Bitcoin Forum

Hi Guys,

I am relativity new to the whole bit coin thing. I recently found a great website to buy bitcoins in Australia that I was able to help a fellow newbie with in the newbie area.

The website is http://buybitcoinaustralia.com.au. It has the lowest fees that I have seen around (7.5%) and the coins appear in your wallet instantly (no need to go to the bank and deposit money).

Not sure if everyone in the big boy area knew about this so I thought I would let everyone know. For me this was the easiest and quickest way to buy coins.

Thanks

by the way I am not affiliated with this website what so ever.

Ah, someone figured out Jeremy is making a lot of money servicing the Australian market and decided to join him.

I'm in Australia and buy through MtGox, the middleman is technocash I think. MtGox supply the details to use the middleman to get money from the bank into the exchange. The middleman takes just less than a 4% cut and then MtGox takes its 0.6% cut.

So going though MtGox is cheaper than this service. 7.5% is huge! I will not move from MtGox until a competing service can get my AUD to Bitcoin for less than a 4% cut.

I don't understand why people are paying so much for Bitcoin.... MtGox already services the Australian market.

I was going to by through mtgox but I heard there was a 3 day wait for verification

Gox is slow and pretty much wants to do a Pap smear on your wife before they will deal with you. Spendbitcoins, for example, is pricy but they're fast an have no buy requirements up to 5k.

This is true, you do need to be verified but once done its done.

However buybitcoinaustralia.com.au does give one advantage to MtGox; apparently the transfer can take 10 minutes. When I send money to MtGox it takes between 1 and 2 days. So this service is worth paying the 7.5% if you need Bitcoin right away.

Yeah MtGox really wants to know who you are, however is this not a legal requirement? If a service is getting you Bitcoins without getting your details does this not mean they are operating semi-legally? Or has this not been tested yet in court?

I suspect Australia AUD to Bitcoin transaction business would be a money transmitter even under Australian law...

It is a legal requirement but Jeremy has been doing it for years without a problem. I've bought from him many times and he is a very honest/reputable person to deal with.

Besides I don't think Australian authorities are as Gestapo as USA is.

I have bought off buybitcoinaustralia twice now and it didn't even take 10 mins. As soon as my transaction was complete the coins appeared in my wallet.
I didn't really want to wait and I was only purchasing a small amount so an extra 3.5% really was not a lot of money. I did look at spendbitcoins but I had to go into a bank to buy them and as its the weekend I would have to wait till Monday to do that. Also their rate is 10%.

I also dont have a wife to Pap smear.  :)

I cant see how it would be any different to exchanging your money from AUD to USD. No one gets your details at a money exchange when you do this.

or am I thinking about that the wrong way? Is it more like buying commodities than exchanging money?

LOL - good, I'm glad you guys have another option now. Hooroo

Hopefully your right, and it stays this way.

Hopefully Australia will not follow USA down the path to becoming a police state.

We might not be a police state but we are a nanny state.

I hope its stays this way too but in my experience our government will get involved at some point, not understand any of it and make some stupid decisions.

Our government doesn't quite know what an internet is yet so I'm thinking it'll stay this way for a while yet

Hi Santostfm,

Glad to hear you found us useful and thanks for the encouraging feedback :)

Cheers

Sam

Indeed, MtGox deposits via their partner Technocash are cheaper, however, we would point out that it's not really a direct comparison because they differ greatly in terms of speed, convenience and anonymity. Depositing via Technocash takes a minimum three business days, you need to have a verified MtGox account which is no small feat - refer the unforgettable analogy posted by QuestionAuthority: "Gox is slow and pretty much want to do a pap smear on your wife before they deal with you."

Some people highly value the pseudo-anonymity of bitcoin so MtGox transfers does not make sense in this regard. Other people, like first-time users of bitcoin, or very occasional low-volume users, might be reluctant to go through the rigmarole of setting up a Gox account just to save what will turn out to be a couple of dollars. Or there may be occasions even for regular bitcoin users where the three-business-day delay is particularly inconvenient.

Having said that - I see your point. For long term established regular users of bitcoin it makes sense to go through the one-time process to register with MtGox, and that's perfectly fine with us because it's not really our target demographic - all in all, we believe there are certain times for certain situations when it makes most sense to use our service.

cheers
Sam

heard of Brendon O'Connell?  he's a guy in Perth doing 3 years in max security prison for saying that jews are racist.

the video that put him away:
http://www.youtube.com/watch?v=Wa17ViprJ6I

things might seem bad in the US but at least they still seem to have free speech.

Sam,
First of all thank you for your site. I probably would not have bought bit coins if it wasn't for your company. I am way to lazy to go down to the bank and deposit money in someones bank account or fill out forms for mt gox. I have not bought from mt gox but from what I have read it still takes time to receive your coins even once you have registered (please correct me if I am wrong about this), so when you say "for long term regular users it makes sense to go though mt gox" I think your selling yourself short. Even if I had a registered account I would still pay the extra few % to just have my coins when I need them. Your service is great because I can easily buy coins online, instantly whenever I need them. I honestly believe that without the "impluse buy" factor of your site it would stop a lot of Australians buying coins (it more than likely would have stopped me). Making any part of the bit coin process easier will help the Australian community grow which will benefit all of us.

Thanks again for providing Australians with a great service. I believe it will help more Australians get involved and I will be telling all my bit coin buddys about it.

Thanks Santostfm,

I would also like to thank everyone who has used our site, especially people who have provided feedback.

We have had an overwhelming level of support from the bitcoin community.  Everyone has been extremely positive towards our service.

Many of the e-mails and posts we have received from the community would make very worthy testimonials.  However, we do not post "testimonials" on our website, because so many websites just make them up, reducing the credibility of testimonials in general. 

Regardless, we would like to express our gratitude, and we look forward to maintaining and improving this service that we are already so proud of.

Emm.

LOL, you are not affiliated with coinjar, but you happen to have an advertisement for them in your signature...  hahahah, whatever.

Read this thread and see if you want to hand your hard earned cash over to the former scammer who runs CoinJar:
https://bitcointalk.org/index.php?topic=233984.msg2471500#msg2471500

I use BuyBitcoinAus frequently and don't have to worry about trust, because they never hold my cash or my bitcoins, the BTC is delivered straight to my wallet.

Posted the wrong link above, I meant to put this one:
https://bitcointalk.org/index.php?topic=63831.0

You're under no obligation to keep any money with CoinJar. Simply make a deposit, and buy Bitcoin immediately when it's approved. After that, you can withdraw Bitcoin to your own wallet instantly.

Many people do exactly this and we encourage them to. Why take the security risk when we can comfortable making profits from the transactions themselves? Remember that there's no interest in holding Bitcoin. We designed our system to provide a convenience. If it's a trust issue, we're on the same page.

website is broke, prompts for login at the root page and I get nothing else as I have no account.