Ethereum has been creating quite the buzz in the cryptocurrency space, but what exactly is Ethereum? And how do you buy and sell it? Learn all about Ethereum, including its history, what drives its value, and how to buy and sell it. By the end of this article, you’ll be able to describe what makes Ethereum unique among cryptocurrencies as well as explain why it’s one of the most popular coins on the market today.
What is Ethereum?
Ethereum is a digital currency that can be used as a store of value or as an investment tool. It's like bitcoin, but with a different technological backbone. There are two types of people who trade in digital currencies: miners and traders. Miners earn new coins by solving complicated puzzles, while traders make money from the price movements on various exchanges.
Where can I buy Ethereum?
The easiest way to buy Ethereum is with fiat currency (USD, EUR, GBP) from a cryptocurrency exchange. You'll need a wallet first. There are two types of wallets. One type is a web-based wallet that can be accessed on any device with an internet connection. The other type is called the offline or hardware wallet which does not need an internet connection because it stores your private keys on the device itself and uses them for sign in.
Where can I store my Ether?
There are many different places where you can store your Ether. It's important to research what type of wallet is best for you and your circumstances before choosing a specific provider. Here are some wallets which may be suitable for you:
- Ledger Nano S (hardware wallet)
- MyEtherWallet (web-based wallet)
- Exodus (desktop wallet)
What are the fees?
The fees for purchasing and selling ether vary, depending on whether you are exchanging fiat currencies or transacting between ether. The fee for exchanging one cryptocurrency for another is generally 0.1% of the transaction amount.
How do I send money with Ethereum?
There are three steps that you need to follow in order to send Ethereum. First, confirm that you want to send the Ethereum by clicking Send. Next, fill out the Recipient Address, Amount of ETH, and Gas Limit fields. If you have enough Ether in your account balance to cover the transaction fee, then Start Transaction will be active. Otherwise, you'll need to fund your account with enough Ether in order for Start Transaction option will become active.
How do I use Ether as cash?
What do you do with your Ether? Well, you could use it as a form of cash if you wanted. You could also store your Ether in a digital wallet that resembles an online bank account or like an email address that can be accessed from any computer or smartphone. You can buy things online or at stores with your Ether. And if you want to invest in new ICOs, then Ethereum is often the type of currency required for those purchases.
8 Alternatives to Ethereum
If you're still interested in Ethereum, but want to explore your other options as well, here are eight alternative cryptocurrencies worth looking into.
1. Bitcoin
2. Litecoin
3. Dash
4. Ripple
5. Monero
6. Zcash
7. NEM
8. Dogecoin
Facts About Ether You Should Know
Bitcoin is by far the most popular cryptocurrency in the world, but there are many other cryptocurrencies out there, one of them being Ethereum. Like Bitcoin, Ethereum is a public ledger with its own token, ether. This paper will detail how you can buy and sell ether on exchanges like Poloniex or Coinbase.
Is it too late to invest in ETH and BTC?
It may be too late to invest in bitcoin, but there are still ways to profit from exiting cryptocurrencies. Read this post for a more detailed breakdown of the profitability of Ethereum vs Bitcoin. If you're looking for guidance on how to buy cryptocurrency, you can also refer as we explore whether or not it's too late to buy in today.
Final Thoughts on Investing in ETH, BTC, & Other Coins
If you're looking for a lucrative short-term investment, cryptocurrency isn't it. In fact, by the time you wake up tomorrow morning the prices of these coins may have changed drastically due to fluctuating market prices. But if you're looking for an investing a small chunk of your bussiness in cryptocurrency with the hopes that one day Bitcoin will become a universally accepted currency for trade then buying Ethereum is probably a good bet.
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