How to buy Arweave (AR) in Australia

Arweave (AR) is the 55th largest cryptocurrency by market cap, valued at US$2,169,073,799.

Arweave is a highly volatile asset capable of major price swings in a single day. Today AR is trading for $32.91 USD, which is lower than yesterday's trading price of $34.63 USD. Over the past year, Arweave's price has seen an increase of 318%.

So before you buy Arweave, 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 Arweave.

Where to buy Arweave in Australia

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

What is Arweave?

The Arweave project is an innovative entrant into the cryptocurrency market with a focus on making data storage permanent. According to Arweave's blog, it aims to develop a collectively owned hard drive that never forgets. This is facilitated by a new type of blockchain-comparable system called the “blockweave”. Unlike traditional blockchains where each block is linked to the one prior in chronological order, each block in the blockweave is linked to the block immediately prior and a random previous one. The blockweave then implements a proof-of-access mechanism. This combination allows for far greater data storage on the network and helps Arweave to deliver its end goal – the “permaweb”. The permaweb is a decentralised, unchangeable and permanent Internet that can be browsed through and contributed to indefinitely. The platform is intended to counteract the issues of censorship, security and impermanence that plague the Internet of Things. AR is the native token to the Arweave ecosystem. The tokens are used to interact and store files on the permaweb as well as incentivise miners to contribute data to the blockweave.

Best Arweave wallets to store your AR

You can keep your AR 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 AR below.

Recent Arweave developments

November, 2021: Arweave has experienced significant growth in the amount of files being stored within the network – 73% in the last week of October and 1,000% in the previous 3 months.

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

Is Arweave a good investment?

As with any investment, there are a number of factors to consider before buying a digital asset. For Arweave, here are a few things to consider.

• Scalability. Scalability is an issue faced by many blockchains such as Bitcoin. Several new protocols are looking to address this issue in their architecture. With a protocol that intends to host the entire web, permanently, the issue of scalability becomes even more prominent. While certain web pages (Wikipedia, legal documents) can be saved, messenger conversations or random Facebook statuses provide a more taxing problem. Arweave's unique blockweave is one solution to this, but how the project continues to innovate will be important for future development.
• Competition. Arweave is often compared to a network called Filecoin, which launched a few years earlier. The two projects have different fundamental use-cases; Arweave aims to tackle permanent file storage, whereas Filecoin is focused on expanding file storage. However, as the two projects exist in the same sphere, it may result in a loss of market share for Arweave. There are also future data storage projects, such as Storj, that will act as further competition for the protocol.
• Dapp integration. A significant feature of the permaweb is its interaction with dapps. There are over 400 apps on the network. Greater adoption should influence the price of the native AR token.

Today's Arweave price versus ATH

Compare today's price of Arweave ($32.91 USD) against its all-time-high price of $89.24 USD on 05 November 2021. The closer the bar is to 100%, the closer AR is to reaching its ATH again.

How to trade, convert or sell Arweave

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

1. Sign in to the exchange you have AR on.
2. If you store your Arweave 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 AR you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Arweave.
6. Complete your transaction and move your AR to a crypto wallet for storage.

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