Frequently Asked Questions - Bitcoin Made Easy. (2024)

Payment Types

EFT 🇦🇺

  • BTC purchases
  • AUD deposits
  • Processing 1-4 business days
  • Transaction fees AUD$0 or AUD$1.10*
  • Min. transaction AUD$10

PayID🇦🇺

  • BTC purchases
  • AUD deposits
  • Processing Instant†
  • Transaction fees AUD$1.95‡
  • Min. transaction AUD$20

*$0 transaction fees for purchases/deposits over $100. EFTs below $100 will have a $1.10 fee.
†Some banks may apply a hold on first time payments.
‡These are fees specific to the payment method.

Getting Started

🇦🇺 Australia
  • Full legal name
  • Date of birth
  • Email address
  • Mobile phone number

The AmberApp is available to download for persons residing in the following jurisdictions by Region:


Americas

Andorra, Antigua and Barbuda, Argentina, The Bahamas, Barbados, Belize, Benin, Bolivia, Botswana, Brazil, Canada, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, United States of America, Uruguay, Venezuela.

Europe

Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kazakhstan, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Uzbekistan, Vatican City.

Central Asia and Eastern Europe Region

Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyzstan, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan.

MENA Region

Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, Yemen.

Africa

Angola, Benin, Botswana, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Cote d’Ivoire, Republic of the Congo, Democratic Republic of the Congo, Djibouti, Equatorial Guinea, Eswatini, Ethiopia, Gabon, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mauritania, Mauritius, Mozambique, Namibia, Nauru, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, South Africa, South Sudan, Sri Lanka, Sudan, Swaziland, Tanzania, Togo, Uganda, Zambia, Zimbabwe.

South and Central America Region

Antigua and Barbuda, Argentina, The Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay, Venezuela.

Asia Pacific Region

Australia, Bhutan, Brunei, Cambodia, China, East Timor, Fiji, India, Indonesia, Japan, Kiribati, Laos, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nauru, New Zealand, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, South Korea, Taiwan, Thailand, Tonga, Tuvalu, Vanuatu, Vietnam.

Don’t hesitate to let us know on Twitter or Facebook what other countries you would like to see AmberApp be made available in.

The AmberApp is available to download for persons residing in the following jurisdictions by Region:

Americas

Anguilla, Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Bermuda, Brazil, Canada, Cayman Islands, Chile, Costa Rica, Côte d’Ivoire, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks and Caicos Islands, United States of America, Uruguay.

Europe

Armenia, Austria, Azerbaijan, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Malta, Moldova, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.

Central Asia and Eastern Europe

Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan.

MENA Region

Bahrain, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Türkiye, United Arab Emirates.

Africa

Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Chad, Democratic Republic of the Congo, Republic of the Congo, Egypt, Eswatini, Ethiopia, Gabon, Ghana, Guinea-Bissau, Kenya, Liberia, Madagascar, Malawi, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sierra Leone, South Africa, Tanzania, Tunisia, Uganda, Zambia.

Asia Pacific Region

Australia, Bhutan, China, Fiji, Hong Kong, India, Japan, Republic of Korea, Laos, Malaysia, Maldives, Mongolia, Myanmar, Nepal, New Zealand, Papua New Guinea, Philippines, Singapore, Solomon Islands, Sri Lanka, Taiwan, Thailand, Tonga, Vietnam.

Don’t hesitate to let us know on Twitter or Facebook what other countries you would like to see AmberApp be made available in.

You need to be at least 13 years old to join and create an account.

Transactions

🇦🇺 Australia

Exchange Fees

  • Exchange fees are linked to your membership tier.
  • Amber Basic members: 0.99% of bitcoin purchases or sales.

EFT Fees

  • $0 transaction fee for purchases/deposits over $100.
  • EFTs below $100 will have a $1.10 fee.
  • Exchange fees will still apply for purchased BTC.
  • Processing time is instant (NPP) or 2–5 business days.

PayID Fees

  • If PayID is used to fund deposits, you will be charged a $1.95 provider fee per transaction.

Withdrawal Fees

  • AUD withdrawals are free.
  • Bitcoin withdrawals are either free, or will incur the network fee if they are under 5M sats.
🇦🇺 Australia

Bitcoin purchased via EFT and PayID can be sent immediately after the transaction has settled.

Withdrawals

🇦🇺 Australia

Typically purchases via EFT and PayID can be sent immediately after the transaction has settled.

To send bitcoin, open your BTC wallet by tapping the orange card on the dashboard. Then, tap ‘send’ on the bottom left. Once you send bitcoin, the receiving wallet address you put in will be pre-filled as your current linked address for future bitcoin sends. If you send bitcoin to a different address, that one will become your default wallet address. Make sure to check the receiving wallet address before sending.

Please note, you can only send bitcoin for ‘Successful’ purchases, which will show up as green in your transaction history. If your purchase is still ‘Pending’ (Orange), you will need to wait for settlement which typically takes 2-4 days.

🇦🇺 Australia

AmberApp cold stores customer’s bitcoin in multi-sig collaborative custody wallets. This procedure provides greater security of your bitcoin. As such, all bitcoin send requests are batched and sent once a day. Therefore, bitcoin should land in your wallet within 1 business day of sending. If you haven’t received it within that time frame, please contact support to check the status of your send.

🇦🇺 Australia

No, when you sell your BTC, it will deposit the AUD into your AmberApp AUD account.

