Buy Bitcoin in Australia - A how to guide

How to buy Bitcoin in Australia

A how to guide for Australian Bitcoin buyers

Andrew Butler | 2019

If you are looking to buy Bitcoin in Australia you’re in the right place. Bitcoin (BTC) is the number one traded cryptocurrency in Australia.  Use this article to learn how to buy Bitcoin with your Australian Dollar.

1. How to buy Bitcoin with Easy Crypto Australia

Easy Crypto Australia specialises in super-fast BTC purchasing. The following animations will help you buy Bitcoin in Australia almost instantly.  If you want to dig a little deeper, we recommend you read the entire article. 

Step 1


buy bitcoin in australia step 1

Step 2


 

buy bitcoin in australia step 2

Step 3


 

buy bitcoin in australia step 3

From here, you log in to your bank via POLiPay (or alternatively use a standard bank transfer, using the button below) pay for the transaction and you should have your Bitcoin in minutes!


2. What is Bitcoin?

 

Bitcoin is the culmination of years of debate, trial, error and problem solving. It is a digital ecosystem that can transmit monetary value across the border-less, worldwide Bitcoin network. A single unit of Bitcoin is referred to as a ‘Satoshi’ (after the founder of Bitcoin) and the network is accessible from almost any device imaginable.

Bitcoin is used for multiple purposes. It is seen as a store of value, a transactional currency and a virtual ‘gold’. It even has the ability to create ‘smart contracts’ (not to the extent of Ethereum however). In addition, Bitcoin is an open source software which can be scrutinized and developed on by anyone in the world.

Traditional currency uses a mix of virtual and physical value. A centralised ‘bank’ controls the supply and distribution of money. Bitcoin does it differently. There is no one person that has central control over Bitcoin, it is decentralised. To change anything to do with Bitcoin there must be consensus between the majority of users. This is very hard to achieve, which in turns gives the digital currency very high stability and safety.


blockchain australia


Bitcoin transactions are stored on a blockchain which is a ledger of everyone’s accounts and transactions from the beginning of Bitcoin (the genesis block). Your Bitcoins are protected by high level encryption and digital signatures, which are theoretically impossible to crack. Bitcoin can be traded on the open market using, exchanges such as Easy Crypto.

New Bitcoins are created through a process known as ‘mining’. Miners use specialised hardware (CPU’s, ASIC’s) to do two things. First, they create new Bitcoin by attempting to be the first to solve a randomly generated mathematical problem. Secondly whilst doing this they are facilitating the confirmation of transactions between people on the Bitcoin network. This process of verification is called ‘Proof of Work’ or POW. It is in all miners’ best interests to honestly complete this task, as any variance to exactly what the network expects will block that miners’ transactions and make their participation null and void. In completing this task, the miners are helping secure the Bitcoin network, facilitate transactions and earn Bitcoin for their work.

Lastly Bitcoin is a revolution.

3. Which wallet will suit you for storing your Bitcoin? 

There is a plethora of wallet options for Bitcoin users in Australia to store your BTC.

More information: Our definitive guide on Crypto Wallets in Australia

Wallets for Bitcoin can be found int Desktop, Mobile, Hardware and paper wallet formats.  We will cover Desktop, Mobile and Hardware wallets.  Paper wallets are not covered in this article.

Desktop Wallets 


Exodus 

Being the most popular cryptocurrency in Australia, Bitcoin teams up perfectly with the popular Exodus Wallet. Exodus has a slick user interface, is easy to use and is popular both in Australia and across the world. Recently Exodus has launched a mobile version, for both Android and iOS.
The Exodus wallet is perfect as a first wallet, as well as catering for those who require more advanced features. The wallet allows you to send and receive Bitcoin, create a Bitcoin wallet address and also backup your wallet for safe keeping. Advanced users will enjoy it’s integration with the Trezor Model T, creating a seamless user experience combined with safety.
Cryptocurrency enthusiasts can also add digital assets other than Bitcoin to the Exodus wallet. It supports the majority of mainstream crypto including Ethereum, XRP, Litecoin and more.

 

 

Bitcoin Core Wallet (official)

The Bitcoin Core Wallet is Bitcoin’s official wallet from the development team. As expected, this wallet is the safest option for securing your Bitcoin. However, ease of use suffers when using the official wallet, due to having to download the entire Bitcoin blockchain to synchronize to the most recent transaction prior to use. This can take a considerable amount of time to download and must be kept in sync. Once setup, the wallet is reliable and has a medium learning curve for new users. It is probably worth your time if you want to delve a little deeper into the Bitcoin ecosystem.

 

Electrum Wallet

electrum wallet australia

The Electrum wallet is a ‘Bitcoin only’ wallet downloadable on Windows, Macintosh, Linux and if you are looking for a mobile version, Android.  The Electrum wallet is popular worldwide, and this is no exception in Australia.  The wallet focuses on security, with two-factor authentication, secure private key generation (only stored locally), ability to export private key to other wallets, decentralized servers and multisig ability. 

As mentioned above Electrum only supports Bitcoin.  This is a positive for Bitcoin only holders, as the developers are focused on the best possible experience for Bitcoin only.  On the down side, if you are looking to purchase and hold ‘alt’ coins, you will require more than one wallet.  It all depends on your priorities.  The wallet has a low to medium learning curve for users, it’s user interface is serviceable but not elegant.  One it is setup, you will find your Electrum wallet as a solid, reliable choice.

 

Jaxx Liberty 

The Jaxx Liberty wallet (previously only known only as Jaxx) is a popular Bitcoin and altcoin wallet, available on a range of devices. Jaxx is popular in Australia due to its positive track record with security, its features and ease of use. Speaking of features, Jaxx includes, local private key storage, backup function, passphrase protection and a built-in block explorer. The wallet is pleasing on the eye with an intuitive user interface, great for beginners and veterans alike. Jaxx Liberty is a 3rd party wallet and does not have an open source codebase; in the eyes of some this may be a concern. Overall Jaxx delivers a smooth, easy to use experience for not only storing Bitcoin, but a range of 80+ different cryptocurrencies. You can find it on Mac OSX, Windows, Linux 32/64, Android, iOS and on the Google Chrome web store.

