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Is Bitcoin Safe In Australia?

September 6, 2019 Financial No Comments Email Email

People who have never plunged into the depths of the mysterious world of cryptocurrencies likely have some doubts about whether digital coins like Bitcoin are safe in Australia; meaning safe to buy into, safe to invest in and whether Bitcoin is even legal.

What’s definitely true is that Bitcoin is no scam. If it was, it would have disappeared from the scene a long time ago, but yet it’s still with us and has been the catalyst for the creation of countless other cryptocurrencies.

Let’s go through a few key points about Bitcoin and digital currencies in Australia so we can put any fears you have to bed.

Is Bitcoin Legal Currency/Tender?

At this point in time Australia does not recognise Bitcoin as being legal currency, but that doesn’t mean Bitcoin is illegal in the country. Far from it. You can legally use Bitcoin to make purchases from any outlet that accepts the crypto as a form of payment.

The Australian government and treasury simply haven’t made the decision to formally announce Bitcoin as legal tender for widespread use, but it’s still a legal digital coin.

In fact, the Australian Taxation Office (ATO) is already making plans to start taxing Australians on Bitcoin. While earning profits from Bitcoin won’t come under the same taxes as earning an income in Australian dollars, the ATO plans to tax it as property under Capital Gains Tax law and regulations.

If the Australian government wants to find a way to tax Bitcoin, then they can hardly declare it an illegal currency.

Bitcoin doesn’t pass through the banking system. Instead, it’s a digital coin by the people, for the people, and the way it exchanges hands is through cryptocurrency exchanges.

Can You Buy, Sell and Trade Bitcoin In Australia?

Absolutely, and it’s done on a daily basis in this country. Buying Bitcoins in Australia is easy. There are many reputable platforms and Bitcoin exchanges within Australia that make the process seamless, and most are very beginner friendly as well, with easy to follow websites as well as trading tutorials.

Bitcoin is a global currency and not specific to a single country, therefore it can potentially be bought and sold by anyone around the world. All you need is an internet connection.

Basically when you purchase Bitcoin through an Australian exchange, it’s a bit like buying into Forex trading. You purchase Bitcoin, then keep an eye on its fluctuating value via charts and tickers on the platform where you purchased it.

Will You Lose Money With Bitcoin?

The better questions is: “Will you make money with Bitcoin?”

Like any form of trading or investing, there are always risks involved. If you had have purchased Bitcoin at its peak of a few years ago, you currently would be in the negatives as far as any profit goes, but if you bought Bitcoin 3 or 4 years ago, then right now you would be sitting pretty.

Even if you were to buy some Bitcoin today, chances are high that it will increase in value in the near future, and one of the reasons for this is that there’s a finite supply of Bitcoin in the world. They don’t keep “minting” new Bitcoins. The amount of coins is locked in at 21 million Bitcoins and that’s it.

Because Bitcoins are scarce, that makes them more valuable; just like gemstones or precious metals, which are valuable because they are relatively rare.

Another thing that helps increase the value of Bitcoin is that it’s sought after, it’s in demand.

Combine a rare, finite amount of coins with them being in demand, and you have a recipe for an extremely valuable cryptocurrency.

If you invest in Bitcoin (or any other legit cryptocurrency) there is no guarantee that you’ll end up seeing a return on your investment, but compared to the volatility of regular currencies, such as the Australian and US dollars, Bitcoin is a far better avenue to travel.

So to answer the initial question of whether Bitcoin is safe on a number of levels, yes, it’s perfectly safe and totally legal. It’s also becoming more trusted, more diverse and more widely accepted as time goes by.

Bitcoin is paving the way for a new financial future.

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