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Factom is a distributed record-keeping system designed to make it easier for businesses to store data on the blockchain. By creating a data layer on top of the bitcoin blockchain, Factom allows businesses to securely record information that can’t be modified or deleted.
To upload data into the network, you’ll need Factom tokens called Factoids (FCT). So, how do these tokens work and where can you buy FCT in Australia? Keep reading to find out.
This is our quick guide to just one way to buy FCT. Compare some other options in the table below.
You can buy FCT on a number of popular cryptocurrency exchanges, including the following:
If you want to buy FCT, here’s one example of how you can do it:
Local cryptocurrency exchange CoinSpot allows you to exchange Australian dollars (AUD) for FCT. You can sign up for a free account by providing your email address and creating a password, but in order to start trading, you’ll also need to supply your full name, contact information and proof of ID. It’s also a good idea to enable two-factor authentication to protect the security of your funds.
Click the “Deposit AUD” link on the account dashboard page and enter the amount of money you would like to transfer.
Many cryptocurrency exchanges don’t allow you to swap fiat currency, such as AUD, for cryptocurrencies directly. If this is the case, you’ll need to acquire a cryptocurrency that’s available in a pairing with FCT, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for FCT.
Click on the “Buy/Sell” link and then search for “FCT”. Click on “Buy FCT” and choose whether you would like to enter the amount of AUD you want to spend or the amount of FCT you want to buy. You’ll then be given a chance to review the details of your transaction, including the amount of FCT you’re buying and the total cost of the purchase, before finalising your transaction.
If you want to sell your FCT holdings, the process you need to follow is more or less the same as the buying process outlined in step 3. However, make sure you’re aware that exchanges don’t offer every possible currency pairing, so exchanging FCT for your desired currency straight away may not be an option.
It’s recommended that you don’t store your cryptocurrency in a trading account on a crypto exchange for any length of time, so you’ll need to find a suitable wallet that allows you to safely store FCT. The Factom Enterprise Wallet is available here, or you may prefer to try the Papermill paper wallet.
Exodus Eden also supports FCT.
Factom is a blockchain protocol designed to provide simple and secure record keeping for businesses. It uses distributed ledger technology to create a data layer on top of the bitcoin network, allowing users to securely notarise documents in a separate system. This data is then anchored to the bitcoin blockchain, ensuring the security and immutability of those records.
This allows businesses and governments to create permanent, time-stamped records of data in the blockchain. It’s also designed to overcome a number of issues associated with the bitcoin blockchain, including the following:
In the real world, applications for the Factom protocol exist across a wide range of industries. Any business or industry that needs to securely and reliably organise data, such as land title records, medical records, legal documents and more, could potentially benefit from the use of Factom.
Founded in 2014 by developer Paul Snow and blockchain entrepreneur David Johnston, Factom’s native cryptocurrency (FCT) is used to purchase Entry Credits, which allow you to enter data into the Factom system. One Entry Credit allows you to enter 1KB of data.
All cryptocurrencies are complicated and speculative, so it’s important to do your due diligence before making a purchase. Make sure you’re aware of all the risks involved in acquiring cryptocurrency before you buy.
If you’re thinking of buying FCT, make sure you consider the following factors:
By thoroughly researching all aspects of Factom and Factoids, you’ll be able to make an informed decision about whether to buy FCT.
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