What is Ethereum?
Ethereum is an open-source, public, blockchain based distributed computing platform featuring smart contract functionality. It gives a decentralised Turing-complete virtual machine; the ethereum virtual machine can perform scripts using an international network of public nodes. Thus, Ethereum is a decentralised platform that works smart contracts: applications that run exactly as programmed without any chance of downtime, censorship, fraud or third-party interference. Ether is an important element – a fuel – which used for operating the distributed application platform Ethereum.
How to Buy Ethereum
For storing your Ethereum coins, we can use the easiest and convenient wallet given by MyEtherWallet, and it can store any coin on the Ethereum blockchain.
- First of all, you have to log into the official website of MyEther and then enter a password that must be difficult to guess. Make sure that you won’t forget your password. If so, then you can lose access to your coins. Then click ‘Create New Wallet’.
- Then press ‘Download Keystore’. You have to read and understand the warnings. It is important to back this file up somewhere safe. After that click ‘I understand. Continue’.
- Now you will get a great unencrypted private key to your wallet. Then you need to print out your private key and store it somewhere safe. Then you should delete all references to it’s from your computer because sometime in the future you might get a virus or malware, or visit a website with an advert that has malicious code. If someone gets your private key, then it is easy to open your wallet and steal your coins. It is important to print out your private key even it is so insecure. The reason is that in case you lose your keystore file (your computer gets wiped or damaged) or if you forget your password, you can access your account with your unencrypted private key. There is also an option to print a paper wallet which shows everything you would need to access your wallet. If you choose to print this, treat it just like the Keystore file you just downloaded – then make sure it is hidden and safe. Once, you have done that, click ‘save your address’.
- Now we are going to open your new wallet. Then select the ‘Keystore File’ option, then upload the keystore file that you saved earlier in step 2, finally enter your password. After that, scroll down to view your opened wallet.
- Then you will be shown a long string of letters and numbers specified ‘your address’. This is your wallet address, and this is the address we are going to be sending your Ethereum coins. Be sure to copy this address and keep it somewhere safe as we are going to need it soon.
- Then select which Ethereum exchange you would like to use.
How to Buy Ethereum by Using Coinbase
Coinbase operates in 32 countries, and it accepts debit and credit cards and bank transfers. It requires ID verification for some payment methods. Coinbase can have low buy limits at first, increase with use. You can also choose other exchanges.
- Once you have chosen an exchange, then go to the official link to sign up to coinbase we will both get teen dollars of free coins if you spend over $100 – the equivalent in your currency.
- Then click the ‘sign up’ button and fill the details such as name (make sure this is exactly same in your photo ID), email, password and location. Coinbase is controlled by the US government just like a US Bank. It is forced to follow some strict rules. So they take verifying your identity very seriously. This is what makes the Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency. You have to provide a phone number to verify your account and upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
- If you are using credit/debit card on Coinbase, you have to pay more money, but it gives instant purchasing. You can save money if you are using bank transfer, it is cheaper but slower. It takes time. After your payment details are verified, press ‘buy/sell’ on the top menu, and from the bottom of the page select how much to spend in your local currency/how many coins you want to buy. If you are happy with the amount, click the big ‘Buy’ button.
- Finally, you have to confirm your purchase by pressing the ‘Confirm Buy’ button. You now own some Ethereum. ethereum price , ethereum mining, how to mine ethereum, ethereum price chart, mining ethereum, ethereum mining, ethereum mining software, current ethereum price, ethereum price today, ethereum price usd, ethereum price drop