Mobile Wallets 


Trust Wallet

If you are looking for a portable wallet solution for your Australian device (such as a mobile or tablet) then look no further than the Trust wallet.  The Trust Wallet was recently acquired by global crypto giant Binance and is user friendly, safe and simple to set up.  Trust wallet can store Bitcoin as well as most other popular cryptocurrencies.  It includes safe private key storage, anonymous use, decentralized application integration and a slick user experience.  You can download it for iOS and Android compatible devices.

 

 

Wallet of Satoshi

Wallet of Satoshi is a Bitcoin (lightning) mobile wallet available for both Android and iOS operating systems. Lightning is a new way to spend Bitcoin, created to increase the speed and ease of Bitcoin transactions.

The Wallet of Satoshi (brought to you by the creator of Living Room of Satoshi) is a zero-configuration Australian based Bitcoin wallet that focuses on user experience and simplicity. You can easily top up your wallet using Australian Dollar (AUD) and spend in multiple retailers around Australia.

4. Other tips when buying Bitcoin in Australia

Tax 

Before you buy Bitcoin in Australia, please do your research around the unpredictable nature of Bitcoin and the cryptocurrency marketplace in general.  You can read about the tax implications directly from the Australian Tax Office and if possible, speak to an accountant who is well versed in digital currency investment.  As a summary, a tax event will occur if you convert AUD to BTC, BTC to AUD or BTC to another cryptocurrency (e.g BTC to ETH).  The official stance on digital currency from the ATO can be found here.

 


Security

Crypto wallet security is extremely important when storing your Bitcoin. If you fail to take the correct precautions you are at risk of losing your Bitcoin either through your own negligence (forgetting passphrase, not backing up wallet) or through a scam or crime. Remember Bitcoin is a decentralized asset; meaning you are completely in control of your own Bitcoin and if you do not store it correctly, there is no central authority that can return it to you. If you are new to crypto, ensure you start with small amounts. Practice sending and receiving small amounts between yourself and a friend or family member. Ensure the passphrase you use is extremely strong and that you backup your wallet if that function is available.

Learn about storing your Bitcoin safely: Password Security Tips

 

Using a block explorer

A block explorer is used to track transactions on the Bitcoin blockchain.  Due to all BTC transactions being traceable, the blockchain explorer can advise you the following details about your transaction:

  • Date
  • Time
  • Wallet address sent to
  • Wallet address sent from

One of the more popular Bitcoin explorers is located hereAfter your first transaction, it is a good idea to put your wallet address in the block explorer to see how it works and become familiar with it going forward.

5. Bitcoin Frequently Asked Questions (FAQ)

Q. When was Bitcoin created?

A. 3 January 2009.

Q. Who created Bitcoin?

A. Bitcoin was created by the anonymous person or group of persons under the anonymous handle of ‘Satoshi Nakamoto’.

Q. What is one unit of Bitcoin called?

A. One unit of Bitcoin is called a ‘Satoshi’ after the creator. A satoshi is 0.00000001 of a Bitcoin (as a whole Bitcoin is divisible by 8). Every Bitcoin contains 100 million Satoshis.

Q. What is the difference between Bitcoin and Ethereum?

A. Bitcoin was the first cryptocurrency to introduce a blockchain. It was created to become a peer to peer digital currency. Ethereum was created after an Initial Coin Offering (ICO) to fund raise towards creating a new type of cryptocurrency. Ethereum has its own programmable code, to enable user to make ‘smart contracts’. Further to this, users can create their own cryptocurrency tokens and dAPPs (decentralized applications). So Ethereum has extended the use case of the blockchain beyond just a digital currency. In both cases they have their positives and negatives, depending on what one is trying to achieve.

Q. How is Bitcoin created?

A. Bitcoin has no central authority. It is created through the process of mining. Anybody can mine Bitcoin and be rewarded for it. Mining does two things; it verifies transactions and creates new Bitcoin.

Q. How many Bitcoin are there?

A. There is a cap of 21 million Bitcoin which is expected to be all mined by approximately 2140.

 

Interested in Ethereum?  Check out our guide here.

 


buy litecoin in australia

Buy Litecoin in Australia - A how to guide

How to buy Litecoin in Australia

A how to guide for Australian Litecoin buyers

Andrew Butler | 2019

If you are looking to buy Litecoin in Australia; we have you covered. Litecoin is a popular cryptocurrency in Australia and a top 10 coin around the world.  Read on to learn how to buy LTC with your Australian Dollar.

1. How to buy Litecoin with Easy Crypto Australia

The following animated pictures will show you how easy it is to buy Litecoin in Australia with Easy Crypto.

Step 1


Step 2


 

Step 3


 

From here you log in to your bank via POLiPay (or alternatively use a standard bank transfer, using the button below) pay for the transaction and you should have your Litecoin in minutes!


2. What is Litecoin?

Litecoin was created in October 2011 by well-known crypto personality and former Google employee Charlie Lee. Charlie wanted to create a digital currency that complemented Bitcoin by being faster to transact and resistant to Bitcoin mining techniques, allowing smaller players to enter the Bitcoin mining market.  It is a peer to peer cryptocurrency which is currently the 5th most popular cryptocurrency in Australia (and the world).

The project is open source and is maintained by the Litecoin foundation.  Due to its popularity Litecoin is continually updated and considered an excellent alternative to Bitcoin as a crypto that is fast and easy to send wallet to wallet.  Some say Litecoin is the silver to Bitcoin’s Gold.

3. Which wallets should I use to safely store Litecoin? 

There are a myriad of wallet options for Litecoin users in Australia to store LTC.

See also: Our definitive guide on Crypto Wallets in Australia

Wallets for Litecoin can come in many forms, mainly Desktop, Mobile and Hardware options.

Desktop Wallets 


Exodus 

Litecoin is a fast and popular crypto, which makes it perfect to team up with the Exodus Wallet. Exodus is easy to use with a stylish and clever user interface. Australian’s have been using Exodus since its first iteration, and it has gained even more popularity since a mobile version was launched.
Exodus is great for beginners to jump into as well as more experienced users; who are able to link their software wallet with a hardware wallet such as a Trezor Model T. Some of the main features include: sending and receiving of Litecoin, creation of Litecoin wallet addresses and the ability to backup your wallet as required. In addition to storing Litecoin, Exodus supports an array of other popular cryptocurrencies such as Bitcoin, Ethereum and XRP.

