Ethereum is the world’s second-largest digital asset by market cap. It has drawn widespread attention from investors by building an infrastructure that enables developers to build tokens, smart contracts, and decentralized applications (dApps) on top of the Ethereum blockchain. The Ethereum blockchain also allows owners to tokenize assets such as artworks, mortgages, and sensitive documents. This provides these assets with greater liquidity and a more convenient transfer of ownership. It also helps to protect these assets from being stolen or counterfeited. Proponents of the ETH token believe that virtually every asset will be tokenized digitally on the ethereum blockchain which would result in more demand for the ETH token.
How to Choose a Ethereum Wallet?
Ethereum compatible wallets are required to store your Ether (ETH). Similar to regular wallets, your Ethereum wallet stores your cryptocurrency for safe-keeping. There are numerous types of ethereum wallets to choose from. Two of the most popular are:
- MyEtherWallet (MEW)- My Ether Wallet is a popular online service that allows for secure storage of Ethereum and ERC20 tokens from the Ethereum blockchain. Although it is an online service MEW is known for being trustworthy and secure, allowing you to conveniently store your ETH and ERC20 tokens online and easily send them to and from crypto exchanges.
- Ledger Hardware wallets: Ledger is a hardware (offline) wallet that can be plugged into any USB port to be accessed. As a hardware wallet, it has a higher degree of security than one which is solely internet based. Ledger is a popular brand of hardware wallet, along with Trezor and KeepKey, that are widely used by traders to store their Ethereum.
What are the Payment Methods to buy Ethereum?
There are many ways to buy Ethereum that don’t involve complex transactions, as exchanges like ours allow credit card and wire transfer transactions. After opening an account, one will be asked about the preferred method of payment and deposit method. After such, a rundown of methods will be provided, including Mastercard and Visa, and direct connection to bank accounts. This is an efficient way to buy Ethereum, as the process involves relatively few steps to complete the transaction.
You can also buy bitcoin or other crypto, either through an exchange directly, a peer to peer swap, or another third party service like Paypal, and later trade it for ETH in a crypto to crypto exchange. All crypto exchanges, both centralized and decentralized ones, will allow such swaps. For new users, this can take a lot of time and is a taxing, since every transaction entails an additional charge, and there are many more steps involved. Thus, the recommended process for newcomers to the market is to buy directly with bank (wire/ACH) or buy with a credit card or debit card.