Key Takeaways
- HBAR is a cryptocurrency native to the Hedera network, which aims to provide fast, secure, and fair online transactions.
- HBAR works on the Hedera Hashgraph decentralised network, utilizing the hashgraph consensus algorithm for scalability.
- HBAR can be obtained by participating in the consensus process, paying transaction fees, or purchasing it from an exchange.
- To buy HBAR in Australia, it is recommended to choose a reputable and secure cryptocurrency exchange such as CoinSpot, verify your account, deposit funds, go to the buy section, select the desired amount of HBAR, confirm the purchase, and store the HBAR in a secure wallet.
HBAR is a cryptocurrency that is native to the Hedera network and used to pay for transactions and services on it. It uses peer-to-peer technology and a fair ASIC-resistant PoW mining process to operate with no central authority. Hedera Hashgraph is a decentralised network for developers, similar to Ethereum that aims to build networks in which users can make fast, secure, and fair online transactions. Unlike Ethereum, Hedera uses the hashgraph consensus algorithm, which is believed by some to avoid the scalability problems that plague Ethereum. HBAR is the native cryptocurrency for Hedera's public network and one of three assets that are available for staking on the network.
How does HBAR work?
Hedera Hashgraph is a decentralised public network that acts as a database, exchange, and secure messaging service. HBAR can handle 1,000 transactions per second and charges a 0.0001 HBAR fee per transaction, which is cheaper and faster than the Bitcoin Blockchain. It enables businesses to build fast, fair, and secure applications.
Transactions are approved by Hedera's governing council of 39 leading global organisations. The platform provides developers with the tools necessary for creating the next generation of high-performance distributed applications. HBAR is a utility token you can use to pay for various services, such as sending transactions or running smart contracts. The token will be required for developers building decentralised applications (dApps) and for users interacting with apps that run on Hedera.
The consensus protocol within HBAR works to validate each transaction in a matter of seconds to make it light enough to function on smartphones while maintaining cost-effective and fast transaction speeds. Users can earn HBAR by participating in the consensus process, paying small transaction fees, or purchasing it from an exchange. You can think of HBAR as a fuel that powers the Hedera network.
Where to buy HBAR (Hedera)?
HBAR is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy HBAR (Hedera), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 410+ different cryptocurrencies supported, including HBAR
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy HBAR
How to buy HBAR (Hedera)?
7 easy steps
Buying HBAR (Hedera) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own HBAR in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some HBAR (Hedera). Click on Buy/Sell in the menu along the top, then search HBAR. Click on Buy HBAR and you will see the purchase screen, like the screenshot below. The price of HBAR is shown clearly in the middle of the screen.
5. Select how much HBAR you want to buy
Select how much AUD you want to spend on HBAR, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy HBAR (Hedera)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some HBAR!
7. Store your HBAR safely
Now that you have made your purchase of HBAR (Hedera) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much HBAR you own, and the value in AUD. You can leave your HBAR in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your HBAR to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own HBAR (Hedera) in Australia.
Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You can click here to open an account with Swyftx.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy HBAR in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy HBAR (Hedera) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of HBAR.