Buy Ether: How To Guide
Ether is the currency of the Ethereum network. This offers to create and work with smart contracts in your own blockchain. Ether can be traded on numerous exchanges. The best known example of this is binance. If you want to buy ether we will explain how to do it in this article.
How to buy ether
With a market capitalization of 46 billion euros, Ether is currently in second place. In 2017, Ether had a price increase of more than 3000 percent. Compared to Bitcoin, transactions in Ether are much faster. In addition, the transaction fees are significantly lower than Bitcoin. We’ll explain in this post how to buy ethers.
Buy Ether in 4 easy steps
- Register at cex.io
- Choose which amount of ether you want to buy
- Pay with your credit-card
- Optional: Send Ether to your own Hardware Wallet (highest level of security)
Of course, once you’ve bought Ether, you can leave it in your cex.io account. The provider is basically very safe. In addition, Coinbase is working on an app so that you can also use Ethereum on the go. However, if you value the highest level of security, then you should consider buying a hardware wallet. Keeping cryptocurrencies in hardware wallets is currently the safest way to protect against theft.
Buy Ether at Binance
Another provider where you can buy Ether is Binance. This is still a new provider. The seat is in Hong Kong. This makes trading on Binance a bit uncertain, as new regulations can come at any time, which make trading suddenly difficult or completely impossible. What makes Binance interesting are two things: • Trading fees are relatively low. 2. Numerous crypto currencies are supported. Another nice feature of this provider is the choice between Basic and Advanced at Ether buy. Depending on whether you want to get started a few units or if you want to conduct technical analysis, you can choose between two different user interfaces. One downside is that you can only trade in cryptocurrencies, not euros or dollars.
Guide to buying Ether at Binance:
- Register Binance
- Deposit coins
- Select the desired Ether Trade pair (e.g., ETH / BTC)
- Buy Ether
Buy Ether at Bitfinex
If you want to buy ethers and then trade them, it is a good idea to choose one of the major exchanges. As mentioned earlier, Bitfinex is one of the most popular trading platforms for ethers. Bitfinex not only offers the opportunity to trade Ethereum, which involves a high risk. You can lend it there (leveraged if necessary) and charge for it.
Here is a step by step guide on how to buy ethers:
- Register Bitfinex
- Transfer Bitcoin or US $
- Select purchase option (ETH/USD or ETH/BTC)
- Select amount and order type
- execute order
Buy Ether: What speaks for it?
Ether is more than just a cryptocurrency for buying and selling. Ethereum technology offers businesses the opportunity to map many business processes on a block chain. The advantage: processes can be automated more and more. In addition, security increases because the Ethereum Blockchain can not even be hacked with quantum computers. Meanwhile, more and more well-known companies are interested in the topic of blockchain. In the insurance sector, it is about Allianz and Generali. In the travel sector, Lufthansa is on board. Therefore, anyone who buys Ether not only participates in the purely trade-related increase in value that results from the supply and demand of ether. As more and more companies discover the Ethereum Blockchain for themselves, you, as the owner of Ether, also benefit from it.
Things to know about Ethereum
Anyone who wants to buy Ether will also want to know a bit about what’s behind this technology. We want to give you an info here. The idea of Ethereum is due to the developer Vitalik Buterin. He published his idea of this new technology in a position paper in 2013. The technology was then launched in 2015. Ethereum wants to enable users to present and process smart contracts on the blockchain. Smart contracts are not to be understood as contracts in the traditional sense. This means much more that applications between two parties are automatically executed on the blockchain. the service is that they first have to be verified.
The fact that the whole thing is based on a blockchain has the advantage that the data can not be manipulated or forged. Finally, the blockchain runs on countless different computers, all of which have a copy stored. Ether can be mined as well as Bitcoin. It is based on a different mining algorithm like Bitcoin. In addition, new blocks at Ethereum are not just created every ten minutes (as in Bitcoin), but every two and a half minutes. At the moment, Ether’s mining principle is still p roof-of-work (classic mining, where more CPU and GPU means more revenue). However, it is soon to be replaced by the approach of proof-of-stake (here it also plays a role, how much Ethere someone owns.) If he wants to mine, he provides his ether quasi on loan and can thereby generate more sales).
Featured Image by: Mike Mozart