One would have to be actively trying to avoid the world at large to have not heard of Ethereum (and cryptocurrency, in general). Though the world at large knows all about Bitcoin, there is another name that has carved out a niche as the second-best cryptocurrency on the market.
If you have been considering making the plunge into investing in cryptocurrency, it helps to know more about Ethereum before working on the 1 ETH to USD conversion. Here are a few basic tips for getting started with Ethereum.
Find an Exchange
There are many places to start when it comes to investing in Ethereum price AUD but perhaps the most important thing is to find an exchange. Most who are new to the world of cryptocurrencies will find that joining an exchange is the fastest and safest way to learn as you invest.
Ethereum has its own exchange but there are other reputable options to choose from. Each platform has limitations and benefits, so do your homework before choosing one. Fees, crypto variety, coverage, and a few other options will make the search for a proper exchange a lot easier.
Create an Account
When you have made a decision on the crypto platform that appeals to you, it is imperative to know how to log in. The great thing is that it takes but a few minutes to get going and just a minute after that to have funds ready to use in your investing account.
Just about any exchange will need your name, social security number, address, and a litany of other things. A form of verification is typically part of the process when signing up to invest in cryptocurrency. These extra measures to ensure that customer information remains safe and kept from potential compromise. Verification usually entails a valid photo identification but can also include banking statements or proof-of-address depending on the exchange.
Choose a Currency
One of the great things about investing in a cryptocurrency platform is the ability to choose from a variety of currencies. USD is perhaps the most popular (and valuable) option but most major cryptocurrency platforms offer several different options.
It is a unique feature that allows people from across the globe to connect and share funds effortlessly. One of the cool things about using an exchange is that minimums are quite low. Investors of all backgrounds can get started without being limited by those high limits. The cool thing about a crypto wallet is that you can diversify and even trade/buy/sell in different currencies.
With your account verified and funds now deposited, it is time to start buying, selling, and trading Ethereum (and other cryptocurrencies offered on the exchange). Users on the exchange can execute transactions with one another, though each interface can work a bit differently from the others. Take time to get familiar with the platform.
When a transaction is executed, confirmation will be required. There is also a little time needed to process the transaction, though exchanges execute those transactions far more quickly than other traditional payment methods.
Make a Withdrawal
After purchasing ETH, it can be withdrawn at any time into a wallet or bank account. Fiat exchanges will make it easier since you can sell ETH and send the money from the transaction to your bank account. Depending on the type of platform, it can take a touch longer, but you generally have the option to send your money to a wallet as well. It doesn’t take much to get started and should take even less time to get familiar with executing transactions on the platform.