Since its launch a year ago, ethereum has skyrocketed not only in its name but also in its usage. It comes second in the cryptocurrency network after Bitcoin. The currency used in the ethereum platform, ether or ETH is also mined and traded in the same way as the Bitcoin exchange. To help you get started, here is your step-by-step guide to buying ether.
Some people use the term ethereum in blockchain technology when they are actually referring to the ether. When someone says they are buying ethereum, the person simply means that they are buying ether and could be a token, part of a token, or some tokens from the ethereum blockchain technology. Tokens allotted from a blockchain have no value if not spent—by sending them to another account (similar to a bank account).
In essence, tokens that remain unused are considered burnt and this increases the value of those that are in circulation within the market. You are essentially purchasing computation or the capacity to implement computation on the ethereum network. The network is simply a system of computers that execute the ethereum protocol.
Despite it having one of the biggest cryptocurrency market caps, ether is still considerably new. Therefore, not all exchanges accept direct ether purchases. In most cases, purchasing Bitcoins and trading the same for ether presents a way out.
However, there exist a few exchanges that support the direct purchase of ether without Bitcoin. Some of these exchanges include Kraken, Coinbase, Coinimal, ICONOMI, Bittylicious, and Bitrush.
The easiest method of acquiring ether is by buying from any of the exchanges mentioned above following is the procedure:
If you already have Bitcoins, then you need to transfer crytocoins into your BTC wallet in the exchange and buy ETH right away. It is very simple, right? Well, ensure that your ETH and BTC are safe in the cryptocurrency cold storage by choosing the right exchange.
To obtain ether from your Bitcoin, convert using Shapeshift.io. To achieve this;
Though not recommended, it is possible to purchase ether via PayPal. But first, you must purchase SLL on VirWox and then trade it for Bitcoin. After getting ATC, you can use any of the exchanges highlighted above in trading Bitcoin for ether.
There has always been a profound increase in the level of interest in ethereum from users the world over. Ether has shot up by more than 1200% in the recent few months. It is currently the second largest cryptocurrency regarding the market cap.
There are numerous propositions for the spike in ether prices; their partnership with Microsoft, huge global exchanges adding ETH/BTC trading pairs, media-driven hype, scaling debates (& delays), and simply a good-old demand-oriented spike, just like the one experienced with Bitcoin in 2013.
Ether can be considered as the computational fuel that can be used to enhance smart contracts. In the purchase process for ether, the first procedure is to identify and sign up for your preferred type of exchange. This will provide you a secure place to store your ether, including simple and easy methods of payments necessary to convert your local currency to digital currencies.
Once you are done with the verification steps, you are free to start the selection of ether. After having the desired selection, the exchange service will complete your purchase and deliver your Ether. The price of ether varies over time and it is important that your preferred exchange shows you the rate before you buy.