Buy Bitcoin Adelaide 2021
Making Crypto Simple
Bitcoin is a not-so-new digital currency, which has risen as a favored investment in the last decade or so, due to its unique properties, underlying blockchain technology, capacity for long-term profit, and as a promising alternative to fiat currency. Its high accessibility allows for sending and receiving crypto in a simple way. In 2020, we witnessed MicroStrategy, Square, and Paypal throw themselves into crypto. With growing participation, Bitcoin is becoming one of the top investments for traders.
The good news is that buying Bitcoin isn’t as complicated as it may seem, and it’s getting easier and simpler with each day. Most importantly, you don’t need any extensive knowledge of crypto and blockchain technology to begin.
To learn about this topic in detail, please read our How to Buy Bitcoin in Australia guide.
How to Buy Bitcoin in Adelaide
Selecting the most appropriate way to purchase Bitcoin depends on your individual preferences for payment. There are several ways you can purchase Bitcoin from and in this guide, we’ll focus on the three most popular ways to buy Bitcoin in Adelaide, Australia:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on Cryptocurrency Exchanges
Picking the right cryptocurrency exchange for you can take some time and effort because of the numerous platforms available. But don’t panic, we’ve got you covered – we reviewed some of the best exchanges in terms of privacy, affordable prices, user-friendliness, and more. For more detailed information regarding the different features of various exchanges, we recommend that you have a look at our guide of The Best Crypto Exchanges in Australia 2021.
Once you choose an exchange, you’ll need to open an account, activate the two-factor authentication, and continue with the verification process. Next, select a payment method from the payment options available, such as credit cards, debit cards, and bank transfers.
When it comes to an exchange that provides features such as best customer support, excellent fees, and a large selection of cryptocurrencies, we recommend Swyftx. The exchange offers Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash, and you can exchange against Australian dollars (AUD), American dollars (USD), and BTC.
If you are new to the crypto world and are looking for user-friendliness and an easy-to-navigate interface, look no further than Coinbase. Moreover, the exchange only supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) that you can buy using AUD, GBP, USD, EUR, and CAD.
Finally, if you are concerned about safety, we recommend checking out CoinSpot. The only disadvantage is that it’s more expensive compared to the rest of the exchanges, charging higher fees than the industry average.
Buy Bitcoin with Cash
In Adelaide, you can find several alternatives to purchase Bitcoins using cash safely and securely. The main advantage is that the process is normally faster compared to other purchasing methods and doesn’t involve a disclosure of personal information or identity verification. Now, let’s jump right into it and show you how easy buying BTC with cash can be.
Bitcoin Dealers is one of the most convenient ways you can buy Bitcoin with cash. The exchange is one of the leading Bitcoin brokers in Australia, with offices in Melbourne, Adelaide, and Sydney. You can pay a visit at any time during the day and all of your questions or concerns will be answered face to face. Most importantly, Bitcoin Dealers charges no hidden fees. Just pay a visit to their office in the heart of Adelaide, pay in cash, and you are done.
Another way you can purchase Bitcoin with cash is through exchanges like CoinSpot and CoinJar from a local newsagent via Blueshyft. In this case, you first need to choose the cash payment/Blueshyft option on the exchange’s website and enter the amount of Bitcoin you want to buy. The exchange will generate a QR code and send it to your email address. The final step is to take this QR code to a Blueshyft newsagent and let them know that you want to deposit money to your CoinSpot/CoinJar account.
Finally, you can purchase Bitcoin with cash through over-the-counter (OTC) cryptocurrency trading. OTC allows trading directly between the buyer and the seller and offers better options for high-volume trades as they don’t have any upper limits. Such personalized service is aimed solely at high-volume Bitcoin transactions. Regular crypto exchanges normally fail to offer optimal service to large corporations or individuals as they have established limits.
Some of the advantages of OTC include security for large-volume investments, low slippage, fiat support, and high liquidity. Slippage is the difference between the expected price of a trade and the price at which the trade is executed. OTC allows you to quote a strike price for the whole order, regardless of the amount. Some exchanges that also provide OTC services include Binance, Kraken, Independent Reserve, or Coinjar.
Buy Bitcoin from a Bitcoin ATM
Lastly, we would like to show you how to buy Bitcoin using a Bitcoin ATM or BATM. BATMs have many advantages, as they are easy to operate, secure, and fast. Australia has many BATMs in big cities such as Sydney, Perth, Adelaide, and Melbourne.
In Adelaide, there are a total of 4 BATMs, and 3 of them permit you to buy and sell cryptocurrencies, while 1 machine facilitates purchases only. Most of them demand ID proof and operate during normal working hours. Regarding the purchasing methods, you can either insert cash into the ATM or use your debit/credit card and show the QR code of your Bitcoin wallet address to the machine.
However, we would like to warn you that BATMs charge higher prices compared to other payment methods, around 5% to 10% per purchase.
Frequently Asked Questions
Starting in 2018, AUSTRAC has been regulating both Bitcoin purchases and cryptocurrency exchanges themselves. Before, cryptocurrencies used to be subjected to double taxation, but in 2017, Bitcoin was recognized as property and is now subject to Capital Gains Tax (CGT).
Yes, you can buy and sell Bitcoin through cryptocurrency exchanges. To begin with, you’ll need to select an exchange, create an account, and complete the verification process. Please make sure to follow the exchange’ directions on how to sell Bitcoin securely and effectively.
Swyftx is our top pick since the platform enables users to sell and buy Bitcoin along with more than 200 other digital assets. The exchange provides some of the most competitive fees in the industry and allows various payment methods such as bank transfers, credit cards, Osko, and PayID. Finally, no other exchange in Australia provides the same overall user experience which is what makes Swyftx our favorite.
Buying through cryptocurrency exchanges is the easiest and most convenient way of purchasing Bitcoin in Melbourne and Sydney. However, before jumping right into it, make sure to understand the different types of exchanges you might encounter, their main advantages, and the risks that some of them might pose.