fees no matter how much you plan to transfer. Instead, you only need to shell out a minimal amount for bitcoin miners to process the transfer transaction.
If you value your privacy, then bitcoin transactions are perfect for you. As a BTC wallet owner, you will be issued secured public keys that serve as your bitcoin address. It is the only detail you need to provide to complete a transaction.
The process is very different from other financial transactions. For example, credit card payments require you to state your name, billing address, and additional personal information. These sensitive personal details may put you at risk of identity fraud if it ends up in the wrong hands.
Consistent Bitcoin Value
Another reason Australians must consider trading bitcoin is the reduced risk of depreciation. Unlike fiat currency’s value which can drop any time, bitcoin will remain at a price set by the market for as long as possible.
Also, bitcoin has no restrictions, unlike paper money. It means you can convert it into any traditional currency or cryptocurrency you want since you have full control over it.
Bitcoin is More Secure
Fiat currency’s security is always vulnerable to cyber-attacks happening worldwide. Hackers only need to break into the safety of conventional financial institutions to breach their security and steal your money.
If you use bitcoin, all your transactions are recorded properly in a secured ledger available for everyone in the BTC community. It means that anyone can track the unauthorised changes and sound the alarm about them.
Bitcoin trading in Australia is expected to flourish move over the years. You begin buying your bitcoins now so you can venture into this innovative currency ahead of the others.