Things To Remember While Trying To Sell Bitcoin Melbourne

Bitcoins have been the center of attraction around the world since its inception back in 2009. Though initially, people were reluctant about its viability, as time passed the popularity of Bitcoins surged. The value of bitcoins always fluctuated; things changed dramatically even within hours, which kept conservative investors away from it. But as the news of overnight bitcoin millionaires spread like a wildfire, more people got hooked and tried their hands on making fortune with bitcoins. The value of a single bitcoin was a mere 0.30 USD back in 2011, but it is around 9800 USD per bitcoin on today’s date.

Australian affair with bitcoins

According to market studies, Australia has been ranked 14th on Bitcoin volume by currency. They are one of the first few countries while allowed registration of cryptocurrency exchanges and have already licensed three of the major exchanges across the country. Thus, it is pretty evident that buying and selling bitcoins in Australian soil is quite common. Even Australia is among the few countries with bitcoin ATMs all over the place, to facilitate the purchase and sell Bitcoin Melbourne.

Crypto Scams to look out for

Looking at the maddening demands for Bitcoins in Australia, it is quite natural to expect cryptocurrency-related scams to surface. The Australian Consumer Commission reported a staggering sum of 14.76 million USD being lost within six months from the victim of cryptocurrency scams in the country.

Hence it is very important to be wary of such fraudulent activities while dealing with crypto currencies like Bitcoin in cities like Melbourne, which witnessed a vast portion of the crypto scams in the country. Choosing a safe and trusted exchange house to sell bitcoin Melbourne is very crucial to guarantee a safe transaction.

Where to sell bitcoin Melbourne?

So if someone based out here in Melbourne, is ready to part ways with their bitcoins and want to sell them off; what is it that comes to mind at first? Supposedly online exchanges! But with the extent of scams increasing every day, how safe is it to sell your valuable bitcoins on the online platform? Considering the complex and decentralized nature of Bitcoin, it is very important to get hold of a reliable and registered exchange to sell bitcoin Melbourne.

What to remember before choosing a cryptocurrency exchanger?

  • Licensed exchangers

The Australian government made it mandatory to get licensed with a financial regulatory body before performing as a digital currency exchanger. Hence it is safe to sell bitcoin Melbourne only to the licensed ones.

  • Low exchange rate

Are you lookout for a legitimate exchanger offering reasonable exchange rate to sell bitcoins? Be wary of too lucrative exchange rates offered online and always confirm its credibility and clear all doubts before going ahead with the exchange.

  • Choosing an exchange with a physical office

Choosing an exchange entity with a physical office gives the liberty to clear off every doubt and sell bitcoins in Melbourne with peace of mind.

  • The option of both cash and bank transfer of fund

Having the option to either receive cash or get the fund transferred to the bank account after selling bitcoin in Melbourne gives the seller enough freedom and flexibility.

Considering the complex nature of Bitcoin, handling, storing, investing, exchanging it is not as easy as dealing with regular currency. Hence exercising discretion and choosing a reliable platform is very important.