How To Buy Ethereum’s ETH
is a question I get often. First let us start with the basics so you can understand what it is you are trying to buy.
What is Ethereum?
As written at Ethereum.org:
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
So what is Ether?
THE CRYPTO-FUEL FOR THE ETHEREUM NETWORK
That is the short version.
The long version is:
Ether is a necessary element — a fuel — for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).
In other words, Ether is the token/cryptocurrency that is the GAS that powers up applications on the Ethereum platform!
Investors and Traders love it because it is booming in market capitalization and its price is just going up up up!
Shucks! I purchased ETH for $13 late 2016. A week ago it went as high as $400 And as you can see below, it is climbing back up to $300.
How To Buy Ethereum’s Ether
First of all you need an Ether wallet to store your Ether.
There are quite a few wallets. But I just want to keep it simple right now.
Coinomi: Awesome multi-currency mobile wallet that is my favorite. It is available for Android and IOS is coming soon.
MyEtherWallet: Rather popular because of its ease of use. You can use it from your browser
JAXX: – A multi-currency mobile wallet that I use often. It can be used for Bitcoin (BTC), Ether (ETH), Ether Classic (ETC), DASH, and other cryptos.
How To Get Ether in your Ether Wallet
You can buy it with Bitcoin (BTC), with FIAT (USD, GPB, and other fiat currencies via bank wire, or with Debit/Credit Card.
I do not advocate the use of coinbase except in the case where you need to quickly exchange BTC, ETH, and LTC or want to withdraw cryptocurrency to your bank account. If you are already verified and want FAST ETHER, then go to COINBASE. If you aren’t verified and want a coinbase account, then go there as well. You have a Bitcoin wallet, an Ether wallet and a Litecoin wallet there.
Use your Debit/Credit Card to Buy ETH at Coinhouse. It does take 24-48 hours for them to approve your Know Your Customer (KYC) documents so you can get verified. Click below
There are many cryptocurrency exchanges such as Poloniex, Kraken, Bittrex and Cryptopia that sell Ethereum (Ether), and you can purchase it normally using both fiat money and other cryptocurrencies. This is probably one of the easiest ways. You can either trade your BTC or other cryptocurrencies supported for Ether or you could deposit some fiat currency into your account, buy some Bitcoin with it and then simply exchange that to Ether. From there you can withdraw your ETH to your wallet.
The fees are of similar values ranging between 0.1 to 0.2%. Withdrawal fees vary a bit depending on the transfer. You’re normally better off doing a SEPA transfer which is either free or less than a euro. Bank transfers to other countries can range between $5-$20. Crypto withdrawals are normally free or with a network fee around 0.05€.
Cryptopia: Register. Then log in. You will see your username in upper right hand corner. Click on it and select BALANCES. Then search for BTC. On the left of BTC you will see see some icons. The first one is DEPOSIT BTC. Click it and send BTC from your mobile, desktop, or hardware wallet to your Cryptopia BTC wallet. Now you are ready to rock n roll. Click on EXCHANGE. Find ETH(ETHER). Buy ETH. And you are set to go. Go back to WALLET and search for ETH. Then WITHDRAW ETH to your mobile or desktop wallet.
CEX.IO is an exchange I use often for exchanging various cryptocurrencies.
Kraken Register and Login. You need Know Your Customer (KYC) documents to be uploaded, reviewed and approved BEFORE deposit/withdrawal. You can wire fiat money (USD,GPB,etc) to start after KYC Approval. BUT NO KYC necessary if you have BTC already and transfer your BTC to Kraken. Now you can buy ETH and store it in the Kraken ETH wallet.
The same applies to Poloniex.com and Bittrex.com cryptocurrency exchanges.
Coinbase.com has added Ethereum to their retail platform. You can now use Coinbase to buy ETH directly with your bank account, debit or credit card. You can also use their asset trading platform GDAX.com to trade Ether against BTC or USD.
NOTE: ETC is Ethereum Classic and ETH is Ethereum’s ETH. We want ETH!