Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Ontology Gas, and is trustworthy!
You can find our top 3 exchanges for buying Ontology Gas here, alternatively you can also check our comparison of the best crypto trading platforms in Australia 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 Ontology Gas
And of course, the final step is to find Ontology Gas 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 Ontology Gas (ONG)
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How to Sell Ontology Gas
- Sign into the exchange
- Find where you stored your Ontology Gas, either on a hardware wallet or on the exchange.
- Transfer your Ontology Gas to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Ontology Gas.
Considerations when looking to buy Ontology Gas.
Ontology gas (ONG), one of two crypto assets that powers the Ontology blockchain is a high-performance, business-focused, high-performance (can handle many transaction at once) blockchain that focuses primarily on solving problems such as identity security and data integrity (accuracy, consistency, and confidentiality).
Ontology gas was created when the Ontology Project launched its mainnet or switched from using another blockchain (NEO), to its native blockchain on June 30, 2018.
Ontology coin (ONT), which is part of the Ontology ecosystem, gives ONT holders two things.
- Governance rights - Have a say in matters like network changes
- Staking rewards - By locking up your ONT or staking it, you help to secure the network and verify transactions. The network will give you ONG in return.
On the other side, Ontology gas can be thought of as a "toll" for accessing the Ontology network or "highway". It's very similar to Ethereum gas. Instead of paying in ONT (the main cryptocurrency), as you would with Ethereum (paying for ETH), the Ontology Network lets you pay for network use (e.g. Making a transaction using a separate token (ONG).
As previously mentioned, ONT stakers who stake ONT receive ONG rewards. Even if you aren't using the Ontology platform to secure identity, ONG offers an attractive opportunity.
You can make passive ONG income by staking ONT (even if it's not for any other purpose than to stake rewards).
The rewards aren’t bad, either. According to ONTCalc (an ONG rewards calculator), your yearly “interest” rate, or the percentage of ONG that you earn on ONTs, can be as low as 4%.