Ethereum is a blockchain-based software platform that allows users to send and receive value around the globe using its native cryptocurrency, Ether, without the need for a third party.
Ethereum was created in 2013 by Russian-Canadian programmer Vitalik Buterin to increase the usability of cryptocurrencies by allowing developers to construct their custom apps. Unlike typical apps, these Ethereum-based applications, named “decentralized applications,” are self-executing due to the usage of smart contracts.
The high value and stability of the crypto draw traders’ attention to ETH. Buying Ethereum could be simpler than you think. There are three ways to buy Ethereum:
Via a Cryptocurrency Platform
A crypto exchange platform is probably the simplest and most popular way to purchase ETH. In terms of functionality, it’s similar to the brokerage systems you’re probably more familiar with: buyers and sellers can swap fiat currencies, such as dollars, for cryptocurrencies, such as Ethereum and Bitcoin. Here is how to buy crypto via exchanges:
- Choose the platform: Check whether it offers ETH, the payment options, fees, and transaction time.
- Open an account: Depending on the exchange and your location, the registration process may differ. Certain platforms ask for personal information and identity documents.
- Deposit: After you’ve passed all of the required checks, you’ll need to decide on a deposit method. Depending on the exchange, a variety of ways are available, including bank wire transfers, credit and debit card payments. You can buy Ethereum as soon as the funds are in your exchange account.
- Transfer the crypto to a wallet: You can withdraw Ether from the exchange to a wallet of your choice once you’ve received it.
If you can’t decide which crypto exchange to choose, consider the most popular options and, for example, buy Ethereum on Changelly, which has a user-friendly purchase interface and offers some of the lowest fees on the market. Changelly is a non-custodial cryptocurrency exchange that allows you to buy and sell Ethereum and over 200 other cryptocurrencies using a debit/credit card (Visa, Mastercard), a bank transfer, and even Apple Pay. Changelly’s accounts are secured with two-factor authentication and the HTTPS protocol.
With Cash
Some people choose to buy Ether in cash directly from another party for a variety of reasons. Such transactions are anonymous and inexpensive, but they are dangerous. Be cautious because you are engaging in a financial transaction with a stranger.
Via a Cryptocurrency ATM
Alternatively, you can buy Ether from a cryptocurrency ATM, which will usually need you to provide some personal data. Using a cryptocurrency ATM also requires an Ethereum wallet, which serves as a storage location. After you’ve created a wallet, you’ll need to find an ATM that supports Ether transactions.
After you’ve found the nearest ATM, look in your wallet for a QR code and hold it up to the machine’s camera for it to be scanned. To finish your transaction, insert your cash into the ATM and confirm the amount of Ether to buy. The Ether will then be delivered to your wallet address.
Conclusion
To date, Ether has established itself as the second most well-known cryptocurrency, with the second-largest market capitalization of all cryptocurrencies. It’s an excellent idea to add ETH to your crypto portfolio because Ethereum’s price has risen steadily over the years. Before purchasing Ethereum, however, consider your risk tolerance and plan accordingly.
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