Finder adds Bitcoin trading feature to its fast-growing app
Australians now have the ability to buy and sell Bitcoin safely and securely in Finder's app.
To date, more than 215,000 Australians have downloaded the free app. It is now the only app in Australia to allow users to compare financial products, track their spending, check their credit score and buy and sell Bitcoin.
A recent Finder survey of 1,004 people revealed that 25% either own or plan to own cryptocurrency by the end of the year. Despite this, 1 in 5 (20%) don't know how to buy it.
The nationally representative survey also revealed that 10% are interested in purchasing cryptocurrency but say they just haven't gotten around to it yet.
Fred Schebesta, co-founder of Finder, said the new service is meant to simplify what is a typically complicated process.
"Finder is making it more convenient to buy and sell Bitcoin by eliminating the need to deal with technical things like crypto wallet addresses, private keys, blockchains and everything else.
"Instead, we handle all of that for you and make it as simple as a swipe to buy or sell," he said.
The Finder app is the first to allow users to be approved and trading in less than three minutes.
Finder Bitcoin wallet features
- Ability to buy and sell Bitcoin in seconds after verifying your identity
- As simple as sending money to a friend
- Track your Bitcoin value over time
New Finder research reveals there are still many myths and misconceptions about Bitcoin.
The May 2021 survey found a staggering 56% of Australians incorrectly believe Elon Musk created the digital currency.
Likewise, more than 2 in 5 (44%) wrongly think the supply of Bitcoin is unlimited.
Schebesta said there is a lot of hype and misunderstanding about the biggest name in crypto.
"Now more than ever, Australians interested in buying Bitcoin need a name they can trust to make the process secure and easy.
"We've been helping customers make better financial decisions for 15 years on everything from credit cards to car insurance, and crypto came into the fold in 2017.
"We now compare more than 100 cryptocurrencies, 45 exchanges and 70 different wallets, so we know this space – and the concerns Aussies have about it – well," Schebesta said.
Finder has partnered with Monoova, a leader in payment solutions, to seamlessly automate transactions in the app via a secure API.
Bitcoin Myths and Misconceptions
|Myth||% who believe it||Fact|
|"Bitcoin is not taxed"||59%||Crypto profits may be treated either as income or an investment for tax purposes, depending on the circumstances. We recommend you seek independent advice from an accountant. Check out Finder's cryptocurrency tax guide for the full details.|
|"Elon Musk invented Bitcoin"||56%||Bitcoin was actually spearheaded by an anonymous developer under the alias Satoshi Nakamoto. Nakamoto believed money shouldn't be controlled by a centralised government or bank, and so set out to develop a decentralised digital currency.|
|"There is an unlimited number of Bitcoins to be mined"||44%||Because of the way its code is designed, Bitcoin is limited to a maximum supply of 21 million. Currently, there are around 18.6 million Bitcoins in circulation. While it might seem like we're nearing the end of Bitcoin's supply, because the number of Bitcoins in a block halves every four years or so, experts estimate Bitcoin will continue to be mined well into the 2100s.|
|"Bitcoin has been around for more than 15 years"||44%||Bitcoin was first released in 2009 and was priced at virtually zero. Needless to say, if you had the foresight back then to invest in Bitcoin, you would be doing very well today.|
|"There are less than 100 different cryptocurrencies"||39%||In reality, there are more than 4,000 cryptocurrencies in circulation, and the number is growing. Apart from Bitcoin, some of the most popular cryptocurrencies include Litecoin, Ether and Ripple. Most recently, Dogecoin surged in popularity as the first meme-based cryptocurrency.|
|"One Bitcoin is worth more than AUD$100,000"||31%||Bitcoin entered the market priced at less than $0.01, and by 2017, it had entered the mainstream. Since then, it's fair to say the market has exploded. As of May 2021, the price of one Bitcoin has moved between AUD$55,000-$83,000, but hasn't yet broken the $100K barrier.|
|"You can't use Bitcoin to buy things"||31%||In reality, there are thousands of businesses across Australia that accept Bitcoin as a form of payment. Online retailers like Microsoft are starting to accept Bitcoin as a form of payment, and platforms like Living Room of Satoshi allow you to use Bitcoin to pay household bills.|
|"Bitcoins are a physical currency"||22%||Unlike traditional currencies, cryptocurrencies like Bitcoin are built on a blockchain platform, which makes them entirely digital. They are also decentralised, which means they are not controlled by a government or central authority.|
- Based on a Finder survey of 1,000 respondents in May 2021.
- Finder's Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
Want to learn more about Bitcoin? Check out our guide here.