When it comes to Bitcoin, security and accessibility are crucial. One common concern that many Bitcoin holders have is the fear of losing access to their funds if their wallet provider goes out of business or disappears. In this post, we’ll explore how Bitcoin seed phrases work, how to import your wallet across different providers, and why your Bitcoin is always safe as long as you have your seed phrase.
A Bitcoin seed phrase is a set of 12 or 24 words generated by your wallet that gives you access to your Bitcoin. Think of it as the master key to your Bitcoin. It’s not tied to any specific wallet provider, meaning that as long as you have your seed phrase, you can access your Bitcoin from any compatible wallet.
Many people mistakenly believe that their Bitcoin is stored within their wallet provider’s platform. In reality, the wallet provider simply acts as an interface for accessing the Bitcoin network. Your actual Bitcoin is stored on the blockchain, and the seed phrase is what links you to your funds. This means that even if your wallet provider goes bust or disappears, your Bitcoin is still safe—as long as you have your seed phrase.
Since your seed phrase is the key to your Bitcoin, it’s vital to protect it. Here are some essential tips:
To demonstrate how seed phrases work, let’s walk through an example using two popular Bitcoin wallets: Blue Wallet and Aqua Wallet. (we are not affiliated with either of these wallets.)
Both of these wallets support Bitcoin and Layer 2 Lightning for fast and low-cost transactions.
Your Bitcoin’s security depends on your seed phrase, not your wallet provider. By understanding and protecting your seed phrase, you can ensure that your Bitcoin remains safe and accessible, no matter which wallet you use. Always remember to keep your seed phrase secure, and you’ll have peace of mind knowing that your Bitcoin is safe.
For a video walk through, please visit the Youtube tutorial: Importing a Bitcoin Seed Phrase Across Two Bitcoin Wallets To Locate Your Bitcoin.
Thank you for reading.
Welcome to the Australian BTCCLUB!
Are you looking for any tools or which Australian Bitcoin exchange to buy or sell? Look no further!
Comparing the Australian Cryptocurrency and Bitcoin Only Exchanges - Who is cheapest?
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Memberships Start from $9 per month in fiat, cancel anytime.
1 Bitcoin to AUD live price can be found on our Promotions page - Live 1 Bitcoin to aud price
BTCCLUB also offers a free Bitcoin Currency Converter. Here you can use the calculator to convert Bitcoin to AUD, USD, EUR, GBP & NZD.
1 Bitcoin to aud is currently sitting at a market price of $106,957 at the time of writing.
Thank you for reading.
Become to the Australian BTCCLUB!
Are you looking for any tools or which Australian Bitcoin exchange to buy or sell? Look no further!
Comparing the Australian Cryptocurrency and Bitcoin Only Exchanges - Who is cheapest?
Looking for a cold storage device to secure your Bitcoin? Blockstream Jade Shop
Checkout our upcoming live stream events: Promotions Page
Become a member and gain access to:
⚡ Member Portal Login.
⚡ Automatically entered into Every bitcoin Draw.
⚡ Your Entries Into Draws Never Expire and Roll Into Next Month.
⚡ VIP Member Only Draws.
⚡ Participate In All Live Stream Bitcoin Games.
⚡ Exclusive Discounts with Partners Including 10% off Blockstream Jade & HardBlock Exchange Offer.
⚡ Bitcoin Starters Guide One Page Checklist on Signup.
⚡ Weekly Bitcoin Report / Data Email.
⚡ Notifications When We Buy / Sell bitcoin... Joke! We Only Buy!!!
⚡ Invites to Private Events and Webinars.
Memberships Start from $9 per month in fiat, cancel anytime.
Have you been searching "Where to buy Bitcoin in Australia in 2024?"
Here is a breakdown of the top Australian Exchanges.
Welcome to version 2!
Version 1 was completed in 2023, but of course there were some variables not included that a handful of people reached out asking if we could do a thorough breakdown again.
I am passionate about freedom, which is why I love Bitcoin. You can choose whichever exchange suits your risk appetite. We exclusively support Bitcoin-only exchanges with our purchases at Proof of Work Au.
Dislaimer: We do not have any official affiliation or financial benefits with any of these exchanges, however, we are open to discussions with a Bitcoin Only Exchange to mutually help each other serve our members.
If you are one of the exchanges reading, I’d like to personally thank you for providing Australia with your offer /service. With you, we have the ability to participate in Bitcoin, the freedom money, the savior of wealth decay, the hope for our children.