 

Litecoin Core Wallet (official)

ltc core wallet australia

The Litecoin Core Wallet is the official wallet from the Litecoin team. This can be considered the safest option for storing your Litecoin but comes at the expense of time and ease of use. To use the official wallet you will need to download the entire blockchain and have it periodically synced. Aside from this, you will find that the Litecoin Core Wallet is a great choice in Australia if you have safety concerns. The Litecoin wallet is open source, allows encrypted passwords for security and is from a trusted source. It also will allow you to have the full LTC experience, which is great for understanding Litecoin better.

 

Jaxx Liberty 

The Jaxx Liberty wallet is a 3rd party Litecoin wallet with a slick user interface, customer support and an easy learning curve. Jaxx supports more than just Litecoin, with the ability to store Bitcoin, Ethereum and more. Like Exodus, Jaxx is popular amongst Australians looking for a good hybrid between security and usability. Some of its features include: password protection, storage of private keys locally, backup ability and a block explorer for tracking your Litecoin movements. Worldwide it has amassed over a million downloads and counting.

Mobile Wallets 


Trust Wallet

If you’re looking to store crypto on your Australian Mobile, you can look no further than using the Binance owned Trust Wallet. The Trust Wallet is a fast, reliable and easy to use mobile crypto wallet, perfect for storing your Litecoin on the go. Like most other modern wallets, the Trust wallet is compatible with most of the popular cryptocurrencies. It’s available on both Android and Apple App Store. Some of its features include: Local private key storage, anonymity, dAPP integration and more.

4. Other considerations when buying Litecoin in Australia 

Tax 

Prior to buying Litecoin in Australia, ensure that you understand the volatile nature of digital currencies and how they are taxed by the Australian Tax Office.  Consult a tax professional, in particular one that understands cryptocurrency, such as Darcy Financial.  In general cryptocurrencies are subject to capital gains tax.  Tax events occur when buying or selling from AUD to LTC, LTC to AUD or LTC to any other crypto.

 


Security

When investing in Litecoin we like to stress to you the importance of digital security.  Due to cryptocurrency being a decentralised asset, it is completely up to you to ensure the safety of your funds.  If someone steals your password, they can send your Litecoin elsewhere and you will struggle to recover it.  If you are unfamiliar with crypto wallets, ensure you start with a small amount of LTC and work your way up when you are comfortable.  Practice sending transactions to a friend and receiving it back.  Practice creating new wallets.  Most importantly ensure your passphrase is extremely strong.

Learn to secure your crypto assets: Password Security

5. Quick Litecoin FAQ

Q. What year was Litecoin launched?

A. October 2011.

Q. Did Litecoin hold an ICO (Initial Coin Offering)?

A. Litecoin has never held an ICO.  As with Bitcoin, Litecoin is created through the process of mining.  Its value has grown due to its popularity and use case.

Q. What are the differences between Bitcoin and Litecoin?

A. Litecoin has a number of differences to Bitcoin.  It has quicker transaction confirmation times (2.5 minutes per block), a higher total supply (84 Million) and different method of mining (Scrypt).

Q. What is the difference between Litecoin and Ethereum?

A. Litecoin was created as a cashless p2p digital currency system.  Ethereum launched with an ICO to raise money with a larger use case.  This includes the ability to create other ‘tokens’, dAPPs and using an internal currency (Ether).

 

Looking to buy XRP?  Check out our guide here.

 


Buy XRP in Australia - A how to guide

How to buy XRP in Australia

A how to guide for Australian XRP buyers

Andrew Butler | 2019

If you are looking to buy XRP in Australia, let us guide you through how easy it is, and what to look out for when buying.

1. How to buy XRP in Australia with Easy Crypto

Follow these animated steps to see how easy it is to buy XRP in Australia with Easy Crypto.

Step 1


buy xrp australia step 1

Step 2


Buy XRP Australia step 2

Once you have completed this you log in to your bank via POLiPay (or alternatively use a normal bank transfer) follow the prompts and you should have your XRP in minutes!

 

Step 3


Buy XRP Australia step 3

 


2. What is XRP?

When discussing how to buy XRP in Australia it is important to make a distinction from the start.  XRP is sometimes interchangeably known as ‘Ripple’.  Ripple is a separate company to the XRP token.  Ripple is a real-time gross settlement ecosystem that also promotes XRP. So, when you buy XRP in Australia you are buying the XRP token, not Ripple. 

With that out of the way lets take a look at what XRP is all about.  XRP was created in 2012 by cryptocurrency veteran Jed McCaleb.  McCaleb was the owner of the first ever large-scale Bitcoin exchange Mt.Gox, and the current head of Stellar.   

XRP was built strategically to work with existing Banks and payment networks as a cryptocurrency payment settlement system.  XRP has largely fulfilled its goal of being the most successful cryptocurrency to partner with existing financial institutions.  It’s popularity and potential have driven XRP to become the third largest crypto in the world by market cap. 

There is some healthy scepticism around the XRP project, mainly fuelled by Ripple Labs.  Ripple hold a large amount of XRP in escrow, that is to be released periodically to create liquidity.  This has caused concern in the community about the dilution of the supply and value of the digital currency on the open market.  This fact has not slowed adoption, however, and has driven XRP to be the third largest cryptocurrency in Australia. 

Some of its features include: 

  • XRP is built specifically to integrate with payment providers 
  • It has extremely low transaction fees 
  • Transaction speeds are lightning fast 
  • XRP uses blockchain technology for security and transparency 
  • It is highly liquid with a total supply of 100 billion tokens (~50% held by Ripple) 

3. Which digital wallet should I use to store my XRP? 

Due to the popularity of XRP in Australia and across the world, you have plenty of options to store your XRP, online and offline.

See also: Our definitive guide on Crypto Wallets in Australia

The wallets can be broken up into 3 main categories: Desktop, Mobile and Hardware.

Desktop Wallets 


Toast Wallet
buy xrp australia toast wallet

The toast wallet is a great wallet to start with when you buy XRP in Australia. It has a good reputation, a clean user interface and is available on Windows, Mac, Chrome and Linux. In addition it is also available with your mobile on either iOS or Android.

