How to buy bitcoin in Australia

Notice I said ‘buy bitcoin’. I’m not going to talk about mining here (possibly not ever – it’s next level).

This is just a guide for people who want to swap some money to have some bitcoin.

Buying bitcoin – the basics

The simplest way to buy bitcoin is on a crypto exchange. A crypto exchange lets you swap your money for coins, and then coins for other coins. There are dozens of exchanges to choose from, and new ones popping up every day.

I’d recommend searching them up online to see the reviews etc. before you send your money across.

How to actually buy bitcoin

• Choose an exchange
• Send some money across to your account on the exchange
• On most exchanges, you simply click a buy BTC option (BTC is the code for Bitcoin – make sure you’re buying the one you want!), enter how much you want to buy and hit ‘confirm buy’ (or whatever the relevant button says).
• Celebrate – you are now a bit coiner

You can buy a bit at a time

You don’t need to buy a whole bitcoin at a time. Of course you can if you have a spare $60k lying around.

I am such a risk-averse bunny, I tend to buy less than $100 at a time. The way that I invest probably seems crazy to some people, but I believe in dollar-cost-averaging. I will never YOLO my life savings on anything.

Eventually, if bitcoin’s price gets high enough, we may stop referring to bitcoin, and start referring to satoshis. A satoshi is 100 millionth of a bitcoin. So instead of I have 0.005 bitcoin, people could say I have 5,000,000 satoshi.

When people talk about stacking sats, that’s what they mean. Consistently buying small amounts of bitcoin over time.

Next steps

Find out about crypto exchanges