How to buy Vivid Labs (VID) in Australia
Learn how to buy Vivid Labs (VID) in our step-by-step guide.
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You can buy Vivid Labs (VID) on a cryptocurrency exchange like KuCoin. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. VideoCoin is a blockchain-based protocol that intends to revolutionise the way in which we consume, encode, store and present videos online. Here's how to buy Vivid Labs.
How to buy Vivid Labs in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Vivid Labs is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit $ using the payment method that best suits you – cryptocurrency, PayPal, wire transfer and credit or debit card payments are widely accepted.
- Buy Vivid Labs You can now exchange your funds for Vivid Labs. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Vivid Labs to your personal wallet.
Where to buy Vivid Labs in Australia
Find an exchange to buy, sell and trade VID by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Vivid Labs?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Vivid Labs?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Vivid Labs.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing VID with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy Vivid Labs with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy VID with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy VID on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase VID by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for VID on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Vivid Labs?
The easiest way to buy VID is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying VID, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Vivid Labs has been performing recently.
Best Vivid Labs wallets to store your VID
You can keep your VID on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Is Vivid Labs a good investment?As with any investment, it is vital that you perform due diligence before adding it to your portfolio. When it comes to VideoCoin, here are a few things worth considering:
- Staking. To get the most out of VID investments, it’s a good idea to consider whether you are interested in staking tokens or providing your unused CPU cycles to the network. These processes can be a little complex for beginners, and staking (particularly delegating) comes with the potential risk of losing your entire investment.
- Competition. Blockchain-based, peer-to-peer video encoding and streaming services are becoming quite popular on the decentralised marketplace. Networks like Livepeer, Tangram and Theta all sit within this development sphere and will compete with VideoCoin for market share.
- Tokenomics. As of July 2021, 152 million of VID’s lifetime token supply of 265 million are in circulation. 76% of the uncirculating supply is locked up in the network to provide extra security. VideoCoin’s developers are also focused on providing validators with staking rewards protected from inflation. In 2019, 70% of the original token supply (617 million) was burned to prevent inflation and loss of worth.
Additional information about Vivid Labs can be found using our VID analysis tools.
Today's Vivid Labs price versus ATH
Compare today's price of Vivid Labs ($0.075233 USD) against its all-time-high price of $1.053 USD on 31 March 2021. The closer the bar is to 100%, the closer VID is to reaching its ATH again.
ATH date: March 31, 2021
Vivid Labs ATH: $1.053 USD
How to trade, convert or sell Vivid LabsYou can convert or sell your VID with the same exchange you bought it through:
- Sign in to the exchange you have VID on.
- If you store your Vivid Labs in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of VID you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Vivid Labs.
- Complete your transaction and move your VID to a wallet for storage.
Disclaimer: Cryptocurrencies, including Vivid Labs, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of VID 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 Vivid Labs or any other cryptocurrency discussed.
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