When looking at an XRP wallet, we must prioritise security and safety. The toast wallet allows the use of both a Passphrase and a PIN number; giving you peace of mind when storing XRP. You can also backup your wallet. Make sure you back it up somewhere off site if possible, as Australia is known for its extreme weather, which can wipe out everything you own in the case of fire or flood.

Toast allows you to create a wallet address or use an existing XRP address. Please note: to use your Toast wallet you must have a minimum of 20 XRP in it at all times. This is a security feature to weed out spam wallets.

 

Exodus 

Exodus is one of the most popular wallets in Australia and across the world. It arguably has the nicest user interface of all wallets for any cryptocurrency. It is a great option, along with Toast, as a starter wallet when you buy XRP in Australia.

Again however, you must have a minimum of 20 XRP for use.


Through the Exodus interface you can send, receive and generate new addresses for XRP. Furthermore, you can also store, send and receive many other popular cryptocurrencies within the same wallet including Bitcoin and Ethereum. If versatility is your thing, Exodus will suit you to the core.

Exodus is available on PC, Mac, Android and iOS.

Mobile Wallets 


Edge Wallet

The edge wallet is a popular mobile wallet available on both Android and iOS. When you buy XRP in Australia, you can send directly to this mobile wallet to have access to your XRP on the go. It is user friendly for beginners by making the sign up process a familiar user name and password. For more advanced users you can also access a copy of your private key seed phrase.

It is recommended to enable 2fa (two-factor authentication) if you are going to use Edge to maximize safety of your XRP. Edge also accepts a handful of other popular cryptocurrencies. Another cool feature of Edge is the ability to place spending limits, with further verification.
Privacy wise, all user information is stored locally, with no personal information stored on the companies servers. Edge is also open source (meaning anyone can inspect its code to ensure there is no fraud or malice intended).

Important: When sending XRP you will be asked to use a ‘Destination Tag’.  The destination tag is like a reference in a normal bank transfer.  Ensure you use the correct destination tag in order for your XRP to be sent correctly.

 

Hardware Wallet


 

When you buy XRP in Australia, the safest way to store it is through a hardware wallet.  Taking responsibility of your digital assets offline is the best way to have peace of mind longer term.  When considering hardware wallets there are two that are usually recommended off the bat.  One is the Ledger Nano S (or X) and the other the Trezor.  We like to lean towards the Trezor Model T as it supports a greater amount of applications, is easier to use and looks great. 

It is a bit more expensive than the Ledger Nano X but if you are after a quality crypto wallet you can use long term, it’s worth the extra $40 AUD or so.  XRP is compatible with the Trezor Model T and Australian’s have a long history of using the original Trezor as well as the latest model. 

The Trezor Model T is the latest version supporting thousands of different cryptocurrencies.  The support is good and you can sync it with software wallets such as Exodus; which gets a tick in our book.  If you are interested in buying, we have a store where you can browse all the available hardware wallets here.

4. Other considerations when you buy XRP in Australia 

Tax 

When you buy XRP in Australia it is best to consult a crypto-friendly tax agent such as Darcy Financial.  In addition to this, stay abreast of all the official ATO rulings and interpretations (official Australian Tax Office page here). 

Generally, if you hold crypto such as XRP you must pay capital gains tax (CGT).  There are rules and a discount depending on how long you hold your XRP for.  Again, do your research so you understand your investment in full, prior to planning to purchase or sell.

 


Security

In as many articles as possible I like to emphasize the importance of cryptocurrency security.  As soon as you receive your XRP it is completely in your custody.  If you don’t protect it like you would cash, you have no central authority to assist you in getting it back. 

If you have no previous experience purchasing XRP in Australia, read our guides and don’t be afraid to ask for advice or help.  I recommend starting with a very small amount to get used to wallets and transfers of XRP.  Once you feel competent and secure, then invest larger amounts as needed.

Further reading: Password Security

5. Rapid FAQ’s

Q. What date was XRP created?

A. XRP was created in 2012.  Ripple as a company (pre-xrp) was founded in 2005.

Q. Did XRP have an ICO (Initial Coin Offering)?

A. XRP pre-mined 100 billion tokens.  XRP did not have an ICO.  All funding came from traditional angel and startup investors.

Q. What is the difference between XRP and Bitcoin (BTC)?

A. XRP was pre-mined for the sole purpose of creating liquidity.  This enabled Ripple and in turn XRP to achieve its goal of being a payment protocol.  Bitcoin is mined by users who create new Bitcoin and in turn are paid a small fee of Bitcoin for their efforts.  

Q. Is Stellar (XLM) related to XRP?

A. Yes, Stellar started as a fork of XRP.  Stellar’s unique proposition was to have a more philanthropic mission with their native lumens.

 

Interested in buying Ethereum?  Check out our Ethereum guide here.


Buy Ethereum in Australia - A how to guide

How to buy Ethereum in Australia

A how to guide for Australian Ethereum buyers

Andrew Butler | 2019

So you want to buy Ethereum in Australia? Well, you have come to the right place, as Ethereum (ETH or Ether) is the second most popular cryptocurrency in Australia and the world.

1. How to buy Ethereum with Easy Crypto Australia

The following animated pictures will show you how easy it is to buy Ethereum in Australia with Easy Crypto.

Step 1


buy ethereum australia step 1

 

Step 2


buy ethereum australia step 2

From here you log in to your bank via POLiPay (or alternatively use a standard bank transfer, using the button below) pay for the transaction and you should have your Ethereum in minutes!


2. What is Ethereum?

Ethereum is a digital currency ecosystem that was inspired by Bitcoin and expanded upon by its well-known founder, Vitalik Buterin. What sets it apart from Bitcoin is the scripting language that it was created with, allowing ‘smart contracts’, ‘dApps’ and other tokens to be built within its ecosystem. A simple example of a smart contract could be as follows:

‘Tina must complete 5 news articles by 1 December; after which she will receive $500’.

The smart contract used to write this will be able to track the results fairly and if required distribute the funds as a cryptocurrency.

Often new users will not be aware that the native digital currency is actually called Ether, not Ethereum. Ether is used to power internal transactions and is what is traded on Digital Currency Exchanges. Often the names Ethereum and Ether will be used interchangeably to speak of the digital currency token itself.

