CRYPTOPEDIA

How to buy Ethereum (Part 2)

Ethereum

In Coino’s new article we continue sharing the best ways how to purchase Ethereum quickly. Ethereum is one of the most popular and respected cryptocurrencies in the world. Ethereum supports protocols for smart-contracts  — programs which help to conclude, check and ensure the implementation of the contact. These protocols let business set the Ethereum blockchain according to their needs. They consider having more power than old-school paper-made contracts.

You can read the first part of the article here.

LocalEthereum

LocalEthereum is an alternative to LocalBitcoins or LocalBitcoinCash, an online platform where you can find people who wish to buy or sell Ether for different local currencies. It is a fully decentralized platform , which uses escrow  and Ethereum smart contracts in order to achieve an arbitrage. LocalEthereum’s principle of work is similar to eBay, a platform where users offer any national currencies in exchange for Ether.  As soon as the proffer is accepted for the other platform user, Ether to local currency exchange occurs automatically. Your funds can be transferred through PayPal, Kiwi, Bitcoin (or some other cyptocurrencies), bank transfer or credit (debit) cards. It is important to note that the platform charges commission: normally it is a 0.25 % fee for sellers and 0.75 % for buyers. However, most cryptocurrency exchanges charge a bigger commission than that of LocalEthereum.  Sometimes the process can also be time-consuming and take from a few hours to several days. All depends on Ethereum mining process: miners need to confirm the transaction and register it in the bockchain. You can also make a transaction faster by proposing a bigger fee to miners (the bigger fee miners get from you – the more motivation they have to process and record your transaction). Once a seller and a buyer found each other, they also can communicate in a special message window. You can even organize a meeting and to exchange Ether for fiat currency in a live regime. In case you prefer P2P meetings, think of a safe place to meet and discuss all details before-hand. Some people prefer to bring their friends with them so the meeting has a more formal character. Don’t forget to bring a device in order to log in and to proceed with the transaction. Ethereum related meetups are also sometimes organized in different cities. You can try to find a seller or buyer, discuss the current situation on the market and learn some trading life-hacks during such meet-ups. You can check the list of meetings now on a special website Meetup.com (https://www.meetup.com/topics/ethereum/). Selling or buying Ether in person (P2P) is one of the safest and easiest ways. Among the other advantages of using LocalEthereum is flexibility in choosing trading pairs and the absence of trading limits (buying and selling).The major disadvantage is that you have to trust a user you are trading with. Sometimes it is not very easy. You also need to make sure that that your cryptocurrency-related actions are legal within the jurisdiction where you reside.

Ethereum ATM

Ethereum ATM has the same functionality and features as Bitcoin ATM. Ethereum ATM is a good option for those who want to buy a small amount of Ether. Moreover, you do not need to verify your identity or go through AML (and Anti-Money Laundering) and KYC (Know Your Customer) procedures when using Ethereum ATM. Have you already registered a cryptocurrency wallet? You can not use crypto ATMs without your Bitcoin / Ethereum wallet address. There are different types of wallets and you need to choose the one which meets your expectations.

You can read a full article about cryptocurrency wallets here.

After registering an Ethereum wallet you will need to find  Ethereum ATM near me. The easiest way to do it is to use CoinATMRadar, which offers a full list of Ethereum ATMs all around the world. Without a doubt, there are way more Bitcoin ATMs than Ethereum ATMs. After finding the nearest ATM, you need to find and save a QR-code in your crypto wallet so the ATM will be able to scan it later on. You also need to have some cash to insert in the machine. Check the details of the purchase: as soon as you are OK with the amount of funds and Ether, confirm the transaction. You will need to wait from 30 to a few hours to receive the purchased amount of Ethereum on your wallet.

Ethereum wallet

Just like in the case of Bitcoin, you need to choose the best Ethereum wallet in order to store your cryptocurrency. Different crypto wallets have different types of storage, surveillance and access. It is worth noting that a storage does not keep your BTC from a technical point of view. You need to decide for yourself: what is better – Ethereum paper wallet or Mist ethereum wallet, etc. Alternatively, a wallet holds special keys, which are important for accessing your personal address and spending cryptocurrency that you have bought earlier.

There are 5 major kinds of Bitcoin wallets:

  • desktop
  • mobile
  • online
  • hardware
  • paper

You can a list of Etherem wallets on the official Ethetheum website Ethereum.org.

Among some good options for storing your Ether is  MyEtherWalletJaxx.io.

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blockchain, ICO, bitcoin, ethereum, mining

CRYPTOPEDIA


How to buy Ethereum (Part 2)

Published by blockchain, ICO, bitcoin, ethereum, mining