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Learn More about buying ATOM in Australia
How to buy Cosmos in Australia
Is ATOM a good investment in Australia?
Cosmos, which is introduced as "Blockchain Internet", tries to bring different blockchains together in one unit and from the very beginning solve several main problems that plague this technology. ATOM is the core cryptocurrency on top of the Cosmos platform, which is designed to facilitate communication, scaling and collaboration between independent blockchains. The projects launched in the Cosmos network allow the exchange of their tokens as well.
In addition, Cosmos presents itself as a set of tools, with its modular and adaptable features, available to developers who are ready to start working on the decentralization of the Internet and related financial infrastructure. In other words, Cosmos, known by its founding team as the Internet of Blockchain, aims to create a cryptographic network united by open-source tools to simplify transactions between them. It is this focus on customization and interoperability that sets Cosmos apart from other projects.
What is Cosmos ?
The native staking token for Cosmos platform is called ATOM. This currency forms the foundation of the token economy of the Cosmos network. The ATOM symbol is widely and commonly used on exchanges in order to address the Cosmos currency. You can easily find information about this cryptocurrency by searching its symbol, ATOM.
Learn more on Cosmos official website.
Is Cosmos legal to buy in Australia?
Yes. According to the Reserve Bank of Australia (RBA), cryptocurrencies are digital tokens. They are a type of digital currency that allows people to make payments directly to each other through an online system. Cryptocurrencies can be used to buy and sell things but they are not widely accepted as a means of payment. According to the above-mentioned explanation by the RBA, in Australia the prices of goods and services are measured in Australian dollars. While some businesses may accept cryptocurrencies as payment, they are not commonly used to measure and compare prices. So, while cryptocurrencies can be used to make payments, currently their use as a means of payment is limited and they do not display the key characteristics of money. However, there is one type of digital currency that could be considered money which is digital currency issued by the central bank.
Is Cosmos taxed in Australia
Yes. According to the Australian Government Taxation Office, cryptocurrencies are treated as property and subject to Capital Gains Tax (CGT). So, Crypto investors have to report capital gains and losses within their Income Tax Return, and pay Income Tax on any net gains. The percentage of Income Tax they pay is the same as the Personal Income Tax rate, starting only from earnings above $18,201. According to the mentioned guideline, the tax treatment of your crypto assets will typically depend on whether you are seen as an individual investor or a trader making a regular income. If you hold shares as an investor, your shares are assets and are subject to capital gains tax when you sell them. If you are a share trader, your shares are treated like trading stock in a business and your gains are treated as ordinary income.
After you've bought Cosmos in Australia
ATOM has three main use cases: A spam-prevention system, a voting system for governance, and staking. Users can “stake” their ATOMs (lock them up in a smart contract for a period of time) to earn rewards. “Staking” is similar to investing money earning a return on investment. The process is similar to depositing cash into a bank account to generate interest over time. Stakers earn the rewards for their work securing the network.
Who can buy Cosmos in Australia?
Anyone. One of the safest and easiest ways to buy cryptocurrency in Australia is to seek out a registered exchange. Australia supports various payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange offers payments through the mentioned services using secure transactions while charging no exchange fees.
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Frequently asked questions
The value of Cosmos is impacted by numerous factors. One of which is that it was generated with a fixed supply, similar to many cryptocurrencies. In this regard, it won’t experience inflation and its price hikes could result from its scarcity. Also, all payment processes, transaction fees, rewards, etc. are paid through this digital currency. This has caused a great demand for ATOM digital currency. This demand, in turn, has caused its price to experience a good growth. In such a way that this currency has experienced a growth of 528% in the last two years.
According to the crypto asset transactions guide by the Australian Government, Capital Gains Tax should be considered when you dispose of your crypto asset. If you make a capital gain after a disposal, you may pay tax on it. A transaction involving a disposal takes place when you do any of the following: sell a crypto asset, gift a crypto asset, trade, exchange or swap a crypto asset for another crypto asset, convert a crypto asset to Australian or foreign currency (otherwise known as fiat currency), and buy goods or services with a crypto asset.
According to the crypto asset record keeping guide by the Australian Government, you must keep records of each of your crypto assets and every transaction, to work out whether you have made a capital gain or loss. For your crypto assets, you should keep: receipts when you buy, transfer or dispose of crypto assets, a record of the date of each transaction, a record of what the transaction is for and who the other party is (this can just be their crypto asset address), exchange records, a record of the value of the crypto asset in Australian dollars at the time of each transaction, records of agent, accountant and legal costs, digital wallet records and keys, a record of software costs that relate to managing your tax affairs.
You are able to purchase the minimum order size of $10 in order to buy ATOM on our exchange. Additionally, you can choose from a number of payment methods that our exchange offers to finalize your purchase transaction. Then, on your portfolio of cryptocurrency assets, the attained ATOM units will be visible.
It is estimated that 0.9 million people, 3.4% of the total Australian population, currently own at least one form of cryptocurrency.
After buying ATOM digital currency, you must transfer it to a wallet in order to keep it safe and secure. Cryptocurrency wallets are mainly divided into the two categories of hardware and software wallets. Hardware crypto wallets are the most secure, but software wallets usually have more features and a better user interface. Our exchange offers you a personal online wallet, which, because it can quickly connect to a wide range of trading options, greatly simplifies your trading of ATOM cryptocurrency.