How to Buy Bitcoin (BTC) in Australia

Bitcoin (BTC) is a decentralised peer-to-peer electronic cash system that lets people send value directly over the internet without a bank or central intermediary. Every transaction is recorded on a public blockchain ledger that is secured by miners, so the network keeps working without any company or government running it. Bitcoin is the world's first cryptocurrency.

Each bitcoin is divisible into 100,000,000 smaller units called satoshis (1 satoshi = 0.00000001 BTC), which is why BTC amounts are quoted to eight decimal places. On Digital Surge, BTC is categorised as a Layer 1 (L1) and Proof of Work (PoW) asset, and it is tradeable and swappable.

• Chain: Bitcoin is its own native Layer-1 network (the network is the coin).
• Consensus: Proof of Work (PoW), using the SHA-256 hashing algorithm.
• Created by: the pseudonymous Satoshi Nakamoto, whose real-world identity remains unknown.
• Launched: the network went live in 2009 (whitepaper published 31 October 2008).

Who created Bitcoin?

Bitcoin was created by Satoshi Nakamoto, the pseudonymous person or group whose real-world identity remains unknown. Nakamoto published the whitepaper, "Bitcoin: A Peer-to-Peer Electronic Cash System", on 31 October 2008, then mined the genesis block (block 0) on 3 January 2009 and released the version 0.1 software on 9 January 2009. The genesis block famously contains the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". So while the whitepaper is dated 2008, the network itself launched in 2009.

How does the Bitcoin network work?

Bitcoin runs on its own native Layer-1 blockchain: the network is the coin, so BTC is not a token issued on some other chain. Transactions are grouped into blocks and confirmed through a Proof of Work (PoW) consensus mechanism based on the SHA-256 hashing algorithm, where miners compete to solve cryptographic puzzles to add the next block. This process secures the ledger and keeps a shared, tamper-resistant record of every transaction without a central operator.

What is Bitcoin used for?

Bitcoin is used to send money directly between people, anywhere in the world, without going through a bank. Because the network settles transactions peer-to-peer, it is often used for cross-border payments that would otherwise involve intermediaries, currency conversion and slower bank processing. A growing number of merchants also accept Bitcoin as payment for goods and services. And because a bitcoin breaks down into 100 million satoshis, the network can carry very small satoshi-denominated payments and tips that are impractical to send through traditional payment rails.

Can you stake Bitcoin?

No. Bitcoin cannot be staked, and staking is not offered for BTC on Digital Surge. Staking applies to Proof of Stake networks, where participants lock up coins to help secure the chain. Bitcoin instead uses Proof of Work (PoW), where miners, not stakers, secure the network by solving SHA-256 cryptographic puzzles, so there is no staking mechanism built into the protocol. On Digital Surge, BTC is tradeable and swappable but not stakeable.

Risks of buying Bitcoin

Bitcoin is volatile: its value in AUD can rise or fall sharply over short periods, and there is no guarantee it will hold its value. Cryptocurrency is a high-risk category, so it's important to only commit an amount you are comfortable holding through large price swings, to secure your account and keys, and to be alert to scams. This is general information only and not a recommendation, and it does not take your personal circumstances into account. Consider your own situation or speak to a qualified professional before buying.

Why Buy Bitcoin?

Many Australians hold Bitcoin because it is the first and most widely recognised cryptocurrency, it runs on a decentralised network that no single party controls, and it can be sent peer-to-peer anywhere in the world. Digital Surge lets you buy BTC with AUD via PayID or bank transfer and offers Australian-based support. This is general information only and not a recommendation; consider your own circumstances before buying any cryptocurrency.

Buying Bitcoin in Australia: the quick recap

To buy Bitcoin in Australia on Digital Surge: create a free account, verify your ID, deposit AUD via PayID or bank transfer, then buy Bitcoin. The whole process takes about five minutes, and your Bitcoin is held safely in your Digital Surge wallet.

Learn more about Bitcoin

For background on how Bitcoin works, see the official Bitcoin project site, the Bitcoin whitepaper and Bitcoin on Wikipedia. On Digital Surge you can see the live Bitcoin price and BTC to AUD converter, see other coins in the Layer 1 category, or read what cryptocurrency is before you buy Bitcoin in Australia.