If you’re in Australia and want to buy bitcoin straight into your cold storage wallet without any extra hassle, this guide has you covered. paybtc has made it increasingly easy for investors to buy bitcoin directly into their wallets with just a few steps.
Read on to learn how to buy BTC directly into cold storage in Australia.
How to Buy Bitcoin Instantly Into Cold Storage in Australia
Australians can easily buy bitcoin instantly into their cold storage wallet using paybtc, Australia’s leading non-custodial bitcoin exchange.
Here’s how it works, step by step.
Set up a bitcoin cold storage wallet
Get yourself a bitcoin hardware wallet, such as a BitBox, Trezor, or Ledger, and set it up.
Ensure you back up your seed phrase and create a strong password for added security!
Access paybtc
Next, visit paybtc.com.au on your browser and start the process of buying bitcoin using AUD.
Input your transaction details
You’ll be required to input your transaction details, including the BTC address for your cold wallet, the amount you’d like to buy in BTC, an email address, and finally tap the ‘BUY’ button.
Enter the Email login code
paybtc will send a login code to your email address. Check the spam folder if you don’t see the mail in your inbox folder.
Type in the code on the login code box and tap the ‘Login’ button to access the paybtc dashboard and proceed with your purchase.
Input the sending bank details
Next, add the sending bank’s details.
Also, ensure that paybtc whitelists your sending bank account so that you can grow your BTC portfolio seamlessly since the bank details will be verified. This step also reduces cases of fraud.
paybtc will prompt you to key in your account number and BSB code when whitelisting your bank. Make sure the banking details you add are the ones sending AUD to paybtc.
The Australia-based bitcoin exchange will also require your latest bank statement to verify the source of your funds. You can easily download the PDF from your online banking or banking app and upload it to the paybtc dashboard.
Transfer AUD and receive your BTC on the cold storage wallet
The other step is to now transfer the Australian dollars (AUD) from your bank account to either the BSB/ACC number or PayID details provided by paybtc.
Once successful, you will receive your BTC in your cold storage wallet. Please note that this can take anywhere from a few seconds to hours to complete.
And that’s it.
That’s how you buy bitcoin directly into your cold storage wallet in Australia.
The Takeaway
A non-custodial exchange like paybtc makes buying BTC directly into your cold wallet easy and seamless as long as you have a functional wallet and a bank account.
Moreover, as a self-custody exchange, paybtc doesn’t handle its users’ private keys, which means you are always in full control of their BTC holdings.
Still, when it comes to investing in BTC, we can’t emphasize enough how important it is for investors to do their own research before choosing to invest in BTC and what exchange to use.
As a rule of thumb for investments, don’t invest more than you can afford to lose.
FAQs
What is the best app to buy bitcoin directly into cold storage?
There are various apps ranging from desktop and mobile to web apps that you can use to buy BTC directly into cold storage. One of the best web-based apps for buying BTC in Australia is paybtc. With paybtc, you can easily buy and sell BTC with AUD using your bank account, and the best part is that the bought bitcoin gets sent directly to any bitcoin wallet you’d like.
What is the best way to store bitcoin?
Using a cold storage wallet is arguably the best way to store bitcoin. Hardware wallets and paper wallets are the two common types of cold storage wallets. Cold storage wallets are offline-based, which means they aren’t as susceptible to cyberattacks as hot wallets. Therefore, storage wallets are ideal for long-term BTC HODLing.
