Brick and Mortar Exchanges
There are physical brick-and-mortar bitcoin exchanges available in Australia as well. At BitRocket Capital in New South Wales, you can trade bitcoins while having a pastry or even an entire meal. If you like, you can pay for your meal in bitcoin, too. Most bitcoin exchanges deal only in cash but most of those establishments are working to make other methods available. Some exchanges have an ATM system for buying bitcoins. Most exchanges that currently accept credit cards will often charge higher transaction fees for that service.
Bitcoin Wallet
In order to buy bitcoins, you must have created a bitcoin wallet like at Coinbase for example. Within the wallet you can create an address for that transaction. Once the bitcoins are purchased, the exchange sends that bitcoin value to your wallet address. Transfers can be very fast but more often take two to three days.
Because there has been an increase in attempts at fraud using bitcoin, the exchange will ask you to verify your identity. Bitcoin cannot be refunded once it has been sent to its destination address. The transaction is completely irreversible.
Scams and Fraud
There are some known scams associated with bitcoin transactions. One of them involves convincing the victim to pay for a product by bitcoin to receive a huge discount. Of course, the discount never happens and the product is never delivered. The victim has sent bitcoin to an address that is owned by the scammer. Although there are warnings about a scam in which you are told you can pay your utility bills in bitcoin, there actually in one exchange in Australia that has been established to enable that kind of transaction. So, again, due diligence is always in order. Everyone needs to pay a high degree attention to the security surrounding bitcoin transactions than is paid to regular banking transactions. As stated previously, bitcoin is completely irreversible. If the transaction is sent to an incorrect address, it is lost and you have absolutely zero recourse. Stay up-to-date with what scams are happening by frequenting Crypto Coin News.Security
Should you choose to add another level of security to your bitcoin transactions, you can use an escrow service. That will, of course, add to the cost of your transaction but it will help you to sleep better at night. Also be aware that some establishments whether brick-and-mortar or online may charge withdrawal or deposit fees. As in any important transaction, read the fine print and be aware of all the fees your transactions might incur. Most physical bitcoin establishments are open Monday through Friday during standard business hours. They are closed over the weekend. Online bitcoin exchanges will be available anytime of the day or night for your convenience. Whether you choose to buy or sell bitcoins through the internet or to trade with a physical establishment, you have a wide choice of Australian bitcoin companies to deal with but we recommend Buy A Bitcoin as the best and safest option.Source: https://buyabitcoin.com.au/
