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EOS / EOSIO – Getting Started – Australia Edition – Buy & Sell EOS

MichaelWuensch / Pixabay

Why are you reading this?

  • The EOS IO blockchain software was released on June 1st by Block.one
  • You’re Australian and can’t figure out how to buy EOS cryptocurrency, or just haven’t started yet

What is EOS?

EOS is a blockchain technology which has recently been developed by the company Block.one, which uses peer-to-peer networking technology (like BitTorrent) to create a network of nodes which synchronise every transaction on the network. Transactions between “accounts” are recorded on the blockchain, which keeps record of every single transaction on the network, on every single node – this means that transactions are highly secure, and cannot be reversed. EOS is unlike Bitcoin, however, in that transaction speed is dramatically increased, with Ethereum-like smart contract abilities to run “Distributed Applications”, and the use of Distributed Proof of Stake consensus algorithms as opposed to using the highly contentious and energy wasting method of Distributed Proof of Work used by Bitcoin and many others.

Why is Getting Started with Crypto-Currency so hard?!

Good question. The financial world is full of regulation. As EOS is a digital currency, you can’t just go to the bank and exchange your money. To buy EOS, you need to have an account with an intermediary, who will take your “real” money in the form of AUD or USD, and exchange this for EOS or any other of a whole long list of cryptocurrencies. The problem for Australian’s, is we have limited choices here; there’s only a small handful of services which allow you to purchase EOS, and even fewer which allow Australian’s to sell it!

How to Buy EOS in Australia with CoinSpot

CoinSpot is one of the best websites for Australians to get started with buying and selling EOS, Litecoin, Bitcoin, Ethereum and all sorts of other cryptocurrency; the process is quite simple too.

  1. Signup to CoinSpot
  2. Verify your identity (most sites require a copy of your drivers license / passport)
  3. Buy EOS by securely transferring funds instantly with your bank account (using Polipay, a service which appears to be created by Australia Post)

Simple!

EOS Security

What’s different with crypto-currency, is that you are even more responsible for securing your new found money. If your CoinSpot account is hacked, it’s easy for someone to send the EOS in your account to their own account, and at that point, it’s gone forever.

You MUST secure your account, your computer, and any other devices you use to login!

  • Add Two-Factor Authentication to your account – CoinSpot uses the Google Authenticator to verify that it’s you; if you’re prone to losing your phone, you need to be a little bit more responsible…
  • Never disclose your wallet/account addresses to anyone on social media – if someone has your address, they can easily query the balance of your account, and target you
  • Once you have funds in your CoinSpot account, transfer them to a new account which is not held on CoinSpot or any web based account!
  • Better yet, invest in a hardware wallet such as the Trezor Wallet or Ledger Wallet Nano S

Great, now what?

Now you do whatever you want to do with your EOS. Watch the price soar, hoping it will net you millions of dollars. The beautiful thing about CoinSpot, is that Australians can easily buy and sell EOS and transfer it to other parties with ease. You can quickly and easily just buy EOS on Coinspot.

Relevant EOS Links

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