How to Buy Ethereum (Part 1)

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2018-08-18
How to Buy Ethereum (Part 1)

What is Ethereum

According to Coinmarketcap.com, Ethereum is the second largest cryptocurrency after Bitcoin. Its market cap is $29,534,865,637 USD compared to Bitcoins’s $109,901,600,066 USD. Ethereum price fluctuations are not as spectacular as Bitcoins’, but many users still choose it as a good alternative to Bitcoin. Ethereum is more than just a cryptocurrency. It offers a unique Blockchain-based solution for the cryptocurrency community. Ethereum has endless opportunities for application in the real-world environment and can change our perception of the modern world forever. Each member of the Ethereum community (who owns ETH) is able to build decentralized and independent applications based on the Ethereum blockchain. ETH (Ether) is Ethereum’s native digital currency, which opens the functionality of blockchain (in addition to its updates).

Ethereum news

Beginning of 2018 became a great start of new and powerful success of Ethereum. For the first time in its history, its price turned 1000 USD per 1 ETH. Professionals ask themselves, how, why, when?!  A large number of articles presented in the mainstream media have been written about the relatively recent growth of the Ethereum and the non-existent competition between Ethereum and Bitcoin. Reports and articles have consistently characterized Ethereum as a great cryptocurrency and the Blockchain network. In 6 months, i.e. in August 2018 Ethereum price decreased to 290 USD per unit.

However, the vast majority of users, traders, investors and enthusiasts who really own cryptocurrency and the Blockchain sector understand that Ethereum and Bitcoin are not competitors. In fact, Bitcoin is a valuable product and was designed to become a global decentralized and transparent digital currency. In contrast, Ethereum was developed to provide an ecosystem for decentralized applications and decentralized autonomous organizations (DAO).

This article describes different ways of buying Ether.

Ethereum exchange

Ethereum

Ethereum

Just like in the case of Bitcoin, most people buy Ether through a cryptocurrency exchange. Ether is more stable than Bitcoin, it is often easier to make Ethereum price prediction than the Bitcoin one. It is not difficult to find a well-known and trust worthy crypto exchange, where you will be able to buy or sell Ether. First and foremost, you need to register your account on the exchange that you have chosen. Have you thought of a good criteria for choosing an exchange? Make a list of important factors – it will make a process of choosing a trust worthy exchange easier. You also need to check whether an exchange that you have chosen is authorized in your country and offers the trading pairs that you are interested in.

Normally registration on the exchange requires your personal and bank details, so prepare a scanned copy of your ID, address proof, passport sized picture, etc. In case you are interested in the withdrawal, you will need to go through a process of a detailed identity verification. But don’t get stressed! It is not as difficult as it may seem and millions of people have already gone through a similar process. Remember about KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, which you will also need to read carefully. Also think of a deposit type in advance. Different exchanges offer different deposit methods. Among the most popular methods – PayPal, SEPA, debit or credit card, bank transfers, etc. You will also need to deposit a certain amount of money. Check all info on the deposit amount and methods on the official website of an exchange. All modern global crypto exchanges work with USD and Euro. In case you are interested in other fiat currencies, like Ukrainian Hryvnia (UAH), British pound (GPB), Russian Ruble (RUB), Swedish Krone (SKR), Georgian Lari (GEL) – check this info additionally on the website. Normally the process of depositing and withdrawing funds takes from a few hours to a few days.

Once the funds are available on your cryptocurrency exchange address, you can start buying or selling Ether. Most platforms are user-friendly and have various guidelines on trading secrets and life hacks. Everything depends on a particular exchange. In case you can not find any info, check  Reddit ethereum, or Bitcointalk form, where the members of Bitcoin community share their personal experience with reading Ethereum. Most websites have information about Ethereum value, Ethereum  price charts, market cap and other useful details. Don’t forget to withdraw Ether to your wallet. There are many different types of wallets in case you haven’t chosen one yet: desktop, paper, mobile, online wallet, etc.

You can read an article on the wallet types on our website.

Among the suggested cryptocurrency exchanges are GDAX, Bitfinex,Bithumb,Binance, etc.

Buying Ether with cash

In case you do not consider a cryptocurrency exchange as a good idea for buying Ether (time-consumingKnow Your Customer (KYC) and Anti-Money Laundering (AML) checks, ID and bank account verifications, exchange fees, etc.), think of other available options. You can buy Ether anonymously and quickly with the help of P2P platforms, such as LocalEthereum.

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,551.74
  • rippleXRP$0.318684
  • ethereumEthereum$117.84
  • tetherTether$1.00
  • eosEOS$2.33
  • stellarStellar$0.103663
  • litecoinLitecoin$30.80
  • cardanoCardano$0.043297
  • tronTRON$0.023759
  • moneroMonero$43.65
  • iotaIOTA$0.296393
  • nemNEM$0.055588
  • dashDash$68.37
  • neoNEO$7.52
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