How to buy bitcoins in Australia and how to use them.
These days, thousands of businesses within Australia rely on this electronic system to transfer the digital currency nationally and internationally – and with so many service providers accepting this form of payment, there has never been a better time to invest in the coins to receive services or goods.
What is a Bitcoin?
In simple terms, these coins are a type of online currency that lack physical availability. Where the Great British Pound can be handled, as can the Australian Dollar – these coins are stored online via secure 256-bit encryptions in digital pouches. They were introduced in 2009 as open source software and they can now be produced by businesses and individual programmers, where they are assigned a code and then traded for other goods and services.
As long as the demand for these coins exists, they will always be ‘valuable’. It’s not unheard of for collectors to make their fortune by investing in digital coin markets and then selling their account holdings on to the highest buyers. If there’s one thing that can’t be denied, it’s that the potential of the Bitcoin franchise is on the increase, and more and more businesses everywhere are opening their gates to accept this form of payment and broaden their transactional reach.
Buying Goods and Services
Although it’s not possible to convert bitcoins to real cash, it is possible to buy them with legal tender. Once purchased, these digital coins can be traded for goods and services, which can in turn be sold on to clients and consumers. As an example, imagine a business that offers website design services. This company may have purchased 500 coins for $200 and they could then offer 250 of these coins to a website designer to create the site itself.
The companies’ client pays them in real cash ($1000 as an example) and in reality, the only payment that the company will have made will be in Bitcoins – and even then for half of the value. The great thing about these online coins is that they are only as valuable as the demand makes them. This means that it’s entirely possible to purchase a service for 10 coins, 100 coins, or even 1000 coins.
With almost 12.5 million Bitcoins currently in circulation, and thousands of these changing hands each and every day; there are many people who are hoping to sell on their sums in exchange for actual cash currency. As this digital currency has no real time value, the cost of each coin is worth whatever a buyer is willing to pay for it.