Gnosis (GNO) is the 159th largest cryptocurrency by market cap, valued at US$659,554,150.
Gnosis is a highly volatile asset capable of major price swings in a single day. Today GNO is trading for $252.82 USD, which is higher than yesterday's trading price of $230.68 USD. Over the past year, Gnosis's price has seen an increase of 19%.
So before you buy Gnosis, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Gnosis.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Gnosis in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Gnosis is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Gnosis
You can now exchange your funds for Gnosis. On beginner-friendly exchanges, this is as simple as entering the AUD or GNO amount you want to purchase and clicking "buy".
Secure your Gnosis
Consider transferring your GNO to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Gnosis in
Australia
Find an exchange to buy, sell and trade GNO by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Gnosis guide up-to-date
GNO price data is regularly updated through data feeds so you always have the latest information.
What is Gnosis?
Gnosis is a decentralised prediction market built on the Ethereum protocol. Backed by ConsenSys, it aims to provide an open platform where users can predict the outcome of any event, including everything from elections and insurance to climate change.
Gnosis was founded in January 2015 by Martin Köppelmann and Stefan George. With an aim to produce a decentralised, user-friendly network for prediction markets, Gnosis held a token launch in 2017 via a Dutch auction. The launch was a successful one, with US$12.5 million worth of tokens purchased within just 12 minutes.
Using the Gnosis platform, third-party developers can create betting applications on anything from sports results to elections, celebrity gossip and stock values. Other users can then bet on the outcome of the event, with the data collected during the betting process used to create a prediction.
The Gnosis platform has two native tokens. GNO is an ERC-20 token intended to encourage user participation within the platform. They can be used to generate OWL tokens by locking your GNO in a smart contract. OWL tokens are used to directly interact with the Gnosis network and can be used to pay for transaction fees, as well as creating and betting on markets.
How do I find the best places to buy Gnosis?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Gnosis?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Gnosis.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing GNO with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Gnosis?
Once you've created an account, you will need to deposit funds to buy GNO with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy GNO:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase GNO by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for GNO on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Gnosis?
The easiest way to buy GNO is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying GNO, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Gnosis has been performing recently.
Best Gnosis wallets to store your GNO
You can keep your GNO on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your GNO below.
December 2021: Based on a commumity proposal and subsequent vote, the Gnosis community will merge their token with xDAI and develop the xDAI blockchain under the name, "Gnosis Chain." The proposal was accepted in December 2021. All voting participants are entited to a commemoratrive proof of Attendance protocol (POAP) token.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Gnosis a good investment?
Cryptocurrency is a highly volatile and speculative asset, and there's a lot to consider before you decide to add some to your portfolio. In the case of GNO, here are some things you should know:
Supply: Gnosis Tokens were sold during the company's 2017 token launch. No more of these tokens will be created, meaning there is a fixed supply of 10 million.
Competition: Gnosis isn't the only company working towards creating a decentralised prediction market, with competition also coming from Augur and several other sources. Consider the strengths and weaknesses of Gnosis when compared to its competitors to help determine the future value of GNO.
Gnosis Beacon Chain: In 2021, Gnosis' original network merged with the new Gnosis Beacon Chain. The purpose of this merger was to revolutionise the staking mechanisms of the platform. On the GBC, methods were implemented to create a wider pool of node validators and improve decentralisation. Originally, validators would need 32 ETH to run a node - a sum that is much too high for a number of DeFi users. Using the GBC, those with smaller amounts of cryptocurrency will be able to run independent nodes, with validators only requiring the use of 1 GNO.
Today's Gnosis price versus ATH
Compare today's price of Gnosis ($252.82 USD) against its all-time-high price of $644.2 USD on 08 November 2021. The closer the bar is to 100%, the closer GNO is to reaching its ATH again.
Gnosis's price: $252.82 USD ATH date: November 08, 2021
39.25%
Gnosis ATH: $644.2 USD
How to trade, convert or sell Gnosis
You can convert or sell your GNO with the same exchange you bought it through:
Sign in to the exchange you have GNO on.
If you store your Gnosis in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of GNO you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Gnosis.
Complete your transaction and move your GNO to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Gnosis, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of GNO is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Gnosis or any other cryptocurrency discussed.
This guide provides step-by-step instructions on how to buy Bitcoin Cash, lists some exchanges where you can get it and provides daily price data on BCH.
Learn how to buy Litecoin in Australia with our simple step-by-step guide and tips on what to know before you get started.
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