How to buy Ethereum – step by step guide for beginners
Now that the cryptocurrency market is booming, you might be wondering how to buy Ethereum. More people are focused on bitcoin, but investors know you don’t just look at what’s popular. Instead, you look for those that are likely to be better in the long run. Among altcoins, Ethereum is truly one of the most promising choices!
People know bitcoin by now as a new way of buying and selling stuff. Yet, cryptocurrencies are far more than that, and the Ethereum blockchain proves this. Holding Ethers unlock the many features of Ethereum, such as smart contracts and NFTs. Fortunately, it only takes a few steps to purchase your first Ethers.
Let’s start by talking more about Ethereum and the many things you can do with it. Then, we’ll get into the nitty-gritty of purchasing Ethereum coins. We will also explain how you can keep your Ethereum and other cryptos safe. They’re your digital assets, after all, so they deserve the highest security you can provide.
What is Ethereum (ETH)?
When people hear “crypto,” they often think of bitcoin (BTC). It’s no surprise as it’s the first cryptocurrency ever, and it’s the number one in the market until now.
Others wanted to create something completely different. That’s why we now have ETH. Vitalik Buterin launched the Ethereum network in 2015, with Ethers or ETH as its native crypto.
When people say they want to know how to buy Ethereum, they are referring to Ethers. This is an important thing to note because most cryptocurrencies work like this.
Ethereum has promising long-term growth because of its many features. As they improve, more people will use Ethereum, letting it grow further.
That’s why people think buying Ethers is a good idea. You don’t have to wait before you can use them, though. Here are the things you can do after buying ETH:
Your Ethers can serve as collateral for your next loan. This is called crypto lending, and it’s one of the trending DeFi crypto services right now.
This allows crypto investors to get cash quickly using their digital assets. Yet, crypto lending isn’t just for borrowing money, and it could also help you make more of it!
You get your cryptos back after repaying, but their value could have gone up or down by then. If the price increases, that means profit! Of course, the price could drop too, so be careful.
Create, buy, and sell NFTs
Just bought my first ETH! Let’s do this #cryptotwitter
— Reese Witherspoon (@ReeseW) September 2, 2021
Also known as non-fungible tokens, they’re digital media that have ownership registered on blockchains. Despite numerous replicas, your NFT version stays unique.
Artists became interested in it after seeing it could help them earn from their work easier than before. For example, they could earn royalties each time someone buys their NFT art.
The Ethereum blockchain is one of the biggest platforms for NFTs, so it’s also the reason why it’s becoming more popular. Still, the NFT industry poses a lot of risks as well.
Read More: The NFT World Of Art, Music, And More!
Ethers are a cryptocurrency, so they’re designed for purchasing products and services. Since cryptos have been around since 2009, we now have more ways of spending cryptos:
- Gift Cards – We see more businesses accept cryptos, but a lot of them still don’t. Thankfully, you can purchase gift cards with Ethers and other coins from platforms like eGifter. Then, you could use those cards to buy stuff from big brands like Uber and Apple.
- Booking flights – After buying Ethers, you might want to take a trip overseas. Some sites like CheapAir let you book flights with Ethereum. However, you should check the travel restrictions for your country and the one you want to visit first.
- Payment option for businesses – A lot of people have been starting businesses due to the Great Resignation. If you’re one of these brave folks, you might want to accept cryptos as payment. Thankfully, Shopify has you covered.
- NFT games – Thanks to cryptos, we can now earn money while playing video games. Axie Infinity is one of the most popular choices right now. You will need Ethers to play because the game is built on the Ethereum network.
How do I buy Ethereum?
As we said, buying ETH is simple, and we have so many cryptocurrency exchanges that make the process quick and easy. Here’s how you can buy your first Ethers:
- Choose a crypto exchange – These are the online trading platforms that let you buy and sell cryptos. Coinbase and Binance are the most well-known options, but you could choose others like Kraken. Check the features to see which one is right for you.
- Create an account – Once you’ve found a crypto exchange, you must now make an account, and this only takes a few minutes. Prepare some IDs, though, because most of them will ask to verify your identity.
- Link payment options – You will have to connect a bank account, debit card, or credit card to your new account. These will allow you to fund your account, and others let you directly convert fiat currencies into Ethers and other cryptos.
- Buy Ethereum! – After you’ve set up your account, you’re now ready to purchase your first Ethers. Check your crypto exchange on how you can do it on the platform. Afterward, your cryptos will reflect on your account.
How can I keep my Ethereum safe?
Your crypto exchange account has a wallet that stores your coins. Yet, you could get better security for your cryptos with hot wallets and cold wallets.
The former lets you carry cryptos on your smartphone or desktop. Specifically, you can avoid online risks if you choose a browser wallet.
For the best crypto wallets, you need the cold ones. Hardware wallets are as small as USB thumb drives, yet they provide the utmost protection for your digital assets.
Besides storing your coins offline, they have better security measures in place. It will act as a sort of physical key to your cryptos, so nobody will be able to reach them without it.
When you buy Ethereum, you get a public key and a private key. You could have spare access to these coins by writing them down, and that note is often called a paper wallet.
Now that you know how to buy Ethereum, it’s time to do it yourself. If you’re truly decided, follow these steps for real so you can better understand how it works.
We’re not offering financial advice, though. Make sure to plan your investments before buying Ethers or other assets. Only use the money you’re willing to lose.
If you’d like to learn more about cryptos, you can check out other Inquirer USA articles. These will show you the other cryptos besides bitcoin.