Thursday, July 25, 2024

How to Invest in Ethereum: Instructions for Newbies

Have heard of Ethereum but do not know whether it is worth buying? As of today, it is the second most valuable crypto on the market after Bitcoin. Thus, familiarizing oneself with it is a must for every trader. Luckily, we have compiled a review where we will explain what it is and whether it is a good choice for investments.

So, the name Ethereum (Ether and ETH) can be used in two ways. First of all, it is a popular cryptocurrency based on blockchain technology (similarly to Bitcoin). Yet, it is also a programmable network for buying and selling other cryptos for a minimum fee. Its unique feature is the support of diversified coins, including Bitcoin. Another crucial point is that it promotes smart contracts that allow transferring money and other assets without involving any intermediaries and paying huge commissions for their services. Also, it has the potential to fix the problems of fiat currency devaluation and financial inequality.

Obviously, taking into account the benefits mentioned, overall boom in the crypto market, and a recent increase in the price of this asset by 900% (over the last year), this investment opportunity is definitely worth considering.

Here are short guidelines on how to invest in Ethereum:

1. Register on a crypto exchange. In practice, you can choose any licensed service that supports this coin, but our top list includes Coinbase, Binance, and Kraken as they charge the lowest fees. In this guide, we will discuss Binance as an example, but most exchanges work very similarly. For registration, you will need to disclose your email or mobile number, as well as confirm your identity. According to the rules, you will be asked for a photo of your passport or driver’s license.

2. Analyze the situation on the market. Type the name of the crypto in the search bar and open the very first link. There, you will see the chart and recent statistics.

3. Deposit funds to your account. In case it is your first transfer, you will need to link and verify your bank account first. Press “Deposit” ― “Bank Account” ― “Add Account”.

4. Buy the crypto. Press “Buy/Sell” on the right, then choose “Sell”, and click on the name of the coin. Now, you can specify either a sum you want to invest or an amount of crypto you want to buy. Then, preview the details of the order for extra safety and click on “Buy”.

Besides, you can also buy this coin via decentralized exchange or online wallet. Another available option is to try mining it if you have experience in coding and a suitable computer.

In conclusion, we would like to say that Ethereum is one of the top coins for investments so far. Yet, like any other crypto, it is subject to certain risks connected with the perspectives of this technology.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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