How To Buy Facebook’s Libra Cryptocurrency in Australia
Alright, so you want to buy some Libra. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably AUD) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
In Australia, we have quite a few options when it comes to cryptocurrency exchanges. Long story short, our favourite platform at the moment is CoinSpot, it’s easy to sign up, you can use AUD, and they have 100+ coins available for you to purchase (including Libra).
We’ve laid out the steps on how to get started below!
Libra Price AUD
Find the Libra AUD price below:
Available when the Cryptocurrency is fully released.
How You Can Buy Libra
Libra isn’t publicly available yet but when it is CoinSpot will be the best place in Australia to trade it.
In the meantime, if you’re looking to buy any other cryptocurrency in Australia, we highly recommend CoinSpot as the largest Australian exchange, for which you can find a step-by-step guide below.
How To Get Started
Setup Your Account
As mentioned above, Coinspot is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is Enable 2FA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you should see the message below at the top of your page while on the dashboard.
Verify Your Account
Before you do anything on CoinSpot you'll have to verify your account.
Click top right on Account > Verification
First, you'll have to verify your email and mobile number before continuing with the verification process.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
Connect Bank Account
You'll need to connect up your bank account if you want to buy coins on the platform.
Click top right on Account > Bank Details
Fill in the required bank information.
Once your account is verified and you've added your bank account details you can start buying and selling cryptocurrency.
Go to Buy/Sell
This page lists all the coins that CoinSpot has available (which is a lot). Simply click on "Buy" and input the amount of the coin you want to purchase or the amount of AUD you want to spend.
We highly suggest paying with POLi as it allows for near-instant transactions.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the CoinSpot platform.
Where To Buy Libra
We highly suggest using CoinSpot to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and CoinSpot clearly deserves the top spot, you can see our full CoinSpot review here.
CoinSpot is by far our most recommended exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. This is the most trusted exchange in Australia and arguably the best exchange globally.
What Is Libra?
As Cryptocurrency continues to grow in popularity across the globe, more and more people are looking for new and innovative ways to invest their money. Being one of the leaders in digital technology, Facebook has now jumped on the wave to give us Libra, a main competitor of Bitcoin and other similar cryptocurrencies and stablecoins.
Libra, Facebook’s first cryptocurrency, is associated with different currencies instead of a single currency, like most other cryptocurrencies on the market today. By associating Libra with multiple international currencies instead of the just the US Dollar, Libra will offer increased currency stability, as well as low-risk securities.
Users can send money via Facebook’s subsidiary applications such as WhatsApp and Messenger, with no fees incurred. Furthermore, users will be able to use ATM’s when exchanging conventional money for cryptocurrency.
Libra has been designed to prevent serious complications and discrepancies that can occur with other stablecoins due to price fluctuations or during a negotiation process.
Cryptocurrency experts have noted that Libra could likely introduce a new era of e-commerce. That, combined with Facebook’s vast social media reach and various connected platforms, would make Libra an absolute game changer.
Who Created Libra?
At the beginning of 2018, Mark Zuckerberg had hinted that Facebook would soon be getting its own unique version of Bitcoin. He began teasing his interest in stablecoins and cryptocurrencies through blog posts.
With Facebook facing many ethical concerns regarding user information, more and more users are becoming aware of big tech companies and spying governments gaining access to their information and Facebook habits. This didn’t stop Zuckerberg, as he believes Facebook can change these trends by adopting “important counter-trends… such as encryption or cryptocurrency”.
Zuckerberg has stated that his aim is to take the power back from centralized systems and give it to the people. He has emphasized his commitment to going deeper and studying both the negative and positive aspects of these advanced technologies, in order to find best practices within the service.
The Facebook cryptocurrency, now known as Libra, is easy and accessible, allowing you to send cash to people through platforms such as WhatsApp, with absolute ease.
What Is The Future For Libra Coin?
It seems that Zuckerberg has a unique and long term plan for Libra. It may be the force that is needed to aid digital currency in becoming a viable international option, competing against multinational services such as Apple Pay in the USA and WeChat in China.
For this to succeed long term, however, Facebook will need to closely and consistently follow anti-money laundering and anti-fraud guidelines as well as privacy clauses. If executed properly, Libra could be the final push needed to bring cryptocurrency, and more specifically, stablecoin, into the global spotlight.
Libra has been designed keeping developing nations in mind. In the long run, this could mean people in these countries will no longer need to rely on their central banks, which can be unstable and undisciplined. This could also hand back purchasing power to the end users, something which is often lost in developing countries where currencies are unstable and are regulated stringently through the central bank.
By providing these users with access to a more reliable currency which is not directly backed by their government’s currencies, Libra could potentially help improve the lives of many people globally.
The long-term benefits of Libra could potentially be game-changing. However, the real success of the cryptocurrency will be dependant on Facebook’s ability to follow ethical practices, as well as their ability to successfully execute and implement it.
Finally, all governance control over this project has been ceded to an independent foundation formed In Switzerland. This can be seen as a positive, ensuring Facebook is in line with ethical practices, avoiding any antitrust allegations.
With Libra being fresh on the cryptocurrency market, it is hard to be exactly sure of where it will go in the future. That being said, this foundation is predicted to quickly become a large and influential power within global capital markets.
Who Is Libra For?
According to Mark Zuckerberg, Libra has been created for the masses, to help put the power back into the hands of the population instead of centralized banks. It will certainly be attractive to most Facebook users, as well as to people living in developing nations.
Libra aims to eliminate card-processing fees, which can sometimes constitute up to 3% of the transaction. Governments or payment processors, such as MasterCard or Visa, generally collect these fees. The removal of this third-party cost will most certainly attract new users and could also possibly pressure online merchants to move to Libra.
As large originations like visa and MasterCard continue to increase their transaction processing fees, the likelihood of Libra attracting large numbers of users from different spending brackets grows.