Biconomy (BICO) is the 202nd largest cryptocurrency by market cap, valued at US$346,671,115.
Biconomy is a highly volatile asset capable of major price swings in a single day. Today BICO is trading for $0.450362 USD, which is lower than yesterday's trading price of $0.4716342122 USD. Over the past year, Biconomy's price has seen an increase of 26%.
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.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Biconomy in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Biconomy is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Biconomy
You can now exchange your funds for Biconomy. On beginner-friendly exchanges, this is as simple as entering the AUD or BICO amount you want to purchase and clicking "buy".
Secure your Biconomy
Consider transferring your BICO to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
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.
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How we keep this Biconomy guide up-to-date
BICO price data is regularly updated through data feeds so you always have the latest information.
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.
How do I find the best places to buy Biconomy?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Biconomy?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Biconomy.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing BICO with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Biconomy?
Once you've created an account, you will need to deposit funds to buy BICO with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy BICO:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase BICO by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BICO on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Biconomy?
The easiest way to buy BICO is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying BICO, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Biconomy has been performing recently.
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 ($0.450362 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.
Biconomy's price: $0.450362 USD ATH date: December 02, 2021
2.10%
Biconomy ATH: $21.45 USD
How to trade, convert or sell Biconomy
You can convert or sell your BICO with the same exchange you bought it through:
Sign in to the exchange you have BICO on.
If you store your Biconomy in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of BICO you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Biconomy.
Complete your transaction and move your BICO to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Biconomy, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BICO is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Biconomy or any other cryptocurrency discussed.
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