How to buy Interest Bearing Bitcoin (IBBTC) in Australia
Learn how to buy Interest Bearing Bitcoin (IBBTC) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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Where to buy Interest Bearing Bitcoin in Australia
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.
It looks like IBBTC may not be available to purchase on an exchange in Australia.
You can still purchase IBBTC by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.
How to purchase IBBTC using a decentralised exchange.
- Find IBBTC on a decentralised exchange and make sure Interest Bearing Bitcoin can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for IBBTC using an exchange like . You will need to purchase enough ETH to swap for IBBTC as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for IBBTC on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalise and the IBBTC tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Australia.
What to consider when buying Interest Bearing Bitcoin
ibBTC is an innovative idea within the DeFi sector. However, innovation does not always guarantee returns. Here are a few factors to consider before investing in ibBTC:
How to sell Interest Bearing Bitcoin
You can cash out your IBBTC with the same exchange you bought it through:
- Sign in to the exchange you have IBBTC on.
If you store your Interest Bearing Bitcoin in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of IBBTC you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Interest Bearing Bitcoin.
Disclaimer: Cryptocurrencies, including Interest Bearing Bitcoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of IBBTC 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 Interest Bearing Bitcoin or any other cryptocurrency discussed.
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