Australian’s have spent $50.9 million dollars in Bitcoin trading transaction fees alone with this figure expected to rise after a recent survey by Finder has revealed that an extra 3.5 million Aussie’s are planning to invest in cryptocurrency this year.
The standard fee for purchasing Bitcoin is around 0.6 % of the purchase price if you spend less than $10,000 on the world’s best performing asset of the decade. But this depends also on what exchange you are purchasing through, with some exchanges charging as much as 3% per transaction.
Keep in mind that when trading Bitcoin you will always be hit with a fee every time you buy or sell cryptocurrencies.
“Bitcoin is seen by many as the new ‘digital gold’ and investors of all ages want a piece of the action. Crypto enthusiasts are typically very savvy and see fees as a waste of money,” said Graham Cooke, head of consumer research at Finder.
The number of Aussie’s getting involved in cryptocurrency is likely to rise, on a global scale, crypto owners have nearly tripled, surging from 106 million to 295 million with predictions of reaching 1 billion people who own crypto by then end of 2022.
Even the banks are starting to come around to the fact that crypto is here to stay, Commonwealth Bank of Australia, Australia’s largest bank has already announced last year that they will soon allow their customers to buy, sell and hold up to 10 different cryptocurrencies through their platform.
For Aussie’s looking for a new way to get involved in the crypto market without any fees incurred take a look at the hottest new investment style Aussie’s are flocking too.
NGS Crypto, Australia’s leaders in Blockchain Mining, use the process of mining rather than trading. Mining Bitcoin is the process by which new Bitcoin are mined into existence and enter into circulation. Mining is executed by highly sophisticated computer hardware that have the ability to solve extremely complex computational algorithms. The first computer or mining block to solve the problem is rewarded with Bitcoin, and the process starts all over again. Miners are paid in Bitcoin to solve problems.
Simply put, as Blockchain Miners, we help facilitate thousands of blockchain transactions around the world every single day. Every time someone wishes to make a transaction (i.e. to buy something or send money), miners like us help to facilitate this transaction and are paid a small ‘service fee’ to do so.
The common analogy we use here is like that of a bank ATM. We buy, own and manage the machine, and every time someone uses our machines, we make a small fee from the transaction. Multiplying this analogy by thousands of machines, and millions of transactions, this is the simplest way to understand how we generate returns for our members.
While mining was once profitable for individuals or small groups, over time, it has become more cost and labor intensive – driving many miners to abandon their machines due to unprofitability. To ensure consistent returns for our members, our mining facilities are setup in Batam, Indonesia where they are constantly monitored, repaired and run by our staff. This is for our POW (Proof of Work) machines, which require large amounts of computing power to solve complex mathematical algorithms.
For more information about returns and packages download our free Ultimate Guide To Investing With NGS Crypto, a 15-page free guide revealing, step-by-step everything you need to know about Blockchain Mining and how you can get involved in the latest investment style without risking your capital.
You can always pop in and see us at our Gold Coast Office location where you can talk face-to-face with one of our Blockchain Mining specialists