How to Buy Ethereum and secure it on a wallet?
Ethereum is a crypto-currency that has only been around since 2015, but it has already made its mark in the crypto world. Ethereum is currently the second largest cryptocurrency by market capitalization and has become one of the most popular cryptocurrencies for trading and investing. If you’re looking to buy Ethereum, this article will tell you how.
What is Ethereum?
Ethereum is an open-source blockchain platform that allows developers to build and deploy decentralized applications (dApps). Ethereum is powered by its own cryptocurrency, Ether, which can be used to pay for services offered on the Ethereum network. Ethereum is also the name given to the cryptocurrency which powers the Ethereum platform, which is often referred to as “ETH” or simply “ether”.
Why Buy Ethereum?
Ether’s meteoric rise in popularity is largely due to its ability to be used to facilitate smart contracts. Smart contracts are agreements between two parties that can be written into code and executed automatically when certain conditions are met. This capability makes ether a desirable asset for those who want to invest in the technology behind the Ethereum blockchain.
In addition, Ethereum is becoming increasingly popular amongst investors due to its high liquidity and low transaction fees. Ethereum has seen significant growth over the past few years, with its price rising from $8 in late 2016 to an all-time high of around $800 earlier this year.
Where to Buy Ethereum?
If you’re looking to buy Ethereum, there are several options available. We’ll look at two of the most popular platforms – Coinbase and Binance – and discuss their features and how they compare.
Coinbase
Coinbase is one of the most popular ways to buy Ethereum. It’s easy to use and offers quick access to your funds. Coinbase also offers a secure vault service that allows you to store your coins offline, away from hackers and other security threats. Coinbase is available in 32 countries, making it accessible to a wide range of users.
Binance
Binance is another popular platform for buying Ethereum. It offers a wide range of features, including margin trading and futures trading. It also has a large selection of cryptocurrencies available for trading, making it a great option for experienced traders. Binance is available in over 180 countries, making it more accessible than Coinbase.
Kraken
Kraken is a US-based exchange that offers both spot trading and margin trading. Kraken offers a user-friendly interface, low fees, and quick processing times. It supports many different currencies, including major fiat currencies like USD, EUR, GBP and JPY. Kraken also offers advanced order types and API access for automated trading.
Robinhood
Robinhood is a mobile app-based exchange that allows users to trade stocks, ETFs, options, and cryptocurrencies without paying any commission or fees. The Robinhood app offers a simple and intuitive user experience, making it easy for beginners to start trading. Robinhood allows users to buy Ethereum with either USD or GBP. However, as it is not a full-fledged cryptocurrency exchange, it does not offer any advanced trading features.
How to Secure Your Ethereum on a Hard Wallet ?
Storing your own cryptocurrency such as Ethereum can be tricky. You want to make sure that it is secure and protected from hackers or any other malicious forces. One of the most secure ways to store your cryptocurrency is with a hardware wallet, also known as a hard wallet. Here is an overview of how to use one to protect your Ethereum.
What is a Hardware Wallet?
A hardware wallet is a physical device that stores your cryptocurrency. It is designed to provide maximum security for your funds as the specialised website ubestcryptowallet.com says. Unlike a regular software wallet, which is typically stored online, a hardware wallet is offline. This means that it is much less likely to be hacked or otherwise compromised.
Why Use a Hardware Wallet?
The main advantage of using a hardware wallet is that it gives you complete control of your private keys. Unlike a regular software wallet, which is held by a third party, you have full control over your funds. Additionally, your private key is stored securely on the device, meaning that only you have access to it.
How to Set Up Your Hardware Wallet
Setting up a hardware wallet is fairly straightforward. First, purchase a hardware wallet from a reliable source. Once you have received the device, connect it to your computer or mobile device and follow the instructions provided in the manual. Once the device is connected, you will need to generate a new address for your cryptocurrency. Enter this information into the wallet software, and then transfer your Ethereum from its current location (such as an exchange) to the new address.
Backing Up Your Wallet
It’s important to back up your wallet in case anything happens to the device. Each hardware wallet has its own method for backing up, so refer to the user manual for more information. Generally, however, you will need to create a backup phrase that consists of 12 to 24 words. Store this phrase in a secure place, away from the device itself.
Securing Your Funds
Once your wallet is set up and backed up, you should take additional steps to ensure the security of your funds. Make sure you enable two-factor authentication on your device, if available. Additionally, keep your device updated with the latest firmware. Finally, never share your private keys with anyone, not even family or friends.
Using a hardware wallet is the best way to secure your Ethereum. It provides superior protection against malicious attacks and gives you complete control of your private keys. Setting up the device is simple, and it’s important to back it up and enable additional security measures. Following these steps will help ensure that your cryptocurrency remains safe and secure.
