What is Ethereum?
How to Buy ETH?
The first step to buying ETH is to choose the method of purchase. First, you need to find out where you are going to withdraw cryptocurrency; whether on electronic exchanges, web exchangers, or ATMs. The most popular way to buy cryptocurrencies is through online services, such as Coinbase, EXMO, GDAX, Poloniex, Bitfinex, Coinmama, eToro, Bitpanda, and CEX.io. Experienced miners use different services to track the exchange rate to have the best profit among existing exchanges. For example, try Bestchange or Nixexchange to monitor the exchange rate of electronic currencies.
Another way to buy Ethereum is through special machATMs; for purchasing and exchanging electronic and fiat currency. For example, Bitcoin ATM only allows you to withdraw cryptocurrency to your wallet, as well as exchange it for cash. Most of the Bitcoin ATMs are located in the USA, Canada, and Europe. In Russia, Japan, China, Hong Kong, Vietnam, and Singapore, there are fewer of them, but all of them can be found.
As for PayPal services, it is still quite tricky to buy Ethereum with it. The only way to purchase ETH through PayPal is to buy bitcoins there, and then exchange them for ETH on any of the available exchangers.
How is an ETH purchase transaction carried out? Like other electronic currencies, Ethereum can be bought using fiat or electronic funds in your regular bank account, as well as using various electronic payment services. You can buy a cryptocurrency for any national currency converting them through USD.
ETH Value and Price
Ethereum is a reasonably stable cryptocurrency, but its value may vary depending on exchange rates. For example, you can check the value and price of ETH at https://www.coindesk.com/price/ethereum. As of June 12, 2020, the cost of the ETH is 235.89 USD. The average hourly change in this cryptocurrency ranges from 3-5%.In general, it works in the same principle as ordinary stock exchanges with quotes.
ETH Advantages and Disadvantages
Advantages
High liquidity
This allows one to exchange it for other cryptos and use it to pay for other goods and services on the web. The high demand for ETH during the ICO is also considered the main advantage of this cryptocurrency. You can use a video card for mining, which enables you to respond to the slightest fluctuations in quotes quickly.
Disadvantages
High volatility
This means that the currency can rise high and drop significantly in just one day, depriving the owner of a large part of the invested money. Therefore, it is recommended to monitor the growth and decrease of Ethereum regularly. In case of the rapid growth of ETH, sell the currency immediately. In contrast, buy it if you see a sharp drop in the rate. The popularity of this cryptocurrency causes some limitations for miners since the electronic systems often overload and crash due to the high network load.
Best ETH Wallet – How to Choose
If you have not dealt with cryptocurrency yet, you have to select and open an appropriate wallet to buy, store, and exchange ETH. Notably, it would help if you did not have an ordinary electronic wallet like Webmoney, but a special wallet that enables you to work with cryptocurrencies. The most recommended safe possibilities for buying and storing ETH are MIST and Ethereum Wallets. You can download them on Ethereum.org to your own PC and use them as the regular software for mining and exchanging.
In addition to them, there are other various options for cryptocurrency wallets, including paper, online, software, and hardware wallets. The main criterion for choosing a wallet is security and protection level from hackers hunting for electronic resources. Unfortunately, thefts are not uncommon, so you must keep your automatic investments responsibly. It is somewhat tricky, but paper wallets for ETH are secure from hackers since they are out of online reach. You can get one by printing a QR code on a paper sheet through the relevant online service. However, the rest of the possible hazards, such as fire, water, and loss, are still threatening the paper wallet. So you have to find a reliable way to keep it safe. If you often use cryptocurrency in electronic trading, then storage on paper might be inconvenient for you.
Online wallets that enable you to keep purchased cryptocurrencies on external servers are most convenient for you if you are going to use them in electronic trading and other operations actively. For it, try Bittrex, Coinbase, Poloniex, Binance, or MyEtherWallet. Anyways, you should not use them for long-term storage of cryptocurrencies. Otherwise, hackers can steal them. Unfortunately, modern tech methods allow phishers and scammers to access your financial data via the Internet, so all concerns for ETH security are real. It is recommended you use a modern computer to store blockchain files. Also, install a licensed antivirus on your PC to protect it against possible hacker attacks. When storing ETH on an external service, you jeopardize your electronic funds even more since the technical capabilities for hackers are higher as well.
Software wallets are the most convenient and safest options for storing ETH. Keep in mind that you need a reasonably powerful computer with a large hard drive for hardware storage since the essence of buying ETH is to download the entire blockchain file. If you are going to purchase several cryptocurrencies, then use Exodus, Jaxx, or Metamask wallets.
Although cryptocurrency is a virtual value, it can be lost or stolen, for example, during the theft or destruction of a laptop that holds your blockchain file. To save your ETHs, you may buy so-called steel wallets made of refractory and anti-corrosion metal. This is a somewhat type of hard drive designed to store your Ethereum. For instance, try Billfodl, Cryptosteel, Cryptotag with a security code.
P.S. Remember that any cryptocurrency, including ETH, is, in fact, another type of information. It can both increase and depreciate in value, depending on the global economy and the emergence of new IT technologies. Follow the main principle of investing and do not keep all your eggs in one basket! Use different cryptocurrencies to secure your money, as this will reduce the potential risk of financial loss.
Conclusion
Buying Ethereum is easy when you create and verify your account with Beaxy. Get access to ETH pairs between BTC and six major national currencies today. Registering an account now will mean that you are prepared when wire transfers and ACH deposits are enabled on the Beaxy platform.