How to buy Golem

Here’s the latest in decentralised computing power on demand from Golem.

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Golem (GNT) is specifically designed to facilitate the creation of a decentralised global supercomputer, with the goal of letting anyone securely buy and sell excess computing power with GNT tokens.

Blockchain technology has allowed for a new generation of cloud computing, and Golem aims to facilitate it.

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

Where to buy Golem (GNT) in Australia

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Easy Crypto Cryptocurrency Exchange
Bank transfer (ACH)
AUD

53
cryptocurrencies

Easy Crypto is a simple way to buy and sell a range of cryptocurrencies, straight to and from your own crypto wallet.
Independent Reserve Exchange
Cryptocurrency, Electronic Funds Transfer, POLi, SWIFT, PayID
AUD, NZD, USD

15
cryptocurrencies

Trade AUD and other fiat currencies against a wide range of cryptos at competitive rates.
Crypto.com App
Bank transfer, BPAY, Osko, PayID, NPP, Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

66
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Poloniex Digital Asset Exchange
Bank transfer (ACH)
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
Bittrex Global
Bank transfer (ACH)
USD

278
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitfinex Professional Trading Exchange
Bitfinex Professional Trading Exchange
Cryptocurrency
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
CoinSwitch Cryptocurrency Exchange
Bank transfer (ACH)
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Changelly Crypto-to-Crypto Exchange
Bank transfer (ACH)
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
YoBit Cryptocurrency Exchange
Bank transfer (ACH)
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
BitBay Cryptocurrency Exchange
Bank transfer (ACH)
USD, EUR, PLN, GBP

41
cryptocurrencies

This Polish-based exchange offers a variety of accessible payment methods, including Express Polish Post Office 24/7 service and Express DotPay.
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Quick guide: How to buy GNT

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
Go to Swyftx's site

This is our quick guide to just one way to buy GNT. Compare some other options in the table below.

Which wallets support Golem?

Golem GNT is supported by Exodus, Jaxx and other wallets. Choose whichever supporting wallet you like best.

How does Golem work and what can it be used for?

Golem aims to become a global decentralised supercomputer network, with people all around the world using GNT tokens to tap into it.

Users choose what kind of task they have with the Golem task definition framework in order to get matched with the most suitable provider. Providers can decide how many CPU cores, and how much RAM and disk space they want to rent to the Golem network.

The purpose of the system is to allow for seamless connections between users and providers. An automated node reputation system is used to prioritise and benefit the providers that are categorized as high quality.

In a world of increasingly demanding applications, and projects that call for a lot of computing power, Golem presents itself as offering limitless potential.

Applications include:

  • Computer graphics. Golem describes itself as offering a much quicker and more cost-effective way of rendering CGI – and of otherwise boosting computer graphical power.
  • Machine learning. As we move into the age of AI and machine learning, a lot of processing power will be needed to facilitate it efficiently.
  • Cryptography and mining. Golem states that it will be able to facilitate encryption, decryption and cryptocurrency mining.
  • Supercomputer analysis. Businesses, researchers and others can potentially access a huge amount of additional computing power on demand.
  • Decentralised on-demand web hosting.Golem maintains that businesses will be able to scale up quickly to meet demand for processing power and bandwidth.
  • Decentralised microservices.Golem presents this as a feature that should not be underestimated. It explains that it can run countless decentralised and cost-effective microservices while bringing its other advantages to bear, and it aims to disrupt a lot of established service providers.

Features of Golem

While cloud computing isn’t brand new, blockchain technology has provided a new way to deploy it and Golem lists the following features:

  • Decentralised. Golem claims there’s no single point of failure, with users around the world all supporting the Golem network.
  • Secure. All computations on the Golem network take place inside an isolated virtual machine, with the goal of offering near-complete security for all providers and users.
  • Cost-effective. Very few computers use all their power all the time. By providing a monetisation strategy for excess computing power, Golem wants to attract a lot of providers all over the world, and offers a highly competitive marketplace for users.
  • Flexible. Developers can create, deploy and monetise their own apps through Golem. It expects to greatly expand its potential applications over time.

What should be considered before buying Golem GNT?

Buying any cryptocurrency has to be approached with caution, and you should consider whether Golem is a safe investment by cryptocurrency standards. For example, one obstacle might be that Golem is still in a fairly early stage of development.

If all goes to plan, GNT will be targeting a relatively high price floor. If the value of GNT drops too low, buying it to spend on cryptocurrency mining power will probably be free money.

Another discussion point is that, since there’s a fixed supply of 1 billion GNT in existence, providers and users can reach their own prices and trade fractions of a coin as needed, so the value of a token itself doesn’t really have any price ceiling.

Instead, the price ceiling is found on the Golem network’s providers (the ones renting out their computing power). They’ll need to set competitive prices in order to get users coming to Golem rather than established cloud computing brands.

To provide some perspective, it's worth noting that the Golem market cap topped $400 million on 18 December 2017, while the total cloud computing market is well into the billions. Buyers should consider how much room Golem has to grow as it rolls out new features, and the extent to which it will disrupt incumbents.

Golem will be adding new functions and options over time, but it might be years before it can fulfill its potential, and become widely used by established industries that have traditionally turned to cloud computing instead.

A lot can happen in the meantime, and it’s possible that Golem itself will be disrupted before then. For example, a recent initiaI coin offering (ICO) raised over $100 million for the development of a blockchain smartphone and PC, designed for built-in Golem-like functionality. These types of advances might undermine Golem in the future.

There’s also the question of steps that might be taken by established cloud computing providers. Like most cryptocurrencies, Golem is open source. There’s little to stop an established cloud computing provider from using the code for itself, in order to bring the benefits of Golem (such as the task definition framework) to its existing services. Or, other providers might simply start selling their own services directly through Golem and accumulating tokens themselves.

Blockchain technology has a huge amount of potential for decentralised computing, and right now Golem is positioning itself to disrupt the industry. However, it’s still in its early days and a lot can happen in a few years.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

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