Most Popular Cryptocurrencies to Invest in Australia
The last decade has been revolutionary for the world of finance and investment thanks to the emergence of cryptocurrencies, which in addition to being driven by blockchain technology, have come to form a new solid market with hundreds of highly valued digital assets and Australia has taken a big part in this process. Since the creation of Bitcoin, many early investors managed to multiply their money hundreds of times, which caught the attention of many people. At present, many other cryptocurrencies have emerged and like BTC, have given their investors incredible profit margins, so we are going to be reviewing the most popular cryptocurrencies in Australia.
Although regulatory measures have been put in place to prevent criminals from taking advantage of these assets, it should be noted that Australia has been one of the most receptive countries to cryptocurrencies.
Bitcoin is a consensual payment network and cryptocurrency that works through blockchain technology. The project was created in 2008 by someone under the pseudonym “Satoshi Nakamoto”, who issued the Bitcoin white paper and disappeared into anonymity.
All Bitcoins are digitally produced under a process called “mining”, in which transactions are verified on the blockchain and BTC tokens are mined until reaching the total number of units (21 million BTC).
Further reading: Read our in-depth guide on Bitcoin.
Bitcoin was designed to be a deflationary currency, increasing in value over time through a process called halving. Every 4 years, the reward that BTC miners receive decreases by half, which causes fewer tokens to be mined each time this event occurs. As there is less availability of tokens on the network, their demand increases and so does their price.
Bitcoin currently remains the #1 cryptocurrency with a market cap of AUD $$997,301,676,857 and trading at AUD $53,293.73 (at the time of writing). With a network that processes payments without borders, it has managed to become the most popular cryptocurrency in Australia and the rest of the world.
Get started: Click here to buy Bitcoin in Australia!
Ethereum is a decentralized open-source platform with its own native token (ETH) that was designed to expand the capabilities of blockchain technology. While Bitcoin only constitutes a network of payments through Blockchain, Ethereum uses this technology to create decentralized applications (in addition to verifying transactions).
The decentralized Ethereum network is made up of nodes that can be defined as volunteers. These nodes are in charge of downloading the Ethereum blockchain and comply with the principles of the consensus. The blockchain data cannot be modified or penetrated, but it can be auditable and confirmed by all the members of the network.
Related: Read our complete guide on Ethereum.
These so-called “consensus rules” are enforced through smart contracts, which work to confirm transactions and automatically perform functions on the network, thus avoiding the need for third parties.
Ethereum has had an extraordinary performance in its price, especially with the new updates that will set the stage for the next evolution of Ethereum 2.0. In fact, the Berlin hard fork was just activated in April 15th, 2021 bringing new optimizations and EIPs (Ethereum Improvement Proposals) to the network.
Ethereum is the second most popular cryptocurrency after Bitcoin. As of this writing, ETH is currently trading at AUD $4,143.91 with a market cap of AUD $481,155,620,973.
Expect the value of ETH to continue rising as the infrastructure matures in anticipation of Ethereum 2.0.
Invest in ETH: Click here buy Ethereum in Australia!
Bitcoin Cash (BCH)
Due to scalability issues in the network, Bitcoin Cash emerged as the first direct fork of Bitcoin, so the original code of the first Bitcoin blockchain and its transactions were cloned to some extent (up to block number 478,558, to be exact).
From there, a new blockchain with different rules was created, and thus a new digital currency apart from BTC called Bitcoin Cash.
The dispute between the BTC developers was divided into two groups:
- In the first group were the supporters of Bitcoin Unlimited led by the entrepreneur Roger Ver. His proposal was to carry out a hard fork in order to eliminate the limit on the size of the blocks since it would be adjusted according to the needs of the network.
- The second group was led by the developers of Bitcoin Core, the main client of Bitcoin. The solution they presented was Segregated Witness (SegWit), a method through which the signatures of transactions were relocated within the block.
At the time of writing, Bitcoin Cash is currently trading at AUD $1,321.84 with a market cap of AUD $24,775,698,167.
Ripple XRP, is a centralized cryptocurrency token created by the company Ripple Labs to incentivize financial institutions (such as banks) to use the power of blockchain technology to make a more transparent (and better) transaction system.
XRP is commonly called the cryptocurrency of banks and it really is the best nickname you can give it. The Ripple protocol was created to improve the banking system we already have, almost as if it were about mixing the best of two worlds.
The legitimacy of already known financial institutions and the advantages of crypto transactions. Thus, Ripple would serve in international transfers with fiat currency without worrying about commissions.
Unlike Bitcoin, a transaction with XRP does not require several confirmations to be processed and the consensus system with which it works is completely autonomous.
XRP is ideal for making cross-border payments almost instantly. We are talking about a digital asset that some banks and financial institutions seek to adopt as a tool in their processes.
Due to its centralized nature, Ripple managed to generate more trust among institutional investors and is also considered one of the most popular cryptocurrencies in Australia.
At the time of this article, Ripple (XRP) is trading at AUD $1.94 with a market cap of AUD $89,996,106,423.
Get started with Ripple: Click here to buy XRP in Australia!
How to buy crypto in Australia
Data provided by Coinmarketcap indicates that Australia has seen an increase of up to 158.07% for cryptocurrency users between the ages of 18 and 24.
The cryptocurrencies listed in this article are just the select few that the majority of the population has chosen to invest in. There are many more that we’ll cover in a future article, so stay tuned!
Easy Crypto Australia supports over 100+ coins and tokens to get you started investing in cryptocurrencies. We also offer portfolio tracking, direct crypto swaps, auto-buy templates, and more.
And speaking of crypto investments, consider investing in a crypto wallet to secure your digital assets! Crypto wallets are an essential tool to help you manage, store, and secure your assets.
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Ready to invest? Click here to buy crypto in Australia today!
Last updated May 19th, 2021.