Fastest way to buy Bitcoin and start holding it!

 

I often get people asking me how can I get involved in cryptocurrencies or what is the fastest way I can buy Bitcoin for under $100. 

Now, it takes time to explain each facet to them from downloading a wallet to purchasing with Australian Dollar or AUD for short.  This guide I hope will help someone from start to finish to purchase and hold Bitcoin all in the one day for just $100 AUD.  I will try to keep it short, sharp and simple.  All recommendations within this guide of wallets or exchanges to use are simply examples.  Do your own research to find out what best suits you but this is the combination I use to buy AND sell crypto in Australia.

 

The first thing you will require is somewhere for the Bitcoin to go once you do purchase it.  Getting a digital wallet setup is the first step as without a Bitcoin address you have nowhere to put your Bitcoin.  I use a wallet called Exodus.  You can get Exodus from www.exodus.io and you can have a desktop version or a mobile version.  For the sake of this guide let’s choose the desktop version.  So click ‘download now’ and select the desktop wallet.  Click the backup section and you will see you can setup a password and you can also click show 12-word recovery phrase.  So create a hard to crack password and DON’T forget it.  Write it down physically (not on your PC.) and then do the same with your 12-word recovery phrase.  Keep these safe as if your computer blows up for example or you lose your mobile (mobile version only) you can recover your lost Bitcoins using the 12-word recovery phrase.  But should they end up in the wrong hands and all your funds are in jeopardy with a real chance of never seeing your Bitcoin again.

**note** with some versions of exodus you can only generate your passwords/phrases once you have deposited some Bitcoin into them.

So your wallet is ready to go.  Leave it open and let’s move to the next step.  The exchange.  For this step we are going to buy Bitcoin from easycrypto.com.au as they are smart, simple and safe to use also very competitive and customer friendly.

So for our first order we are going to go to easycrypto.com.au and hit enter.  There we can see a green ‘BUY NOW” button on the right hand side with two input options.  AUD and BTC or Australian Dollar and Bitcoin.  For our first order we are going to select the Australian dollar section and type 100 as we want to spend $100 AUD.  Underneath you will notice the Bitcoin number change.  At the time of writing this article $100 AUD gets us 0.00617017 Bitcoin.  Then click ‘BUY NOW’ it will then prompt you to sign in or create a new account.  We will go ahead and create a new account.  Once clicked it asks us if we want to use a google, facebook or email address account to create our new account. 

I will use email for this guide. 

  1. Enter your email and click next 
  2. Enter your first and last name then create a password and click save.
  3. Enter your birthday and phone number then hit next.
  4. It then asks you if you hold an Australian Drivers Licence.  We are going to assume the majority of people do and click next.
  5. Enter the purpose of your purchase.  We will select the top option ‘Holding as an investment’
  6. Enter ‘Source of funds’  We will put Salary/Wages and click next
  7. Now we get to the verification section where the exchange follows regulatory rules set in place to stop the likes of money laundering and terrorism financing.  So we must write a custom note which states “I am verifying with www.easycrypto.com.au. No one has asked me to make this account. August 20th 2019″ 
  8. Once the note is written grab your Australian Drivers Licence or similar photographic government ID.
  9. Take a selfie holding the note and the ID so all three can be seen clearly.  The note, your face and the identification.
  10. Upload this picture to your PC then in turn upload it via the ‘Select file’ button in purple.  Once uploaded click next.
  11. This step is where they verify your identification, this step will take the longest as it requires a staff member to check your verification manually.  Click go to verification.
  12. Provide the following details for the automated check.  First name, middle name, surname, address and date of birth then click submit.
  13. It will then ask you to verify your identity using 2-4 different ID sources.  We will use Drivers licence and Australian Passport.
  14. It will say something like ‘Your Queensland driver’s licence was verified, pending the review of an administrator.’

Once this step is done it will redirect you back to easycrypto.com.au and once you get your verification accepted you will receive an email stating this.  Then you can go and enter the $100 and click ‘BUY NOW’ then it will show you ‘Your Order’.  This is where you provide your digital wallet address to deposit into.  So let’s step these out numerically as well for ease of use:

  1. Click back into your ‘Exodus wallet’ we created but didn’t close earlier.
  2. Select the ‘Portfolio’ tab on the left hand side.
  3. Then the top of the ‘ASSET NAME’ list at the bottom of the screen shows Bitcoin.
  4. Click on Bitcoin and it will show you your balance which will be 0 BTC and under that $0.00AUD.
  5. Under that you will see Send and Receive buttons.  Click Receive as obviously this wallet is going to be receiving the $100 of Bitcoin from Easy Crypto.
  6. Now we have a few options here we can use the QR scan code but let’s keep it basic and just copy the long address.  This is your public Bitcoin DEPOSIT address.  Used ONLY for depositing BITCOIN into this particular wallet.
  7. Once you have copied the Bitcoin address go back to easycrypto.com.au tab.
  8. Paste your Bitcoin wallet address where it says ‘Enter your Bitcoin address’ and click ‘Next Step’
  9. Then you are asked to select payment method.  You can do a direct bank transfer which will take time due to the company needing to see the funds entering their account before releasing the Bitcoin to the nominated address.  Or you can use the popular Australia Post payment option POLIPAY which is instant and automated.  For this guide we will use POLIPAY.
  10. Click Continue with POLI.  You will then see a review of your order including your order number for reference.
  11. Click Pay with POLI.  You will see a POLIpayments pop up.
  12. This is where you select your bank.  Once selected it takes you to your banks internet login screen.
  13. Enter your normal internet banking login details and hit login.
  14. You will see your accounts.  Pick the account you want to use to purchase the Bitcoin.
  15. Success! your Bitcoin will be transferred to your chosen wallet within roughly 40mins – 1 hour.

The Bitcoin is automatically released from easycrypto’s digital wallet to your chosen Bitcoin wallet address by way of blockchain technology.  Your transaction sits on the blockchain until it receives 3 confirmations (approx) which takes roughly 30 mins.  You did it!

You will hear a little money sound when your Bitcoin goes into your Exodus wallet and you will see your balance change from 0BTC to 0.00617017BTC (less fees) and $100AUD (less fees).

Congratulations you are now the owner of your first and very own Bitcoins!

If you have any questions regarding this guide or can’t proceed/understand any of the above steps do not hesitate to email us at [email protected]