Ethereum might not be as popular as Bitcoin, but it is the second-largest cryptocurrency. As a digital currency enthusiast, you have probably wanted to buy Ethereum. But what is Ethereum? It is a form of cryptocurrency that was created by Vitalik Buterin in 2013. However, this digital currency went live in 2015. It is a decentralized platform tasked with running smart contracts. One of the outstanding qualities of Ethereum is that it has no downtime and its security against fraud is almost impossible to breach. Its cryptocurrency version is commonly referred to as ether. That said, ethereum is one of the most desirable digital currencies.
So, why should you invest in ethereum?
Recently, ethereum has been performing extremely well when compared to other forms of investments. This year, ethereum performed better than most stocks and gold. Ethereum is only second to bitcoin and most tokens prefer to use the ethereum network. This makes it the network of choice for many other cryptocurrencies.
Tips on how to buy ethereum
Identify a trading platform
Before you embark on buying ethereum, you want to identify a platform that suits your needs. These are the likes of Coinbase, Gemini, Bitfinex, https://nakitcoins.com/, and so on.
Get a digital wallet
If you are going to buy ethereum, then you need a digital wallet. Otherwise, you will not have a place to store it. Remember, not all digital wallets store ethereum. This means that you will need to work with a wallet that is compatible with this currency. You could get a software-based, web-based, or hardware wallet. The bottom line is that you should create an account on the platform that you choose.
The next step is to deposit currency in your account. This refers to putting money in your debit or credit account. For cryptocurrency, the initial capital is not demanding. You could use less than a thousand dollars to buy ethereum, although you can trade as low as $5. It is best to spend $1000 because there are transactional costs involved.
Buy with credit or debit card
As soon as you verify your account and the deposit is confirmed by the bank, you can’t start buying ethereum. Some of the things that you will be doing include confirming transactions as well as waiting for them to be processed.
So long as you have money on your debit or credit card, you can easily buy ethereum from the comfort of your home. Coinbase is one of the most friendly platforms to buy ethereum using a card. The transactions are instant but a 3.5% cost is applicable.
Withdraw your ETH into a wallet
Once you have successfully purchased your ETH, withdraw it into your chosen wallet. If you are using a fiat exchange, withdrawing your ETH is a straightforward process.
Most people hardly know how to buy ethereum, they think that the process is quite complex. However, that’s not the case. If you have read this piece closely, then you can buy ethereum without any issues.