Bitcoin 101: How Australians can buy Bitcoins for potentially huge financial gains Buy Bitcoins in Australia

For the first time since the inception of Binary Oz – Trade Binary Options Australia, we are promoting something other than trading forex or trading binary options for the first time. We have joined the next revolution of money for the future. Cryptocurrencies, in particular; Bitcoin. Buy bitcoins in Australia

We have put together a series of articles and videos to explain every last detail on the cryptocurrency explosion the world has seen over the past year and how the future’s new financial system may be taken over by bitcoins and other cryptocurrencies, since their inception in 2009. Buy Bitcoins in Australia

We have also detailed how every Australian can buy bitcoins, litecoins, Ethereum, dodgecoin, golem, ripple and basically every other crypto available today, through Australian websites using Australian dollars. We show you how to fund your accounts, buy and sell bitcoins, trade cryptos, deposit and withdraw Australian dollars safely and securely. Buy Bitcoins in Australia

In this Blog post we answer the four most important questions you need answers to today; Buy Bitcoin

s in Australia

What are Bitcoins? How were they “invented” and what is the basis for its popularity for investors over the past year?

Where can I buy Bitcoins and other cryptocurrencies as an Australian, in Australia with Australian dollars?

What is the future of Bitcoin?

What will be the next Bitcoin success story? Which of the cryptos are ripe for buying now and why?

 

So, take 2 hours out of your busy schedule to read about the most important and potentially the most important investment advice you will need in your lifetime to secure your future.

Here we go….. Buy bitcoins in Australia Buy bitcoins in Australia Buy bitcoins in Australia 

What are Bitcoins?

So why has the world gone crazy for Bitcoin? Buy bitcoins in Australia Buy bitcoins in Australia Buy bitcoins in Australia

Bitcoin, the fastest growing “asset” bubble the world has seen.

The world’s best-known digital currency is a complex combination of software coding, maths, cryptography and plain old accounting that when crunched by a computer leads to a finite number of winning outcomes.

The thing is, however, that bitcoins are still simply “bits” of digital information protected by complex layers of digital security stored on a worldwide computer network.

That’s not much different from most non-physical “money” held by banks.

What’s driving feverish speculation in bitcoins is that there will only ever be 21 million bitcoins “mined” into existence, unlike the seemingly never-ending supply of credit-money that banks create each and every day around the world with new loans.

“Bitcoin mania is simply about betting how far the price can run before the speculative bubble bursts, probably when massive fraud is eventually perpetrated.”

There are about 16.7 million bitcoins and, at yesterday’s record price of $US17,027 each, the total value is about $US285 billion, or the total size of Singapore’s economy.

Bitcoins were designed by a still anonymous person known as Satoshi Nakamoto, and they came into existence in 2009 just after the world was brought to its knees by the global financial crisis.

The original attraction to bitcoin was that they were a way to rebel against a finance-dominated world. They offered people distrustful of governments and banks another way to store and trade their wealth, legally gained or not, outside the formal global banking system.

But now bitcoin mania is simply about betting how far the price can run before the speculative bubble bursts, probably when massive fraud is eventually perpetrated.

The price of Bitcoin has soared overnight.

So…. what is it?

Bitcoins are stored on a distributed global network of “trustworthy”, independently owned computers running a complex accounting-type ledger known as a “blockchain”.

Blockchains work by having bitcoin “miners” verify all “blocks” of transaction information, to prevent fraudulent transactions, before they can all be fully certified in the ledger.

In return for verifying the system, miners are rewarded with bitcoins.

Bitcoin miners around the world use immense computer power, estimated to be the same amount of energy as the whole of the Netherlands uses, to process the transactions.

Bitcoin owners have a digital security “key” which they must use when transacting and they can store them on a personal “wallet” on a phone or computer, or on a digital coin exchange.

Similarly, the formal banking system also uses a special digital-key payments system for inter-bank transactions, while bank clients use cards with digital chips and pins for transactions.

