I’ve finally decided to look at becoming a Bitcoin millionaire like all the cool kids online. Early adopters of crypto currencies have made hundreds of millions of dollars in just a few short years but is it too late to catch this crazy wave? Who knows. Maybe yes, maybe no, but I figured I would jump on board anyway. My strategy will be to only put in what I’m comfortable with losing, which sounds very pessimistic, but seriously, this is a high risk investment and it should be treated like one.
There’s no business backing Bitcoin and posting big chunky profits each year, there’s no bricks and mortar real estate behind it collecting rent each month, there’s no gold backing it, and there’s no government supporting it. Bitcoin is still a child. A very promising child who has done some good things but what if Bitcoin discovers crack in his teenage years? What if she becomes a delinquent alcoholic in her twenties? What if the government decides to ban him?
So many questions, so why am I still willing to put my hard earned money into something that could go down in value faster than it has gone up? Well, I’m comfortable with the risk and I want to be rich. Pretty simple really. Anyone buying crypto-currencies and pretending they’re not in it for the money is a clown.
As an example of how risky cryptocurrencies can be, have a look at some of the top gainers listed on the CoinSpot Australia website today.
Pretty impressive right? But there’s also losers..
So you have to be prepared for wild swings both up and down. It’s not as risky as the roulette wheel but this is the wild west in many ways and there’s more than a few snake oil salesmen out there. There’s also the same people who have manipulated the price of stocks and world currencies for decades who are in this newly formed and experimental form of currency and they’re pushing it around to suit their will (ie, doing whatever it takes to make as much as they can).
Having said all that, knowing the risk involved, lets jump in anyway. Just make sure it’s your fun money and not your bill money that you’re playing with.
Buying Bitcoin in Australia + Cryptocurrencies
Cryptocurrencies aren’t regulated by governments but they’re very closely watched by them. Translation: if you’re profiting from anything the government will do everything it can to take it’s pound of flesh.
I’ve joined Coin Spot based in Australia to buy and sell cryptocurrencies. It’s an Australian crypto exchange using AUD and allowing you to use your Australian bank account to deposit and withdraw funds. They trade in more than 50 different crypto currencies including Bitcoin (BTC), Bitcoin Cash (BCC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH), Iota (MIOTA), Eos (EOS), Qtum (QTUM), and a whole bunch of others, with new coins being added regularly.
The fees are high compared to some of the exchanges outside of Australia but on the plus side there’s no currency conversion fee, no international bank transfer fee, and no credit card fees. Deposits and withdrawals are free if you use POLi with your Australian bank account. If you use BPAY there’s 0.9% fee.
Buying and selling crypto currencies in AUD costs between 2% and 3%. The exact amount is listed on the particular coin that you’re buying and selling. There’s a 1% fee for trades between coins.
Talking to a 19 year old about Bitcoin recently and he was saying yeah it’s great, no more fees, no more middlemen, and no more banks controlling everything. I just nodded my head and thought “na-ah, don’t think so” as I couldn’t bothered explaining how the world really works.
Signing Up to Buy Crypto in Australia
Firstly, CoinSpot is for Australians only at the moment. You’ll be made jump through several hoops and possibly even sing a song for them by the time you sign up.
So you’ll need an Australian address, email, bank account and mobile phone number.
I downloaded the Google Authenticator app on my phone which is used every time you log in. It’s a pain but there are plenty of sharks swimming in the crypto waters. I’m always hearing of money being stolen.
Then I had to submit photos of:
- Photo of the front of an ID card (Licence)
- Photo of the back of an ID card
- Photo of a recent bill with your address on it.
- Mugshot of yourself holding a sign up, begging for an account.
I’m only partially kidding with that last one. They really do require a photo of yourself asking for an account and showing your CoinSpot account number.
Then there’s a wait for them to verify your account which can take up to two weeks. Then you can make your crypto millions and live happily ever after. So pop on over to CoinSpot now and get started today.