- Tezos (XTZ) is a self-amending blockchain with a unique governance system where XTZ holders can vote on rule changes.
- Tezos consists of two segments: Shell, which can be altered through user voting, and Protocol, responsible for sending proposals for revision.
- To participate in Tezos, users can stake XTZ through a process called "baking" and allocate votes to other users or pass on tokens.
- One recommended option to buy XTZ in Australia is CoinSpot, a secure and trusted crypto exchange with a wide range of supported cryptocurrencies.
Tezos is a self-amending blockchain with XTZ being its primary cryptocurrency. Created in 2014, this blockchain differs from others in its complexity in implementation. Namely, anyone who owns XTZ cryptocurrency can vote on possible future rule changes of the software that would automatically update upon its inception.
The idea behind Tezos is to significantly reduce the chances that this blockchain may split into two different cryptocurrencies. Although the idea differs from other blockchains, Tezos still offers the most common features. However, the blockchain is split into two segments, Shell and Protocol.
Shell is a code that alters upon user voting, while Protocol is the code in charge of sending all proposals to the Shell for revision. To properly synchronise its network, Tezos employs a PoS (proof-of-stake) variation called Liquid Proof-of-Stake, which uses similar mechanisms to traditional PoS.
To participate, users need to stake into XTZ. Tezos named this process “baking”, and bakers need 8,000 XTZ to enlist. Users can then allocate their votes to other users or pass on tokens to other fellow bakers.
However, it’s important to note that the bakers’ actions need to be genuine and forthright due to the flexibility to pass on tokens or allocate votes on its live blockchain.
If you believe in the potential of XTZ (Tezos), then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy XTZ (TEZOS)?
XTZ 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 XTZ (Tezos), 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 370+ different cryptocurrencies supported, including XTZ
- 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 XTZ
How to buy XTZ (Tezos)?
7 easy steps
Buying XTZ (Tezos) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own XTZ 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 XTZ (Tezos). Click on Buy/Sell in the menu along the top, then search XTZ. Click on Buy XTZ and you will see the purchase screen, like the screenshot below. The price of XTZ is shown clearly in the middle of the screen.
5. Select how much XTZ you want to buy
Select how much AUD you want to spend on XTZ, 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 XTZ (Tezos)
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 XTZ!
7. Store your XTZ safely
Now that you have made your purchase of XTZ (Tezos) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much XTZ you own, and the value in AUD. You can leave your XTZ in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your XTZ 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 XTZ (Tezos) in Australia.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy XTZ in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy XTZ (Tezos) 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 XTZ.