Many other popular cryptocurrency tokens have been built using Ethereum as their base application. For example Maker (MKR) is a top 25 cryptocurrency in market cap and was created using Ethereum’s native token (ERC-20). This has helped drive Ether to be the second largest crypto in terms of market cap in the world.

3. Which digital wallet should I use to store my Ethereum? 

Due to the popularity of Ethereum in Australia and worldwide, there are a myriad of options for storing your Ether.  

See also: Our definitive guide on Crypto Wallets in Australia

The wallets can be broken up into 3 main categories: Desktop, Mobile and Hardware. 

Desktop Wallets 


Exodus 

Exodus is a user friendly, modern and easy to use desktop wallet that supports Ethereum as well as a myriad of other cryptocurrencies.  This wallet allows you to interact with Ether without having to download the entire blockchain.  This is great for newcomers who want to jump straight into purchasing and storing Ether. You can send, receive and monitor your Ether and other crypto easily from you home PC, Mac or as of recently, your mobile phone. 

MetaMask 

MetaMask is a unique type of crypto wallet in that it can be installed as a browser extension in Chrome, Firefox and Brave web browsers.  As with other quality wallets, MetaMask allows backup of a wallet address through a passphrase, has customer support, a simple interface and a strong reputation with over half a million users.  What you must be wary of is the fact it is an online wallet and this comes with some risks you must be aware of and manage. 

 

Jaxx Liberty 

Boasting more than a million downloads and with a user interface that makes it easy to store your Ethereum; the Jaxx Liberty wallet should be a serious consideration for Ether buyers.  Jaxx is also handy if you are looking to purchase other cryptocurrencies, like Exodus, it is a multi-currency wallet.  Upholding its reputation and popularity is its customer service, being one of the first digital currency wallets to roll out support to users. 

Mobile Wallets 


Trust Wallet

Trust Wallet is a downloadable app available for your Android or iOS compatible device.  It has been popular for Australian Ethereum holders and has recently been purchased by Global cryptocurrency Exchange Binance.  Trust Wallet is a simple to use, fast and no-frills digital currency wallet that supports most of the major cryptocurrency assets.  Some of its features include: send, receive, anonymity, backup ability and pin/passphrase security. 

4. Other considerations when buying Ethereum in Australia 

Tax 

When buying Ethereum in Australia you must consider your tax implications with the Australian Tax Office (official Australian Tax Office page here).  In general if you hold cryptocurrencies you must pay capital gains tax.  This is calculated depending on how long you hold your Ethereum. 


Security

Whenever you consider investing in cryptocurrencies such as Ethereum you must ensure you prioritise and understand the security aspects of your digital asset and how to safely use a wallet.  I recommend you always start with a small amount to become familiar with crypto (if it’s your first time), or to become fluent with a new wallet / interface.

Learn more: Password Security

5. Rapid FAQ’s

Q. When was Ethereum created?

A. July 2015.

Q. How much money did Ethereum raise in its ICO?

A. $18.4 Million USD

Q. What is the difference between Ethereum (ETH) and Ethereum Classic (ETC)?

A. Ethereum had a code vulnerability in June 2016 which was exploited. The current Ethereum (ETH) ‘forked’ to fix the code and make transactions during the exploit null and void. Ethereum Classic continued on the old blockchain ledger. Currently Ethereum (ETH) is the dominant of the two.

Q. What is the difference between Bitcoin and Ethereum?

A. Bitcoin was created purely as a peer-to-peer cash system. Ethereum was developed to run decentralised applications with Ether as its internal currency.

 


Best Bitcoin Wallet Australia

Best Bitcoin Wallets in Australia



It doesn’t matter if you are in Australia or based anywhere in the world the solution is the same, Bitcoin is stored in a Bitcoin wallet, universal to all people. 

It’s that simple.  As with most things, the best Bitcoin Wallet Australia has to offer is a subjective topic.  I have found that there are a lot of misconceptions around how a wallet works.    Due to this, the following article will outline the basics of a bitcoin wallet in layman’s terms and then discuss some of the more popular wallets you may be interested in using.  So let’s get into it. 

 

1. So in simple terms what is a Bitcoin Wallet?

2. Public and Private keys with the Blockchain

3. Spending and receiving Bitcoin

4.Types of Bitcoin Wallets

5. Online Wallets

6. Software Wallets

7. Paper Wallets

8. Hardware Wallets

9. Exchange Wallets

10. Bitcoin Wallet Frequently Asked Questions (FAQ)

 

So in simple terms what is a Bitcoin Wallet? 

A Bitcoin (BTC) wallet is not region or country-specific.  Wallets are international, you do not need a specific Bitcoin Wallet for Australia.  A Bitcoin wallet is like a Bitcoin bank account, you store your Bitcoin with it, and it allows you to send or receive transactions.  Are you with me so far? Great, let’s dive a little deeper. 

 

Public and Private Keys with the Blockchain 

It is a little hard to wrap your head around at first, but a Bitcoin Wallet doesn’t physically store bitcoin, it only holds the public and private keys for an individual to access their bitcoin.  A private key is like your pin number, you must keep it safe as it allows you to send transactions from your Bitcoin wallet.  The public key can be public knowledge.  You can hand it over to any Australian to pay you in Bitcoin if you so wish, it is derived from your private key but does not reveal your private key (due to some super clever cryptography!).  

You may have heard of the ‘blockchain’.  The blockchain is just a ledger of people’s Bitcoin balances.  Your private key gives you access to your record on the ledger and your public key is like an account number, so people can send you Bitcoin to your account on the ledger without having access to your private key.  A practical example can be found in the following video (feel free to skip it if you aren’t interested): 

 

 

Spending and receiving Bitcoin 

So in order to access your Bitcoin and spend it, you must have access to your private key. This private key is created when the wallet address is initially made.  You want to create a strong passphrase of at least 10 words and special characters; the larger the passphrase the harder it is to crack. So, if I want to send my Bitcoin from my address to my friend’s address, they can advise me of their wallet public address.  You can then login to your wallet software (such as https://www.exodus.io) as you control the private key to your account (via the use of your private key via a passphrase) and use the ‘send’ function to send as an example 2.5 BTC. You can send this to your friend’s Bitcoin Wallet Address in Australia or anywhere in the world. 

