How to buy Biconomy (BICO) in Australia

Biconomy (BICO) is in the top 1,000 cryptocurrencies by market cap, valued at US$373,168,330.

Biconomy is a highly volatile asset capable of major price swings in a single day. Today BICO is trading for $0.498948 USD, which is higher than yesterday's trading price of $0.4532230927 USD. Over the past year, Biconomy's price has seen an increase of 36%.

So before you buy Biconomy, make sure you understand these unique risks as well as its legal and tax status here in Australia.

If you're ready to get started, read on for step-by-step instructions on how you can use to buy Biconomy.

Where to buy Biconomy in Australia

Find an exchange to buy, sell and trade BICO by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

What is Biconomy?

Biconomy is a multi-chain relayer protocol that enables end-users to seamlessly interact with Web3 decentralised applications (dApps). The plug-and-play protocol is aimed at simplifying the onboarding process for dApps by eliminating the need for fees, the navigation through wallets, and the need to set up Remote Procedure Calls (RPCs) that are usually required when connecting Web3 wallets to a blockchain. This simplicity is achieved through Biconomy's innovative product suite that includes: Mexa, Forward, and Hyphen.

According to the Biconomy website, Mexa, Forward, Hyphen, have been developed to improve the user experience of the Web3 ecosystem. Firstly, the Mexa module allows dApps to absorb gas costs so users don't have to pay for every interaction. By absorbing gas costs, users can often be more inclined to use the services offered. Secondly, when it is impractical for a dApp to cover users' gas costs, the Forward module can be implemented which allows users to pay for gas fees using other ERC-20 based tokens instead of ETH - adding an additional level of flexibility. Finally, Hyphen is a cross-chain bridge that allows users to efficiently and instantly transfer tokens across different blockchains, including second-layer protocols. This is achieved through the use of multiple liquidity pools that are stored on different blockchain networks.

The native utility and governance token of the Biconomy protocol is called BICO. It is used to pay for all network fees that take place within the Biconomy ecosystem and can also be used to vote on future development proposals.

Best Biconomy wallets to store your BICO

You can keep your BICO on the exchange you purchased it on, or move it to a personal wallet:

• Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
• Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your BICO below.

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Biconomy a good investment?

When buying any cryptocurrency it is important to understand the risks associated with the underlying technology. In particular, buyers of BICO should consider the following:

• Gasless transactions: Gas fees have been a huge stumbling block for widespread cryptocurrency adoption and, unfortunately, there are very few dApps, layer-1 and layer-2 blockchains that offer gasless transactions to end-users. Biconomy provides a solution to this problem, which could help adoption. However, while the offer of gasless transactions is beneficial to end-users, dApps will still need to foot the bill. The adoption of Biconomy by dApps will determine the demand for the native BICO token.
• Earning rewards.: BICO token holders have several ways to earn token rewards. As the protocol requires liquidity for decentralised exchange (DEX) trading pairs, users can deposit BICO tokens as liquidity to earn extra BICO in addition to trading fee rewards. In addition to providing liquidity, the Biconomy protocol is also set to introduce staking within 2022. Users will soon be able to stake BICO tokens as a delegator to support the ecosystem and in return earn interest.
• Governance: In the future, the team behind Biconomoy aims to launch a decentralised autonomous organisation (DAO) to manage the operations of the protocol. BICO token holders will soon be able to propose or vote on all decisions that affect the future of the project.
• Established partnerships: Biconomy's suite of products, APIs, and SDKs have already been adopted by multiple crypto platforms including Curve, Perpetual Protocol and Decentral Games. The more platforms that adopt Biconomy's technology the higher the demand for BICO.
• Multi-chain interoperability: As a protocol to be used with a wide range of decentralised applications Biconomy has ensured that native modules can interact with several blockchain networks. Networks that are currently compatible with Biconomy include Ethereum, Polygon, xDai, BNB Chain, Moonriver, Moonbeam, Arbitrum, and Fantom.
• Audits: Biconomy's smart contracts have been audited by four different firms: QuantStamp, MixBytes, Certik, and Halborn. Although the protocol has been audited, like any decentralised finance (DeFi) protocol, audits do not guarantee that there will be no future exploits. For those interested in BICO it may be worth reviewing a couple of Biconomy's audits.

Today's Biconomy price versus ATH

Compare today's price of Biconomy ($0.498948 USD) against its all-time-high price of $21.45 USD on 02 December 2021. The closer the bar is to 100%, the closer BICO is to reaching its ATH again.

How to trade, convert or sell Biconomy

You can convert or sell your BICO with the same exchange you bought it through:

1. Sign in to the exchange you have BICO on.
2. If you store your Biconomy in a digital wallet, compare crypto exchanges to convert or sell it on.
3. Choose Sell or Convert and place a sell order.
4. Choose the amount of BICO you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Biconomy.
6. Complete your transaction and move your BICO to a crypto wallet for storage.

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