How to buy Terra (LUNA)
A beginner's guide to buying and selling LUNA in Australia.
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How to buy Terra
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Terra.
- Open an account on an exchange that supports LUNA.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Terra.
- Buy Terra.
Complete your Terra purchase and then find the best wallet to store LUNA.
What is Terra?
Terra is a decentralised financial payment ecosystem that makes use of a basket of stablecoins that are stabilised via the use of the platform’s native crypto offering, “LUNA.” The ecosystem is geared towards the use of stablecoins for payment. As of December 2020, it has been used to facilitate around $300 billion worth of transactions for over 2 million users. LUNA can be earned through staking. It is the asset that powers Terra's DPoS (Delegated Proof of Stake) blockchain. It serves three primary functions: it allows users to participate in staking through delegating, it provides stability to the value of Terra stablecoins and it provides the platform’s validator nodes with various incentives for their time and effort.
Terra (LUNA) is the 25th largest cryptocurrency in the world by market cap, valued at $6,577,263,386. The current price of Terra is $17.539, which is -11.598% lower than yesterday. Prices have ranged between $20.056 and $16.726 over the past 24 hours. All prices are listed in AUD and accurate as of 23 April, 2021 04:04 UTC.
Where to buy TerraFind an exchange to buy, sell and trade LUNA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Terra at a glance
|Total LUNA supply||956,699,188|
|All time high||AUD$28.858|
Terra price performance over time
How to sell Terra
You can cash out your LUNA with the same exchange you bought it through:
- Sign in to the exchange you have LUNA on.
If you store your Terra in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of LUNA you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Terra.
What to consider when buying Terra
- Governance protocol: The Terra platform makes use of a DPoS protocol where users can stake their LUNA tokens in order to facilitate transactions. Also, by virtue of being a PoS blockchain, validators who have staked more LUNA tokens possess a better chance of mining the next block as compared to those who have fewer tokens invested in the platform.
- Unique price volatility mechanism: Since LUNA stakers/holders are responsible for maintaining the security of the Terra ecosystem, there are certain price volatility risks that are associated with the cryptocurrency. This is primarily due to the fact that the protocol exchanges Terra stablecoins for LUNA at their determined exchange rate so as to balance out their values. Simply put, when demand is high, the platform’s native algorithm automatically sells Terra stablecoins. Conversely, when demand reduces, the algorithm buys Terra stablecoins in exchange for the system’s existing LUNA reserves, thereby mitigating any short-term volatility risks.
- Fully functional ecosystem: Unlike a number of proposed blockchains that present highly attractive features on paper, the Terra ecosystem is already generating a lot of value for its users. Terra generates more revenue than almost any other blockchain, lagging only Bitcoin and Ethereum.
- Backing and adoption: The Terra ecosystem was incubated by the Terra Alliance, a conglomerate consisting of 15 e-commerce companies based out of Korea as well as other parts of Southeast Asia. Furthermore, the Terra blockchain is being utilised by one of South Korea’s most popular payment apps, CHAI, which as of March 2021, facilitates around 100,000 transitions daily (worth around $1 million) and boasts a user base of more than 2.3 million users.
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