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A Guide to Buying Bitcoin in Melbourne

8th Oct 2018

Image Source: Unsplash

If you are currently living in Melbourne and would like to acquire some Bitcoin, this article was written with you in mind. Melbourne is fast becoming the Bitcoin centre of the world and there are many retail outlets that have the “Bitcoin Accepted Here” sticker in their shop window. The list is indeed long and growing daily, with coffee shops and diners that accept payment with this popular digital currency.

Buy From A Trusted Bitcoin Dealer

You can buy Bitcoin in Melbourne by going to Bitcoin Dealers who can easily be found online, and once you have downloaded the Bitcoin software, you can create a digital wallet and purchase Bitcoin. While it is possible to purchase Bitcoin online, you are advised to visit the Bitcoin dealer’s offices, which will give you added confidence that you are actually buying the real thing. 

Do Some Research First

If you are new to Bitcoin, it is strongly advised to carry out some online research into Bitcoin and how the digital currency works. Here is a good starting point, with an article that offers up to date information about Bitcoin and clearly explains how the system works.

Sourcing A Reputable Bitcoin Dealer

The first thing to do is carry out an online search using the keywords “Bitcoin dealers in Melbourne” which will bring up a list of Bitcoin traders. If you have no experience in trading digital currency, it is not advisable to buy Bitcoin online. Instead, visit the dealer’s offices, and you can be sure that they are, in fact, legitimate Bitcoin dealers. Once you have forged an alliance with the Bitcoin dealer, you can then carry out online transactions with confidence.

Buying As An Investment

One Bitcoin is currently trading at $8,000 plus, yet if you had purchased a single Bitcoin three years ago, it would have cost a few hundred dollars. If you are looking for a long-term investment that is secure, Bitcoin is an ideal asset, and while there are no guarantees that you will make a profit, looking at the history of Bitcoin, its value has risen steadily.

Getting Started

As with any sizeable investment, you should not rush into buying Bitcoin. First you need to fully understand Bitcoin, especially the mining technique, which is how Bitcoin is created. Bitcoin mining involves using high powered computers to search for mathematical solutions that are known as Bitcoins. There are a limited number of Bitcoins available, with the total number of Bitcoins that can be mined at around 21 million, and when a person manages to create a Bitcoin, the coin is registered in the public ledger, with the Bitcoin miner receiving credits of approximately 12.5 Bitcoins. The nature of Bitcoin mining is such that it becomes progressively harder to create new Bitcoins and it is expected that by the year 2040, all Bitcoins will have been mined.

If you think you are ready to start buying and selling Bitcoin, use a search engine to locate a reputable Melbourne Bitcoin dealer, then visit their Melbourne offices, where you can talk to the experts. They will walk you through the software configuration and help you to create a virtual Bitcoin wallet and then you can make a Bitcoin purchase, safe in the knowledge that the deal is legitimate.

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