How to buy Bitcoin BEP2 (BTCB) in Australia
Learn how to buy Bitcoin BEP2 (BTCB) easily by following a step-by-step guide and compare 10+ crypto exchanges.
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How to buy Bitcoin BEP2
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Bitcoin BEP2.
- Open an account on an exchange that supports BTCB.
Unfortunately, at this time no major exchanges in Australia offer BTCB, but you may be able to purchase it with another cryptocurrency. Just be sure to follow all legal restrictions and requirements.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Bitcoin BEP2.
- Buy Bitcoin BEP2.
Complete your Bitcoin BEP2 purchase and then find the best wallet to store BTCB.
What is Bitcoin BEP2?
Bitcoin BEP2 is a crypto-pegged token on the Binance chain. This blockchain was created aimed at becoming an efficient platform for issuing and trading tokens. BEP2 is a technical standard used for implementing rules on the Binance chain. Therefore, Bitcoin BEP2 (BTCB) is a tokenised version of Bitcoin, backed 100% by the reserves of that asset. It uses the consensus mechanism and rules built for the Binance chain, and is only available for interaction on the Binance chain and the Binance DEX (decentralised exchange). Its main purpose is to raise trading volume and increase liquidity for Bitcoin trading within the Binance ecosystem. At the time of writing this review, it has a total supply of roughly 80,000 tokens.
Bitcoin BEP2 (BTCB) is in the top 1,000 cryptocurrencies in the world by market cap. The current price of Bitcoin BEP2 is $38060, which is 7.172% higher than yesterday. Prices have ranged between $38013 and $35347 over the past 24 hours. All prices are listed in US dollars and accurate as of January 28, 2022 09:01 UTC.
Where to buy Bitcoin BEP2
Unfortunately, at this time no major exchanges in Australia offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
Is it a good time to buy Bitcoin BEP2?
The technical analysis gauge for Bitcoin BEP2 displays real-time ratings for the timeframes you select. This is not a recommendation to buy, sell or trade. It represents a technical analysis of Bitcoin BEP2 based on the most popular technical indicators: Moving Averages, Oscillators and Pivots. Finder might not concur and takes no responsibility.
This chart is not advice or a guarantee of success. Rather, it gauges the real-time recommendations of three popular technical indicators based on the performance of Bitcoin BEP2: moving averages, oscillators and pivots. Finder is not responsible for how BTCB performs.
Bitcoin BEP2 at a glance
|Total BTCB supply||9,001|
|All time high||US$73,830.00|
Bitcoin BEP2 price performance over time
How to sell Bitcoin BEP2
You can cash out your BTCB with the same exchange you bought it through:
- Sign in to the exchange you have BTCB on.
If you store your Bitcoin BEP2 in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of BTCB you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Bitcoin BEP2.
What to consider when buying Bitcoin BEP2Bitcoin BEP2 token is a Binance native asset, which allows for easy-to-use functionalities within the ecosystem. Its price is pegged to Bitcoin, and increases trading volume for Bitcoin trading.
- Centralisation. This is an important concern with regards to Bitcoin BEP2. The Binance chain, on which BTCB is launched and traded, only allows 11 validators, all of which have been selected by Binance. Due to this single point of failure, if anything were to happen to Binance, the Bitcoin BEP2 token would also be susceptible to vulnerabilities.
- Competitors. This is not the only tokenised version of Bitcoin. Wrapped Bitcoin which is used on the Binance Smart Chain and RenBTC, which runs on the Ethereum blockchain using the RenVM protocol, are 2 other alternatives.
- Not the real thing. Given Bitcoin BEP2 is a crypto-pegged token on the Binance Chain, keep in mind you are not buying the asset itself. You are essentially buying a tokenised version of Bitcoin. This means it can only be used for interacting with protocols on Binance and the Binance DEX, but cannot be used in conjunction with the Bitcoin mainnet, or other blockchains. It's also important to remember that when withdrawing Bitcoin from Binance into a personal wallet or another exchange, proper protocol must be used. BEP2 tokens only work within the Binance ecosystem.
- Intermediate entry barrier. Binance requires an intermediate level of expertise when interacting with its blockchain. Because it allows Bitcoin on its standard trading, when using Bitcoin BEP2 on its DEX, it can overcomplicate a beginner. We recommend having the appropriate level of knowledge before interacting with Bitcoin BEP2 and the Binance DEX.
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Disclaimer: Cryptocurrencies, including Bitcoin BEP2, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BTCB is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Bitcoin BEP2 or any other cryptocurrency discussed.
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