How to buy, sell & trade Groestlcoin (GRS)
An introduction to Groestlcoin (GRS): where can you buy it in Australia and how does it work?
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Groestlcoin (GRS) is named after the cryptographic hash function, Grøstl, which is the foundation of its altcoin algorithm. Its founders claim that a key feature of the coin is that it is easy to mine, requiring low resource consumption and computational power.
Groestlcoin has a maximum cap of 105 million tokens, out of which 69.3 million have already been mined. This altcoin was the first to activate SegWit and can serve as a low-spec mining alternative.
Where to buy Groestlcoin (GRS)
The following exchanges offer the option of trading GRS and making transactions with Groestlcoin with their wallets.
Quick guide: How to buy GRS
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy GRS. Compare some other options in the table below.
Bittrex is one of the top exchange providers for cryptocurrencies completely based and regulated in the US. You can sign in on Bittrex to trade Groestlcoin with other cryptocurrencies, such as BTC, ETH, and almost 300 other digital assets.
You may also be interested in other exchange services, such as UpBit, LiteBit, or others. The list of exchanges compatible with Groestlcoin is available on the official project site, which includes:
A step-by-step guide to buying Groestlcoin (GRS)
If you want to buy Groestlcoin in Australia, here's an example of how to do it. In this example, let's walk through how to buy the coin through Bittrex.
Step 1. Create an account at an exchange listing Groestlcoin (GRS)
There are several exchange services worldwide which allow crypto-to-crypto and crypto-to-currency transactions with Groestlcoin, such as Bittrex or Upbit. When creating an account on an exchange such as Bittrex, don't forget to add two-factor security to better protect your GRS tokens.
Step 2. Sending bitcoin or altcoin tokens to your wallet address
Several exchange platforms offering GRS do not have an option to deposit fiat currency such as AUD, USD or GBP. Bittrex accepted fiat currency via wire transfers until March 2017, but this payment method is no longer available.
To buy GRS from an exchange which doesn't accept fiat currency deposits, you need to see buy a cryptocurrency that can the exchange lists as a pairing with GRS. In most cases, bitcoin (BTC) or Ether (ETH) will be listed as pairings.
If you haven't bought any BTC yet, follow our how to buy bitcoins guide. Once you have a currency to pair with GRS, you need to send this currency to your wallet address in Bittrex. To create a wallet address on Bittrex, click on 'Wallets' then scroll for the cryptocurrency and then select 'New Address'. An address is a unique code made of a long string of numbers and letters, more than 15 alphanumeric characters long. The BTC addresses start with the 1 or 3 digits, whereas the ETH addresses start with 0x. A GRS address starts with a capital letter.
After this address has been created, you should be able to send tokens to that address. Before sending the tokens, make sure you select the correct coin in this process and ensure that you have entered the correct wallet address.
Step 3. Buying GRS
Once you receive tokens in your Bittrex wallet which you wish to pair with GRS, such as BTC or ETH, you can use them to purchase GRS.
How to sell GRS
If you decide to sell GRS, you will need to view the list of cryptocurrencies available to pair it with on your exchange of choice. On Bittrex. you would look at the various pairings which include GRS, select GRS and then choose the amount you wish to sell. Similarly to Step 3 above, you should consider which currency you wish to pair with GRS. Next, you can choose to instant sell and your order will be displayed.
Which wallets can I use to hold Groestlcoin (GRS)?
- Groestlcoin Core. Available for Windows (32 and 64 bits), Linux and Mac. A limited but complete client which supports the back-end of the GRS network. Although it offers security, privacy and works stable, it takes a lot of space and memory.
- Groestlpay. Available for Windows, Linux and Mac.Full multi-user wallet which allows testnet and payment protocol. This client is compatible with a private node for enhanced privacy.
- Electrum-GRS. Also developed for Windows, Linux and Mac. The lowest-spec alternative client focusing on speed and simplicity. This software allows complete recovery with a secret phrase.
There are half a dozen clients compatible with mobile hardware. Some of them are also in the desktop version, such as Groestlpay.
- Groestl Samourai. Available for Android and Blackberry. This app can refresh instantly to check the GRS network, is PIN-secured and never reuses the same address to avoid metadata leaking. The application has a stealth mode to run silently in the device.
Web – Online
- Groestlpay. Developed for Chrome OS, Android Web Wallet and iOS, this wallet allows multiple signatures to add security layers and several users, and is by far the most supported.
- Groestlcoin Web. An open source multi-signature wallet which is compatible with SegWit and offline use.
The Groestlcoin site provides a list of wallets which are no longer maintained but still support the coin.
- Groestlcoin Paperwallet. For those who prefer their wallets away from the digital storing, there is the option of using a SegWit supported paper wallet. You can generate key pairs with QR codes, addresses in bulk, and more. You can run the offline client on your PC for backup.
How Groestlcoin (GRS) works
The team behind GRS state that it enables Lightning Network, a feature that allegedly makes instant transactions possible. This feature also introduces the scalability and micropayments into the network. It is alleged that Atomic Swaps, which enables trading between cryptocurrencies without a third party, are also possible with Groestlcoin.
GRS is ASIC-resistant, designed to be efficiently mined by people without access to specialised mining equipment. The coin was also the first cryptocurrency to activate the Segregated Witness protocol in January 2017. Abbreviated as SegWit, this feature was introduced to make several improvements to the network such as the block size growth optimisation.
GRS has relatively low fees, which could cost less than 0.000045 GRS tokens for a 10,000 GRS token transaction. There are tens of wallet clients developed for the popular desktop and mobile operating systems.
Why is mining GRS simpler than mining bitcoins?
Bitcoin mining is a complicated process that is difficult for most people to partake in. According to Groestlcoin's team, the following key features make the mining process of the coin easier:
No upcoming application-specific integrated circuits (ASIC)
According to its official site, Groestlcoin is ASIC resistant and the coin uses 2 rounds of pure Grøstl-512 mining algorithm. This means that GRS should be minable without ASIC hardware. The coin's team have described GRS as the "people's coin" as specialised and costly mining equipment is not needed to mine it, making GRS more accessible than bitcoin and several altcoins.
Proof of work (POW) innovators
GRS was designed to be multipool resistant, meaning that its makers aimed to make the coin less susceptible to problems arising from multipool mining. This is supposed to offset multipool problems where proof of work among miners and small pools is more fairly distributed. A piece of information that is difficult to falsify but simple to check is a POW. Groestlcoin presents itself as the first coin to have implemented this feature to ease the verification in its algorithm.
What to consider when buying Groestlcoin (GRS)
As with buying any cryptocurrency, when buying Groestlcoin you should be aware that cryptocurrencies are speculative and prices are unpredictable.
In particular, you might also want to consider the following when deciding to buy Groestlcoin:
- Although this cryptocurrency offers improvements with respect to the most popular counterparts, being better at some aspects is not enough to skyrocket in popularity. As of writing, GRS is yet to step into the top 100 cryptocoins according to market capitalisation.
- You will need to make use of Atomic Swap or an exchange to trade GRS before being able to trade or withdraw your GRS coins. While the most popular cryptocurrencies are accepted as payment methods, you could incur transaction and exchange fees when exchanging cryptocurrencies.
By researching these considerations regarding GRS and factoring the volatility of cryptocurrencies, you will be able to make a more informed decision about whether to buy GRS.
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