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Bitcoin Basics: Our Recommended Wallets & Exchanges

Today we’re taking a dive into a few of the ways digital currency is like physical currency, recommending some online cryptocurrency exchanges and digital wallets, and letting you in on what’s coming up for TravelbyBit.

Digital vs physical currency: oh, the similarities! The Bitcoin revolution is upon us and growing bigger every day. Digital currency users and merchants alike are using digital currency to interact as they normally would with physical dollars and cents.

But just how similar is it to physical money?

Let’s take a closer look at a few of the ways digital currency is like physical currency:

People buy Bitcoin through online exchanges, the digital equivalent to a money changer. The Bitcoin exchange rate works exactly the same as any foreign currency. At this time of writing, one Bitcoin is worth approximately $AUD2800. Similar to a dollar being broken down into half-dollars, 20-cent pieces, and 10-cent pieces, Bitcoin can be fragmented to smaller values (as small a value as required, actually). For example, a standard cup of coffee would cost 0.001 bitcoin, which is equivalent to $AUD2.80. Bitcoin, like traditional money, is kept in what’s known as a wallet. This is usually a digital wallet, which is simply an app on your smartphone. Once you have bitcoin on your phone, you’re free to then interact with cryptocurrency-accepting merchants the same way you’d normally do so with dollars: buy goods and services, book travel, and purchase lunch from any business that accepts Bitcoin.

See our growing Merchant list to find merchants that accept digital currency around the world.

See our recommended list of exchanges: Check out some of the links below for some of our recommended exchanges and storage wallets.

https://www.independentreserve.com/

https://www.btcmarkets.net/

https://www.gdax.com/

https://www.coinbase.com/

Learn about the different kind of wallets and storage areas for Bitcoin: https://www.coinjar.com.au/

https://www.ledgerwallet.com/

https://copay.io/

In progress: world’s first Bitcoin travel routes Here at TravelbyBit, we’re tailoring the world’s first Bitcoin tourist routes, where you’ll have the ability to travel not only to some of the most iconic Australian spots but also adventure into regional Queensland, all using digital currency.

We’ve lined up Bitcoin merchants along the way who are enthusiastic about embracing the new technology and meeting new people who can share about their experience of travelling using Bitcoin.