How to buy ScPrime (SCP) in Australia
Learn how to buy ScPrime (SCP) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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Where to buy ScPrime 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.
What to consider when buying ScPrime
SCP is an integral part of the ScPrime decentralised cloud storage protocol. However, when it comes to altcoins, innovation does not guarantee returns, which is why it is extremely important to evaluate both the token and associated protocol. Here are a few factors to consider before investing in SCP:
- Competition: ScPrime has entered a a competitive data storage market. Centralised storage providers such as Google, and Amazon hold the lions share of data storage capabilities. ScPrime will need to offer a product that is substantially cheaper and that is just as secure to stand a chance of capturing market share. The number of users will ultimately influence the demand for the native SCP token.
- Providing storage:To provide data storage to the ScPrime network users are required to provide SCP tokens as collateral. The amount of collateral is determined by the contract between the storage provider and renter. Storage providers also require the necessary hardware. Although ScPrime offers a hardware unit known as a Xa-Miner, hardware requirements might be out of reach for some users. It is recommended within ScPrime documentation that only those that are willing to commit to several years of storage provision should consider becoming a Storage Provider within the network. While the Xa-Miner hardware lowers hardware requirements a user will need to be familiar with command code and be willing to stake significant amounts of SCP collateral.
- Tokenomics: Upon launch, 300,000 SCP tokens were gifted to the original development team. Approximately 52,000 were sent to mining pool operators. 200,000 were kept for initial project expenses. 1.75 million were kept for the SCP Storage Provider program. 628,000 were allocated to exchange listings and the final 7.6 million were used during an initial airdrop. There is also no capped supply for the token. New tokens are rewarded to miners as each new block is added to the blockchain. This mining reward is set to decrease with time. After block 105,000, 10% of all project fees will be burned to reduce token inflation.
How to sell ScPrime
You can cash out your SCP with the same exchange you bought it through:
- Sign in to the exchange you have SCP on.
If you store your ScPrime in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SCP you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of ScPrime.
Disclaimer: Cryptocurrencies, including ScPrime, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SCP 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 ScPrime or any other cryptocurrency discussed.
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