Ethereum is a platform that is decentralized and operated through blockchain. It is the second most popular cryptocurrency behind bitcoin in terms of market capitalization. This digital currency operates within the ethereum network. It can run applications exactly how they were programmed to run without any interruptions whatsoever from factors such as third parties and fraudsters. There are various ways for investors to buy ethereum, which will be covered in this article.
Ethereum can be bought with cash. This is popular within countries that have stringent policies regarding cryptocurrencies. For countries such as China where trading using ethereum is restricted, this becomes the best option when an individual wants to buy ethereum.
LocalEthereum.com is one secure sites where individuals can buy ethereum. It is an anonymous marketplace as users do not have to go through anti-money laundering procedures in order to buy ethereum. LocalEthereum is similar to LocalBitcoins. They perform similar roles for their respective cryptocurrencies. Traders within these sites charge fees when one buys ethereum.
Ethereum can be bought through exchanges. An individual must register with an exchange in order for him or her to be able to buy ethereum. Always make sure that the exchange you are registering with operates within your country.
Exchanges may require an individual to provide his or her details such as photos for identification. Additionally, one may be required to accept user terms such as compliance with anti-money laundering policies. Exchanges need customers to pass “know your customer” regulations, so accounts can be verified.
Exchanges offer a variety of payment methods on how an individual may buy ethereum. Many exchanges accept payments such as bank wire transfer, debit and credit cards, PayPal, and gift cards. The most popular exchanges that operate worldwide include Coinbase, Etoro, Bitstamp, Bitfinex, and Gemini. One can register with these exchanges to buy ethereum.
Ethereum ATMs can be used to buy the cryptocurrency as well. An ATM is able to transfer ethereum to an individual’s wallet thereby completing a transaction. Buyers may need to buy small amounts of ethereum in order not to have to identify themselves.
You may have to first locate these ATMs so that you can head there to make a purchase. CoinATMRadar is a service that can be used to locate these ATMs. Coins are usually inserted into these machines to buy ethereum. It is then forwarded to your address, although this may take several hours.
It is important to note that one is required to have an online wallet when purchasing ethereum. Such a wallet provides a unique address where the bought Ethereum can be sent. This wallet provides security, and it is similar to a bank account. It is where your cryptocurrency is stored.
There are various ways in which an individual can buy ethereum. Market fluctuations should be looked into in order for one to benefit when buying or even selling ethereum. Care has to be taken since transactions within blockchains are usually not reversible. Verified sellers should be sought after during such purchases to avoid being conned by fraudsters.