Once this occurs, the Bitcoin network receives the Bitcoin transfer request and it is processed into the first available block on the blockchain.  Again, the Blockchain is a universal ledger; there is no specifics if you are located in Australia, Europe or Polynesia, everyone has the same copy of the ledger.  Essentially all that is occurring is the network will remove 2.5BTC from your Bitcoin wallet address on the bitcoin ledger and add 2.5BTC to your friends address on the Bitcoin ledger. Miners confirm this transaction and as a reward for this, they receive a small amount of BTC as a transaction fee to incentivise their participation.  

 

Types of Bitcoin Wallets 

Bitcoin wallets come in quite a few formats with the most common being a software wallet. Australian Bitcoin Wallets are no different to their overseas counterparts, so it comes down to personal choice.  With that in mind let’s cover the main types of wallet. 

 

Online Wallets 

Online wallets are web-based wallets, which are not downloaded.  Data is hosted on an online server and controlled by a third party.  In general, the data is heavily encrypted to ensure it is safe, however online wallets are considered the least-safest way to store you Bitcoin in Australia. 

 

Software Wallets 

These types of wallets are the most common Bitcoin Wallet in Australia.  Software wallets include all downloadable wallets on both desktop computers and on mobile devices.  These downloadable wallets are usually an app that will connect directly to the Bitcoin (or chosen crypto) interface.  It comes down to personal preference on what is the best bitcoin wallet Australia agrees upon; so here are some suggestions for beginner Bitcoin wallets for Aussies: 

 

Exodus

 

 

 

 

 

 

Exodus is a multi-crypto user-friendly digital currency software wallet. You can download this wallet via the exodus website, or for Australian mobile users the play store for android or app store for iOS. Exodus supports most of the popular currencies including Bitcoin, Ethereum, XRP, Litecoin, Monero, Binance Coin, Stellar, Neo and many more. Exodus has a simple layout and is easy to use for Australian’s new to the crypto market, whilst being sophisticated enough to be useful for veterans alike.

 

Electrum 

 

 

 

 

 

 

Electrum is a Bitcoin wallet downloadable on Windows, Mac, Linux and on Android for mobile users.  The Electrum wallet is popular with Australian’s due to its tight security around the generation of private keys, the ability to employ 2fa and more.  Unlike Exodus, Electrum is purely a Bitcoin (BTC) wallet only and it delivers a good no-frills experience.  It has a low to medium learning curve for new users but once set up, is solid and reliable. 

 

Bread (mobile only)

The bread wallet is a mobile-only application available to Australian’s on both Android and iOS.  It is relatively user-friendly, enabling you to set up an account quickly and store a passphrase offline to enable you to securely recover your account if you ever lose your mobile device.  It supports Bitcoin, Bitcoin Cash, Ethereum and ERC20 tokens (coins built on Ethereum ecosystem).  Bread connects directly to the Bitcoin network and is a great option for those that want to free themselves from a desktop device for ‘on the go’ storage or spending of Bitcoin in Australia. 

 


Paper Wallets

Paper wallets are created online and are able to be printed out as a physical document (cold wallet) that contains copies of the public and private keys that make up a wallet. Often it will have QR codes so that you can quickly scan them and add the keys into a software wallet to make a transaction. The benefit of a paper wallet is that the keys are not stored digitally anywhere and are therefore not subject to cyber-attacks or hardware failures. The disadvantage of a paper wallet is that paper and ink can degrade, and paper is relatively fragile. If you lose a paper wallet (or can’t read what is on it), you’ll never be able to access the coins sent to its address.  Paper wallets are not recommended for beginners, especially if you intend on spending Bitcoin, as you will need to ‘sweep’ your Bitcoin balance into a hot wallet. 

 

Hardware Wallets 

Hardware wallet: Dedicated hardware built to hold cryptocurrency.  This can be as simple as a USB stick or as sophisticated as custom-built hardware for crypto such as the Ledger Nano. These devices can go online to make transactions and send/receive data and then can be taken offline for transportation and security. They are generally considered the safest form of wallet.  Here is a breakdown of the most popular hardware wallets and devices built for crypto: 

 

Ledger Nano S

The Ledger Nano S is the highest selling hardware bitcoin wallet Australia has seen since the inception of cryptocurrency.  Its popularity has grown through its ease of use, simple design and good security record.  It is also a relatively inexpensive purchase to secure your crypto offline.  

To set up your Ledger Nano S you plug it into your computer with its bundled cable and you can automatically configure it.  After setup, you can download Ledger software from the official site to install for a user-friendly interface between your Ledger Nano S and the Bitcoin network. 

 

Ledger Nano X 

The Ledger Nano X is the latest version from the Ledger company to be available in Australia.  It’s main difference is its ability to connect to mobile devices via bluetooth as well as PC like the Ledger Nano S.  It also has updated specs to store more applications and a larger battery capacity. 

 

Trezor Model T 

 

 

 

 

 

 

 

 

The Trezor Model T is the latest model available in Australia from Trezor. It includes support for all the main cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Zcash, Dash and thousands more. It has a full-colour touch screen, is encrypted, and supports a microSD card. Trezor is a great option for Australian’s looking for a user-friendly, good looking hardware wallet to store their cryptocurrency assets long term.

 

KeepKey

 

 

 

 

 

 

 

 

 

The KeepKey hardware wallet was created as an all-encompassing platform built to handle popular cryptocurrencies such as Bitcoin, Ethereum, BNB and OmiseGo to name a few.  The KeepKey hardware wallet uses PIN protection and passphrases to secure your crypto assets.  It has customizable transaction speeds and limitless wallet address support.  You may not find this suitable as it is developed and interacts with the shapeshift service, so research shapeshift prior to looking at purchasing this wallet. 

If you are interested, all the above hardware devices can be purchased through Easy Crypto here. 

I hope these reviews point you in the right direction when assessing what the Best Bitcoin Wallet for Australian’s is; and where to download or purchase the right items to safely manage your personal Bitcoin assets. 

Remember that the security of your Bitcoin is solely in your hands. It pays to be familiar with the technology and practice sending and receiving small amounts.  Here at Easy Crypto Australia, we aim to educate and assist all newcomers to the Bitcoin world.  If you are ever in in doubt don’t hesitate to contact us for advice. 