The changes that were made from the last blog:
1. Removed Digital Surge & Independent Reserve. Don’t see any benefit revisiting these.
2. Added PayBTC as requested.
3. Added Withdraw / Deposit Fees.
In version 1, cash was deposited and we paid for the cost of testing through the slippage. In version 2, the data was compiled together based on the information inside the platforms once logged in, on their website, and through previous testing. Spreads and pricing are variables that change based on liquidity (Volume of orders). The higher the volume of orders, the tighter the spread, the drier the volume, the wider the spreads.
When buying and selling any type of financial asset, there are generally three main expenses you must be aware of. When buying / selling Bitcoin, there is also a network fee.
1. Commission - This is the fee the exchange charges you for the transaction. It's usually applied to both buying and selling.
2. Spread - This represents the gap between the buy and sell prices. While not a hidden cost, it's an expense that sometimes outweighs the commission and is often overlooked.
3. FX conversion rate - Typically, when purchasing an asset in a foreign currency, an exchange rate is applied. We won't be calculating this in our examples.
4. Network Fee: This is the fee passed down from the blockchain that is passed onto miners for their Proof of Work. This fee fluctuates based on network traffic that can not be escaped. We won't be considering this in any of the calculations.
5. Withdraw and deposits: Fee for AUD transactions.
6. Exchange Withdraw Bitcoin: Fee to withdraw Bitcoin from your exchange wallet, to an external wallet. This is on top of (4.) Network fee.
I also want to thank Cory from Twitter for verifying and helping with some of the data collection.
All the buy and sell prices from these exchanges were captured simultaneously in video for these examples. However, we cannot guarantee 100% accuracy due to latency and refreshing. This guide aims to explain how the calculations are performed.
The examples to follow are for a $1,000 AUD parcel of Bitcoin to buy. We will then sell that parcel a few seconds later to calculate the total expenses of commission and spread.
COINSPOT: Probably the most well known Cryptocurrency exchange in Australia.
Pros: $0 fees on withdraws and deposits, transparent on bid + ask price.
Cons: Commission, offer altcoins with huge risk and withdraw fee on Bitcoin is 0.0005 ($50!)
Calculation:
SWYFTX: Another popular Australian Cryptocurrency exchange.
Pros: $0 fees on withdrawals + deposits + low slippage.
Cons: Platform is a mess. Super confusing + Offer altcoins with huge risk.
Calculation:
AMBER APP: BITCOIN ONLY Exchange
Pros: 0 Withdraw Fee on Bitcoin.
Cons: Commission of 1%. They offer AmberBlack for $99 per annum to reduce comms to 0%. Fees across AUD Deposits.
Calculation:
PAYBTC: BITCOIN ONLY Exchange
Pros: Private and simple to create an account. Also they will send the BTC purchase to your cold storage in seconds!. $0 commission, withdraw + deposits.
Cons: Their spread is the highest of the group. You end up with the least amount of Bitcoin in the purchase. I also do not like the vague information on buy and sell price. You need to work out the Bid and Offer yourself.
Calculation:
HARDBLOCK - An Australian BITCOIN ONLY Exchange. I had the pleasure to meet their captain at the BushBash at Beechworth. Absolute genuine and wants the best for Bitcoiners.
Pros: For dollar cost averaging parcels under $1,000 per transaction and sweeping it auto into a Bitcoin wallet (not lightning), they don’t charge commission, deposit fees, and only 400 sats for scheduled withdrawals (not including network fee.).
Cons: Platform does not show Bid and Offer prices.
Calculation:
BITAROO - BITCOIN Only Exchange - Another exchange where I’ve had the pleasure to zoom their captain who wants the best for Bitcoiners.
Pros: Super tight spreads and comms. Super transparent on price and has a full trade panel with level 2 pricing which I love. Deposits above $1,000AUD are free. They also have Lightning Network!! For our live draw events, we buy Bitcoin, sending the Bitcoin to Wallet of Satoshi Lightning address and it costs about $1 for the entire process from bank to Wallet of Satoshi (incredible).
Cons: Deposits under $1,000 have a small fee of $1,95. Bitcoin Withdrawal fees between 0.0001btc - 0.0003btc
Calculation:
For Parcels of $1,000 or less sending into an external BTC Wallet ($500 Parcel in example minus network fees)
Hardblock with scheduled withdraws is 400 sats. If you are Dollar Cost Averaging, they become a solid platform to stack smaller amounts of Bitcoin.
Coinspot, well no surprise here. They are charging 0.0005 Bitcoin for a withdrawal. This is currently $50 AUD!
