December 9, 2021

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SCRT: Answers to The Most Commonly Asked Questions

3 min read
buy SCRT Australia

Investing in SCRT is fairly simple. You need to know about the marketplace, you need some money, and decide what type of customer account would best suit your needs.  When you’re looking to buy SCRT Australia, there might be some things you need to know.

For most customers, a personal account will best serve their investing needs.  This account gives them full control over the two tokens they are allowed to own for this purpose: SCRT and SRCOIN.

Common FAQs are answered below.

What is SCRT?

SCRT is an acronym for SecretCoin. It functions as a utility token, allowing investors to participate in the revenue sharing program within the system. This token will never exist outside of the Secret Network platform.   

What is SRCOIN?

SRCOIN is an acronym for SecretCoin1.  The first iteration of this token will exist on many different exchanges. However, price and volume are not likely to correlate with SCRT due to the significant differences between the two tokens.   SRCOIN may be phased out entirely once its hard cap has been reached, but it is not determined by the developers yet. 

Why should I buy SCRT?

Investing in SCRT is the only way that you can participate in the revenue-sharing program.  Until at least one of your tokens has reached an age of maturity, you will not be allowed to withdraw funds from your account.  

What does it cost to buy SCRT?

The current price for SCRT during its crowd sale is 0.00040000 ETH per token. The minimum purchase amount is 20 SCRT.  Investors must send their investments directly to the smart contract address found on the official Secret Network website (https://secretnetwork.github.io/). 

If investors would like a custom gas limit and gas price, they may send their transaction to the mining pool first; then, the mining pool will send the transaction to the smart contract with all of your desired parameters included.  It is currently free, but it is good practice to include a large enough gas limit and gas price so that the transaction does not fail due to a lack of funds/transaction fees.

What about taxes?

Investors living in countries where Secret Network has a legal presence (such as Switzerland) may be subject to tax earnings from revenue sharing. It is up to you, as an investor, to forward information about your earnings to relevant tax authorities if they ask for it. 

Although SECRT and SRCOIN transactions are anonymous by default, there are sometimes ways for unscrupulous individuals to connect specific wallet addresses and transactions with individual identities.  When in doubt, always err on the side of caution.

What about security?

Your SCRT can be stored in a wallet. Many other wallets support ERC20 tokens, which you may use instead, but please remember that hardware wallets will not work for this purpose due to SECRT’s lack of integration with the Ethereum blockchain.   

The wallet is accessed by sending 0 ETH to its address.  It will generate a file containing your public and private key information that you can back up or pass around as needed. 

These are the things that anyone who wants to buy SCRT in Australia must be aware of. Try to learn more about the coin before you invest, and remember, never invest more than you can afford to lose.

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