EOS is a cryptocurrency that has gotten a lot of attention lately. This is largely because it increased sharply in price and overtook Litecoin as the fifth most valuable coin by overall market cap. EOS accomplished this feat in early April, 2018, and it hasn’t looked back since. EOS’s sudden rise into the top five cryptocurrencies has not gone unnoticed by many cryptocurrency investors, and now many people are wondering how to buy EOS in Australia. If you fall into this category, here is a detailed guide to EOS, as well as an explanation of how to buy it in Australia.
The single best way to buy EOS in Australia is to use the CoinSpot exchange. CoinSpot allows you to purchase EOS anywhere, on any device, at any time, so essentially you could have EOS in your mobile wallet within a few minutes. Here is how to buy EOS on CoinSpot.
To create an account, simply go to the CoinSpot site and click create an account. Once you do this, CoinSpot will walk you through the process of creating an account. Follow all of the steps.
To do this, you click on Account > Settings > Verification. You will then have to go through six steps. Going through the verification process will protect your account from security risks. Although you may receive a message stating that the verification process is going to take a while, in 99% of the cases you will be verified on the same day.
Do not be alarmed by the information that CoinSpot requests, this is the same as any large cryptocurrency exchange and is a requirement of the Australian government and their anti-money laundering laws.
For instant deposits, we recommend using the POLi service. POLi is an online payment method that allows consumers to purchase goods and services without the need for using a credit card. It is secure, fast and the service is owned by Australia Post.
If you choose to use the BPay method, deposits will take 1-3 business days to clear.
After your account has been set up and verified, and your funds have cleared into your account, then you will be able to start purchasing EOS. Just click Buy/Sell in the top menu, then Buy EOS, then enter how much EOS you would like to buy (if you enter an amount of EOS, then the price will automatically show how much that is in AUD, and vice versa).
Then simply execute the buy order. It is extremely easy. If you decide that you want to sell after a certain amount of time, then you just click sell instead of buy, after indicating the amount. This will execute a sell order.
Once your coins have been purchased, they will immediately be available in your CoinSpot wallet.
Because EOS is in the top ten cryptocurrencies by market cap, all of the other nine are top competitors. This includes Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Stellar, IOTA, and TRON. However, Some of these coins are in more direct competition with EOS than others. For example, EOS is much more in direct competition with Ethereum than Bitcoin. This is because EOS is primarily attempting to dominate the DApp platform space than the store of value space. Ethereum is currently the top dog for DApp platforms.
Other major competitors in the DApp platform space are Cardano, NEO, and Stellar Lumens. So, EOS does face some pretty strong competition in that space. However, it has already proven itself to be a major contender in that particular section of the cryptocurrency world.
Like all cryptocurrencies, EOS is a relatively volatile asset. This means that it can go through periods of sharp falls and rises that happen very suddenly. So, if you are thinking of investing in EOS, then you need to be prepared to deal with the inevitable volatility. If you are equipped to handle this mentally and financially, then EOS could be a great investment for you. If not, then EOS will probably not be a good investment for you.
But, right now, EOS does have a lot of things going for it. For example, it is very new, yet it has already catapulted into the type five cryptocurrencies. Very few coins ever make it to this level, let alone in their first year or two. It is also extremely important to note that DApps are becoming more and more popular. The more DApps that are created and uploaded to the EOS platform, the more popular that the coin is likely to become, and the higher its price will also likely be.
So although EOS has proven that it has what it takes to be a top coin, as with anything related to cryptocurrencies, nothing is guaranteed so you should invest with caution if you decide to do so.
Perhaps the greatest risk associated with EOS is that it will simply never catch up to Ethereum and become the top platform for DApps and ICOs. This is a legitimate risk because Ethereum is already roughly 7 times larger than EOS is. Also, Ethereum was established years before EOS was, and already had won a large portion of the market share before EOS was even created.
However, EOS was specifically designed to be able to handle rapid scaling, which is something that many people complain about in regards to Ethereum. So, if EOS can truly resolve some of the main pain points associated with Ethereum, then it could potentially steal some of Ethereum’s market share.
Also, despite the fact that there is a small chance that one of the main DApp platforms will take the lion’s share of the market, it is unlikely that one platform will ever hold a true monopoly and control 100 percent of the market. This rarely happens in business, because competition naturally divides control of markets. For example, Google is a dominant search engine, but Bing, Yahoo, and others all control significant market shares. The same phenomenon will likely play out with DApp platforms.