Jan 23, 2019 19:30 UTC
Jan 23, 2019 at 19:30 UTC
If you are a crypto enthusiast, it is natural that you have mulled over the issue of buying and investing in cryptocurrencies. If you are wondering how to buy Ethereum, this new year, we might be able to help you out.
What is Ethereum?
Ethereum is a platform which can be used to codify, decentralize, secure and trade anything, ranging from voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements of almost all kinds as well as intellectual property.
Ether is the currency of the Ethereum platform which will be required by anyone wishing to build upon or use the Ethereum platform.
Ethereum’s aims to let users set up “smart contracts” which can do almost anything a user wants, with anonymity, with no set point of failure and with complete trustworthiness and reliability, thus cutting out the middleman while maintaining reliability, security, and trustworthiness.
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How to buy Ethereum?
1. Through peer-to-peer transaction
One way to buy Ethereum is through peer-to-peer exchanges which allow individuals to move currencies from their accounts to the account of others without having to go through a financial institution. P2P networks rely on digital transfers, which in turn rely on the availability of an internet connection. LocalEthereum and Airswap are some of the sites which allow peer to peer buying and selling of cryptocurrency.
2. Through wire transfers
Some cryptocurrency exchanges, which allow the trade of Ether, also provides the option of purchashing the same through wire transfers if in case you are uncomfortable with the idea of furnishing the website with details about your credit or debit card. Some such exchanges are
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3. With credit cards and debit cards
Though this wasn’t a common option even a couple of years back, gradually more and more cryptocurrency exchanges are allowing the scope of making payments with credit and debit cards. Most of the top cryptocurrency exchanges like Binance, Coinbase, Coinmama allow payment through credit and debit cards.
Cryptocurrencies can usually not be bought using PayPal because of an inherent conflict of systems. PayPal allows chargebacks which is not ideal for cryptocurrencies as that allows hackers and scammers to take over and mess with crypto funds. Therefore, one way of buying Ethereum using PayPal would be to buy Bitcoin with PayPal and then have it converted for which VirWox is considered to be the leading platform. Alternatively, LocalEthereum also brings together buyers and sellers, usually anonymously, where users can exchange ETH in return for PayPal payments. One obvious disadvantage of this is that one has to do the due diligence by oneself and also pay a higher price, at least most of the time.
5. With other cryptocurrencies
Another way to buy cryptocurrency is is you buy any other form of cryptocurrency and then exchange it for ethereum. This is a viable option as almost all dependable exchanges allow transactions of Ethereum.
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