There are two ways to buy Bitcoin Cash in Australia today:
Buy Bitcoin Cash from a cryptocurrency exchange
You can use Australian dollars to buy Bitcoin Cash from a cryptocurrency exchange. Similar to share trading exchanges, cryptocurrency exchanges allow you to purchase Bitcoin Cash using Australian dollars either through a debit card, credit card or bank transfer. In addition, if you already own other cryptocurrencies, like Bitcoin, you can exchange Bitcoin for Bitcoin Cash in these exchanges too. You would need to follow these steps:
- Find the cryptocurrency exchange that’s right for you. Every cryptocurrency has its own merits, demerits and special features. There are dozens of exchanges with more exchanges launching every day. You are also not limited to exchanges within Australia.
- Register for an account and verify your identity with an official ID
- Navigate to the section that lets you buy Bitcoin Cash. Select the amount of Bitcoin Cash and the price at which you want to buy it at.
- Select the payment method – Most cryptocurrency exchanges offer the ability to buy using debit card and credit cards.
- Review the order details and click ‘Buy’
Buy Bitcoin Cash as a cryptocurrency portfolio investment
The process of buying Bitcoin Cash from an exchange might not appeal to everyone. You would need to start with deciding how much of Bitcoin Cash to buy and at what price. This amount of Bitcoin Cash would need to be measured against the other currencies that you currently hold in your portfolio.
Once you buy the Bitcoin Cash, you would need to decide how long you want to hold it for. Or when should be the next time you invest in Bitcoin Cash. Or whether you won’t invest in Bitcoin Cash any longer, instead increasing your holding of other cryptocurrencies in your portfolio. You would then repeat this process for the rest of time that you plan to invest in cryptocurrencies.
A potentially easier alternative would be to invest in Bitcoin Cash as part of a diversified portfolio through Chillur and invest small amounts in Bitcoin Cash and other cryptocurrency regularly. Through this way, you would invest in 10 cryptocurrencies and by regularly investing small amounts, you would no longer have the headaches of trying to time exactly the right time when you should invest in Bitcoin Cash.