Queenie Tan shares a step-by-step guide for investing in cryptocurrency in Australia




With the rise of cryptocurrencies sparking curiosity among young investors, a finance expert has revealed her beginner's guide to buying the digital currency in Australia.

Queenie Tan, from Sydney, detailed a step-by-step guide for investing in cryptocurrency and what to consider beforehand.

'Everyone is talking about crypto of late, and it's a bit overwhelming,' the 25-year-old said in her latest YouTube video.

Cryptocurrency, such as Bitcoin and Ethereum, can be used to buy goods and services but is often exchanged for a profit if the price has increased.


    What is cryptocurrency?

Before diving into how to buy cryptocurrency, it's essential to understand what it is and why it's a popular talking point in the digital sphere.

Queenie explained 'crypto' comes from the word cryptography, the art of solving puzzles, while 'currency' is a means of exchange for goods and services.

'Cryptocurrency is a digital currency which is run by a large network of computers that are constantly solving codes in order to verify and facilitate transactions on the blockchain,' she said.

The 'blockchain' is a public record of all the transactions made.

Unlike physical currencies such as the Australian or US dollar, cryptocurrency is completely digital and 'decentralised' - meaning it's not controlled by any banks or government.


    How to buy cryptocurrency in Australia

In Australia there are a number of platforms to buy and trade cryptocurrencies, but some prefer to purchase physical ledger wallets to protect the digital finances from hackers.

Queenie uses Swyftx which has relatively low fees of 0.6 per cent and no deposit or withdrawal fees - though some alternatives include CoinSpot and Crypto.com.

After signing up and verifying your account, you are able deposit funds to invest.

In the video, Swyftx seems like a user-friendly website with a tab on the left side to buy, sell, trade, deposit and withdraw assets.

After depositing the amount, Queenie demonstrates how you can invest between 25 to 100 per cent of the money in the account to buy a cryptocurrency of choice.

'Swyftx will tell you the fees and then you simple click "confirm buy",' she said, which is a similar to investing in the stock market.


    What should you consider before investing in crypto?

Cryptocurrency is deemed to be a high-risk investment due to its volatile nature.

Queenie said this unpredictability correlates to the fact that people don't know 'how to value' crypto.

'The first risk is the volatility in the prices; even the biggest cryptocurrencies like Bitcoin have really big price moments,' she said.

For this reason, you should only invest what you are willing to potentially lose and consider fees, choice of coins, security and tax before buying.


Read the full article at www.dailymail.co.uk

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