1. What is Bitcoin?
Bitcoin is a decentralised digital currency, also known as cryptocurrency. It presents a platform on which to effectively run currency as an application, on a network, with no central point of control. Bitcoin is the first system that allows the migration of institution-based money to network-based money. Cryptocurrency is, in loose terms, the “internet of money”. Like the internet, it is borderless and open.
Click here for a more detailed overview.
2. What is Bitcoin.com.au?
As mentioned, Bitcoin is a decentralised digital currency that can be exchanged for fiat currency (AUD, USD, EUR etc.). There is no single entity that owns and operates Bitcoin.
Bitcoin.com.au acts as an exchange where we buy/sell cryptocurrency to our customers. In this capacity we own the domain bitcoin.com.au, however, we do not own the concept of Bitcoin.
3. What is Ethereum?
Created by Vitalik Buterin, Ethereum is one of the largest altcoins. Running on a completely separate blockchain to Bitcoin, Ethereum is not only a currency but also a network that hosts a wide range of decentralised applications known as dApps.
Unlike Bitcoin, Ethereum is not exclusively a cryptocurrency. Ethereum does have a cryptographic token, Ether, a necessary element (“fuel”) for operating the platform, but this is only one aspect of a much larger framework. Contrary to popular belief, these two cryptocurrencies are not rivals; Ethereum would never be possible without Bitcoin—both the technology and the currency— and they should be considered complementary within the digital ecosystem.
4. What is a wallet?
A wallet is like a bank account for Bitcoin or Ethereum, and is used to store, send, and receive digital currency. It holds a public key and a private key. Your public key acts like your account number that you share with people to receive funds, while your private key acts like your password that allows you to access your bitcoins. The most important part of any wallet is keeping your private keys secure and safe.
Here are some wallets you can purchase or download for free.
5. How do I choose a wallet?
There are different wallets for different use cases. Check out our “wallet guide” to choose the wallet that’s right for you.
6. Can people access my bitcoin using my wallet address?
No, they cannot. The wallet address is necessary in order to send and receive Bitcoin, Ether and other cryptocurrencies. For security purposes, the wallet address is randomised every time you create a new receive request.
However, never give your private keys to anyone. When you share your private keys with someone, you are essentially depositing all of your funds into the hands of that person.
7. Which cryptocurrencies can I buy on Bitcoin.com.au?
BTC (Bitcoin), BSV (Bitcoin SV), LINK (ChainLink), ETH (Ethereum), LTC (Litecoin), USDT (Tether).
8. Which cryptocurrencies can I sell on Bitcoin.com.au?
You can sell BTC (Bitcoin).
9. Is there a minimum and maximum order value?
Yes, there are some limits. When creating an order the site will notify you in case you are below or above these limits (you will receive an error message when creating your order).
10. How do I buy cryptocurrency?
- After you’ve set up a crypto/Bitcoin wallet, visit our Buy Cart and select your preferred payment method.
- First, enter the amount you want to purchase, your wallet address, and choose your payment method. Then, provide your email and mobile number.
- During your first order, you will need to complete a once-off verification. Your identity will be verified using up to 2 forms of ID (passport, drivers license or Medicare), and a residential address. Your ID is only used for verification purposes regulated by AUSTRAC, which aims to stop terrorism financing and money laundering.
- Proceed through the steps relating to your chosen payment method.
- Receive your cryptocurrency.
11. What payment methods do you offer?
- Online Bank Transfer – POLi: (Recommended) This payment method allows you to log in to your bank account and instantly process your transaction. This method facilitates larger orders. Please note that a personal bank account in your name is a requirement. POLi payments may take up to 1 business day to process.
- Visa/Mastercard: You can pay for your bitcoin order using your Mastercard and Visa both debit or credit card. We process the orders immediately as soon as the verification requirements are fulfilled. For fast processing, please fulfil the verification requirements as soon as you can.
- PayID: Orders are processed instantly after notification of payment. Your first order will need to be approved. Some banks may hold first time payments for up to 24 hours, then future purchases will go through instantly. Please note that a personal bank account in your name is a requirement.
- Australia Post: Pay for your bitcoin order over the counter at over 6,000 participating AusPost offices nationwide. You can pay with cash or EFTPOS.
- Newsagent: Buy bitcoin over the counter using cash with blueshyft, at over 1,200 participating newsagents in Australia.
12. How much time do I have before my order expires?
- Online Bank Transfer – POLi: 1 hour
- Online Bank Transfer – PayID: 1 hour
- Australia Post – In-store Cash/EFTPOS: 2 hours
- Newsagent – In-Store Cash: 2 hours
- Credit/Debit Card: 2 hours
13. Can I purchase cryptocurrency using someone else’s bank account?
In accordance with AUSTRAC regulation, all parties involved in any first transaction must be digitally verified. The person making the payment must be the same as the person receiving the cryptocurrency, so no, you cannot purchase cryptocurrency using someone else’s bank account, you will have to use a bank account under your name.
14. Why is my credit card declined?
There may be a couple of reasons why a payment can be declined – an issuing bank or a geographic location that is not supported or the nominal authorisation charge you entered was incorrect, for example. Should you have another card under your name, we recommend trying to fund your order using that. Alternatively, you may also pay for your order using an online bank transfer like POLi or cash via newsagents. If you need additional support, feel free to get in touch with us through [email protected].
