For those who had a chance to deal with such trading platforms as Kraken, Bitstamp, and others, who know what Bitcoin is and how the exchange process is performed, such words as “Ethereum,” “Eth,” “Ethereum network” are known well.
Often referred to as the “world computer,” Ethereum is one of the most recognized cryptocurrencies in the “crypto world” and also a trading platform (also called “Ethereum”), developed by a Canadian-Russian programmer Vitalik Buterin. “This is a platform using blockchain technology to maintain its functioning and create decentralized applications” — if we speak with programming language.
In this article, we will delve into the cryptocurrency exchange, ether, or eth exchange precisely. Speaking briefly, for a person, who knows how to work with cryptocurrencies, here is a shortlist of instructions on the topic “how to get ether”:
- Create a wallet — a special Ethereum wallet
- Get an eth address
- Visit CEX.io and choose the amount of eth you want to get
- Use your eth address, enter the required information for the further payments
The CEX.io is not the only place you can use to invest in Ethereum, trade other cryptocurrencies, and earn money. We have prepared a special list of platforms that you can use for trade and exchanges.
But if you realize that this amount of information is not enough for you, check the page below to learn more details about how to buy eth and how, in general, to deal with such trading crypto as Ethereum.
What do we call Ether or Eth?
Ether (eth), sometimes referred to as “Ethereum” (eth), is a cryptocurrency used on the Ethereum platform based on blockchain. For the beginner, it might be difficult to realize what is going on since the platform for the use of there is also called Ethereum.
At this moment, what matters is: there is a blockchain-based platform called Ethereum (which will be discussed later) and a cryptocurrency used on this platform, and it is also called Ethereum or Ether or Eth.
The donations made in 2014 determined the amount of issuance of eth on the market. Sixty million eths were granted for the donators who participated in the presale, and 20% of this amount was granted to the development fund, with some part going to the Ethereum Foundation.
Until 2019, 3 Ethereum units were created for each block, which took on average 16 seconds, but these times are in the past now. Now this time will only be enough t generate 2 eth units.
Many users do not perceive there as a currency as such, perceiving it rather as a fuel used on the Ethereum platform. In other words, it is a token, which should better be treated as a payment method.
What do we call Ethereum?
Now, as we promised, let us talk a little bit about the Ethereum network. Ethereum is a DIY blockchain-based platform widely used by people to generate these blockchains. Here you can create tokens (like ERC-20 tokens) which are helpful in the decentralization of anything you want, starting from financial exchanges and finishing with domain names.
Ethereum platform allows creating so-called apps, or decentralized applications, which means that deals now can be performed directly between individuals without the involvement of the third side. Such applications enable smart contracts to become real. Bank transfer is no longer required if you use the services offered by Ethereum — a blockchain-based software.
How Can I Buy Ethereum: Best Cryptocurrency Trading Platforms?
- Obtaining Ethereum Wallet
Why do you need a wallet? Wallets are safe vaults for your cryptocurrencies to stay secure. Such a crypto wallet will allow you to keep your belongings “at hand.” Basically, there are different Ethereum wallets available for people. Let us briefly introduce the most popular wallets for your eth.
- Electrum Software Wallets
If you buy Ethereum, you need to keep it somewhere, and Electrum Software Wallet is a nice solution. There are basically several of them:
What is so great about these software wallets? First of all, they are free. You do not have to pay additional money for using these wallets. Secondly, they are easy to get — all mentioned wallets are available for all people. Thirdly, they are great if you do not have too much Ethereum — the perfect option for the newcomers. Some of them are to be used on the desktop, some — via the mobile.
But, such crypto wallets do have their drawbacks as well. For example, they are less secure than those we are about to discuss: because of their permanent connection to the Internet, they might be hacked on a bad day.
- Ethereum Hardware Wallets
In comparison to a software wallet, a hardware wallet is known for better protection. Chances that such a wallet will be hacked are much lower. The most popular Ethereum options are TREZOR and Ledger.
The security of such a wallet is provided by the fact that it is not connected to the Internet — you only have to connect your Ethereum wallet to your device. It will store all private Ethereum-concerned information offline.
You can use these wallet options for keeping other cryptocurrencies as well — Bitcoin, for example.
Which Payment Method To Choose?
Use Wire Transfer Or A Credit Card
This point (wire transfer/credit card/gift cards) refers to buying Ethereum (Eth) on any exchange platform you choose. Below we introduce several of them which can certainly be trusted.
- Buy Ethereum using Coinbase
Coinbase is a relatively affordable platform to obtain Ethereum (Eth). More than 100 countries can perform operations here. Because of the fact that payments here might be performed in different ways (credit card or wire transfer), the fee for the purchase is also different (from 1.5% to 4% approximately).
To buy ETH here, you have to follow several steps:
- Get a Coinbase account
- Choose the method of your following payments
- Choose the amount of Ethereum you are interested in
- Press the “Buy Ethereum” button
- Buy Ethereum using eToro
eToro is a simple way to buy Ethereum and, after that, sell it (thus speculating the price) for fiat currencies like dollar, euro, and others.
This platform has a rather complicated withdrawal procedure. That is why we would not recommend using it if you plan to keep and use coins that you buy. Otherwise, if using coins is not a part of your plan, and you are more interested in investments, eToro is a smart choice!
You can use eToro not only for EThereum-connected purposes but for dealing with other cryptocurrencies, such as bitcoin, as well. But you should always keep in mind that this kind of speculating activity is rather unstable — be careful about your assets!
- Buy Ethereum using CEX.io
CEX.io is a crypto exchange platform where you can use your credit card to buy eth. At first glance, the fee here might seem higher than on other cryptocurrency exchange services, but the truth is that it is already calculated into the exchange rate.