But a critical difference between crypto-currencies, such as bitcoin, and conventional currencies, such as the dollar, pound and yen, is that they are not secured by a nation state with a strong judicial system, police force and army to maintain law and order.

 

Buy Bitcoins in Australia

Buy Bitcoins in Australia

 

Bitcoin trade takes part in a netherworld, out of the reach of tax authorities, the police and divorced spouses, which suits many people, but mostly the dishonest.

Few experts are negative about the underlying code and mechanics of bitcoin’s actual blockchain structure, but many are concerned about the risks for fraud at various points in the process, including storing keys at exchanges.

If something goes wrong in a bitcoin transaction, there is absolutely no recourse to anyone.

Lose your bitcoin key and the money is gone for ever.

Even online there is no friendly bitcoin client-services person to help you verify whether you have as many coins as you claim because your name exists nowhere in the bitcoin blockchain.

If someone steals your key and then your bitcoins the Australian judicial system will be of almost no help because it has no means to trace anything in the system.

If hackers break into any of the 124 digital currency exchanges dotted around the world and steal keys, an exchange could be bankrupted with no central bank or government to bail it out. In 2014, the Mt. Gox exchange in Japan handled 70 per cent of all bitcoin transactions but it collapsed when about 850,000 bitcoins valued at $US450 million went missing.

Bitcoins’ screaming success has spawned a whole new industry.

More than 1300 other crypto-currencies are sold to speculators via “initial coin offerings” that US authorities have warned are ripe for fraud.

But the reins are tightening on bitcoin trade, with reports this week claiming Britain’s Treasury department had disclosed plans to regulate bitcoin because of concerns it was being used to launder money and dodge tax.

British authorities reportedly plan to bring bitcoin trading in line with anti-money laundering and counterterrorism legislation that governs other financial transactions.

The US, European and Australian governments are unlikely to be far behind.

As to its usefulness as a currency, they say you can buy a coffee, a car and even a few houses with bitcoins, but its volatility over the past weeks has prompted some companies to stop accepting bitcoins because the exchange risk has become extreme.

[https://thewest.com.au/business/your-money/bitcoin-101-beware-the-geeks-bearing-digital-coins-ng-b88681382z]

Cryptocurrency Explanation Videos

What is Bitcoin?

https://www.youtube.com/watch?v=cFj72hrUZt4

What is the blockchain technology?

https://www.youtube.com/watch?v=r43LhSUUGTQ

Don’t be impulsive! Buy and Hold Bitcoin until 2020!

https://www.youtube.com/watch?v=Sxwb8fGFyME&feature=youtu.be

Warren Buffet – If China can’t stop Bitcoin, then no one will

https://www.youtube.com/watch?v=JRB-3AriLXI&feature=youtu.be

John McAfee – A bitcoin Soon will be worth USD$500,000

https://www.youtube.com/watch?v=VAaIr-GGWig

John McAfee Cryptos destroy banks in 2018

https://youtu.be/04kZJnqI3k4

John McAfee: Why Bitcoin will hit $500K in 3 years

https://youtu.be/epObQ1AujyQ

The 10 biggest companies that accept bitcoin as payment

https://www.youtube.com/watch?v=gVPJot8ibso

How to Spend Bitcoins Anywhere Just Like Cash!

https://www.youtube.com/watch?v=EGQrewM7ODY

 

Where can I buy Bitcoins and other cryptocurrencies as an Australian, in Australia with Australian dollars?

OK, so now you are an expert in cryptocurrencies, the next step is how to invest in bitcoin and all other cryptos as an Australian, in Australia with Australian dollars (AUD$).

Buying Bitcoin and How Exchanges Work

Bitcoin can be bought and sold from various sources, online and offline, like any other currency. You can purchase BTC online directly with a credit card, or use an exchange or brokerage service that will enable you to buy bitcoin via a bank transfer. Some applications also offer buying and selling bitcoin with PayPal and other online payment processors. Some of these sites are full-service exchanges intended for institutional traders, while others are simpler wallet services with limited buying and selling capabilities.