Bitcoin Frequently Asked Questions (FAQ)

Q. When using a Bitcoin Wallet, what does a ‘confirmation’ mean?

A. Your Bitcoin transactions will change to the status of ‘confirmed’ when miners have validated them on the blockchain.

Q. How quick will transactions be confirmed in my chosen Bitcoin Wallet?

A. Speed of confirmation is usually related to the fee you attached to your transaction. Miners prioritise transactions that pay the highest fee. However, you will find that a standard fee will still be confirmed relatively quickly.

Q. Where can I monitor my Bitcoin wallet transaction?

A. Most Bitcoin wallets will notify you of your transactions in real time. However, you can also check a transaction by copying your wallet public address via a site such as Blockchair

Q. I can’t see my transaction processing anywhere?

A. Your wallet software sometimes may take a minute or two to start processing the transaction. Some may also require a secondary confirmation, such as an email confirmation on your end for safety reasons.

Q. What is the QR code next to my Bitcoin Wallet Address?

A. QR codes are like barcodes. They are commonly used to scan items using a phone camera. Bitcoin Wallet Addresses can be scanned this way, making it a more user friendly way to send or receive BTC as required.

Q. I’ve forgotten my Bitcoin wallet password, what should I do?

A. Most wallets will allow restoration via a ‘seed phrase’. This is a pass phrase of words that you wrote down when you created your wallet address and stored somewhere physically, such as on a piece of paper. Using these seed words, you can restore you Bitcoin wallet. It is highly recommended you store your seed phrase and password somewhere extremely safe and always think about backups.


Top 5 reasons why Bitcoin is worth investing in 2019

Top 5 reasons why Bitcoin is worth investing in 2019



 

The Bitcoin market has been growing from strength to strength.  Today we will cover why Bitcoin is worth investing in for 2019 and beyond.

 

1. Regulation is bringing new investment

Bitcoin is becoming safer to invest in due to Governments looking to work with the digital currency rather than against it. The smartest world Governments have realised that there is a growing fintech industry sprouting up around this kind of technology, which is bringing investment and creating jobs. What this has lead to is regulation of the cryptocurrency industry; which breathes confidence into the market and breeds positive, investment-ready Bitcoin exchanges. This in turn helps grow community confidence and encourages more retail investors to enter the market. It also encourages larger institutions to confidently start to invest. Which bring us to point 2.

2. The worlds largest stock exchanges are getting on board

As the Bitcoin market matures (it has recently celebrated 10 years of existence) more and more large corporations are finding confidence in entering the fray. Some of the bigger names looking at offering investors exposure to Bitcoin and other crypto-assets include the Nasdaq and Intercontinental Exchange. Hedge funds (which are investment funds, that engage in speculative marketing using credit) are also large players in the cryptocurrency space. There are over 150 hedge funds currently engaged in crypto-based investment, with assets totalling over 1 billion dollars.

3. Bitcoin adoption is continuing to expand

Although Bitcoin has only been around for 10 years, adoption is continuing at a rapid pace. Looking at statistics over the last 2 years, the number of wallets has exponentially increased and is not particularly related to the price of Bitcoin itself. Another strong indicator of continued growth is increased of trading volume in established ‘crypto countries’ as well as emerging economies. Many supporters of Bitcoin believe that there is a massive opportunity for developing nations to access financial services free of corruption and with a direct link to global markets. It is hoped that this would assist in the virtuous growth of individual wealth, free of political factors.

4. Bitcoin is not static

Bitcoin is an ever-evolving technology. Although it is decentralised and is not under control of any one person or group of people, Bitcoin has an active community that contributes to its improvement. Bitcoin is an open-source project and anyone (with the requisite expertise) can assist in maintaining its code. However, changes to Bitcoin are usually very subtle, which gives it stability. If any change occurred that dramatically changed its fundamentals, this could have very negative effects. Its 10-year track record has stacked up very well so far and all the subtle improvements have helped Bitcoin enjoy relevance now, with the tools to adapt to an evolving future.

5. Bitcoin’s price and opportunity

If you are looking to invest in Bitcoin the good news is the market continues to have healthy liquidity. Historically Bitcoin has always surpassed its all-time highs after a price crash. The latest peak was in late 2017 and since that time there was a slow drop in prices. However, since mid-2019, the market has picked up considerably.  This has led to many opportunities for savvy investors to make a profit in the growth and strength of the market.

 


What is Bitcoin and can I buy it in Australia?

 

Can I buy Bitcoin in Australia?

Cryptographers have been trying to implement the idea of digital cash since the late 1980’s. Bitcoin is the breakthrough product that when released, organically caught the attention of first the computer underground and then the mainstream public.

 

Bitcoin can be best described as a digital system that allows the transmission of value across the worldwide Bitcoin network. A single unit of Bitcoin is knows as a ‘Satoshi’, which is the first name of the anonymous creator (Satoshi Nakomoto). In simple terms, Bitcoin is a digital currency that has no central authority.

Australian’s are known for their ability to question the status quo and to always question whether they are getting a ‘fair go’. Australia also has a strong tradition in computer science and cryptography. Naturally, this has fuelled the popularity of an alternative currency that is controlled by the individual, and not by a corporation.

So to answer the question of whether an Aussie can buy Bitcoin or not? The answer is a resounding yes! Australia has a vibrant and welcoming cryptocurrency community that are more than happy to assist new comers in purchasing Bitcoin. Here at Easy Crypto, we have set up the most simple way to buy in Australia. Head to our Aussie based site to find out more.

It’s both encouraging and reassuring that in April 2018 the Australian Government implemented legislation around the buying and selling of Bitcoin. What this legislation enforced was the need for Digital Currency Exchanges (DCE’s) to be registered with the Australian national regulator AUSTRAC. This has helped grow the industry and ensure that unprofessional or potential scammers are weeded out of the exchange world.

Bitcoin has a myriad of uses. It can be a transactional currency for buying goods and services. It can be an investment vehicle or store of value and it is seen by some as digital ‘gold’. We mentioned earlier that Bitcoin has no central authority. What this means is that when you are in possession of Bitcoin it is like you are in possession of cash. It is purely up to you to ensure its safety as there isn’t an authority that can reverse transactions. What’s great about this is you are completely in control of your financial assets. No matter what occurs (financial institutes go bankrupt, governments bailing out failing banks, global financial crises etc) your Bitcoin is safely stored and untouchable.

