Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Mina Protocol. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!

Sign up with Swyftx

Mina Protocol

Australia has a decent number of reliable and regulated crypto exchanges, so it’s quite easy finding an exchange that has Mina Protocol. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.

Let’s get into it!

How to Buy Mina Protocol in Australia

There are only 4 main steps involved and it’s pretty straightforward:

  1. Choose a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with AUD
  4. Buy Mina Protocol

1. Choose a crypto exchange

As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Mina Protocol in its list of cryptocurrencies.

Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.

And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.

So for this guide on buying Mina Protocol, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Mina Protocol.

If you’d like to know more about the exchanges we prefer, read our comparison of the most trusted crypto exchanges.

2. Sign up with the crypto exchange

Once you’ve decided on which exchange to use, it’s time to sign up.

Sign up with Swyftx and grab $20 free BTC.

Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.

Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.

Once done, it’s time for the next step.

3. Funding your account with AUD

To buy Mina Protocol, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.

Swyftx Deposit Methods

4. Buy Mina Protocol

The final step is to go to their asset list, find Mina Protocol, navigate to the buy section, and then trade your AUD for some MINA. Once you’ve bought Mina Protocol, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.

Where to Buy Mina Protocol (MINA)

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How to Sell Mina Protocol

If you’re thinking about selling Mina Protocol, just follow the steps below.

  1. Sign in to the cryptocurrency trading platform (like Swyftx).
  2. Click on Mina Protocol in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
  3. FInd the sell section and sell Mina Protocol for AUD, or trade it for another cryptocurrency.

Frequently Asked Questions

Is buying Mina Protocol in Australia legal?

Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.

How to buy Mina Protocol with PayPal?

Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Mina Protocol. Have a look on their site first, you might be lucky.

How to buy Mina Protocol with a credit card or debit card?

Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Mina Protocol with your credit/debit card.

About Mina Protocol

Mina Protocol, a minimalist and succinct blockchain, reduces the computational requirements for DApps to run more efficiently. Mina is the most widely used and lightest blockchain in the world. It is small enough to be stable even with growing usage. It also balances security and decentralization. The project was renamed Coda Protocol to Mina in October 2020.

Mina's network has a size of 22KB, which is small compared to BitcoinaEUR (tm)'s 300 GB blockchain.

Mina is currently creating a distributed payment system to allow users to verify the platform from the genesis block. According to the technical paper, this is a "succinct blockchain."

Protocol uses Zero-Knowledge Success Non Interactive Arguments of Knowledge (zkSNARKs). These cryptographic proofs enable someone to authenticate information without revealing it. It can be difficult for a user to track back a platform's genesis blocks in a large network. Mina calculates incrementally SNARKS, focusing on the most recent blocks. End-users can thus check the zk SNARK compressed proof rather than the entire transaction history.

Mina protocol's native currency MINA is the heart of Mina protocol. It can be used as both an exchange medium and utility coin.

Mina works in the same way that Bitcoin does, processing transactions exactly like Bitcoin. Mina uses the Ethereum account model.

This is the major difference between Bitcoin and Ethereum: Ethereum's state has a list of unspent coins while Bitcoin's state has account balances.

Mina uses a prover, or even a snarker, which is an equivalent of a miner to ensure that every block makes a commitment towards the state.

Mina uses the Ouroboros Samasika PoS Mechanism, which is a PoS system that's specifically designed to support succinct networks and decentralized networks. It allows bootstrapping from a genesis blocks.

In succinct Blockchains, there are two major functions: verify and upgrade. Update works with consensus and chain summary. Verification touches consensus, blocks, and blockchain summary.

To maximize transaction processing speed, the parallel scan state is utilized. It works by grouping unproven blocks and assigning them to parallel provers.