To buy ethereum one must be familiar with the working and what etherum is , in the first place. Australia is a place of opportunities. Buying and trading in such a wide market can be equally useful and helpful. With this we begin our article on the step by step analysis of Buying ethereum in Australia.
What is Ethereum?
Ethereum is an open source platform that is block chain based and a place to create and develop decentralized apps called Dapps.
Ethereum features its own cyrptocurrency called Ether(ETH) which can be used for exchange and trade like other cryptocurrencies. ETH is blockchain based and is decentralised. Which means There will be no third party centralisation between the depositor and the borrower. This ensures the transparency in the network .
Ethereum was created by Vitalik Buterin who was the mind to think bitcoin’s Blockchain a feature advantageous to the future.
Blockchain: It is simply the network of notes or data base that stores Transaction data in a block.The nodes/data blocks are used to exchange ETH with other cryptocurrencies or a simple trade.
How to Buy Ethereum In Australia?
In order to Buy Ethereum in Australia one can follow these simple six steps:
- Register for an account with an Australian crypto platform such as Swyftx
For Beginners Swftx is a trustworthy crypto exchange platform. This is the most popular and widespread in all of Australia where we can choose from the lowest trading fees to earn extra credits into our account. To signup visit the site and enter your name, mail id and your phone number for verification and create a password.
2. Complete the signup process and verify your email
After the completion of the signup, you have to verify your mail under the verification bar in the profile section . To continue with trade , this is necessary. Then you have to enter your personal information which is required for safe and accountable transactions.
3. Deposit funds in Australian Dollars or BTC into the account
Once verified, you can deposit AUD into your account using a credit/debit card and even other wallet apps such as PayPal. You can also transfer the funds in BTC if you are willing to transfer them.
4. Select Ethereum (ETH) from the asset list and click on ‘Buy Ethereum’
Select ETH from the list shown to buy Ethereum and then click on “Buy Ethereum”
5. Enter the amount of Ether to buy using AUD balance or BTC balance(if held)
You can either trade ETH for AUD balance or your BTC balance from the app and enter the amount to purchase it.
6. Review and complete the trade
Double-check the process when you carry forward and Complete the trade by buying ETH.
And Voila! Now with simple 6 steps, you have Ethereum(ETH) in your account. This trade is as simple as ordering food from an app.
How to Store Ethereum(ETH):
As of now, you have Ethereum with you. Is there a special place for it? Yes, there is and it’s a crypto wallet.
Crypto wallets can be software or hardware depending on the user measure to store them. Both the ways are explained:
ETH can be stored in an online wallet if you trust the safety measure of the certain wallet provided. Because storing ETH or any cryptocurrency in an online wallet can pose a risk. Malware or a cyber attack may affect it. With over 2-2.5 billion assets stolen from exchange wallets, be sure to store them at your own risk.
One way is to use a Hardware wallet. One of the most trusted sources. The two most famous are Ledger Nano X or CoolWallet Pro.
When activated, the wallet generates a recovery phrase that you should store safely as it helps recover coins if your wallet is lost.
Concluding the point ethereum is one of the fastest-growing cryptocurrencies. It is the second largest after bitcoin in terms of market cap. There are many upcoming and existing techs that utilise Ethereum blockchain known as “Smart contract“.
So finally we can conclude that Ethereum can be the future of digital currency after bitcoin. So these are the basic 6-steps to have your own Ethereum in your wallet!