Everyone is talking about ChatGPT and the future of AI, and the problem of discerning whether something is created by a real person or the product of AI. Sam Altman, the CEO of OpenAI (the company that developed ChatGPT) has come up with a solution to this, and co-founded a digital ID platform called Worldcoin, along with its cryptocurrency WLD. The project has been brewing for the last three years, but we are hearing a lot about it in the news lately, as it officially launched this week. So what is Worldcoin, and what is the hype all about?

What is Worldcoin?

To put it simply, Worldcoin is a platform that can give each individual a simple way to prove that they are a human, and not a bot (called 'proof of personhood' by the company). This is initially proven by scanning your iris, which has a pattern unique to each person, much like a fingerprint. This is done using the Worldcoin Orb.

An ID code is created from the pattern of your iris, and they have named this the IrisCode. Worldcoin assures users that the code is not linked to your personal details, and that your iris pattern is permanently deleted after you are given your World ID. 

The World ID is added to Worldcoin's blockchain, and to verify your 'humanness', you use World App. The app not only holds your ID, but is also a crypto wallet, currently supporting BTC, ETH, and USDC, with plans for more coins in the future.

What is Worldcoin crypto (WLD)?

During the pre-release phase, Worldcoin signed up over 2 million people to their platform, across 33 countries across Europe, Asia, and Africa. These people all received WLD crypto as part of the Worldcoin launch.

New users who sign up for a World ID will also receive WLD tokens as a welcome reward. However, since Australia does not have any iris scanning stations yet, you won't be able to sign up to receive free WLD crypto. But if you are interested in investing in WLD before it takes off, you can buy it from certain crypto exchanges, which I will cover below. 

Where can I buy Worldcoin (WLD)?

Worldcoin is not readily available at many crypto exchanges, since it is a newer coin. I have done the research and found several reputable and secure platforms that sell WLD coins. My top recommendation is to use CoinSpot, an AUSTRAC regulated exchange, with more than 460 cryptocurrencies available, including Worldcoin. If you want to learn more about CoinSpot before signing up, read my detailed review of CoinSpot.

How to buy Worldcoin (WLD)?

There are four simple steps which I will go through in detail below:

Step 1: Compare crypto exchanges

Step 2: Register an account

Step 3: Deposit AUD into your account

Step 4: Buy Worldcoin (WLD)

Step 1 - Compare the best crypto exchanges

First, you need to choose a crypto exchange that suits your needs. For example, are you looking for security, low fees, ease of use, or additional features? You also need to ensure that the crypto exchange that you choose sells Worldcoin crypto. I have narrowed down the options for you, and here are my top 3 recommendations below. In this guide I will use my CoinSpot account, so if you want to see how to do it easily, you can also sign up with CoinSpot, and even receive $20 BTC for free!

Step 2 - Register an account

If you want to sign up with CoinSpot, just click here: https://coinspot.com.au/ and you will be redirected to CoinSpot's home page. Click the white "Register" button in the top right, then you will see a page like the screenshot below. Type in your email address, create a password, click the box to show you’re not a robot, then Create Account.

After signing up to CoinSpot, the next step is verification. Click the "Complete Verification" button and follow the prompts. You have to verify your email, complete your personal details and verify your driver license. After you have finished this, it can take a while for verification to be complete. While you are waiting, you can explore CoinSpot's platform and learn how it operates. 

Step 3 - Deposit AUD into your account

Now that your verification is out of the way, it's time to deposit money into your CoinSpot account. Under the CoinSpot logo in the top left, you will see "Deposit Funds". Click on that, and you will see a screen like the image below. You will notice five deposit methods; choose the one that you prefer. I personally use POLi because it is free and instant. Type in the amount you wish to transfer, choose your bank, and click "Continue to POLi" to finalise the deposit.

Step 4 - Buy Worldcoin (WLD)

If you deposited with POLi, your money should be in your CoinSpot account immediately. You can see it next to "Account Funds" at the top of the site. Now navigate to "Buy/Sell", found in the menu at the top, type in Worldcoin or WLD, then click "buy WLD".

You will see the purchase screen now, where the price of one Worldcoin is shown in the middle of the screen. At the time of writing, it is $3.2238. Type in how much AUD you want to spend on WLD, then click the blue "Buy" button.

A pop-up will appear, with the summary of the purchase. It shows you many Worldcoins you will receive, the price for each coin, trading fee, and the total purchase price in AUD. In this example, you can see I bought $500 worth of WLD. After confirming all the details are correct, click on "Confirm Buy" to finalise your purchase. Congratulations, you are now the proud owner of Worldcoin cryptocurrency!

Frequently Asked Questions:

Where do I store my Worldcoin after purchasing it?

After buying Worldcoin at any of the recommended exchanges, it will be stored automatically in a wallet address on that exchange. You can choose to keep WLD in the crypto exchange wallet, or transfer it to your own crypto wallet (eg: a hot wallet app, or a hardware cold wallet). Be careful and check whether your wallet supports WLD before transferring it, otherwise you will lose it all. 

Is buying Worldcoin in Australia legal?

Yes, you can legally buy, sell and trade Worldcoin (WLD) in Australia. 

How to buy Worldcoin with credit card?

Swyftx is one of the few Australian crypto exchanges accepting credit card deposits. Sign up with Swyftx in order to use credit card to buy WLD.

How to buy Worldcoin with debit card?

Not many Aussie crypto sites accept debit card deposits; Swyftx is one of the few that does. To buy Worldcoin using your debit card, create an account with Swyftx, the #3 crypto exchange in Australia.

Is it safe to buy Worldcoin?

If you stick to legitimate and secure crypto exchanges, then buying, selling and trading Worldcoin or any other cryptocurrency in Australia is safe. All of the top Australian exchanges that I recommend have multi-layered security, and are registered with AUSTRAC so you can trust they are safe.