Australia has become a growing market for use of cryptocurrency with awareness amongst Australian consumers reaching a new high of 95 per cent. Despite this, recent 2024 data suggests almost half of the Australian population are hesitant to buy cryptocurrency. We know common misconceptions and reasons for the hesitancy include beliefs the pricing market is too volatile and that any investment in cryptocurrency is deemed โtoo riskyโ.
While these statements are not true, Australia continues to see a rise in scams and fraud across varying sectors, meaning the importance of knowing how to safely purchase cryptocurrency has never been more crucial.
Knowledge in this market is key which is why Localcoin have not only invested in the Australian market, but have ensured the delivery or market-specific information which aim to keep our customers safe.
Australia now has one of the highest levels of cryptocurrency ownership globallyโฆwith half of Australians engaged in the cryptocurrency market due to the influence of their surrounding friends and family.
As a global leader in Bitcoin ATMs, we understand purchasing safety practices. These are the four quick tips Australian consumers can follow.
Tip #1: Understand Cryptocurrency
Before purchasing, Australian consumers must understand how cryptocurrency operates. Knowing what blockchain technology is and how virtual currencies engage with cryptography is a good starting point, as these elements are central to ensuring your cryptocurrency purchases are safeguarded.
Localcoinโs ATMs feature informative screensends that guide buyers on how to avoid scams and ensure an educated crypto purchase is taking place. Localcoin has developed online resources for consumers to use in order to better understand these complexities.
Tip #2: Choose a Trusted Platform
The cryptocurrency exchange market is heavily cluttered, making it difficult for consumers to choose a reliable platform they can trust. We encourage buyers to explore self-custody options, such as Bitcoin ATMs, to ensure they have total control over keeping their funds safe. As an extra layer of protection, Localcoin has a dedicated customer service team that actively monitors for compliance and suspicious activity, giving customers the confidence that necessary rigorous safeguards are in place. This includes the collection and verification of documents, conduction of risk assessments and ensuring transparent identification within financial activities.
Tip #3: Diversify Your Cryptocurrency
To โdiversifyโ your digital assets means to spread your purchases across different cryptocurrencies. Cryptocurrency purchases benefit from diversifying your digital assets to reduce potential risks. It is recommended for anyone starting out in cryptocurrency to follow this strategy, as it will allow time to gain more experience and confidence within the market. Localcoin offers several coins including BTC, ETH, LTC, ADA, XRP, USDC, SHIB and DOGE, all of which allow buyers to diversify their cryptocurrency wallet conveniently and easily.
Tip #4: Use Secure Wallets
How you store your cryptocurrency purchases is critical to your digital assets being safeguarded. Localcoin suggests self-custodial storage and multi-factor authentication as key features to seek when deciding which wallet to use.
Exchanges hold cryptocurrency online, increasing the risk of loss associated with security breaches. Buying cryptocurrency via Localcoin ATMs immediately transfers purchases to your personal wallet, which is only accessible to those who have your wallet key. Using a self custody option such as Localcoin also enhances the physical safety of buyers, as weโve strategically located our ATMs at Australian petrol stations to address high-security concerns.
Don’t let fear hold you back from exploring cryptocurrency. At Localcoin, we’re dedicated to making cryptocurrency accessible to everyone, regardless of trading experience and knowledge.
For more information about Localcoin, visit https://localcoinatm.com/au/
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About Localcoin
Localcoin is a rapidly-growing crypto ATM company that is revolutionising the way people buy and sell digital currencies. Its mission is to empower individuals to join the cryptocurrency economy, making it more accessible for everyone. With more than 300 Bitcoin ATMs in Australia, Localcoin offers an expanding product line that enables crypto-enthusiasts to easily participate in the digital currency world.