Bitcoin transactions are stored on the most important element of the Bitcoin network; the blockchain. In simple terms, the blockchain is a cryptographically secure ledger of all Bitcoin users accounts from the beginning of time. All transactions between accounts are recorded on this blockchain and secured behind digital signatures.

This all sounds very complex however in practice it is relatively simple. All you require to get started is a Bitcoin ‘wallet’ that you can send Bitcoin to. Then you can purchase Bitcoin from an exchange such as Easy Crypto and send it directly to your wallet. Your wallet will have a password; this will allow you access to see your Bitcoin balance and the ability to send or receive Bitcoin.

We recommend new users to start with a small amount, such as $50 Australian Dollars (AUD).  This will get you used to how a wallet works; and to help get comfortable using digital currency and the Bitcoin network.

If you would like to chat about, or schedule a meeting for us to run you through the process, please contact us here at Easy Crypto. You can e-mail us direct at [email protected]

 


100% Funds Safety Guarantee

Easy Crypto is proud to announce that we now offer a 100% funds safety guarantee.

From the second we receive your funds right through until we send out your order, you can have full confidence that you’re not at risk of losing your funds – we’ve got your back.

  • Our funds safety guarantee starts once we receive your payment (AUD if you are creating a buy order, or crypto if you are creating a sell order). We can't guarantee keeping your funds safe if we haven't received them!
  • Our funds safety guarantee finishes when we send the payment to the address/account you asked us to send to. Please note that we can't take any responsibility if you gave us the wrong details.
  • We guarantee ourselves and our suppliers, e.g. if we send your funds to an exchange and that exchange gets hacked - we will still honour your trade.
  • This is not a price guarantee - as per our order form, prices are only locked in once payment is received and may vary from what you were quoted, depending on when your payment arrives.
  • Funds safety guarantee does not apply to orders that are fraudulent or unlawful

 

 


The importance of crypto password security: your most valuable lesson

 

The importance of crypto password security: your most valuable lesson

The most important lesson you can learn when beginning your cryptocurrency adventure is that password security is king.  Let me emphasize that. Password security is your number one priority.

The average password is short, obvious and easy to crack. Most people believe they have a strong password, but in reality their choice of password statistically falls short of what is recommended.

Entropy is the technical way to measure password strength. Entropy is a measurement (in bits) of how hard it is to crack a password.  This is calculated through a combination of the character set used (upper case, lower case, special characters) with the password length.

A password with 1 bit of entropy would be able to be guessed right on the first attempt half the time. For each successive bit, the password becomes harder to crack. When creating a password, it is recommended to adhere to the following as a minimum:

• Include an upper and lower case character, a number and a special character.
• Don’t use words that could be linked to you (e.g your name or a part of your username).
• Ensure you use a password with a minimum of 8 characters, however I would recommend closer to 20+

The above list is a great start, but there are other considerations. Best practice around password security is now focussed on using a password manager. A password manager (such as Keepass) allows you to create strong individual passwords for every site and service you use online. It works like a digital safe. So you have one database file that you access using an uber-strong password you have memorised. This password should adhere to the above list and not be recorded anywhere on a device.

Once you open your database, you can then use the password manager to create highly secure (high-entropy) passwords very quickly for use with any service you sign up with. This is best practice as a lot of users repeat the same password for each site they sign up for. This opens you up for risk if someone finds out that particular password and accesses all of your accounts. Using the password manager method ensures all your passwords are hard to crack and varied.

Other related considerations are computer security and multi-factor authentication. To ensure you are not opening yourself to malware, viruses and keyloggers, use an up to date and reputable anti-virus software. Wherever a service allows you to use two-factor authentication (via your phone, another email or using a service such as google authenticator) then enable it. Two factor authentication requires the malicious user to have access to both your password and your other device (such as your mobile) in order for them to mount an attack.

Lastly, we must also be aware of malicious users who employ social engineering to access passwords. For example, requesting your username or password through an email or site that isn’t legitimate. Always ensure you are on the correct URL of your chosen web page.  Then ensure any official email is from a legitimate source. Another form of social engineering is gaining your trust through an ‘investment’ opportunity and then asking for log in details to access your account for set up. Again this is a big red flag.

A great place to check your password strength is here: https://howsecureismypassword.net/

Remember password security is purely your responsibility, get it right from the start and you won’t have any issues.

 


Has Satoshi Nakamoto reached 'God' status?

 

Has Satoshi Nakamoto reached ‘god’ status?

The dictionary definition (verb) of a god is: to regard or treat as a god; deify; idolize.  To a segment of crypto supporters, Nakamoto has reached this mythical status at a rapid pace.

 

It is hard not to be intrigued by the story; an anonymous creator who solved an extremely complex cryptography problem; to allow for the creation of digital currency.  This same creator who on paper (or blockchain) owns an abundance of Bitcoin that enables him to be among one of the richest people in the world.  Even with all this temptation; the creator hasn’t touched a single coin for self-profit from their original wallet.  The ethics of Nakamoto’s belief in a decentralised system, combined with not selling out when there have been ample opportunities, really cements him in the minds of many as an aspirational figure.

The following quote from Nakamoto allows us an intriguing insight into his belief of the importance in having no central figure controlling Bitcoin:

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”

The posting history of Nakamoto is littered with small quotational gems like the above; which can allow us an understanding of where he believed the Bitcoin project was headed.  These excerpts have helped solidify the deification of Nakomoto to the cryptocurrency community as interpretation can be varied in what was left behind.  In general, what Nakomoto posted completely aligns with his actions, further giving credence to his strong belief and ethics in a digital revolution.

The belief that Bitcoin has instilled in those that are invested in its ecosystem is immense.  Some of the ideas people have used to describe what Bitcoin means to them include: disruption, hope, possibilities, alternatives, rebellion and adrenaline.  On the other hand there are people who think of greed, getting rich quick and being liquidated. 

The variety of experience in this new frontier is what makes Bitcoin so enticing.  In turn this is what makes Nakomoto so revered; his creation is a reflection of the personality of people, and what they have made it.