In the next few weeks, the value of bitcoin is predicted to rocket past $US20,000 - an astronomical increase of 2500 percent this year alone.
For the uninitiated, that's $US20,000 per digital coin. Back in 2009, you could've bought a fistful of bitcoin for a single dollar. The good news is that it's not too late to jump on the blockchain gravy train - you just have to start much, much smaller.
Bitcoin just blew past the $17,000 mark. Last month, the price dropped to around A$8,000 shortly after almost hitting A$10,000, and rising over 1,850% since 2015. By the time you read this, the price is likely to have changed dramatically again.
All of this shows how volatile the currency is, which prompts the question - what's causing such huge movements? Here are four factors you need to know about.
Many prospective bitcoin investors are scared away by the cryptocurrency's price and volatility. What you might not realise is that currently bitcoin are divisible to 8 decimal places, or 0.00000001 of a bitcoin. This means you can purchase a tiny fraction of a single bitcoin - $10, $100, $500, et cetera - for a low-cost investment.
The easiest way to obtain bitcoin is to buy them from an exchange. All you need to do is select a reputable exchange that operates in Australia and set up an account with them. You can then start buying and selling bitcoin with just a few clicks.
We've compiled a list of the best Australian exchanges here. Naturally, you're better off waiting for the next downswing before investing. If history is any indication, it will bounce back up in no time and you'll have made an instant profit.
Oh, and don't forget to store your bitcoin securely. Good luck!
In just the last month, it feels like Bitcoin has surged to mainstream prominence, popping up on social media, TV, radio and just about anywhere information is exchanged. However, though Bitcoin may be the most popular cryptocurrency, it’s not the only one – arguably, it’s not even the best one.
We’ve rounded up the ways you can buy Bitcoin, other cryptocurrency and altcoins in Australia.