How to buy Koinos (KOIN) in Australia
Learn how to buy Koinos (KOIN) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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Where to buy Koinos in Australia
Unfortunately, at this time no major exchanges in Australia offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
It looks like KOIN may not be available to purchase on an exchange in Australia.
You can still purchase KOIN by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.
How to purchase KOIN using a decentralised exchange.
- Find KOIN on a decentralised exchange and make sure Koinos can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for KOIN using an exchange like . You will need to purchase enough ETH to swap for KOIN as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for KOIN on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalise and the KOIN tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Australia.
What to consider when buying Koinos
Before rushing out to invest in any cryptocurrency it’s worth researching the token first, as well as its associated platform, and observe what factors might influence its price. In the case of KOIN, here are some elements that should be considered:
- Mana. A central concept of Koinos’ fee-less structure is mana, which is a distinct take based on Ethereum’s gas fees. Essentially, each KOIN owned by a user comes with a mana balance. When KOINs are used to participate in the network, instead of paying fees, KOIN tokens will be locked up while their mana ‘regenerates’. Essentially, users pay for gas fees with opportunity cost, instead of with additional tokens.
- Mining. Unlike most Proof-of-Work consensus mechanisms, a GPU cannot be used to mine KOIN tokens. This somewhat dissuades the use of Application-Specific Integrated Circuits (ASICs) and promotes decentralisation. Mining KOIN tokens instead makes use of computers’ CPUs, so it is accessible to everyday blockchain users instead of being controlled by institutions or whales with computer farms. It’s also worth noting that PoB consensus mechanisms typically leave the lead developers without capital, which is a major reason for its lack of popularity.
- Development team. Koinos has a transparent and established development team which potential investors may wish to research prior to purchasing KOIN. Their CEO (Andrew Levine) and blockchain architect (Michael Vandeberg) were previously employees at Steemit, a blockchain-based social media platform.
- Competition. Although Proof-of-Burn is a relatively unique consensus mechanism in the crypto industry, it isn’t actually that new. The idea for PoB was floated in 2012 by Iain Stewart, and has been implemented by networks other than Koinos. Examples include Slimcoin and Counterparty. It may be worth comparing these platforms to Koinos and determine which you believe has more value, as they could be competing for market share.
How to sell Koinos
You can cash out your KOIN with the same exchange you bought it through:
- Sign in to the exchange you have KOIN on.
If you store your Koinos in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of KOIN you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Koinos.
Disclaimer: Cryptocurrencies, including Koinos, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of KOIN 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 Koinos or any other cryptocurrency discussed.
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