How Do I Use Ethereum?

How Do I Use Ethereum?

The very first question about dealing with Ethereum for newbies is "How do I buy ETH?" or " How to use Ethereum for trading or investing?"

How to obtain Ethereum?

You can buy Ethereum quite easily by getting it at any cryptocurrency exchange. It can be obtained in exchange for fiat currency (USD, EUR, GBP, etc.). Once it's bought, it can be either stored on the exchange or in user's digital currency wallet. If users wish to purchase smaller amounts of ETH, they can consider storing it on the exchange for ease-of-use. If users obtain a larger amount of ETH, they should consider moving it to the secure digital currency wallet. There's also the third option. Investors can trade Ethereum without buying and securing the currency through CFD platforms, such as eToro.

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The process of purchasing ETH through exchanges is quite simple, as it's enough to register an account with the exchange, deposit some fiat currency, and purchase ETH through the platform. There are numerous digital currency exchanges where you can buy ETH, and major ones are surely eToro, Coinbase, BitPanda, LocalEthereum, Bitsamp, Gemini, and Kraken.

Investing in Ethereum

Many digital currency holders know how risky cryptocurrency investments can be. However, those who want to invest in Ether should have a certain level of optimism. They have to believe that the whole Ethereum project will succeed one day, and will have a significant role in industry and the future of technology. The price of ETH should be even safer if the Ethereum Blockchain continues the tradition of creating smart contracts and decentralized apps.

One successful investor and trader with the 20-year experience behind, Ken Liu claims that even though the ETH price has already increased several times in 2017, there should be still 10 times or even bigger long-term growth in the upcoming years. As Liu once said, Ethereum is not in the mainstream flow when it comes to its adoption, but there is undoubtedly a large number of applications that are currently in development. New ETH projects will slowly show up online, one by one, shortly, and millions of cryptocurrency holders will learn more about Ethereum and start using it regularly. It can make its price rise even to $1000 per 1 ETH.

New ETH projects will slowly show up online, one by one, shortly, and millions of cryptocurrency holders will learn more about Ethereum and start using it regularly. It can make its price rise even to $1000 per 1 ETH.

Ken Liu thinks that there is currently about one third as many transactions on the ETH Blockchain as the BTC Blockchain. But Ethereum is still growing rapidly, while the BTC has already reached its maximum. So, the calculation is simple. The more crypto holders engage themselves in using Ethereum, the more value and use this technology will obtain.

It is also important to mention that Ethereum has the full support of some major global players in the world of finances and IT development. Such corporations as Microsoft, J.P. Morgan, and Intel are the most obvious examples.

Risks of investing in Ethereum

There are a few major risks involved when investing in ETH:

  • Ethereum network is known for being vulnerable to cyber attacks. The biggest proof that was the famous DAO hack when the price lowered from $21.50 to $15 in just several hours.
  • The general supply of Ether is not determined, as it’s the case with other cryptocurrencies. The future of supplies is uncertain, which is not good at all, knowing that the price depends on the global supply and demand.
  • ETH hasn’t still become the traditional trading asset, so it’s not yet possible to use it to purchase goods and services.
  • There are also concerns about Ethereum Blockchain being replaced by a superior technology at some point; a tech that has similar features, which would result in a major crash of Ethereum market value.

Future of Ethereum

One of the positive things about Ethereum is that its members have a deep respect and huge belief in Ethereum's founder Vitalik Buterin. At the stage of project's development, it is always important to have a sort of charismatic to implement new ideas much easier. Ethereum also has the advantage of learning from Bitcoin's previous mistakes and trying to avoid, prevent, and fix them on time.

The most important technology upgrades that are currently in progress:

- Sociability improvements - Anonymous transactions - Switching from proof-of-work to proof-of-stake - Smart contracts that can settle fees autonomously

There are several reasons why we think Ethereum to have a promising future. If you want to avoid market fluctuations for the next several years, you can buy some ETH and keep them for a while. Being a volatile currency, Ethereum is not the worst investment. Some investors and traders made money during the most volatile periods of Ethereum.

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