Ethereum is a cryptocurrency that utilizes the functionality of blockchain technology and smart contracts. Ethereum is a decentralized platform that can be used to codify, secure, and trade almost anything.
The type of transactions that take place on Ethereum is immutable and final. All valid transactions are stored by many interconnected computers with different physical locations. The blockchain technology has no possibility of shutting down or central point of failure. Ethereum happens to be the next famous cryptocurrency after Bitcoin.
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How to set up an Ethereum wallet?
If you want to know how to buy ETH, first what you must know is how to create a crypto wallet. The Ethereum network has given birth to the abundance of tokens. It has its native token called Ether that fuels the whole Ethereum ecosystem. To store Ether, you need a wallet. It could be a mobile or a web app, a desktop application, an online exchange, or a hardware wallet. Before setting up an Ethereum wallet, it’s important to familiarize yourself with wallet transactions and software. When dealing with any cryptocurrencies, you should be careful and understand the technology under the Ethereum industry. If you happen to make a wrong move when receiving or sending a particular transaction, the system is exceptionally unforgiving. To download the official Ethereum core wallet, go to Ethereum.org.
How to buy Ethereum on the exchange?
An Ethereum decentralized exchange (DEX) is a convenient option if you are looking to exchange between tokens. Binance, Poloniex, Bittrex are among the most popular Ethereum exchanges, given those are centralized. They give you the chance to trade or buy Ethereum against other cryptocurrencies available. If you are using the platform for the first time and you happen to have some tokens, then you can exchange them for Ethereum.
How to buy Ethereum without exchange?
If you have not previously purchased any cryptocurrency that you can use to exchange for Ethereum, then, you can merely buy Ethereum directly. You can sign in into any P2P platform like LocalBitcoins and Paxful. You can meet willing sellers of Ethereum on these platforms.
Here you can buy the amount of Ethereum that you want. Also, you can buy Ethereum anonymously, but this kind of scenario is only recommended where fewer funds are being traded. The risk of losing your funds is high as you can meet unscrupulous sellers.
How to buy ETH with cash?
Usually, many cryptocurrency buyers use cryptocurrencies to send or receive money internationally. You can quickly acquire Ethereum with cash. For instance, Paxful is a marketplace that connects local individuals with each other. This way, they can sell and buy Ethereum within each other.
However, you should be very careful when buying or selling Ethereum in this kind of market. With the flexibility and variety in this kind of a market, make sure that you are dealing with a legit seller or buyer before trading.
How to buy Ethereum with a credit card?
Several Ethereum exchanges allow you to buy Ether using a credit card. In the USA, Canada, UK, and Europe, for instance, you can use Coinbase to buy Ethereum with a credit card. The fees are approximately 3.5% for most of the options. You can visit the various sites to get the exact pricing terms.
Changelly also offers the same service and it is easy to use.
How to buy ETH with PayPal?
You can easily buy Ethereum with PayPal. However, you will have to use Paxful or LocalBitcoins. You will end up paying more fees that can range from 20% to 35%, depending on the seller.
How to buy Ethereum via bank transfer?
Bank or wire transfer is another option that you can use to buy Ethereum. However, wire transfers usually take several business days to validate the process. This makes wire transfer a poor choice especially if you are looking to buy Ethereum quickly.
For instance, Coinbase allows users to buy Ethereum through a wire transfer or bank transfer.
Where to store Ethereum?
All cryptocurrencies, including Ethereum, are stored on cryptocurrency wallets. Wallets are like bank accounts where you store, receive and spend your cryptocurrencies. There are several wallets in the market today, all with their respective security and rules. Be careful when choosing your wallet. Only pick the safest there is!
At the exchange
Most of Ethereum platforms allow their clients to store their Ethers in their platform. Also, others provide wallets. For instance, some trading platforms such as Coinbase, Binance or Spectrocoin, offer an account and store your funds. It’s not recommended to save your Ether in an exchange platform.
These platforms don’t have insurance policies; therefore, in case they are hacked, you have no guarantee that you will get a refund. Over the years, billions of money have been reported to go missing due to a breach. It’s therefore important to store your funds in a wallet. In the case of cryptocurrencies, no security is too much or enough.
Paper wallets are among the most secure wallet to store your Ethereum. Private Key is merely printed on a piece of paper or written down and then locked in a safe deposit box. You can make copies of the keys and store them in different locations. However, make sure no one else can have access to them because you can end up losing all your cryptocurrencies. Paper wallets are convenient to store a large amount of crypto and for long-term investments.
A desktop/web wallet or an app
Many people recommend against using this type a wallet since it’s the least option as far as security is concerned. In case you must use one, consider using Mist, MyEtherWallet, and MetaMask. It’s however, safer than storing your funds in the exchange platforms.
A hardware wallet
A hardware wallet is a secure way to store your Ether together with other cryptocurrencies. Hardware wallets are small electronic devices that are connected to a computer through USB. Usually, they generate your private key and store them offline. Hardware wallets store your funds offline; therefore, you are not exposed to any digital theft which is very common as far as cryptocurrencies are concerned. By keeping your hardware safe, then it’s unlikely that you can be hacked.
Ledger Nano S and Trezor are the most famous and respected hardware wallets to store Ethereum and other cryptocurrencies. However, for Trezor, you must use it together with MyEtherWallet.
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