To trade cryptocurrency here, you have to do the following:
- Get a CEX.io account (no phone number is required)
- Choose the convenient option for payments (credit card/bank account)
- Choose the required amount of Ethereum you want to get
- Press the “Buy Ethereum” button
- Buy Ethereum using Coinmama
Coinmama is a popular service used by people to exchange cryptocurrency. It started functioning even before Ethereum as a cryptocurrency appeared. Here you can trade Ethereum and other cryptocurrencies using your credit card or bank transfer.
- Buy Ethereum using Bitpanda
Bitpanda crypto exchange service is usually used by crypto traders on the Eurozone territory. It has several obvious advantages:
- Understandable and easy design
- Fast speed of transactions
- Different cryptocurrencies’ transactions possible
Traders usually give positive feedback concerning the functionality of this service, and yet, there is one debatable point: traders have to calculate fees for transactions by themselves. This service does not provide this option.
An additional point, which will be helpful for you if you want not to buy Ethereum but rather exchange some other cryptocurrency for ether, is Swapzone.
This is a new service, and here you can directly exchange bitcoin for ether right on the site. And yet, this smart initiative still requires some updates on the transactions.
- Transfer Ethereum to Your Wallet
If you obtained enough ether, you should make sure your coins are on the wallet, not on the crypto exchange platform. Since the latter is online, it is not safe enough to store your coins there — put them on the crypto wallet instead.
To do so, send your ether units to the ether address. This address looks like a wild combination of letters and numbers, quite long to keep in mind. Besides, it always starts with 0x, and after that, various letter-number-mixes go.
If you do not know where to get an address for Ethereum — an Ethereum wallet will help, retrieve it from there.
Can I Mine Ether?
Yes, you can. Mining Ether is possible, but you have to get prepared for it in advance. If you have a CPU (central processing unit) by now, it will most likely not end up successively for you to mine such crypto as ether with it. We recommend getting a GPU (graphics processing unit) for these purposes. The chances are that you, eventually, will be able to earn some money on “fulfilling your funds” with cryptocurrency, which you mined on your own.
Other Important Points To Consider
How to invest in Ethereum?
To answer this question properly, we prepared a helper which delves into the types of investments deeply. Check it here.
Briefly, investing in crypto products means mining, trade, raising funds, and performing other manipulations with cryptocurrency. Investors try to increase their capital via finding partners, exchanging with them, looking for the best cryptocurrency market value available.
Can I Buy Eth Using Paypal?
This is a rather complicated question with a similar complicated answer. In theory, yes, you can, but it is not a simple procedure. The majority of cryptocurrency trading operations are performed without the implication of PayPal since this technology can be used in fraudulent activity. To learn more about this peculiarity, follow this link.
And yet, using PayPal when buying Ethereum is possible, however, in an indirect way. For example, you can get Bitcoin using PayPal and then trade bitcoin units for other cryptocurrencies like Ethereum. For that, visit Binance or any other exchange site. But, this way is not efficient for your “internal funds” — no one wants to spend money on transaction fees.
Another option is to use LocalCryptos or LocalBitcoins (the first one fits Ethereum). These are marketplaces for crypto exchange between investors. But all investors follow their own interest here, and the risk of being cheated is petty high, so, please, be careful.
Can I Sell Ethereum?
Obviously, if you can buy Ethereum, you can sell it as well. All listed above services allow buying and selling crypto products, except for eToro, which only allows selling Ethereum here if you bought it here as well. A brief reminder of available services which we already mentioned before, applicable for English-speaking traders:
Here you can find more solutions if you are bothered by the problem of where to sell your Ethereum units.
ETH VS ETC
If you spend some time in the crypto world of social media, you probably heard of such notions as Ethereum and Ethereum Classic. The first one stands for ETH, the second one — for ETC. How are they different?
ETC is a solution to the problem, which was raised when one programmer managed to steal Ethereum coins equal to 60 million dollars worth. ETC, basically, is the original code. To build new crypto, developers forked it, and this is how ETH appeared. Because of the lack of support of the code, this issue occurred, but now the support is sufficient enough not to let such cases happen again.
At this moment, ETH is more valued and appreciated in the crypto world, it gets more support from the traders, and its price is higher than its “doppelganger.”
The Final Word
Ethereum, or Ether, or Eth, is now widely accepted all over the world. It gets huge support from investors, allowing this cryptocurrency to stay relatively high in price. Using blockchain technology stays a safe way for crypto exchange.
But, we all know that the crypto world is not really stable, and things can change quickly. For now, Ethereum seems to be a worthy investment, but will it be such a couple of years later?
Can Ethereum reach $10000?
The forecast depends on the methods used by the crypto experts. Still, many of the reliable forecasters state that this blockchain-based Ethereum network will generate coins worth even more than 10.000 dollars.
Where can I buy Ethereum?
If you are interested in purchasing Ethereum, you can use multiple available cryptocurrency exchange services. Kraken, CEX.io, Coinbase, Coinmama, and many other sites are applicable for these purposes. Sometimes you do not even have to create an account to start trading, but usually, creating an account does not take too much time.
Is Ethereum a good investment in 2020?
According to the forecasters, coins generated by the Ethereum network can significantly rise in price during the following years. Some state that Ethereum will be worth more than 10.000 dollars one day.
What will Ethereum be worth in 2030?
Opinions concerning the price of Ethereum 10 years later vary. And yet, the majority of forecasters claim that its price will only increase. Some state that by 2030 Ethereum will cost approximately 50.000 dollars.