Updated September 2023
How do cryptocurrencies work?
How Cryptocurrencies work, MoneySmart says:
Cryptocurrencies, also known as virtual currencies or digital currencies, are a form of electronic money. They do not physically exist as coins or notes. A cryptocurrency unit, such as a bitcoin or ether, is a digital token. These digital tokens are created from code using an encrypted string of data blocks, known as a blockchain. The Reserve Bank of Australia’s website explains how cryptocurrency and blockchain technology works. Cryptocurrencies are used as payment systems to execute contracts and run programs. Anyone can create a digital currency, so at any given time there can be thousands of cryptocurrencies in circulation…MoneySmart (ASIC)
Podcast: Crypto-assets for first time investors Hear how Crypto-assets work and what to think about before investing.
Australian Investors Association (AIA):
- Crypto gains under the ATO microscope
- Crypto continues downward slide; helps Ukranians
- Bitcoin – its not a currency, its not an asset; its just something to speculate on, Shane Oliver
How To Buy Cryptocurrency In Australia – 5 Easy Steps, Niko Lim, Canstar
How to Buy Bitcoin In Australia 2022 – 3 Safe Sites, Economic Times
We Bought Bitcon, Aussie Firebug
The crypto scam on Instagram that cost Jonathan and his friends $20k, ABC Everyday, Patrick Wright