What is Bitcoin Buy bitcoin australia Complete Guide

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What is Bitcoin?
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Bitcoin is a decentralised digital cryptocurrency – the first of its kind in the world. Bitcoin was invented by Satoshi Nakamoto back in 2009. While Bitcoin acts as a medium of exchange, store of value and unit of account, but is not issued under the authority of any government body. Bitcoin is not recognised as legal tender in Australia, but this does not make it illegal to use; in fact, the Australian Taxation Office announced earlier in 2018 that while it doesn’t consider Bitcoin to be money or currency, it will tax it as property under the capital gains tax (CGT) rules.
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Every Bitcoin transaction is made on a peer-to-peer network online and there is no server or central authority that needs to check first with a bank before clearing a transaction. The decentralised verification process creates the potential for banks to transfer funds to each other faster and at a lower cost than traditional methods. Currently, international money transfers can come with relatively high fees and higher exchange rates to cover the cost of the banks involved.
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Blockchain, the technology behind Bitcoin and other cryptocurrencies, is basically a ledger of who owns which bitcoins. Every transaction made with bitcoins is sent to the decentralised network and ‘mined’ into the Blockchain. And if you own bitcoins, you can own the ‘digital keys’ to unlock and spend those funds, unlike traditional currencies.Exchange Rate

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