Many people are curious in the blockchain and cryptocurrencies. Even so, many of these people have no idea how to go about buying and using cryptocurrencies. Which is hardly surprising, given they didn’t even exist 10 years ago. Luckily getting started with cryptocurrencies is easy and there is a wide range of options to choose from.
Before buying any form of cryptocurrency, you will first need a wallet to store it in. One easy way to get a wallet is to sign up to a cryptocurrency exchange, where you can exchange Australian dollars for cryptocurrencies.
However, before choosing either an exchange or a wallet provider, you should first do your homework, as some have suffered from security breaches in the past.
There are several crypto exchanges available to Australians. Before using one, you will need to register and provide them with identification such as a driver’s licence or passport. Once the crypto exchange has reviewed your documentation, you’ll be ready to start buying cryptocurrencies.
One exchange option is BTC Markets, based in Melbourne. This exchange is 100 percent privately Australian owned, and all staff are based onshore. It offers trades in six currencies, including Bitcoin and Ether.
CoinJar is another Australian crypto exchange, although it is headquartered in the UK. It is a multi-currency exchange that integrates Bitcoin with traditional currencies such as the US dollar, euro, British pound and Australian dollar, but does not currently support other cryptocurrencies.
There are several types of crypto wallets available. The easiest to set up and use is an online version. Mobile wallets can be obtained through your smartphone’s app library, while web wallets are used within a web browser. Meanwhile, desktop wallets are software programs installed on your desktop computer.
The safest option of all is a hardware wallet which you keep offline, in a secure place. That way, there is no risk that your account can be hacked.
Serious cryptocurrency investors often use a hybrid approach for their crypto wallets, keeping a larger balance offline while having a smaller amount readily available for spending in a mobile account.
Bitcoin was the first cryptocurrency to be introduced, and it is still the best known and most widely used today. Coinmap provides a heat map of places around the world, including Australia, New Zealand and the U.S., where Bitcoin is accepted as payment.
Even though Bitcoin was the first to come to market, there are over 1500 other cryptocurrencies bringing their own features and value to the market today.
Ethereum is quickly becoming the most popular cryptocurrencies - a blockchain-based technology that is used as the basis for many cryptocurrencies. Around half of the top 100 cryptocurrencies by market cap are Ethereum based, and it is fast becoming the platform of choice for initial coin offerings (ICOs) of new currencies.
These include the ICO of revolutionary new Australian cryptocurrency LivenCoin - LVN- which is due to launch in October and aims to be the first in the world suited to everyday mainstream use.
LivenCoin is the basis of a new food economy that is set to go global, read about the expansion plans here. Liven is a the digital wallet for foodies. It is an incentive-based mobile payments gateway and ecosystem purpose built for the lifestyle and dining industries. Liven is used to discover thousands of restaurants, process millions in instant mobile payments, and earn LVN - The World’s First Digital Currency for Food. What makes it unique among cryptocurrencies worldwide is its intrinsic underlying value. This comes from being built on the existing payment network of the Liven app, which is already in use by hundreds of thousands of food and beverage consumers and over 1,000 bricks-and-mortar businesses.
Registrations for LVN pre-sale are open NOW!