Our final summary:
1. Proof of Work Au will only support Bitcoin Only Exchanges.
2. Parcels above $1,000 of Bitcoin, Bitaroo is hands down the winner. Level 2 and lightning network channels make this exchange the A+ option. Love their platform and how easy it is to use.
3. Hardblock is another simple platform that is championing dollar cost average parcels below $1,000. Scheduled withdraws of 400 SATS make them a juicy option to stack Bitcoin and get the most amount off Bitcoin for your dollar.
4. Coinspot and Swyftx have a monopoly over cryptocurrencies, but Sywftx provides the best value for Altcoins. Coinspot’s fees for Bitcoin withdrawals are super greedy.
5. PayBTC has a super private offer that has probably the most discrete KYC, plus they send the BTC to any address you prefer including cold storage which is cool. The cost of such privacy and ease also means you need to pay a premium in spread costs and end up with the least amount of Bitcoin per dollar.
Proof of Work Au is actively seeking a partnership with a Bitcoin Only Australian exchange for our members in Australia. If you would like to help us and the mission, we would love to hear from you at info@btcclub.com.au.
If you would like to support and become a Proof of Work Au member, please visit https://btcclub.com.au/memberships/
Charities we support: https://btcclub.com.au/charity-partner/
Major live draws: https://btcclub.com.au/promotions/
Membership Benefits:
⚡ Automatically enter in every Bitcoin live draw.
⚡ Your entries stack & never expire rolling over to the next month.
⚡ Exclusive discounts with our Aussie partners including 10% off Blockstream Jade hardware.
⚡ Supports Bitcoin charities with 2.1% of all memberships.
⚡ Free support and education on Bitcoin.
⚡ Free Bitcoin Starters Guides full of links and easy steps.
Follow our social media packages: https://linktr.ee/proofofwork
Thank you for being apart of the Bitcoin.
Which Australian Bitcoin Exchange is best? Buying and selling digital assets across Australia can be quite overwhelming due to the variety of exchanges and brokers available. Yes there are many more, but these are purely Australian owned.
Supporting a Bitcoin-only exchange has immense benefits for the industry and backs the only digital asset confirmed as a commodity in the eyes of regulators (it's here to stay!). One of the advantages of trading at an exchange that offers many types of crypto assets is the higher trading volume due to the array of choices. Consequently, they generally offer lower commissions and tighter spreads. You'll be astonished to see the results from one particular Bitcoin-only exchange that offers the tightest expenses.
Ultimately, the choice of exchange or broker is generally a matter of personal preference for the investor. Therefore, ensure that the exchange/broker you select is the right fit for you.
When buying and selling any type of financial asset, there are generally three main expenses you must be aware of:
1. Commission - This is the fee the exchange charges you for the transaction. It's usually applied to both buying and selling.
2. Spread - This represents the gap between the buy and sell prices. While not a hidden cost, it's an expense that sometimes outweighs the commission and is often overlooked.
3. FX conversion rate - Typically, when purchasing an asset in a foreign currency, an exchange rate is applied. We won't be calculating this in our examples.
All the buy and sell prices from these exchanges were captured simultaneously in video for these examples. However, we cannot guarantee 100% accuracy due to latency and refreshing. This guide aims to explain how the calculations are performed.
The examples to follow are for a $1,000 AUD parcel of Bitcoin to buy. We will then sell that parcel a few seconds later to calculate the total expenses of commission and spread.
We have no affiliation with any of these exchanges, and provide you this information in good faith for our members to make informed decisions.
So let's get into it, which Australian Bitcoin Exchange is best for bottom line?
COINSPOT - One of Australia's first and largest Cryptocurrency exchanges.
Calculation:
SWYFTX - Another popular Australian Cryptocurrency exchange.
Calculation:
INDEPENDENT RESERVE - A smaller tier exchange that offers other digital assets alongside Bitcoin.
Calculation:
DIGITAL SURGE - A smaller tier exchange that offers other digital assets alongside Bitcoin.
Calculation:
HARDBLOCK - An Australian BITCOIN ONLY Exchange. (Disclaimer. This review was performed 1 week after the others. The prices and spread were reviewed, then changed to reflect the average price of last week. This is subjective as their spreads may have been tighter, but none the less, the expenses were calculated.)
Calculation:
AMBER APP - BITCOIN ONLY Exchange
Calculation:
BITAROO - BITCOIN Only Exchange - OUR TOP BITCOIN CHOICE. We have no affiliation with any of these exchanges.
Calculation:
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