In 2019 I was writing this post to help people who are new to cryptocurrency investing and blockchain technology. This post aims to walk you through the process of buying Ethereum, one of the most popular cryptocurrencies. First, you should know that it’s very difficult to buy Ethereum without a third-party service. Many of these services are not regulated, and some are even scams. For example, there’s a company called Genesis Coin, which has a reputation for making fraudulent claims.
Now that we have an idea of what Ethereum is and why you should invest in it, let’s get started! How to Buy Ethereum In this guide, I will walk you through the process of buying Ethereum on Coinbase. Before we get started, you might want to consider opening a Coinbase account so you can keep track of your Bitcoin and Ethereum. Coinbase is the most popular exchange in the United States, but several others like Binance and Gemini exist. If you want to buy Ethereum from other countries, check out this guide for buying ETH with Kraken.
What Is Ethereum & Smart Contracts?
Ethereum, or Ether, is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship, or third-party interference. What is the difference between Ethereum and Bitcoin? Bitcoin is a cryptocurrency (or digital currency) that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. It is the first decentralized peer-to-peer payment network. Ethereum is a decentralized platform for apps called smart contracts.
Smart contracts are a set of computer protocols that allow a contract to automatically carry out the terms of the agreement when certain conditions are met. This technology is a significant advancement from today’s financial systems. The term “smart contract” was first coined by Nick Szabo in 1994, but it was first used about Ethereum in 2015. A smart contract is a digital protocol that is based on a distributed ledger (blockchain). In fact, smart contracts can be used to create digital assets, like Bitcoin.
Place An Order for Ethereum and Decide How to Buy It
Your bank or debit card must be connected to your account before you can buy ETH. The amount of time it takes to deposit and withdraw an asset depends on the method used and the asset transferred. Your choice of option will most likely affect the fees. Furthermore, exchanges vary in terms of which currencies they accept. In some exchanges, fiat currency transfers are supported along with crypto asset transfers, while crypto asset transfers are the only option on other platforms.
After the funds have been deposited into your exchange account, you can begin trading. Once your account has been filled, you will be able to trade USD for Ether. If you want to swap dollars for ETH, just enter the amount in dollars. If you wish to buy Ethereum, you will most likely buy shares of a single ETH currency, depending on the price of Ethereum. You will see a percentage of Ether being purchased as a result of your purchase.
Read Also: How To Buy Dogecoin
Each exchange has its own user-friendly process, and most attempt to make it as simple as possible. On your exchange website, you can find valuable information such as current value and related news. You may wish to withdraw Ether from the exchange once you have obtained it in a wallet of your choice.
Store Your Ethereum
When you only have a small amount of cryptocurrency, leaving it in your exchange account is easier. The use of a digital wallet, however, can provide extra security if you wish to keep your holdings in a more secure location. A digital wallet comes in many varieties, each with a different level of security. Make an informed decision.