Polkadot is a new form of digital currency that can be bought and traded on the internet. It’s a relatively new cryptocurrency alternative to Bitcoin, which has been around for over 5 years. The aim of this guide is to enable you to buy polkadot in Australia and help you understand how it works so that you can make well-informed decisions when buying and trading this popular cryptocurrency.
What is Polkadot?
Buy polkadot in Australia are digital tokens that were created in 2014 by a founder known only as ‘parity’. They launched on 28th November 2017.
It has been called one of the most anticipated ICOs of 2018 (initial coin offerings). The ICO quickly hit its fundraising target and the value of each token is currently (28/12/2017) as high as $1.56 USD or 0.00024729 BTC which makes it one of the most valuable coins available to buy online at present.
Polkadot is both a platform and a cryptocurrency. It is meant to provide an alternative to transaction chains by building a distributed ledger on the blockchain, which allows users to retain control of their private keys (instead of allowing them to be stored by the platform).
Polkadot is currently in beta development, with a production version expected in 2019. In its ICO it sold 50 million coins at 0.01 USD per token. Polkadot hasn’t launched yet, so this price will change when they actually go live.
How do I buy Polkadot?
Polkadot can be bought across a range of exchanges including Cryptopia; YoBit; HitBTC and EtherDelta.
Polkadot was listed on YoBit on 3rd December 2017 and the value rocketed shortly afterward. On that day, the tokens rose from $0.39 USD to $6.32 USD (a 1579% increase).
You can buy Polkadot directly with Australian dollars (AUD) at HitBTC or with Bitcoin (BTC) across a number of exchanges. HitBTC is much easier to use than EtherDelta because you don’t have to keep track of your wallet address and private keys yourself – the exchange will do this for you. EtherDelta requires more work but it’s a great platform if you’re not in Australia or want to trade ETH tokens instead of buying them using Australian dollars.
Polkadot is also listed on Cryptopia, an easy-to-use exchange that doesn’t require you to verify your account to start trading. You can buy Polkadot with AUD directly from their trading platforms and charge it to your credit card.
To buy Polkadot with Bitcoin you need a cryptocurrency wallet that lets you store, receive and send Bitcoin currency (BTC). This means you can’t buy them on Coinbase because it only allows you to buy ETH tokens. Follow our guide here to learn how to set up a cryptocurrency wallet that supports Ethereum Classic or Ethereum so that you can invest in the PolkaDot ICO.
Polkadot’s circulating supply (i.e. the number of coins available to buy and sell) is 215 million tokens and the total supply is one billion tokens.
The price of the currency can vary depending on where you decide to trade it and whether you use an exchange like HitBTC or another platform that uses other tokens (like EtherDelta). Nevertheless, it’s a relatively stable currency that has increased in value consistently since its launch in November 2017.