To withdraw your AUD to your linked bank account, you will need to do that via the ‘withdraw’ feature.To do this, tap the blue card on the dashboard to open your AUD account, then tap ‘withdraw’ up the top right.

Linked Accounts

🇦🇺 Australia

AmberApp provides the ability to link up to 2 accounts. Each account must be verified separately. If you wish to change your linked account, you’ll first need to verify access to that account. Once completed, you’ll be able to add your new account and delete the old one. If you run into problems with this process or entered wrong details to your bank account, please contact support.

Security

AmberApp uses cold storage in a collaborative multi-signature set up for our custodial wallets. This provides institutional grade security for your bitcoin.

🇦🇺 Australia

As a registered digital currency exchange provider, we must perform identity verification on all users, regardless of the value of their transactions. This is an obligatory process in order to comply with eitherAustralian orUS law.

Identity verification is a quick process, which can be completed via the ‘Profile’ section of the app.

Tribe

AmberApp will share a percentage of revenue when your referred customer purchases bitcoin. More information can be found within our Terms & Conditions. See 14.1 through to 14.8

It’s up to you. The program is available to new and existing AmberApp customers, along with non-customers. As there’s no requirement or strings attached – we simply want to spread the good word of Bitcoin.

Rewards are settled monthly the first Friday of every month. Choose whatever wallet you want. Sats can be paid into your AmberApp account or a Bitcoin wallet under your custody

If you know Bitcoiners in Australia who can use AmberApp, you can refer as a Tribe member.

If you have a question that hasn’t been answered visit our help center for more advice and answers from the AmberApp Team.

Help Center

Frequently Asked Questions - Bitcoin Made Easy. (2024)

FAQs

What is the easiest way to explain Bitcoin? ›

The Bottom Line

Bitcoin is a digital currency that can be used instead of fiat currencies or physical cash. It uses a blockchain to secure transaction information out of the reach of centralized third parties who traditionally facilitate and regulate transactions.

What is the basic knowledge of Bitcoin? ›

Bitcoin is a form of digital currency that uses blockchain technology to support transactions between users on a decentralized network. New Bitcoins are created as part of the mining process, as a reward to people whose computer systems help validate transactions. Buying Bitcoin exposes you to a volatile asset class.

What is Bitcoin answers? ›

Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions.

What problems is Bitcoin trying to solve? ›

Problems Solved with Cryptocurrency
  • Making Cross-Border Payments. ...
  • Serving Non-Bankers. ...
  • Saving on Intermediation Charges. ...
  • Preventing Identity Fraud. ...
  • Removing Credit Card Companies From the Equation. ...
  • Remittance Fees. ...
  • Inflation Hedge. ...
  • Increased Trust in Charities.

How much is $1 Bitcoin in US dollars? ›

$64,228.01

How to use Bitcoin for beginners? ›

  1. Join a Bitcoin Exchange. First, you'll need to determine where you want to make a Bitcoin purchase. ...
  2. Get a Bitcoin Wallet. When you purchase a coin, it's stored in a “wallet,” which is where all your cryptocurrency is stored. ...
  3. Connect Your Wallet to a Bank Account. ...
  4. Place Your Bitcoin Order. ...
  5. Manage Your Bitcoin Investments.

What happens if you invest $100 in Bitcoin today? ›

If you invest $100 into Bitcoin today, don't expect to make a fortune. However, you could still make some solid gains if your bet on Bitcoin pays off. Many people who are interested in crypto would like to get started with smaller amounts, which is entirely reasonable given that cryptocurrencies are risky investments.

How does Bitcoin make you money? ›

Buying and holding Bitcoin as a long-term investment — or, as some crypto enthusiasts call it, HODLing — can be a low-effort way to make money in the long term, as long as its price when you finally sell it is higher than the price at which you bought it.

What do I need to know before starting Bitcoin? ›

Pay attention to these five other things as you're starting to invest in cryptocurrencies.
  1. Understand what you're investing in. As you would for any investment, understand exactly what you're investing in. ...
  2. Remember, the past is past. ...
  3. Watch that volatility. ...
  4. Manage your risk. ...
  5. Don't invest more than you can afford to lose.
Mar 21, 2024

What is Bitcoin secret? ›

Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

How many people own 1 Bitcoin? ›

However, some estimates can be made based on blockchain data and surveys of Bitcoin holders. According to data from Bitinfocharts, as of March 2023, there are approximately 827,000 addresses that hold 1 bitcoin or more, representing around 4.5% of all addresses on the Bitcoin network.

Who owns the most Bitcoin? ›

Who Owns the Most Bitcoins? Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.

What is negative about Bitcoin? ›

Investing in Bitcoin cryptocurrency has its pros and cons. While its transactions are relatively secure, it's also prone to volatility, with large dips and spikes in price.

How long does it take to mine 1 Bitcoin? ›

How Long Does It Take to Mine 1 Bitcoin? The reward for mining is 3.125 bitcoins. It takes the network about 10 minutes to mine one block, so it takes about 10 minutes to mine 3.125 bitcoins.

How do you explain Bitcoin to a dummy? ›

Bitcoin (BTC) is a form of digital money. It exists on its own network that facilitates secure, online transactions directly between accounts without requiring an intermediary — such as a bank or credit card company — to mediate and validate transactions.

How would you explain Bitcoin to a child? ›

You can start by explaining to them that Bitcoin is a type of currency that exists only online. That means, unlike US dollar bills you'd get for your weekly allowance, there are no physical bills or coins associated with Bitcoin. It's 100% digital.

What is the simplest explanation of crypto? ›

A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system.

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