Hello I am writing to crypto and bitcoin newbies in Australia.
I have written down what I've learned in the last months, so it can be easier for all the newbies jumping on the bitcoin train just now. Don't think and wonder too long, now is the best time to START BRINGING YOURSELF UP TO SPEED with the cryptoworld!
Since July 1, the Australian government lost GST charges on cryptocurrencies. Since then it's been possible to buy bitcoins 10% cheaper.
If you've been thinking about investing in Bitcoin , it is better to prepare early and take at least a week to read relevant news and follow charts, after you have decided to engage with it.
When the bitcoin price shows significant drop, you must be ready. If you're not prepared you may lose a great entry point. Regret will haunt you until the next dip. BUY THE DIP!
Start where? Start by getting basic knowledge of how the blockchain technology works and how bitcoin started. From there move on to finding the best wallet for your needs then find the best way to get your hands on some BTC.
As I was mainly using an android device I went for mycelium android app.
If you are in Australia, I can definitely vouch for cointree's service. Because many exchanges lack proper customer support, or it takes way too long to get a response (sometimes & cases weeks). I stumbled upon Cointree, and because I didn't know all the information needed for verification I needed the support's help, and I was really surprised when I got an answer from them within hours and the verification was done after a few messages exchanged. At the same time I had verifications pending in Bittrex (took under a week) and kraken which took 3 weeks to complete and +2 weeks to upgrade!
I've found the best way for me to tackle the question of when should I buy in, it's rather simple really: progressively start buying whenever you find that price has dropped to a new low of the week.
Say you want to invest 5000$ in btc, spread that sum over 5 or even 10 weeks, investing 500$ to 1000$ every week. Each week try to buy in at the lowest possible price. That way you are prepared for both, dramatic bear or bull market:
If the price should crash a few weeks after your first buy-in you'll have funds left to accumulate cheap BTC. Should the price start growing rapidly you're already making a profit with the btc you have bought so far. I find this to be the least nerve-wrecking approach.
Say you find out that bitcoin's price is in free fall but you have not done previous homework on the crypto world (you have not chosen a suitable wallet, etc.), but you still want to take advantage of the market situation. You can buy BTC from cointree and leave the bitcoins in your cointree wallet for standby.
Once you've set up your personal wallet, you can send out coins easily from the cointree provided wallet. If you are planning a future purchase, then I would suggest that you already complete the identification process and activate the POLi instant payment option through your bank account. These preparations are good to do right away, as the Bitcoin price is still very unpredictable, large and unexpected downfalls can only occur within hours and be gone just as fast. In the immediate payment of POLi, Bitcoins will usually arrive at your cointree wallet in 15-30 min after making a payment.
Good luck and happy bitcoining!
https://www.cointree.com.au/?r=3021
And ofcourse, check out www.steemit.com an awesome social media network run on blockchain that rewards it's contributors!