Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Algorand, and is trustworthy!
You can find our top 3 exchanges for buying Algorand here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Algorand
And of course, the final step is to find Algorand on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Algorand (ALGO)
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How to Sell Algorand
- Sign into the exchange
- Find where you stored your Algorand, either on a hardware wallet or on the exchange.
- Transfer your Algorand to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Algorand.
Considerations when looking to buy Algorand.
Algorand, a decentralized, self-sustaining network that uses blockchain technology, supports a variety of applications. These systems have all the critical properties needed for effective applications in real life. They are secure, scalable, and efficient. Algorand supports computations that need reliable performance guarantees in order to build new forms of trust.
Algorand's mainnet was launched in June 2019 and was capable of handling almost one million transactions per day by December 2020. You can view the Algorand transaction statistics here. Algorand's initial coin offering (ICO), was held June 2019 at a price of $2.4 per token.
Algorand was created to speed up transactions and increase efficiency in response to slow transaction times on Bitcoin and other blockchains. Algorand has lower transaction fees and no mining, unlike Bitcoin's energy-intensive process. It is based upon a permissionless proof-of-stake (PoS), blockchain protocol.
The Algorand Foundation announced a $10M grant for Applied Blockchain to create the London Bridge. This trustless bridge will bring Ethereum compatibility to the Algorand Blockchain. Algorand has had difficulty attracting liquidity into its ecosystem despite promising low costs transactions, low latency, and high scaling. Algorand would be able to connect to Ethereum's most robust DApp ecosystem and to attract more liquidity by having a bridge to it. The Algorand Foundation hopes to see verification of other chains performed on Alogrand’s smart contract. This will be done by incorporating state proofs, in the form Compact Certificates, into the Algorand Consensus. The foundation's ultimate goal is to consolidate the DeFi ecosystem in Algorand.