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How to buy TRON in Australia
Is TRX a good investment in Australia?
Tron (TRX) is one of the digital currencies that has been very profitable for its investors over the years, especially those who have entered the currency market for the first time. In 2017, Tron was released in the market at a price of $0.002. In January 2018, the price of each unit of Tron reached $0.028. This means that Tron has grown by more than 10,000% in one month. In 2018, due to the downward trend of all currencies, Tron also found a downward trend. But it still had one of the best performances among other currencies in terms of price. The price fluctuated a little bit over the following three months before experiencing another uptick at the end of April 2018 when TRX doubled in less than two weeks. The price changes over the ensuing two years weren't as eventful as earlier ones. The price of TRX started to increase at the beginning of 2021 and, for the first time in nearly three years, it broke through $0.06. Even though the current crypto market is going through a fluctuating pattern, some crypto market professionals have predicted that TRX would reach $0.15 in 2025 and will be traded for at least $1.37 in 2030. Still, keep in mind that this is not a buying signal. We recommend entering the crypto market after examinations and receiving consultancy from experts.
What is TRON ?
Tron is a kind of decentralized entertainment system and content sharing platform that works using blockchain technology and peer to peer network. This protocol allows all users to publish, store and own data and content in a completely free, decentralized and automatic way. You can consider Tron as the next generation of social networks that you can use to create content and share it with other people anywhere in the world. The TRON protocol is among the largest blockchain-based operating systems in the world. This network is highly scalable and has high throughput. One of the contents produced by Tron is decentralized applications (dApps). Tron is able to support a wide range of decentralized applications in its network. People who are fans of social networks, games and other online entertainment will surely enjoy the efficiency of the Tron network in the future. In fact, using the Tron network, users can create decentralized applications and programs for these entertainment purposes.
Blockchain Tron has the capacity to perform 2000 transactions per second with zero fees. While in Bitcoin and Ethereum blockchain, this capacity reaches 7 and 15 transactions per second. In May 2019, Tron was able to reach Bitcoin's ten-year performance in 319 days. In order to achieve its goals, in July 2018, Tron acquired BitTorrent, the world's largest data sharing platform.
Learn more on Tron official website.
Is TRON 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 TRON 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 TRON in Australia
The Tron network is currently capable of supporting various applications and games. Besides its main use case as a platform for content creators, Tron is often used to transact, as TRX transactions come with no fees whatsoever. There are many uses for TRX, including paying for goods and services, running native smart contracts, commissions and fees, and buying other tokens issued on the Tron blockchain. These uses may increase the demand for TRX, which would raise TRX's price accordingly. Moreover, you can hold TRX as a digital asset for investment purposes and cash it out quickly whenever you need.
Who can buy TRON 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
Cryptocurrency market analysts mention the snowball effect regarding the Tron currency and believe that the price of this digital currency will experience excellent highs in upcoming years. Smart contracts will play an important role in the development of Tron in the future, and the low cost of transactions and fast processing time will attract many users to this network. Additionally, the supply of Tron is limited and a specific number is provided which can help with the increase of its value over time. However, we must not forget that investing in the cryptocurrency market requires knowledge and experience.
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.
To purchase Tron, there is no set minimum requirement. You can purchase a minimum of $10 worth of Tron through our exchange using the payment method of your choice, and the transaction will be processed and added to your portfolio of cryptocurrency assets.
It is estimated that 0.9 million people, 3.4% of the total Australian population, currently own at least one form of cryptocurrency.
You can use digital wallets to store crypto tokens such as TRX. Tron’s official website has introduced several different wallets for storing TRX. TronLink is one of Tron’s authentic wallets, introduced by Tron’s official website. This wallet can be installed on mobile phones and two operating systems, Android and iOS. Also, by downloading the extension of this wallet, it can be installed on the Google Chrome browser. You can also use the wallet provided by our exchange, which makes trading TRX much easier. Note that hardware wallets are still the best option for storing Tron. However, because hot wallets can quickly connect to a number of protocols, many people continue to prefer them.