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Algorand is a unique protocol-level blockchain for the ALGO cryptocurrency. Find out how to buy ALGO in Australia, and learn more about it in this guide.
This is our quick guide to just one way to buy EOS. Compare some other options in the table below.
You cannot yet buy ALGO directly with PHP, so you’ll have to go through another cryptocurrency such as 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.
Step 1: Register a Binance account
You can now transfer your Bitcoin to an exchange that supports Algorand. In this example, we’ll use Binance – the world’s most popular exchange by volume.
To register for a Binance account, visit the site and select “register” from the top bar.
You will be required to enter and verify your email address and choose a password. No other identity verification is required unless you want to raise your withdrawal limits, but 2-factor authentication is strongly recommended.
Step 2: Deposit funds into your account
It’s currently not possible to buy ALGO directly with Philippine pesos, but you can purchase it directly using a major fiat currency such as USD, CAD or EUR.
Once you’ve logged into Binance and gotten verified, you can click on the “Deposit” button on your account dashboard.
Step 3: Buy Bitcoin
Once you’ve made a deposit, you can buy Bitcoin by clicking the “Buy/Sell” tab at the top of the page.
Select Bitcoin from the list, choose “buy” and then enter the amount you want to purchase.
Double check all the details and the price. If everything is in order, confirm the transaction.
Step 4: Trade BTC for ALGO
Once your BTC has arrived on Binance, select the Binance “exchange” tab, choose the “Basic” trading view and use the search box to find the BTC/ALGO trading pair.
You can now choose to trade BTC for ALGO with a limit, market or stop-limit order.
If you just want to buy ALGO with BTC at current market prices, choose market order, enter the amount you want to buy, check all the details and then confirm the transaction.
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.
Step 1: Register for a Binance account
Go to the Binance website and select “register” from the top right of the page.
You can then sign up for an account by entering your email address and choosing a password. Remember to activate 2-factor authentication for extra security.
You won’t have to verify your identity unless you want to raise your withdrawal limit higher than 2 BTC (or equivalent) per 24-hour period.
Step 2: Deposit BTC to Binance
On Binance, go to “funds” and then select “Bitcoin”.
This will show you your Bitcoin wallet address. Now go to your other Bitcoin wallet and transfer it to your Binance wallet by entering that public address in the space provided.
Step 3: Trade BTC for ALGO
Once your funds have arrived on Binance, convert your BTC to ALGO by navigating to the BTC/ALGO market through the “Exchange” tab.
You can choose to trade it through a limit, market or stop-limit order. If you simply want to trade BTC for ALGO at current market prices, select market order.
Enter the amount of ALGO you want to buy, review your transaction details and then confirm the transaction.
You now have ALGO in your Binance wallet.
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 and 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:
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