How to buy Internet Computer (ICP) in Australia

Internet Computer (ICP) is the 21st largest cryptocurrency by market cap, valued at US$6,887,294,092.

Internet Computer is a highly volatile asset capable of major price swings in a single day. Today ICP is trading for $14.89 USD, which is lower than yesterday's trading price of $15.28 USD. Over the past year, Internet Computer's price has seen an increase of 178%.

So before you buy Internet Computer, make sure you understand these unique risks as well as its legal and tax status here in Australia.

If you're ready to get started, read on for step-by-step instructions on how you can use to buy Internet Computer.

Where to buy Internet Computer in Australia

Find an exchange to buy, sell and trade ICP by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

What is Internet Computer?

The Internet Computer is a decentralized open network aimed at reversing the monopoly that Big Tech companies, such as Google or Facebook, have over the traditional lnternet. It is run by the decentralized protocol ICP (Internet Computer Protocol). According to ICP documentation, the protocol intends to help developers build directly onto the Internet with the help of autonomous software. Developers can build websites, enterprise IT systems, Internet services and decentralized finance (DeFi) applications. The ultimate goal of Dfinity, creator of the Internet Computer, is to de-privatize the Internet, remove the reliance on centralized servers or commercial cloud solutions, and simplify the infrastructure that runs applications. Internet Computer uses a blockchain called Chain Key Technology (CKT). Unlike other blockchains, CKT does not use older blocks in the chain and therefore operates at a much more efficient web-like speed. ICP is the utility token of the Internet Computer Protocol that allows the community to participate in the governance of the network. The coin can also be staked and "converted into cycles" which are used to run websites, decentralized applications and more traditional, centralized programs.

Best Internet Computer wallets to store your ICP

You can keep your ICP 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 take a look at some of our top hardware wallet picks for self-custody of your ICP below.

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Internet Computer a good investment?

Every cryptocurrency purchase carries associated risks which should be evaluated thoroughly. Some key considerations to weigh up before adding Internet Computer to your portfolio include:

• Use case. ICP coins are intended to be locked within the Internet Computer network. By locking tokens it creates "neurons" that allow users to vote on protocol and governance proposals. This is similar to other blockchain-based networks. However, ICP tokens are also used in cycle production. These cycles are the power behind the Internet Computer's network and facilitate computation of web services.
• Development. Internet Computer's goal is incredibly ambitious. Rebuilding the Internet from the ground up using a blockchain network as the foundation is not an easy task. When complete, anyone will be able to contribute to the Internet Computer. This could be via web pages, building applications or providing services. This begs the question: Is the project too ambitious? The sector is already crowded, with blockchains like Ethereum and Cosmos issuing similar goals. The market share for Internet Computer could be severely diluted. While Internet Computer is off to a good start, tracking the platform's development will be important.
• Decentralisation. While Internet Computer's protocol aims to address 2 of the biggest issues facing blockchain networks — scalability and security — it lacks the fundamental decentralised nature that many blockchains strive for. As of May 2021, the majority of the voting power is owned by venture investors and developers. Only 2% of all ICP tokens are available for retail. ICP developers will need to address governance proposals going forward to gain public confidence in their ambitious project.

Today's Internet Computer price versus ATH

Compare today's price of Internet Computer ($14.89 USD) against its all-time-high price of $700.65 USD on 10 May 2021. The closer the bar is to 100%, the closer ICP is to reaching its ATH again.

How to trade, convert or sell Internet Computer

You can convert or sell your ICP with the same exchange you bought it through:

1. Sign in to the exchange you have ICP on.
2. If you store your Internet Computer in a digital wallet, compare crypto exchanges to convert or sell it on.
3. Choose Sell or Convert and place a sell order.
4. Choose the amount of ICP you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Internet Computer.
6. Complete your transaction and move your ICP to a crypto wallet for storage.

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