Buying Ethereum may have been on your mind for some time now given how good of an investment it is proving to become.
So here’s a quick no-nonsense guide on how you become the owner of some Ethereum fast and easy:
- Get an Ethereum wallet: Don’t be that person who goes shopping for Ethereum without having a secure wallet to store the coins in. Ledger and Trezor are highly recommended when it comes to hardware wallets and there are some decent software wallets that you can take a look at as well. Hardware wallets are generally considered safer because they are harder to hack and your information is not stored online.
- Buy Ethereum with Credit Card: This is the easiest way to buy Ethereum. You can use CoinSwitch for this. Setting up an account takes very little time compared to the rigorous verification most other exchanges ask you to go through. CoinSwitch is the world’s largest aggregator of cryptocurrency exchanges and has minimal withdrawal and transaction fees making it the best exchange for you to purchase Ethereum with your credit card. In fact, you can even use a pre-paid credit card to avoid divulging any personal information.
- Buy Ethereum with Bitcoin: This method is more a trade than a purchase but you can easily do this. Again, the best place to do this is CoinSwitch because it has the best exchange rates possible. Simply connect your wallet to CoinSwitch and make the purchase within minutes (provided the transaction isn’t large). CoinSwitch allows you to trade between 45,000 pairs and supports over 300 crypto coins. However, make sure to double-check on the daily and monthly limit if you plan on doing this regularly.
- Ether ATM: You can always use a local Ether ATM machine much like you do for fiat currencies to buy Ether. This is not the fastest way as you actually have to locate one but when Ether ATMs are more widespread, it could be a viable way.
- Bank Transfer: You can always fiat currency to buy Ethereum. Make sure you are aware of the exchange rate before you start the transaction.
- Use the mobile wallet app: Some apps have integrated exchanges within the app itself. This is a very convenient way to convert your holdings to Ethereum or purchase Ethereum directly.
- Peer-to-peer marketplace: Local Etherum allows you to find peers within your locality who are willing to sell Ethereum for cash, bank transfer, PayPal, or other peer-to-peer cash apps. The key is to not conduct large transactions through the site and always read seller reviews. The site has an escrow account which prevents scammers from duping you.
- Send the money to your wallet: This is the last step but the most crucial one of all. You just need your Ethereum address to send the money from the exchange to your wallet.
Apart from these methods, you can always mine Ethereum. Mining Ethereum does not require large amounts of processing power as is the case with Bitcoin. However, when it moves to the PoS algorithm instead of the PoW that it uses now, mining may not be as lucrative. How much you can make from mining depends on
- Hash Rates
- Mining power
- Electrical cost