Bitcoin’s story spans just over fifteen years, yet it has already reshaped how Australians think about money and digital ownership. Understanding that journey helps newcomers decide when and how to get involved safely.
Bitcoin is a peer-to-peer electronic cash system created by the pseudonymous developer Satoshi Nakamoto. On 31 October 2008, Nakamoto published a nine-page whitepaper explaining how value could move online without relying on banks or intermediaries. Each transaction is verified by a global network of miners, not by a central authority, ensuring censorship resistance and financial sovereignty. The smallest unit of Bitcoin is a satoshi (0.00000001 BTC), allowing for microtransactions and fine-grained value transfer.
Bitcoin surged past US$1,000 in 2013 before retreating due to exchange failures and security lapses. In response, the community rolled out key improvements:
These technical changes improved both usability and resilience without compromising decentralisation.
By 2017, congestion and high fees sparked a block-size debate. One faction forked off, creating a separate chain, while the original Bitcoin adopted SegWit and retained the BTC ticker. Despite the turmoil, Bitcoin approached US$20,000 in December 2017, cementing its role in the global financial conversation.
In 2019, the Australian Taxation Office classified cryptocurrencies as property for capital gains tax purposes. This clarification encouraged wider adoption in Australia with clearer regulatory footing.
During this phase, institutions entered the market, futures trading matured, and some companies added BTC to their balance sheets.
On 20 April 2024, the reward fell to 3.125 BTC. True to form, the halving sparked a fresh rally. Bitcoin exceeded AU$150,000 in December and crossed AU$170,000 by early 2025. Conversations around ETFs, sovereign wealth funds and long-term scarcity added to the bullish momentum.
Mining and security
Miners solve cryptographic puzzles to add new blocks to the chain. The first to succeed earns the block reward and fees, securing the ledger and making tampering nearly impossible.
On-chain vs Lightning
The base layer processes around seven transactions per second. It’s ideal for long-term storage and large-value transfers. For small, fast payments, users turn to the Lightning Network, which allows instant, low fee transactions by settling many off-chain and later anchoring them back to the blockchain.
Finality and responsibility
Bitcoin transactions are irreversible. Always double-check addresses and back up your wallet's seed phrase securely. If you lose your keys, there is no recovery service.
The right method depends on how often you transact, how much you’re moving, and how confident you are in handling your own keys.
Bitcoin was built to remove gatekeepers. But if you store your coins on a platform that controls your private keys, you’re reintroducing the very risks Bitcoin was designed to avoid. Self-custody gives you full control, but also full responsibility. That’s why choosing secure tools and building good habits is so important.
Elbaite has championed self-custody since 2017. When you buy Bitcoin on Elbaite, it is sent directly to your own wallet, whether hot, cold, mobile or hardware. Your funds are never held by the exchange. Prefer to start simpler? You can use Elbaite’s on-platform wallet while you learn, then withdraw to full self-custody whenever you're ready.
Registered with AUSTRAC and committed to Australian regulatory standards, Elbaite combines the best of both worlds: peer-to-peer settlement and custodial convenience, all under one secure roof.
From a nine-page whitepaper to a multi-trillion-dollar asset class, Bitcoin has evolved rapidly. Every halving, technical milestone and regulatory win has moved it closer to the mainstream. For Australians, the tools to engage safely and independently are here.
Start with Elbaite today and experience secure, self-custody trading built for the future of money.
"I have been a user of the Elbaite service for a long time and I keep coming back to use this service on a regular basis. An extra couple of stars should be added for the service personnel. Problems are resolved quickly and the patience exhibited by these people are legendary."
Andre - Elbaite Client
Elbaite Pty Ltd ACN:
623 185 875
Elbaite Pty Ltd is a registered DCE with AUSTRAC:
DCE 100593224-001
We acknowledge the Wurundjeri people of the Kulin Nation, the Traditional Custodians of the land we work on, as well as the Traditional Owners of country throughout Australia. We pay respects to people, communities and elders past, present and emerging.
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Elbaite Pty Ltd (ACN 623 185 875) operates a digital currency exchange registered with AUSTRAC. Please note that digital asset prices can be volatile. We will never ask for the private keys to your digital currency wallet. Elbaite is not liable for any losses you may incur, and you are solely responsible for your investment decisions. Before deciding if our services are right for you, take into consideration your own financial situation & needs and/or obtain professional financial or taxation advice from a licensed provider. Elbaite does not provide financial advice and Elbaite does not have any affiliation with external traders, advisors or trading platforms.
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