15. Why is my credit card charged before I received my bitcoins?
When you first made the order, we reserved the amount that was needed to fund your order. That amount was then put into what is called an authorisation hold or pre-authorisation state. Moreover, there may be an additional nominal authorisation charge worth $0.99 or less. This is done to verify your ownership of the card that was used to fund the order and will be refunded to your account as soon as you complete the verification.
In addition, transactions on the blockchain network may take time to complete depending on the load of the network. Your transaction may have already been approved, however, your cryptocurrency is still being transferred.
16. What happens if I deposit funds after my order has expired?
If you made the deposit after the order has expired, we can still process it – but the rates may change, reflecting the rate at the time of your deposit.
17. I have not received the confirmation email after placing the order, what do I do?
After placing the order, please wait 15-20 minutes for the email to be sent. Furthermore, please check your Spam folder as some email providers mistakenly mark some emails as spam.
Moreover, please make sure that you have entered a valid email address. If you have made a mistake and want to update your email address, please contact [email protected].
18. Where will I receive the cryptocurrency I purchase?
We send cryptocurrency to the wallet address you provide with your order. For example, the Bitcoin address will be 26- 35 characters long (eg. “12XTtbb7A1B2Ni4VBRFybCSDDuBHoMkEiL”), while an Ethereum address has a maximum length of 42 characters.
Please make sure that the wallet address you provide is correct, Bitcoin and Ethereum transactions are irreversible and we have no control over them.
19. How long does it take for Bitcoin or Ethereum to show up in my wallet?
This will depend on a few things, such as the time you created the order, the time you completed the verification process, the payment method you choose (and the time we receive your payment), your wallet provider etc. Once your identity and payment are verified, it generally takes between 5 minutes and 3 hours for the cryptocurrency to arrive in your wallet. Also, please note that sometimes the Bitcoin/Ethereum network will experience delays due to high transaction volume.
20. I sent my receipt but have not received my bitcoin, what do I do?
In case you haven’t received your bitcoin after 24 hours, please contact us at [email protected].
Please ensure that the deposit receipt contains the reference number and/or phone number.
21. Why is the amount of cryptocurrency I received less than what I expected to receive?
Every exchange around the world will set its own rate. The Bitcoin-to-AUD conversion displayed on our webpage may differ from the exchange rates shown by for example Google, or your wallet provider.
You can think of it the same as exchanging traditional currency. The rate you get when you convert AUD into another currency like USD is less than the rate you see on the news. Similarly with crypto, the rate for converting AUD into BTC is less than the rate on news sites or other exchanges.
22. How do I get a refund if I paid in cash?
If you paid in cash, we need you to verify your bank account details, in order for you to get a refund. It normally takes 1-3 business days to verify your bank account and then another 1-3 business days for you to receive the refund in your bank account. In some cases, we need to perform more detailed verification checks which can take a few days.
23. My order has been completed, but I want a refund now. What do I do?
Unfortunately, due to the irreversible nature of cryptocurrency transactions, we cannot offer refunds for processed transactions. As unfortunate as it is, most cryptocurrencies are designed to be irreversible and we have no control over them once the funds are sent out.
Knowing this, it’s extremely important to make sure that you entered the correct wallet address before you complete the purchase.
24. How do I sell bitcoin?
- Visit our Sell Cart and provide us with your bank details and sell amount.
- We will provide you with a Bitcoin wallet address to send the nominated amount of bitcoins (valid for 10 minutes).
- We will electronically transfer you the AUD amount corresponding to your order. We only accept Australian bank accounts. Please note that as per Australian regulations, we have to verify our customers’ identity, which normally takes 1-3 business days, but it may take longer. Once you are verified it normally takes another 1-3 business days to transfer the AUD to your bank account.
25. Why does Bitcoin.com.au need to verify my identity?
We take our compliance and KYC/AML requirements seriously. We have systems in place to combat identity theft/fraud and money laundering. We believe in the mass adoption of digital currencies and feel strongly that can only be achieved by fair, transparent access.
26. Why do I have to provide additional documents?
We aim to protect our customers online against fraud, so we follow strict regulations and requirements prior to processing credit card payments. We have to verify that our customers are the rightful owner of the credit card, especially if the amount is relatively large. We are taking these steps against fraud and to protect your safety because, as you might know, cryptocurrency transactions are irreversible.
27. Do you charge GST on the spot price?
No, we do not charge GST on the spot price of Bitcoin or Ethereum. GST is only payable on our transaction fee and is automatically included. A detailed price breakdown is emailed to you after you create an order.
28. Will I receive a tax invoice?
Yes, we email you a tax invoice with the breakdown of fees and pricing for every individual order.
29. Why does the price of bitcoin on your website differ from other exchanges or Google?
Exchange rates vary on a global scale. Individual markets set their rate depending on the market demand and supply. Google will display a global average.
We suggest looking up Bitcoin trading volumes and values based on different markets to understand that the price in, for example, the USA will be very different from Japan. Our spot price is based on our liquidity.
30. Why does bitcoin price change?
There is a multitude of factors that increase or decrease the price of bitcoin, including changes in regulation, economic factors, the current political atmosphere, etc.
31. Can I place an order after business hours?
All orders can be placed anytime, except for AusPost and Newsagent payments which cannot be accepted after hours as these are deposits at a physical store which would be closed after business hours.