Most exchanges and wallets can store digital and fiat currency for you, functioning like a regular bank account. Exchanges and wallets are the go-to option if you want to do regular trading and speculating. Beware of the fact that total anonymity is difficult to achieve at these sites. Also, there are setup procedures which usually involve supplying proof of identity and detailed personal information. Bitcoin can also be purchased locally from other people via marketplaces e.g. LocalBitcoins, and from Bitcoin ATMs that operate just like the cash ATMs you see worldwide. These services offer higher anonimity, but tend to charge higher fees.

Let us introduce your new cryptocurrency trading platform CoinSpot.

https://www.coinspot.com.au?affiliate=TQ8U1

Buy Bitcoins in Australia

CoinSpot

CoinSpot cryptocurrency exchange – December 2017 review

Buy bitcoin with Australian dollars and enjoy free withdrawals to your bank account on this popular cryptocurrency exchange.

CoinSpot is one of Australia’s most popular cryptocurrency exchanges. The main reason it’s so popular is probably because it’s local. That means Australians can make fast exchanges, and avoid transfer and currency exchange fees to get much better value for money on CoinSpot than elsewhere.

It also lets you buy and sell more than 50 cryptocurrencies with AUD, including bitcoin, Ether, Monero, Ripple and all the other top performers.

Plus, it’s well-established. It was founded in 2013, and has long-held reputation for reliability.

It has a lot of advantages for Australians, but how do the platform fees and features compare to others in the market?

What is CoinSpot?

CoinSpot is a cryptocurrency trading platform that allows users to buy, sell and exchange dozens of different cryptocurrencies.

Cryptocurrency is a digital asset exchanged around the world, but getting started usually means buying with fiat currency (ie government-issued currency like AUD).

Because CoinSpot is based in Australia it can offer some special advantages. The main one is that it streamlines the trading process by making it simple, quick and cheap to deposit AUD into a CoinSpot trading account, as well as to withdraw funds to your Australian bank account, with minimal transfer fees.

These advantages, combined with its unique features, mean a lot of Australians choose CoinSpot to buy their first cryptocurrency, and many experts keep using it simply because they like it so much.

What makes CoinSpot unique?

Trading cryptocurrency can be confronting. Anyone who’s compared enough exchanges has encountered too many poorly designed websites, with confusing layouts, unclear features and unattractive interfaces.

CoinSpot’s easy-to-use interface is a nice change that other exchanges could learn from. The hardest part is deciding which crypto to buy and how much to invest, but actually buying and selling is very straightforward.

Just pick the crypto you want from the list, and click on it. That shows you the current prices. It even includes the commission fee so you can see how much it actually costs.

All you need to do then is choose either how much crypto you want to buy or sell, or how much AUD you want to spend or earn. The page automatically updates the prices when you enter your amounts. Once you’ve found the amount you want, just click the buy/sell button.

Which cryptocurrencies can I buy/sell?

CoinSpot offers exceptional variety by any standards, but especially compared to most Australian exchanges. It also tends to be very good about offering brand new coins as soon as they’re available, so investors can get in at ground level.

As of the time of writing in December 2017, CoinSpot offers 65 different cryptocurrencies. It’s hard to imagine a better exchange for anyone who wants to invest AUD into a diverse cryptocurrency portfolio, all in one place.

