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Algorand is a unique protocol-level blockchain for the ALGO cryptocurrency. Find out how to buy ALGO in Canada, and learn more about it in this guide.
This is our quick guide to just one way to buy ALGO. Compare some other options in the table below.
You cannot yet buy ALGO directly with CAD, so you’ll have to go through another cryptocurrency such as Bitcoin.
The following steps explain how to buy Bitcoin (BTC) with Canadian dollars and then how to buy Algorand with Bitcoin. This example walks through buying ALGO with some of the most popular exchanges, but they aren’t the only options, so you may want to compare a range of options first.
If you want to buy ALGO with another cryptocurrency, there are several exchanges available, so compare your options before choosing one. This example shows how to trade BTC for ALGO on Binance.
The process for selling Algorand is similar to the steps outlined above, except you’ll be exchanging your ALGO for BTC (or another cryptocurrency) rather than exchanging BTC for ALGO.
You can use the same BTC/ALGO market on Binance by selecting “sell” rather than “buy”.
Some people store their tokens on exchanges, but this is generally not recommended. It’s considered safer to hold your own private keys.
There are few wallet choices for ALGO, but the Algorand Foundation has created an official mobile wallet, the Algo Wallet, for iOS and Android.
Algorand, founded in 2017, says it’s a permissionless, public and decentralized blockchain. It’s similar to Bitcoin or Ethereum in this respect.
It’s designed to serve as a base-level blockchain protocol on which other dapps can be built and smart contracts operated.
One thing that makes Algorand different is that it claims to be highly scalable, so it’s not prone to the same bottlenecks or fee issues that Bitcoin or Ethereum frequently are. It uses a proof-of-stake system that provides immediate transaction finality, which eliminates a lot of the “forking” problems of earlier blockchains.
As a proof-of-stake system, it encourages ALGO holders to “stake” their tokens, and essentially become ALGO “miners”. Token holders can enjoy some governance powers. In both network consensus and governance, a super-majority of users is required to pass decisions.
It also offers unique economic innovations, including a public token dispersal process through periodic Dutch auctions. The basic tenet is that the market will always ensure a fair ALGO price, and that users will be able to return their ALGO for 90% of the purchase price for up to a year after the purchase, as a kind of algorithmic “satisfaction guaranteed” arrangement.
The team behind Algorand has attracted a lot of attention. Most notably, it was founded by Turing Award-winning computer scientist Silvio Micali.
There are risks involved in purchasing any cryptocurrency, and even though ALGO aims to offer more assurances through its money-back and Dutch auction system, it still carries many of the same risks as any other cryptocurrency, including a complete loss of funds in the event of hacking or other misadventure.
Other factors to consider include the following:
Learn more about the CoinSmart cryptocurrency exchange by reading the full review.
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