This is branded content for Binance Australia.
When there’s a large sign at the entrance to your physiotherapist’s clinic announcing that they’re now accepting cryptocurrency you get the feeling that it’s something that you should know more about.
Since cryptocurrency was first made publicly available back in 2009, it’s gained plenty of traction as an investment option, but for many of us remains an unknown concept.
You might have heard recently about things like the Ethereum Merge and reports about dips and rises in the Bitcoin price, but the whole crypto universe can still be confusing to people trying to get a clear understanding of it.
“Cryptocurrency is pretty complex and if you’re new to digital assets it can be hard to wrap your head around what it is, how it’s used and why many people believe it will play such an important role in the future of our financial systems,” said Liam O’Doherty from Binance Australia, the local arm of the world’s largest crypto exchange by measure of trading volume.
“Crypto basically is a meeting point between computer science and finance, both complex disciplines in themselves, so I wouldn’t blame anyone for being a little intimidated at first.”
Helping people to overcome this intimidation and more easily educate themselves about the intricacies of cryptocurrency is a key mission for Binance.
As well as being a platform for users to buy, trade, and hold 350+ cryptocurrencies, it’s become a go-to site to access a wide range of education and research tools for everyone, starting from absolute beginners.
Launched in 2018, its Binance Academy has been helping users increase their knowledge about blockchain technology, cryptocurrencies, and the Web3 ecosystem and more with resources including articles, videos and simple glossaries of some of the tricky terms.
“We want all of our current and future Binance users to be tooled with the right resources in order to buy, trade and hold cryptocurrency with confidence,” said Mr O’Doherty.
Why invest in cryptocurrency
According to the latest Roy Morgan research, five per cent, or more than one million Australians, aged 18+, now own at least one cryptocurrency including the well-known Bitcoin and Ethereum, as well as more niche names such as Ripple, Cardano, Dogecoin, Shiba Inu, Solana, Binance Coin, Litecoin, Cronos, and Polygon.
To those not in the know, one of the big curiosities around cryptocurrency is why all these people are investing in and using it in their lives. Am I missing out by not finding out more?
Mr O’Doherty says there are many compelling reasons to invest in crypto but the main benefits include transaction speed, transaction costs, diversification of asset classes and immutability.
“Cryptocurrency basically is a digital asset with a primary function to work as a medium of exchange value within a peer to peer economic system which means it’s made it possible for me to give a digital asset to you without a third party, like a bank,” he said.
“Transactions can be made almost instantly even to the other side of the world through a file stored in a digital wallet, and can be cheaper than traditional financial institutions.”
Getting started with Binance is a simple task. It’s a quick online process that requires ID verification in line with Australian Transaction Reports and Analysis Centre (AUSTRAC) guidance to authenticate identity.
One registered you’re ready to start trading. However, Mr O’Doherty advises you to make sure you use the education tools available on the Binance website to begin educating yourself first.
“Education is really key to building a successful foundation when you’re embarking on your cryptocurrency investment journey,” said Mr O’Doherty.
“The Binance Australia Academy and the Binance YouTube page is filled with resources to assist users, whether you’re a beginner or an advanced trader.”
To find out more visit binance.com/en-AU
Disclaimer: This information is of a general nature only and should not be regarded as specific to any particular situation. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individuals need will vary.