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Even if you’ve just begun to dip your toe into the cryptocurrency marketplace, you have likely heard industry observers and market analysts talk about Ethereum as the next big thing in the world of crypto. From the ether token to the innovative technology behind Ethereum, there is a lot to be excited about when it comes to this internet movement!
Is it time to buy Ethereum? Here’s what you need to know to get started.
Ethereum: A Primer
In July 2015, Ethereum, a decentralized and open-source blockchain, was born. It was launched by Vitalik Buterin and Gavin Wood who aimed to offer consumers an alternative to national currencies and serve as both a store of value and method payment. Part of the decentralized internet movement emphasizing greater security and anonymity, Buterin and Wood envisioned that the Ethereum network would be far less vulnerable to hacks or shutdowns.
Ether is the virtual token that is established on top of the open-source blockchain. To put it simply, ether is the cryptocurrency of the Ethereum network. The supply of ether is not capped and members of the Ethereum community determine the schedule of creation. Ether can also be stored on a crypto wallet or crypto exchange, subjected to the ups and downs of the broader cryptocurrency market.
Ethereum has blossomed into a technology that acts as more than just a cryptocurrency, intending to complement bitcoin rather than competing with it. The Ethereum network maintains smart contract functionality, a payment network, and an ecosystem to construct and install applications without a centralized authority.
Ethereum attracts developers because applications are utilized without central control, downtime, fraud, or third-party interference.
Today, Ethereum has multiple purposes, from payments to investment to innovation, even serving as collateral. Many investors and financial experts are talking about the digital currency’s potential to become the premier cryptocurrency.
With all the hype surrounding Ethereum’s infrastructure, is it time to buy ether?
How to Buy and Sell Ethereum
Now that you understand the basics behind the Ethereum network, are you ready to discover how to buy and sell ether through Bitbuy? Here is how it works:
Create a personal or business account on Bitbuy. Simply insert your email address and phone number and verify your identity.
Once your identity has been confirmed, you will be permitted to deposit funds to your Bitbuy account. You have a couple of options: select either Interac eTransfer or Bank Wire as a source to add money.
Choose from a long list of digital currencies available to purchase, ranging from Ether to Bitcoin to Litecoin to XRP. All digital currencies can be purchased or sold by navigating to the “Express Trade” section of your account. The dollar value of the quantity of Ethereum (or any other digital currency) that you are purchasing or selling will appear in your “Transaction Summary” prior to completing the process.
Congratulations on taking the first step in your cryptocurrency journey!
Whether or not Ethereum will transcend to the status to the premier cryptocurrency, there’s no doubt that it remains an exciting and innovative technology. It is still a relatively new digital currency, so there is plenty of time to get in on the ground floor.
If litecoin is considered bitcoin's silver, then perhaps ether is crypto's diamond.