List of cryptocurrencies available on CoinSpot
  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • Bitcoin Gold
  • Litecoin
  • Dash
  • IOTA
  • Ethereum Classic
  • Monero
  • Neo
  • NEM
  • EOS
  • Cardano
  • Qtum
  • LBRY Credits
  • Stellar
  • OmiseGO
  • Zcash
  • Lisk
  • Tether USD
  • Waves
  • Stratis
  • BitShares
  • Decred
  • Ark
  • Ardor
  • Bytecoin
  • Augur
  • Komodo
  • Steem
  • Reddcoin
  • Golem
  • TenX
  • Power Ledger
  • Raiden Network
  • Dogecoin
  • MaidSafeCoin
  • Vertcoin
  • Factom
  • Salt
  • PIVX
  • Nxt
  • Siacoin
  • GAS
  • Basic Attention Token
  • Byteball Bytes
  • Enigma
  • Kyber
  • Walton
  • GameCredits
  • Zcoin
  • Ethos
  • Civic
  • 0x
  • Metal
  • DigiByte
  • FunFair
  • Verge
  • Nexus
  • AdEx
  • Monaco
  • Peercoin
  • Rise
  • Safe Exchange Coin

Which countries does CoinSpot support?

Currently, CoinSpot caters to the local Australian market only. Cryptocurrency is a borderless technology, but exchanges like CoinSpot are still be subject to local laws and regulations. This can be both an advantage and a disadvantage.

Traders who want more flexibility might prefer a service that’s not subject to Australian law, but others might enjoy the peace of mind that comes from using a compliant exchange, and offers Australian-based customer service.

Cryptocurrency regulation in Australia is subject to ongoing debate in Canberra. This is something all crypto traders should be mindful of when weighing investment risks. Nonetheless, it’s clear the Australian Government is taking a progressive attitude towards cryptocurrency and blockchain technology. Future regulation may change how cryptocurrency is purchased, traded or taxed locally but, at least for the foreseeable future, Australia looks to remain a crypto-friendly environment.

Buy Bitcoins in Australia

Buy Bitcoins in Australia

Which payment methods are accepted?

CoinSpot offers you the following options for deposits, with various fees:

CoinSpot offers you the following options for deposits, with various fees:

Payment method Fee Minimum deposit Maximum deposit
BPAY 0.9% None $1,000 per 24 hour period
Online bank transfer (POLi)* None $1 $5,000 per 24 hour period**
Blueshyft cash deposit 3% $50 $1,000 per 24 hour period

*Not available with ANZ

**You may contact CoinSpot to request a higher POLi deposit limit

Fees and charges

The exact transaction fees on CoinSpot can vary from coin to coin, but the breakdown of costs is relatively straightforward.

Transaction type Percentage of transaction total
Buying/selling 2-3%*
Crypto-to-crypto exchange 1%
Withdrawal of coins to a wallet outside CoinSpot Varies**

*For convenience this fee is automatically included in the buy/sell price you are shown.

**It varies between coins, and depending on how busy that coin network is. This fee will typically be almost identical across most exchanges worldwide.


The good news is that CoinSpot has very clear-cut commission fees and there are no hidden charges to worry about. Some banks could learn from that

The bad news is that CoinSpot trades with fairly wide spreads. You’re typically buying at the high end and selling at the low end of market rates, and then paying a 2-3% commission fees on top of that. It’s a high price to pay for convenience and simplicity.

However, once you factor in CoinSpot’s (lack of) deposit and withdrawal fees it starts looking like much better better value for money.

Payment type AUD deposit fee AUD withdrawal fee
POLi
None
None (Bank transfer only)
BPAY
0.9% of transfer amount
Cash
3%

This is the value of using a local Australian exchange. Even if you save money on better rates elsewhere, the fees will often tip it back the other way.

For some perspective, a deposit that’s completely fee-free on CoinSpot might involve a flat $30 wire transfer fee on the deposit amount plus a 5% AUD to USD currency exchange fee, when using a large global exchange.

Despite the somewhat unfavourable rates, it might still be hard to beat CoinSpot for value. This is especially true for smaller purchases that would get eaten up by flat transfer fees on other exchanges. This also works well with the exceptionally low minimum deposits available.

