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The ever-changing technology has challenged innovations such as cryptocurrencies. According to research, the blockchain technology used in Bitcoin and Ethereum is a game-changer in the running of businesses today.
Ethereum has established itself by transforming how people make payments virtually. However, this process might be difficult for most people to understand, especially newbies. Below is how to buy and sell Ethereum like a pro.
How Ethereum Works
Ethereum works as a digital infrastructure that embraces the bitcoin blockchain technology. It uses ether as its coins. With the right information, it is easy to know how to buy and sell Ethereum without any challenges. So, let us discuss how to buy it.
How to Buy Ethereum
Buying Ethereum can be categorized into 3 steps, which are discussed below.
· Acquiring a wallet – With ether being a digital currency, you will need somewhere to store it. Depending on the number of coins you are planning to buy, you can either get software or hardware wallet. For a small number of coins, go with the software wallet. Whereas for a large amount, it is safer to store in a hardware wallet.
· Find your Ethereum address – The address, in this case, will be used whenever you want to send ether to your wallet.
· Find a place for buying ether – It is best to buy ether from an online exchanger and not from an individual. Exchanges can be divided into two categories; trading platforms and brokers. Trading platforms connect sellers and buyers faster and are mostly used by experienced buyers. And on top of providing a platform to buy and sell Ethereum, they also deal with other digital currencies like bitcoin. For such a platform, you can see here. On the other hand, brokers are suitable for beginners since ether is sold to you in a fast and direct way.
How to Sell Ethereum
After acquiring Ethereum either by mining or buying, there definitely will come a time when you need to sell them. Here are some of the tips on how to sell Ethereum.
· Register on an exchange that shows ETH – After choosing an exchange, you will have to submit your details such as email address, phone number, and password.
· Deposit ether to your account – To do this, you will have to log in to your account and find the ether address, which you will use to transfer the coins from your external wallet.
· Sell Ethereum – After ether has arrived at your wallet, choose how you want to sell Ethereum by clicking on the trading section. Do not forget to go through the transaction process before clearing up the sale.
Advantages of Using Ethereum
· Lower transaction fees – Credit card transactions are known to be expensive, especially when in a foreign country. This is the opposite when it comes to digital currencies such as Ethereum and bitcoin; they save you money since you pay lower transaction fees.
· It is safe to use – Scams have lived to be one of the biggest financial issues in a financial transaction. However, when using Ethereum you do have to worry about this since it is a virtual currency which makes it hard for scammers to interfere.
The process of acquiring Ethereum may seem to be difficult for many people, but thanks to the explanation above you can now understand how to buy and sell Ethereum.