How to Buy Ether — Beginner’s Guide

  1. Get an Ethereum wallet
  2. Find your Ethereum address
  3. Go to CEX.io and choose the amount of Ether to buy
  4. Enter your Ethereum address and payment information
  1. What is Ethereum?
  2. What is Ether
  3. How Do You Buy Ethereum?
  4. Fequently Asked Questions
  5. Ethereum vs. Ethereum Classic
  6. Short Ethereum mining explanation
  7. Conclusion

1. What is Ethereum?

Ethereum is a technology that lets you send cryptocurrency to anyone for a small fee. It also powers applications that everyone can use and no one can take down.

2. What is Ether?

Ether is the transactional token that facilitates operations on the Ethereum network. All of the programs and services linked with the Ethereum network require computing power (and that computing power is not free). Ether is a form of payment for network participants to execute their requested operations on the network.

3. How Do You Buy Ethereum?

Step 1 — Get an Ethereum Wallet

Before starting the buying process you will need to get an Ethereum wallet to hold your Ether. There are many types of Ethereum wallets. Here is a short breakdown of the most popular Ethereum wallets.

  • Desktop wallets are computer programs that store cryptocurrencies on a PC so that its information is not accessible to anyone but the user, whose private keys are kept only on the desktop.
  • Mobile wallets come in the form of a smartphone app and are easily accessible to their users at any time, considering most people don’t leave their homes without their phones. However, it is worth remembering that mobile devices are vulnerable to various malware and can be easily lost.
  • Online wallets are web wallets that can be accessed from anywhere and any device, making them more convenient, but the private keys are stored by website owners rather than locally on user devices.

Step 2 — Buy Ethereum with a Credit Card or Wire Transfer

The easiest way to buy Ethereum (i.e. Ether) would be through one of the popular Ethereum exchanges which are listed below.

  • Paying for the crypto coins with your Visa, MasterCard on CEX.io is just like making any other online purchase.
  • You just need to enter your card details including name, card number, expiry date, and CVV code, and you are almost done.
  • After your card is verified, it will take only several clicks to complete the purchase.
  1. Open a CEX.io account
  2. Add your payment method (Credit card or bank account)
  3. Go to “Buy/Sell” and select Ethereum
  4. Choose the amount of Ethereum you want to buy
  5. Click on “buy Ethereum”
  • Step 2: Account verification
  • Step 3: Deposit fiat currency
  • Step 4: Make your first Ethereum purchase
  1. Sign up to Bitpanda
  2. Verify and deposit funds
  3. Start buying and selling Ethereum
  1. Open a Coinbase account
  2. Add your payment method (Credit card or bank account)
  3. Go to “Buy/Sell” and select the amount of Ethereum you desire
  4. Click “Buy Ethereum”

Step 3 — Withdraw the Ether to your Wallet

Once you bought Ether remember to make sure the coins are sitting in your own personal wallet. If you leave your coins on the exchange and the exchange gets hacked or becomes insolvent you may end up losing your coins.

4. Frequently Asked Questions

5.Ethereum (ETH) vs. Ethereum Classic (ETC)

Ethereum Classic (ETC) grew out of an ideological and ethical rift in the Ethereum community that provokes controversy to this day. In 2016, a significant hack was carried out on a third-party application running on the Ethereum (ETH) blockchain, which resulted in the theft of millions of dollars worth of ETH. In response, the Ethereum blockchain underwent a hard fork to essentially reverse the hack from the official ledger — returning the stolen ETH to its original owners.

6.Short Ethereum mining explanation

The Ethereum network has its own blockchain. All transactions that are made using Ethereum need to get approved by the miners. That’s why it takes a while before the Ether you send someone reaches them. The transaction has to be verified and put inside the Ethereum blockchain. This verification process is called proof of work. It is your job as a miner to make sure no one cheats.

Three ways to mine Ethereum

Ok, now that we have that out of the way how do you start mining Ethereum? There are three ways you can mine.

  • Pool mining (Recommended)
  • Mining alone (Not recommended)
  • Using Cloud mining services (Not Recommended)

7. Conclusion

Ethereum is a disruptive technology that is set to change how the Internet works. Whether it succeeds or not remains to be seen, but for now you can easily get your share of “the Internet’s future” by following the steps mentioned above. As Ethereum becomes more popular its currency, Ether, seems to be gaining momentum and appreciating in price. But as always cryptocurrencies are a very risky investment and things can change in a heartbeat (as demonstrated by Ethereum’s colossal price drop during 2018).

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