CoinSpot is one of the few exchanges where you could feasibly deposit some spare change to buy a few dollars of cryptocurrency at a time.

How fast will my funds be available?

  • Wallet transfers. CoinSpot indicates most transfers will be sent immediately, once a send action has been confirmed. However, the platform does say that this may take up to 12 hours when sending coins to a wallet outside CoinSpot. Manual approval is also sometimes required for certain wallets, so it’s important for you to keep this in mind when considering processing times.
  • Withdrawals to AUD.All withdrawals from CoinSpot are processed within 3 business days of the withdrawal request being received. Once the request has been processed, the transfer then depends upon standard domestic processing times.

Are there any transfer/withdrawal limits?

Each buy/sell order is capped at a maximum of $5,000 per transaction. Also, during the first week of your CoinSpot membership there is a limit of $2,000 per day when depositing via POLi, BPAY and cash. After the first week, your daily deposit is automatically raised to a limit of $10,000 per 24-hour period.

Transaction type Limit
Buy/sell order $5,000 per transaction
POLi deposit $5,000 per 24 hours
BPAY or cash deposit $1,000 per 24 hours

Additional restrictions apply to POLi deposits.

  • On weekdays. As of 4 December 2017 there’s a $5,000 AUD daily limit for customers, or $1,000 for new customers for their first week.
  • On weekends. No daily limits apply.
  • After hours. No instant POLi AUD deposits are available between 6pm Friday and midnight Sunday (AEST).
hese limits are in place because CoinSpot is bound by Australian financial regulations. Due to Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act, and the present debate surrounding crypto regulation, it’s possible that the rules surrounding daily limits may change in future.

Is CoinSpot safe?

CoinSpot is registered under an Australian Business Number (ABN), and is a member of the Australian Digital Commerce Association. These two factors are strong starting points when you’re assessing CoinSpot’s approach to privacy and security on their exchange.

CoinSpot utilises a two-factor authentication (2FA) system requiring users to verify their identities via their emails and mobile phones. 2FA provides an extra layer of security against any viruses or attempts to hack. It also helps to decrease risk of identity theft or other traders using a false persona to trade with on the platform.

In addition, CoinSpot operates in adherence to Australia’s Privacy Act 1988. The terms of use contain the standard disclaimers you see in many exchanges of this kind – that you must not engage in illegal activity, and if you do your information may then be made available to authorities. Other than that, CoinSpot terms offer privacy for users.

Customer support

CoinSpot features a customer support service run off the industry standard, Zendesk. It also offers the option for direct contact via email enquiry. In keeping with its user friendly approach, CoinSpot ticks the boxes in this regard for offering a help section and clear channel of communication when needed, although some users have reported delayed response times.

How do I create a CoinSpot account?

Signing up to CoinSpot is similar to most exchanges, although verification requires some additional steps compared to other services.

CoinSpot verification requires you to:

  • Enter your full name and current Australian address
  • Provide an Australian mobile phone number
  • Upload a photo of your driver’s licence, learner’s permit or proof of age card to provide proof of name.
  • Upload a photo of a utility bill or the back of your driver’s license to show proof of address
  • Set up two factor authentication

You will also need to upload a photo of yourself with a signed statement saying: “I, [Your Full Name], submit this photo to apply for a CoinSpot account to trade digital currency and my code is [Your Code number]. [Your Signature]”

Your code number can be found under the Account > Verification section, as part of the verification process.

A CoinSpot representative will also contact you on the phone number provided to ask some questions and ask you to confirm certain details.

Pros and Cons

Pros

  • A local exchange headquartered in Australia
  • Allows users to buy directly in AUD
  • Direct deposits available via bank account, BPAY and POLi
  • User-friendly interface
  • Wide selection of cryptocurrencies

Cons

  • Global traders may find the platform’s local Australia-only access frustrating
  • Transaction fees higher compared to other exchanges
  • Transaction speeds may be too slow for daily traders long term

A CoinSpot representative will also contact you on the phone number provided to ask some questions and ask you to confirm certain details.

