Bitcoin remains the most famous cryptocurrency and likely always will be. With the highest market capitalization, it’s the most widely held digital asset globally. Created in 2009, Bitcoin pioneered blockchain technology, establishing a public ledger where every transaction is recorded transparently—though user identities remain pseudonymous.
Why Do Investors Purchase Bitcoin?
The enigmatic creator(s) behind Bitcoin, known as "Satoshi Nakamoto," have never been identified. Bitcoin (BTC) introduced the world to blockchain—a decentralized system where transactions are permanently recorded and publicly visible. While anonymity is preserved, the ledger’s transparency builds trust.
Bitcoin Culture: From Pizza to Global Phenomenon
Bitcoin’s 13-year history is rich with cultural milestones. One iconic moment? The first documented purchase: two pizzas bought for 10,000 BTC (worth ~US$41 in 2010). Today, those coins would exceed **US$500 million**—a stark reminder of Bitcoin’s volatility.
Now, Bitcoin buys far more than pizza:
- Travel bookings
- Gift cards and gaming credits
- Digital art and collectibles (NFTs)
- Charitable donations
Key Bitcoin Facts:
- Legal Tender: El Salvador adopted Bitcoin as official currency in 2021, enabling tax payments and everyday transactions.
- Lost Forever: ~20% of Bitcoin is inaccessible due to lost passwords or inactive wallets.
- Decentralized Nodes: Thousands of computers worldwide validate transactions, with heavy concentrations in the U.S., Germany, and France.
- Fractional Ownership: You don’t need a whole Bitcoin—investors can buy fractions (e.g., 0.01 BTC).
Bitcoin’s Finite Supply: Only 21 Million Coins
Investors know Bitcoin’s scarcity is coded into its DNA:
- Current Circulation: ~19 million mined (as of 2024).
- Final Bitcoin: Predicted to be mined in 2140.
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FAQ: Bitcoin in Australia
Q: Is Bitcoin legal in Australia?
A: Yes! Australia regulates cryptocurrencies under anti-money laundering laws, ensuring safe trading.
Q: How do I buy Bitcoin with AUD?
A: Use exchanges like CoinJar to deposit AUD via bank transfer or card, then purchase BTC instantly.
Q: Can I spend Bitcoin locally?
A: Many Aussie businesses accept Bitcoin, from cafes to online retailers—check crypto-friendly directories.
Q: What’s the best wallet for Bitcoin?
A: Hardware wallets (e.g., Ledger) offer top security, while mobile apps like Trust Wallet provide convenience.
Q: How is Bitcoin taxed in Australia?
A: The ATO treats Bitcoin as property—capital gains tax applies when selling or trading.
Q: Why does Bitcoin’s price fluctuate so much?
A: Supply/demand, regulatory news, and macroeconomic trends all impact its highly volatile market.
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Note: Always research and assess risks before investing in volatile assets like Bitcoin.