Buy Bitcoin (BTC)
What is Bitcoin (BTC)?
Bitcoin (BTC) is the world's first decentralized cryptocurrency, launched in 2009 by an anonymous creator or group known as Satoshi Nakamoto. Operating on a peer-to-peer network, Bitcoin enables users to send and receive payments without relying on banks or intermediaries.
How does Bitcoin work?
- Blockchain Technology: Bitcoin's transactions are recorded on a distributed ledger called the blockchain, which links transaction data in a secure, chronological chain.
- Consensus Mechanism: Bitcoin uses Proof of Work (PoW), where miners solve complex mathematical puzzles to validate transactions and add new blocks to the blockchain.
- Algorithm: Bitcoin employs the SHA-256 hashing algorithm to secure transactions and maintain network integrity.
- Smart Contracts: While Bitcoin doesn’t support advanced smart contracts, it enables conditional transactions through multi-signature addresses.
What are the potential use cases for Bitcoin?
- Online Payments: Used for purchasing goods and services globally.
- Cross-Border Remittances: Enables cost-effective international transfers with reduced fees compared to traditional methods.
- Investment Asset: Often referred to as "digital gold," Bitcoin is a popular store of value and hedge against inflation.
What is the history of Bitcoin?
- 2009: Bitcoin was introduced with a value of $0, and its first transaction was recorded.
- 2010: The first real-world Bitcoin transaction occurred when 10,000 BTC was exchanged for two pizzas.
- 2017: Bitcoin Cash (BCH) forked from Bitcoin due to scaling debates.
- 2021: Bitcoin reached an all-time high of over $64,000, cementing its position as the largest cryptocurrency by market capitalization.
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Frequently Asked Questions (FAQs)
What is the current price of Bitcoin (BTC)?
The Bitcoin price is $151132.22 AUD, representing a -1.85% from the day prior.
Where is the best place to buy Bitcoin (BTC) in Australia?
The best place to buy Bitcoin (BTC) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Bitcoin (BTC) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Bitcoin (BTC)?
The trading volume of Bitcoin (BTC) is $91.6B AUD in the last 24hrs, representing a -1.85% from the day prior.
How can I buy Bitcoin (BTC)?
Bitcoin (BTC) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Bitcoin (BTC)?
The current market cap of Bitcoin (BTC) is $3.0T AUD.
Can I convert Bitcoin (BTC) to cash?
Yes - With Coinstash you can convert your Bitcoin (BTC) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Bitcoin (BTC) are there?
The current circulating supply of Bitcoin (BTC) is 19.8M.
Is Coinstash a safe place to buy Bitcoin (BTC) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Bitcoin (BTC) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.