[https://www.finder.com.au/coinspot-exchange-review]

 

And now to continue your Bitcoin 101 lesson, two great articles on the future of bitcoin and what to expect over 2018 and beyond with your crypto investments.

 

What is the future of Bitcoin?

SO THE fear of missing out has finally become too much and you’ve decided to buy some bitcoin. Here’s what you need to do.

SO YOU’VE finally decided to buy bitcoin — join the queue.

As the price of the red-hot cryptocurrency continues to march inexorably higher, most of us are sitting around wishing we’d bought some a year or even a week ago.

The cryptocurrency is clearly volatile — yesterday, it lost around one-fifth of its value in just 10 hours, while the day before it surged from less than $US16,000 to $US19,500 in under an hour.

But according to CoinDesk, bitcoin’s value has now more than doubled in the past month alone to reach a total market capitalisation of more than $US300 billion.

Assuming the price isn’t about to crash — and that’s a big assumption — and the fear of missing out has finally gotten too much, what exactly do you do?

“The most popular way is to find an online exchange, where you would then need to register, create an account and upload 100 points of ID,” said Martin Davidson, co-founder of the Melbourne-based not-for-profit Blockchain Centre.

“You then transfer Australian dollars to your exchange account, and you’ll be able to buy bitcoin or any of the cryptocurrencies on that exchange.”

The most commonly recommended and largest exchange is CoinBase, based in San Francisco, but the site has been slammed by “unprecedented” traffic and new account sign-ups causing error messages, login problems and even a temporary outage on Friday.

Mr Davidson said there were better locally based options including Australia Crypto Exchange, CoinJar, CoinTree, Independent Reserve and BTC Markets. Each exchange charges slightly different fees, with some charging per trade and others taking a percentage when you cash out.

“These are some of the most reputable exchanges that have been around for a few years, they’re members of local industry groups, the standards are known and they offer high-quality service,” he said.

“I would advise people to use those providers first before going to any of the overseas options and sending their money internationally.”

Once you’ve signed up and taken the plunge, the exchange will then create a “crypto wallet”, the virtual address which exists on the blockchain and holds your bitcoin. Each wallet has a public address, like a bank account number, and unique private cryptographic key, sort of like your PIN.

If you lose your key, your bitcoin is gone forever.

While the exchanges listed above are reputable, there is always the possibility they could be hacked — and they have no insurance — so it’s not a good idea to leave your crypto on an exchange platform.

Once you’ve bought your bitcoin — or more realistically, fraction of a bitcoin — Mr Davidson recommends moving it to a mobile wallet app like Airbitz, or for extra security using an offline “hardware” wallet like the Trezor.

Due to limitations of the network, transferring bitcoin between wallets is not instant — it can take anything between 10 minutes to an hour — but you can monitor all blockchain transactions in real-time by going to Blockchain.info and pasting in the address you’re sending to or from.

“Bitcoins can be divided to eight decimal places, so you can have a 100-millionth of a bitcoin,” Mr Davidson said. “One bitcoin can be made up of several smaller transactions, each having their own private key attached to the different wallets.”

Mr Davidson said it was important to remember that despite the vast amounts of money pouring into bitcoin and other cryptocurrencies, it was experimental technology and the future price was “in no way guaranteed”.

But he pointed out that it was “not just the crazies, crooks and drug dealers” who were backing the currency, with the likes of Richard Branson, the Winklevoss twins and Silicon Valley venture capitalist Tim Draper — who bought $US30 million worth of seized from Silk Road bitcoin in a US government auction when the price was $US500 — all seeing the long-term potential.

“It’s not like stocks where you determine the value based on annual sales,” he said. “The potential for cryptocurrencies’ future value is unbounded, because potentially every man, woman and child that has access to the internet can also use crypto.”

