In this guide, we’re going to explore how people can buy Ethereum. First, Ethereum (ETH) is a blockchain platform that is secured by a distributed network of machines every time it is processed. and validating transactions. Ether is the currency of the blockchain (although Ethereum is often used synonymously to describe the blockchain and the currency) and is generated by the machines that perform this task.
Ether can be traded against fiat currencies or held as a speculative asset. The Ethereum network has thousands of participants who can do business with anyone from any part of the world without intermediaries.
Open an Ethereum wallet
Before you can get some ether you will need an Ethereum wallet to hold your ether. As there are many, you should carefully choose among the best Ethereum wallets out there.
Below is a breakdown of the most popular ether wallets.
Ethereum hardware wallets
Hardware wallets are the safest way to store your airwaves right now. This is a small piece of hardware that you plug into your computer and use to store your private key offline. Hardware wallets are likely to be an optimal blend of convenience and security. The main hardware wallets for Ether include Ledger and Trezor.
Electrum software wallets
When you’re starting out and don’t have a lot of ether to store or don’t have enough money to buy an Ethereum hardware wallet, you can use a free software wallet. These wallets are free, but the downside is that they are less secure as they are always online compared to hardware wallets.
Ethereum’s top software wallets include Exodus, Edge, and MyEtherWallet.
Buy Ethereum on a crypto exchange
Before choosing a suitable exchange, make sure it works in your country and accepts your country’s currency. For security reasons, you will need to provide some personal information during the registration process.
Most exchanges do full identity verification later when you fill out your deposits and withdrawals. To pass these exams, you’ll need to show your proof of address and a photo of yourself with your ID card or driver’s license. This process is carried out in accordance with anti-money laundering regulations and for the knowledge of your customers.
After you have completed all of the checks, the next step is to choose a deposit method. There are several methods available depending on the exchange, including PayPal payment, credit and debit cards, and bank transfers.
Interesting: How to buy Ethereum with a credit card
A small fee is charged for the deposit, depending on the deposit method. Please see the “About” section or the website footer for details.
Most exchanges accept euros and dollars, and the major exchanges accept British pounds, Chinese yuan, and Russian rubles. You have to wait several hours for your money to appear in the exchange. This also depends on the exchange and deposit method used.
As soon as you see your money in the exchange, you can start buying ether. The ease of use of this process depends on a specific exchange, with many efforts to make the process as simple as possible.
You will get vital information about the current price of the coin, market capitalization and other relevant news on the stock market.
Some exchanges that accept Ether include Bitfinex, Coinbase, Binance, Kraken, Etoro, BitPanda, Gemini, and GDAX.
If you decide to buy ether on an exchange, you can use a wallet provided by the same platform as it is easier to do. However, this method is not safe.
Buy Ethereum with cash
Some may prefer to buy Ethereum anonymously for a variety of reasons, such as: B. in order not to pass the KYC and AML exams. While regulators in some countries are uncomfortable with this method, you can still buy Ethereum through an online peer-to-peer exchange like LocalEthereum.
LocalEthereum is the sister company of LocalBitcoins and facilitates over-the-counter trading in local currencies. The main difference is that the former is completely decentralized and fiduciary services and arbitrage are achieved through smart contracts.
This exchange works like eBay; That said, it’s a marketplace where users can offer any local currency in exchange for a certain amount of Ethereum. As soon as the seller accepts the offer, the money is exchanged automatically. Money is transferred through various methods and even other major digital currencies like Bitcoin.
However, there is a 0.25% fee for this service while buyers pay 0.75%, which is significantly lower when compared to other centralized exchanges. The transaction can take a few hours while miners record the amount on the blockchain. Once miners receive the fee, the user can speed up the process by choosing a higher fee. This gives miners an incentive to process the transaction faster.
In addition, LocalEthereum enables the seller and buyer to communicate, and they can also schedule an eye-to-eye meeting to physically conduct the exchange. If you prefer this method, make sure you meet the buyer or seller in public and take all necessary precautions as this is a financial transaction and therefore risky. You must also sign the transaction on the exchange.
Alternatively, you can both schedule a meeting at the general crypto meeting. There you can securely swap Ethereum with the stranger and at the same time share crypto-related knowledge with like-minded crypto enthusiasts.
Right now, ethereum peer-to-peer trading is the most private and secure method. In addition, it offers unparalleled flexibility in terms of trade pairs and the lack of buy or sell limits. However, this trading method requires trust between both parties, especially in face-to-face meetings.
Buying Ethereum from an ATM
You can buy Ethereum through an Ether ATM. This is an ideal method for Ethereum investors, users, and traders looking to buy small amounts of Ether. Most Ethereum ATMs limit transactions to a relatively small amount so you don’t have to meet the KYC or AML requirements.
After purchasing ether, make sure the coins are visible in the wallet of your choice. However, if you are using a software wallet and it gets hacked, you will likely lose all of your coins.
In this step, send your coins to your Ether address. The address usually contains a long sequence of characters and numbers that begin with ox. You can find your Ethereum address in your Ether wallet.
Is It Too Late To Buy Ethereum?
Ethereum is still trying to break into various sectors and its full potential has not yet been reached. According to an expert, Brian Schuster, the ETH price will be $ 100,000 in 10 years if it turns out to be “an asset that replaces all existing currencies”.
While that prediction is a bit of a stretch, if the technology succeeds, the price of the coin is sure to be much higher than it is today.
In addition, some upgrades for the Ethereum blockchain still have to be released. These upgrades will reduce the supply of the coin in the market and increase the capacity of the network.
Buy ETH from Binance today!
However, before buying Ethereum, make sure you have an Ethereum wallet and then choose the method that suits you best.