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Metal Pay is a blockchain-based payment processing platform designed to introduce cryptocurrency to the masses. It offers a secure cryptocurrency wallet that connects to your bank accounts and allows you to send instant transfers around the globe.
METAL (MTL) is the native currency of the platform and is used for proof-of-processed payment rewards to Metal Pay users. Let’s take a closer look at how the Metal Pay platform works and how you can buy, sell and trade MTL in Australia.
This is our quick guide to just one way to buy MTL. Compare some other options in the table below.
MTL is currently available on a number of cryptocurrency exchanges, including:
If you want to buy MTL, here’s an example of how you can do it:
Local cryptocurrency exchange CoinSpot allows you to exchange Australian dollars (AUD) for MTL, so the first step is to sign up for a free CoinSpot account. You’ll need to provide an email address and password to register, and before you can start trading you’ll have to supply your name, contact details and proof of ID.
We also recommend that you enable two-factor authentication on your account for added security.
Log in to your account and click on the “Deposit AUD” link, before specifying the amount you would like to transfer into your account. If you’d prefer to pay in cash, you can make a deposit at a newsagency using Blueshyft.
Once the funds have been deposited, search for the cryptocurrency pair you want to exchange, such as MTL/BTC, and click on “Buy MTL”. Enter the number of MTL you want to buy or the amount of AUD you want to spend, and don’t forget to review the full details of the transaction before confirming the purchase.
If you want to sell your METAL tokens, you can do so by searching for your chosen currency pair and clicking on “Sell MTL”. The process after that is more or less the same as that outlined in Step 3 above, but it’s important to remember that you may not be able to directly exchange MTL for the currency you want to acquire.
For security reasons, it’s recommended that you move your cryptocurrency holdings into a secure wallet for safe storage instead of keeping them on a crypto exchange.
MTL is an ERC20 token on the Ethereum network. You can sign up for Metal’s web wallet, known as Vault, through the Metal Pay website.
Other ERC20-compatible wallets include:
Despite their rise in popularity and public consciousness in recent times, cryptocurrencies are yet to break into the mainstream. It’s this challenge that Metal Pay aims to overcome.
This blockchain-based system utilises proof-of-processed-payments to identify users, rewarding them for converting legacy fiat currency into cryptocurrency. When people send money or make purchases using the Metal Pay platform, they receive METAL tokens as a reward, with the ability to earn up to 5% MTL on every purchase.
The basic idea behind Metal Pay is to introduce cryptocurrency to the masses. It aims to do this by providing a secure digital wallet that allows users to manage their cryptocurrency and fiat currency funds. The wallet is designed to have an easy-to-use interface, offer simple fiat-to-crypto conversions, and allow users to send money around the globe instantly with nothing more than a phone number.
From the whitepaper:
“Without an incentive to purchase, cryptocurrency may never reach mass adoption. Metal proposes a system utilising provable payments attached to verified identities to distribute currency. Anyone can participate to earn MTL as a reward for converting fiat to cryptocurrency.”
Buying cryptocurrency is risky and speculative, and there are several complicated factors that can influence the value of digital currencies. As a result, it’s critical that you consider all the risks associated with any crypto before deciding to buy.
If you’re thinking of purchasing MTL, take these factors into account:
By considering all the available information about the potential future value of MTL, you’ll be able to make an informed decision about whether this particular cryptocurrency represents a sound purchase.
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