Meanwhile, another day brings another raft of dire bitcoin warnings.

In its latest “Outrageous Predictions” report, SaxoBank has tipped bitcoin to peak in 2018 above $US60,000 with a market capitalisation of over $US1 trillion, led by a “groundswell” of activity off the back of the Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) launching futures trading this month.

Bitcoin futures, which will allow investors to bet on the rise or fall of the currency, will add a layer of regulatory oversight and allow larger institutional investors to begin pouring money into the sector.

But in SaxoBank’s scenario, bitcoin before long “finds the rug torn out from under it” by Russia and China moving to “deftly sideline and even prohibit non-sanctioned cryptocurrencies domestically”.

“Russia officially enters the cryptocurrency mining space to influence protocol developments and shift the focus away from bitcoin in an effort to keep more Russian capital onshore,” SaxoBank analysts write.

“China makes a similar move, cracking down on cryptocurrencies by banning the mining of the most popular ones within China, citing energy waste and environmental concerns, but likewise fearing the risk of bitcoin as a vehicle for capital flight.

“Instead, China launches an officially backed cryptocurrency that entails less energy-intensive mining.

“The smoother functioning of the state-run protocols for actual payments and price stability, as well as the heavy hand of state intervention, drives a decreasing interest in all cryptocurrencies and completely sidelines the bitcoin and crypto phenomenon from a price speculation angle even as the technological promise of the blockchain gallops on.”

The result? “After its spectacular peak in 2018, bitcoin crashes and limps into 2019 close to its fundamental ‘production cost’ of $US1000,” SaxoBank warns.

It came as Royal Bank of Scotland governor Sir Howard Davis joined the anti-bitcoin chorus. “Put up the sign from Dante’s Inferno — ‘Abandon hope all ye who enter here’ — I think that’s probably what’s needed,” he told Bloomberg TV.

He argued the Bank of England should co-ordinate with the US Federal Reserve, the Securities and Exchange Commission and the European Central Bank to tackle the problem, arguing bitcoin futures were a bad idea.

“I’m not quite sure that [the exchanges] know enough about what [bitcoin] is,” he said, adding it would be “a very risky move in reputational terms”.

[http://www.news.com.au/finance/money/investing/abandon-hope-all-ye-who-enter-here-heres-how-to-buy-bitcoin-if-youre-brave-enough/news-story/188b6f5710b5097e2ef52fd44ad4a489]

 

And now excerpts from an article from one of our fave partners in Australia, Port Phillip Publishing, taken from their free daily subscription email “Port Philip Insider”;

 

So, Bitcoin hit US$16,464 this morning.

It only seems like earlier this year (it was) when there was excitement about the bitcoin price passing the gold price.

Now the bitcoin price is around 12-times the gold price.

What to make of it all?

Well, over the past five years, the bitcoin price has gained a staggering 122,423%.

he thing is, if anyone had told you to buy bitcoin in 2013…and if they had told you it could or would go up over 100,000%, you would have said they’re bonkers.

Yet, that’s exactly what has happened.

Now, that doesn’t mean the price will remain that high. Despite the enthusiasm of some of my colleagues, your editor remains sceptical the price can keep going up.

Then again, we were sceptical at US$2,000, US$3,000, US$4,000, and each time it burst through another US$1,000 increment.

So with this morning’s move to US$16,000 we’re sceptical it can stay above that level for any meaningful period of time.

But whatever the future of the bitcoin price, there is one thing we agree on with our bullish bitcoin colleagues. And that’s the potential for Blockchain technology.

Bitcoins have been around since 2009, and infamously gained mainstream attention via the illegal drug website Silk Road. They shot up from literally 1 US cent to USD$30 in the space of a couple of months.

‘They then crashed back to USD$3 when a number of Bitcoin sites and Bitcoin holders were hacked and their Bitcoins stolen. The problem is Bitcoins are anonymous, so the “hackees” had no way of finding, tracing or getting back their stolen Bitcoins.

