What is Ethereum and How to Buy Ethereum

Though Blockchain has been popularly associated with only Bitcoin, it has a couple of other applications that operate way beyond the sphere of digital currencies. The reality is, Bitcoin is just one out of the many hundred applications that make use of the blockchain technology.

Building blockchain applications has always needed a profound background in cryptography, coding, significant resources, and mathematics. But times are changing, and now applications, from regulatory trading and compliance to property assets recorded digitally and voting electronically, that were thought to only be a figment of someone’s imaginations are now being developed faster and more actively than in days past. Ethereum has made all of this possible by giving developers full access to tools needed in building decentralised applications.

What is Ethereum?

To easily understand what Ethereum is, just look at it as an open software platform with a smart contract functionality, which operates on the blockchain technology and arms developers with tools they need in building and deploying decentralized applications. Easy right?

You might be wondering if Ethereum is similar to Bitcoin. Well, maybe, but not really.

Ethereum is a publicly distributed blockchain network just like Bitcoin, but with some substantial technical modifications. The most essential difference to take note of between Ethereum and Bitcoin is their capability and purpose. While Bitcoin blockchain tracks proprietorship of bitcoin (digital currency), Ethereum blockchain on the other hand is focused on operating the programming code of decentralised applications. You see the difference?

How to Buy Ethereum

You now know what Ethereum is, and you are finally ready to buy some but don’t know how? You can do that in three simple steps:

Step 1: Purchase Ethereum with Cash, Wire Transfer, or Credit Card

The fastest way to purchase Ether is via a well-known Ethereum exchange like Coinbase. You also need to be able to distinguish between an authentic Ethereum exchange that you can actually buy Ether from and a platform where you only get to speculate on the price.

As noted earlier, Coinbase is one of the cheapest and most convenient way to buy Ether. All you have to do is;

  • Register a Coinbase account
  • Add your preferred method of payment (bank account or credit card)
  • Look for the “Buy/Sell” option and pick the amount of Ethereum you want to buy
  • Select “Buy Ethereum”, and that is all. Easy and straightforward!

You can get Ether (ETH) on Coinbase for a small fee of between 1.49% and 3.99% based on your selected method of payment. Note that credit cards come with a higher fee than bank transfers.

Step 2: Register and Get an Ethereum Wallet (Optional)

If you are hoping to use the Ethereum platform then you need an Ethereum wallet to store your Ether, which is the Ethereum digital currency. The two most popular Ethereum wallets are the Hardware wallets, which is the most secure way to store Ether, and the Software wallets, which are advisable if you are new to Ethereum, don’t have money to get a hardware wallet, or don’t have too much Ether to store.

Conclusion

Ethereum in the real sense is a disruptive technology that is set to change the way the internet operates, and if you are looking to tap into it, you can easily get Ethers by following the steps mentioned above and you can exchange Ethereum for any other cryptocurrency using Binance  .

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