Your guide to buying and trading SmartCash (SMART) in Australia.
SmartCash (SMART) is a decentralised cryptocurrency based on the Zerocoin protocol and the Keccak algorithm. Born out of a desire to create a fungible and merchant-oriented cryptocurrency, SmartCash aims to provide fast and private transactions to users.
If you’re wondering how SMART works, which exchanges list it and how you can buy this cryptocurrency, keep reading.
Where can I buy SMART?
SMART can be purchased on a number of well-known cryptocurrency exchanges, such as:
How to buy SMART
Want to buy SmartCash? You’ll need to follow these three steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to trade SMART
If you want to buy SMART, you’ll need to create an account with an exchange that offers SMART in one or more currency pairings. You’ll need to supply an email address and create a password to register for an account, while you may also need to provide additional contact information and proof of ID before you can start trading. It’s also a good idea to activate two-factor authorisation, as this provides an extra layer of security for the funds you hold in your account.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges only allow trading between cryptocurrencies, which means you often can’t exchange your fiat currency (such as AUD) for the crypto you want. With this in mind, you’ll generally need to own or buy a popular currency, such as bitcoin (BTC), first.
The process for depositing funds differs between exchanges, but as a general rule you’ll simply need to login to your account, look for the “Deposit” link and enter the deposit amount in your chosen currency, or in the case of cryptocurrency deposits, generate a wallet address and transfer a compatible crypto to the exchange.
Step 3. Buy SMART
The final step is to trade your chosen currency, such as BTC, for SMART on the exchange. This process once again varies slightly between exchanges, but you’ll typically need to search for your chosen currency pair, for example, SMART/BTC, and then review the current price. You can then enter the amount of SMART you wish to buy, or the amount of BTC you wish to spend, and review and confirm the details of your transaction.
How to sell SMART
Selling SMART is essentially the same as buying SMART, so keep the instructions outlined in Step 3 in mind if you want to exchange your SMART for another currency. However, make sure you’re aware that crypto exchanges only offer limited currency pairings, so it may not be possible to trade SMART directly for your desired currency.
Which wallets can I use to hold SmartCash?
Official SmartCash wallets are available for download from the SmartCash website for Windows, Mac and Linux operating systems. You’ll also find a paper wallet and beta web wallet for download at the above link.
How SmartCash works
Launched in 2017, SmartCash aims to create a viable, fast and user-friendly cryptocurrency. It is based on the Zerocoin protocol, which allows users to create new coins in exchange for older coins, and those new coins have no history attached.
To help achieve this and promote the fast growth of SMART, the company says it places a high priority on providing block rewards to its community, hiring developers and gaining merchant acceptance.
What does this mean in real life? SMART is centred around the SmartHive platform, which allows anyone that holds coins to vote on proposals submitted by the community. This gives all users a say in the direction of the Smart Cash project. 70% of the block reward is allocated to fund proposals voted on and adopted by the SmartHive community, and to support Hive Structuring Teams.
SmartCash also offers SmartRewards, which are described as both a price-stabilisation mechanism and a way to encourage long-term holding of SMART. On the 25th of each month, each wallet that holds at least 1,000 SMART receives a share of these rewards, with 15% of new coins generated in the blockchain set aside for this purpose.
What to consider when buying SMART
- Supply. According to CoinMarketCap, the circulating supply of SmartCash at the time of writing (23/01/18) was 620,878,807 SMART. The maximum supply is capped at 5,000,000,000 SMART.
- Technological developments. Upcoming technological upgrades and announcements can have a dramatic impact on the value of a currency. The SmartCash Roadmap contains details of future projects in the pipeline, such as an Electrum wallet and a native mobile wallet with multicurrency trading availability, and is well worth a look.
- InstantPay. One important feature that can impact on the widespread adoption of a cryptocurrency is its ability to provide instant point-of-sale in-store and online purchases. Stay up to date with SmartCash company announcements for details of when its InstantPay system will be launched.
- Market competition. The privacy coin market is a heavily competitive cryptocurrency sector, so it’s important to consider how SmartCash stacks up against other privacy coins such as PIVX, DASH, Monero and many others.
- Use within SmartHive. SMART is widely used within SmartCash’s SmartHive platform. Coin holders who are willing to pay a 100 SMART fee can put a proposal to the SmartHive community, and anyone who holds SMART can vote on that proposal. 70% of new SMART coins generated in the blockchain are also set aside to fund those proposals.
- SmartRewards. To encourage long-term holding and the growth of SmartCash, the rewards system offers SMART as a reward to wallets that hold at least 1,000 SMART on the 25th of each month.
By taking the above factors into account and doing your due diligence on the strengths and weaknesses of the SmartCash project, you’ll be able to make an informed decision about whether or not to buy.