‘Since that time the Bitcoin price has been on a steady march upward. In January this year the price of one Bitcoin was floating around the USD$15 mark, now you can get one Bitcoin for about USD$105.

‘Bitcoins are independent too. There is no government regulation or bank interference. The overriding supervision of the currency is by the Bitcoin Peer-to-Peer (P2P) community.

‘Aside from ‘mining’ for coins, the only other way to get Bitcoins is to buy them on a Bitcoin exchange. The biggest exchange is MtGox. MtGox handles Bitcoin transactions in a variety of denominations, UDS, GBP, AUD, EUR, and JPY amongst others. But by far the biggest volumes go through the USD exchange.

‘Beware! Bitcoin prices are volatile, intraday swings of 10%–20% aren’t uncommon. And you’re a sitting duck for hackers if you don’t have cyber security.

‘But all risks aside, the Bitcoin story has only just begun.’

Ignore our rather quaint reference to it as ‘Bitcoins’ rather than ‘Bitcoin’. How little we knew!

Extraordinarily, and for reasons unclear to us now, we didn’t recommend subscribers buy Bitcoin. If we had, we could have dined out on that track record result for years to come.

It just goes to show you, even the seemingly craziest ideas do come to fruition sometimes.

How Blockchain Will Revolutionise Life Tomorrow

I presume you’ve had the experience of buying or selling a house, at least once in your life.

It’s an arduous task when you think about it.

You have to deal with a host of parties. From real estate agents, to banks, to conveyancers and lawyers.

On top of that, there’s numerous fees to pay and the whole process takes months to complete after the original contract is signed.

And then comes the all-important settlement day. It can be nail biting stuff for vendor and buyers, alike.

What if the finance doesn’t get approved, or an issue comes up in the final inspection?

What if there’s a delay in reconciling some cost somewhere?

A flurry of activity centres on this day. And when the deal is done, the title is transferred, the money is reconciled and the loan is drawn down — relief should ensue.

But wait, it’s not over yet.

There’s still utilities to organise, mail to be redirected, address details to be changed, your driver’s license to be updated and endless other tedious tasks.

But in the future, blockchains are going to simplify this process. From start to finish.

You see, blockchains are sources of truth. That means trust is fundamental to the process.

At settlement, a series of smart contracts can automatically check everything from finance approval to stamp duty distributions, to council rates reconciliations.

Automatically and efficiently.

And speaking of finance, blockchain credit systems will speed up the approval process dramatically.

For the buyer, their credit history and income will be instantly verifiable, avoiding time-consuming trips to the bank.

It could end up being as simple as agreeing to the contract once.

Imagine signing for a property, getting finance approved and moving in within a week.

Maybe even a day. With every record updated instantly, there would be no need to spend five hours on the phone.

Now this real estate utopia is further off than, say, using blockchain for voting. In this example, you need multiple parties to build in blockchain solutions so the smart contract can link them up.

But when you think about the efficiencies, you can see the incentive for businesses and governments to enact blockchain solutions.

It’s literally billions of dollars saved.

Cryptocurrency wise, ethereum (ETH) is the current front runner to be the blockchain behind all this.

 

What will be the next Bitcoin success story? Which of the cryptos are ripe for buying now and why?

Now the part you have all been waiting for. Here are our straight forward recommendations for which cryptocurrencies to buy and trade today.

 

Crypto #1: Bitcoin — the First and the Future  Buy Bitcoins in Australia

Crypto #2: Ethereum –  the New Internet  Buy Bitcoins in Australia

Crypto #3: Ripple – it’s different from all the others.  Buy Bitcoins in Australia

So there you have it. You have now completed Bitcoin 101. Once you have invested in to the world of cryptocurrencies and satisfied you are now a Bitcoin guru, sit back and watch the crypto craziness grip the world.

Enjoy!!

Buy Bitcoins in Australia