6 Things You Must Know When You Buy Solana in Australia

6 Things You Must Know When You Buy Solana in Australia

Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

Cryptocurrency is a property under the law in Australia, which means it is subject to capital gains tax for consumers. Solana is one such cryptocurrency that has been gaining popularity in recent times.

But, how to buy Solana in Australia?

If you are based in Australia and looking to purchase Solana, you should know a few things. Here are six of the most critical aspects.

#1. You Must Be an Australian Resident To Purchase Solana

According to the ATO, “To be an Australian resident for tax purposes, you must have been in Australia for more than half the financial year. If you leave Australia during the financial year, you may still be considered an Australian resident for tax purposes if your ‘ties’ to Australia are not broken.”

It means that if you are looking to purchase Solana as a foreigner, you will not be able to do so. You must also have an Australian bank account to buy Solana. Foreigners may not have an Australian bank account, which would make it challenging to purchase Solana.

A Finder survey of 1,004 Australians conducted in January 2021 revealed that 1 in 4 people (25 percent) invest in or plan to invest in cryptocurrency. It shows that the demand for cryptocurrency is high in Australia.

#2. You Need To Provide Identification To Verify Your Identity

Verification is a quick and easy process that only needs to be done once. After you have completed verification, you will be able to purchase Solana.

You can verify your identity using either your passport or driver’s license. If you choose to use your passport, you will need to take a selfie with it open to the page with your photo and name.

#3. You Can Only Purchase Solana With Australian Dollars

Many people ask the question – how to buy Solana in Australia? However, the answer to it is not difficult. You can use only Australian dollars to buy Solana (SOL) on a cryptocurrency exchange platform. It automatically converts your AUD into SOL at the time of purchase using real-time market rates. You do not have to worry about losing profit due to price fluctuations between currencies.

It is crucial to know that Solana’s minimum order quantity (MOQ) is ten coins. It might seem like a lot to some people, but it is not that much in the grand scheme of things. If you want to buy Solana, then you need to be prepared to purchase at least ten coins.

#4. Check the Transaction Fee on the Online Platforms

When you are looking to buy Solana, one of the things that you need to check is the transaction fee. The fees can differ from platform to platform, and you want to make sure that you are getting the best deal possible. The best thing is that, on average, the fees for buying Solana are pretty low.

#5. Time Taken For Processing

The average time for processing a Solana transaction is just 400 milliseconds, making it one of the fastest blockchains in the industry. Compared to Ethereum, which takes around 12 seconds, Solana’s performance is unrivaled. It makes it ideal for high-frequency trading and other latency-sensitive use cases.

#6. What are the Uses of Solana?

You can use Solana to create decentralized applications (dApps), launch initial coin offerings (ICOs), and build tokenized assets. The platform is also suitable for developing games, DeFi protocols, and high-performance applications.

Conclusion

Solana is a project with much potential. If you wish to get involved in the space, it is worth considering. However, as with any investment, there are some risks to consider. Be sure to do your research and consult a financial advisor before making any decisions.

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