A wallet is the equivalent of a bank account in the cryptocurrency world, providing access to your digital assets. It stores a combination of public and private keys (the codes that give you ownership & access to your crypto) & records transactions on the blockchain. There are several types of wallets available, each with their own benefits & risks.Learn more :https://theinvestorscentre.com/au/crypto/best-crypto-wallets-australia/

Some wallets are cold (offline, non-Internet connected), while others are hot (online & Internet connected). The type of wallet you choose will depend on your security preferences and the level of risk you’re willing to take with your crypto. The Ledger Nano S is a popular choice for many people looking to buy bitcoin and store it safely in Australia, although the more expensive Ledger Nano X offers extra features that might be worth considering if you have more money to spend.

Cryptocurrency tax in Australia

As far as taxation goes, it’s important to note that the Australian Tax Office treats crypto like any other asset. Buying & selling your coins will result in capital gains or losses, which must be declared on your tax return. Investors who hold their crypto for more than a year can receive a 50% long-term capital gains tax discount. However, if you’re trading your crypto regularly and earning profit, then income tax will apply.