hardblock.com.au FAQ

What is Hardblock.com.au?

Hardblock.com.au is an Australian-based Bitcoin exchange that facilitates the buying and saving of Bitcoin for individuals and Self-Managed Super Funds (SMSFs). It positions itself as a long-running platform, operating since 2014, and focuses exclusively on Bitcoin.

Read more about hardblock.com.au:
Hardblock.com.au Review & First Look
Hardblock.com.au: An Assessment of its Core Offering
Why Hardblock.com.au (and Bitcoin) is Problematic from an Islamic Perspective
Hardblock.com.au Pros & Cons (Focus on Cons from an Islamic Viewpoint)
Hardblock.com.au Alternatives

Is Hardblock.com.au ASIC & AUSTRAC registered?

Yes, Hardblock.com.au states on its website that it is ASIC (Australian Securities and Investments Commission) and AUSTRAC (Australian Transaction Reports and Analysis Centre) registered, providing a link to its ASIC registration (ACN 624353331). This indicates compliance with Australian financial regulations concerning corporate structure and anti-money laundering.

Are there hidden fees on Hardblock.com.au?

No, Hardblock.com.au explicitly states that it operates with “radical transparency” and has “no hidden fees.” They claim their revenue comes solely from the “spread” (the difference between buy and sell price), and they pass on Bitcoin network fees for withdrawals at cost. Hardblock.com.au Alternatives

Can I deposit AUD to Hardblock.com.au?

Yes, Hardblock.com.au allows for AUD deposits, claiming them to be “free and instant” via PayID or EFT (Electronic Funds Transfer), which are common Australian payment methods.

How does Hardblock.com.au facilitate “saving in Bitcoin”?

Hardblock.com.au promotes Bitcoin as “savings technology” and the “hardest monetary asset.” They offer features like “Easy DCA” (Dollar-Cost Averaging) which allows users to set up recurring automated payments to regularly buy Bitcoin, intending to smooth out purchase prices over time and facilitate long-term accumulation.

Is Hardblock.com.au suitable for SMSF Bitcoin investment?

Hardblock.com.au offers specific support for Self-Managed Super Funds (SMSFs) to buy Bitcoin for retirement, highlighting “fast and easy onboarding” and “simple integration for audit and compliance.” However, from an Islamic perspective, investing superannuation in highly volatile and speculative assets like Bitcoin through an SMSF is strongly discouraged.

What is HardblockVault?

HardblockVault is a feature advertised as “Coming Soon!” on Hardblock.com.au. It is described as offering “Multi-signature collaborative custody” and “secure time-locked, multi-signature cold storage” to eliminate single points of failure, aiming to enhance the security of user Bitcoin holdings.

Does Hardblock.com.au support the Lightning Network?

Yes, Hardblock.com.au indicates that it offers “Lightning Fast, Ultra-Cheap Withdrawals Powered by the Lightning network,” which is a Layer 2 solution designed to make Bitcoin transactions quicker and more cost-effective. Hardblock.com.au Pros & Cons (Focus on Cons from an Islamic Viewpoint)

Is Hardblock.com.au a “Bitcoin-only” exchange?

Yes, Hardblock.com.au explicitly states its “100% Bitcoin-only” policy. They believe Bitcoin is the superior cryptocurrency and focus solely on providing services for it, without offering other altcoins.

What does “100% Full Reserve” mean for Hardblock.com.au?

The “100% Full Reserve” policy means that Hardblock.com.au claims it does “not lend or rehypothecate your bitcoin, ever.” This assures users that their Bitcoin holdings are fully backed 1:1 and are available for withdrawal at any time, addressing a common concern about fractional reserves in the crypto industry.

How do I create an account on Hardblock.com.au?

The website indicates a simple three-step process: 1. Create an account, 2. Complete a simple verification process, and 3. Deposit funds to start buying Bitcoin.

Can I refer friends to Hardblock.com.au?

Yes, Hardblock.com.au mentions a “Refer and Earn” program, suggesting users can get rewarded for referring new customers to the platform. Specific details of the program would likely be found upon signing up or in their terms.

What are the main benefits of using Hardblock.com.au for Bitcoin purchases?

From a conventional viewpoint, the main benefits include its user-friendly interface, transparent fee structure, local Australian support, regulatory registration, and specific features like SMSF integration and Lightning Network withdrawals. Why Hardblock.com.au (and Bitcoin) is Problematic from an Islamic Perspective

Is Bitcoin a safe investment from an Islamic perspective?

No, Bitcoin is generally not considered a safe or permissible investment from an Islamic perspective due to its inherent nature. Its extreme volatility and lack of intrinsic value mean it carries excessive gharar (uncertainty), and its value is primarily driven by speculation rather than productive economic activity.

What ethical alternatives are there to Bitcoin for wealth building?

Ethical alternatives include tangible assets like gold and silver bullion, real estate, Sharia-compliant investment funds (ETFs or managed funds that screen for ethical industries), and direct investment in permissible businesses or ethical microfinance initiatives.

Why is speculation on assets like Bitcoin discouraged in Islam?

Speculation is discouraged because it often involves gharar (excessive uncertainty) and can resemble gambling. Islamic finance encourages wealth generation through productive investments, trade, and partnerships where risk and reward are shared based on tangible value and effort, not just market fluctuations.

How does Hardblock.com.au ensure security of funds?

Hardblock.com.au mentions features like “multi-signature collaborative custody” and “cold storage” (through HardblockVault, which is coming soon). They also state a “100% Full Reserve” policy, meaning they don’t lend out customer Bitcoin.

Can I withdraw my Bitcoin to my own self-custody wallet from Hardblock.com.au?

Yes, Hardblock.com.au indicates that they are there to help when you’re “ready to withdraw to self-custody,” implying support for users who wish to transfer their Bitcoin off the exchange to their personal wallets. Hardblock.com.au: An Assessment of its Core Offering

Does Hardblock.com.au offer other cryptocurrencies besides Bitcoin?

No, Hardblock.com.au states it is a “100% Bitcoin-only” exchange, focusing solely on Bitcoin as they believe it is the only cryptocurrency with a design that can scale globally while remaining decentralised.

How can I stay updated on Australian Bitcoin news from Hardblock.com.au?

Hardblock.com.au offers a newsletter subscription, inviting users to “Sign up for the Hardblock newsletter!” to stay on top of Australian Bitcoin News.