As a well advancing and prosperous nation, Australia has a strong Bitcoin community and the Australian government is also relaxed when it comes to restrictions regarding cryptocurrency. As a matter of fact, Australia might soon be recognized as a world leader in the crypto space. If you live in Australia and are wondering ‘how to buy bitcoin in Australia?’ make sure that you go through this brief guide which will tell you about Bitcoin’s history as well as the current state of play. This guide will also explain how you can use either credit card or debit card for the same.
Let’s get started!
Double taxation woes
During mid-September of 2017, due to certain rules passed by the Australian government GST was applied to Bitcoin for both purchases as well as payment. This is why every person who wanted to deal with Bitcoins was forced to pay a certain amount of GST depending upon the transactions. This showcased the Australian government’s will to engage in the fintech industry with the main aim of promoting and creating more employment.
Tax regulation in Australia
Although double taxation no longer exists, the Australian government still pays close attention to cryptocurrency. The ATO has issued various guideline which clearly states how crypto will be treated for tax purpose. This means that you become liable for capital gains tax when you sell or buy bitcoins. The guidelines mention various technical complex matters as well such as chain splits are also addressed.
A bitcoin faucet is a type of website that pays users in bitcoins upon completing a survey. These website owners pay to those individuals who visit their website by clicking on the ad and complete the survey. This industry amounts almost 50% of traffic that leads to bitcoin websites today. Faucets give bitcoins to you in exchange for any visitors that you brought in. This has resulted in users using a Bitcoin faucet rotator that allows users to quickly surf different faucets and earn a commission through rotation links for each faucet visited by you.
Micro jobs are small tasks that can be completed and bitcoins can be earned. These tasks involve small jobs such as testing a plugin to see if it is compatible with a browser or re-tweeting a post. Such simple accomplishments could help you earn bitcoins.
BitcoinTalk signature campaigns
The BitcoinTalk forum signature campaign pays users that write posts on the BitcoinTalk forum which includes a product campaign in the signature. The payment depends upon the membership level on the BitcoinTalk forum. To obtain a premium level of membership you need to post at least 120 posts. Most of these campaigns also have certain requirements such as minimum word count or conditions like no advertisements are directly included in the posts.
The amount of money that you can make from these campaigns vary. This depends upon the number of quality posts that are being made as a user to achieve the maximum word count. Depending on the campaign, you might be able to make $50-100 for 24 hours of work. One drawback could be that as some campaigns operate only a certain number of posts per week, there might not be sufficient income within the campaign to earn a substantial amount of bitcoins.
Writing for blogs and news sites
As your potential knowledge for Bitcoin increases, you can also start blogging and posting for various other websites. There are various options available for writers where good writers are paid between $30-100 per 1000 words. At this stage, writers can also choose their payment methods whether it will be in Bitcoin or traditional payment method.
Earning via Bitcoin lending is a very prominent way of earning without any risks. This functions with the help of intermediary websites and the concept are really simple. You act as a bank and lend your Bitcoin to another person at a certain level of interest. As the demand is very high the interest rate on lending Bitcoin is also higher as compared to the standard bank rates.
Bitcoin has a very bright future in Australia. With the passing time, a lot of people have started using bitcoins as it promotes easy and convenient transactions. One can pay all sorts of Australian bills using bitcoins without even revealing your true identity. All transaction that is conducted using bitcoins is anonymous and extremely secure. One can easily buy Bitcoin in Australia using credit card or debit card.