How to Buy Ether in 3 Simple Steps — A guide for beginners
So you’ve made up your mind, and you’re ready to take the leap and invest in cryptocurrencies. Congratulations! Ether is a great choice too.
The Ethereum blockchain was created after the launch of Bitcoin in 2009. Then, Bitcoin was mostly regarded as a digital scam or a currency for scammers and other types of criminals. Vitalik Buterin, a Russian born Canadian programmer and writer, was fascinated with Bitcoin. Since its release in 2015, the Ethereum blockchain has housed many incredible smart-contract projects, DeFi projects, NFTs, and tokens.
Vitalik Buterin, Gavin Wood, Jeffery Wilcke, Charles Hoskinson, Mihai Alise, Anthony Di Lorio, Amir Chetrit and Joseph Lubin are the co-founders that created the Ethereum blockchain. You can read all about the history of Ethereum and the twists the founders had to take to bring about one of the biggest blockchain networks to the public.
You might be a bit confused by the use of the terms Ether and Ethereum in this article, so we want to help clarify. Ether is the native cryptocurrency in the Ethereum blockchain, and Ethereum is the blockchain. This is like saying Naira is the native currency of Nigeria and Nigeria is the country.
Bitcoin and Ether are two of the most publicly traded cryptocurrencies in the industry. This means that they have more liquidity and security than most other cryptocurrencies in the industry.
This article will show you three steps to buying Ether for as little as N1,000.
How to buy Ether: Step one.
The first step is to get a crypto wallet to buy, keep, and transfer your crypto assets. There are two types of crypto wallets that you can choose from.
The first is a non-custodial wallet. This type of wallet allows you to have complete control over it. This means that the keys used to access the wallet and crypto assets would be under your control. If you’re used to misplacing or forgetting pins or passwords, this might not be the best choice. If you were to lose the keys to your crypto wallet, you could also lose the cryptocurrencies.
A custodial wallet is a type of wallet whereby a third party holds these keys for you. When you buy Ether or other cryptocurrencies on ValorExchange, the coins are kept for you on the platform. If you were to forget a password or pin, the support team could help you recover the account — sort of like a bank.
You would need an email address and password to sign up on the platform to start. After you submit them, a message will be sent to the email with a link for you to click on to verify your email address. Once you click on that link, you’ll be redirected to your newly created dashboard.
How to buy Ether: Step two.
Welcome to your dashboard. Now, it’s time to begin the second step of the process.
At the top of the page, you would see a series of words such as Dashboard, Trade, Wallet, Settings, Rewards, and Help. Each one of these would direct you to a different section on ValorExchange. You can explore each one of them by clicking on the text.
As we mentioned before, the Ethereum blockchain’s native currency is Ether(ETH), and if you check the dashboard, you` will see that three different wallet addresses have been created for you. Different blockchain networks have their own wallets that can be used to hold their cryptocurrencies. When you buy Ether(ETH), it will be placed in your Ethereum wallet. Think of it like having a savings account in Naira and a domiciliary account for your savings in dollars or other currencies.
So you have an account with all these empty wallets, it’s time to start filling in the empty spaces. To do this, you can click on the ‘setting’ text at the top of the page. There you would see the necessary forms for you to fill out.
How to buy Ether: Step three.
Welcome to the most straightforward and most exciting step. ValorExchange lets you convert your fiat currency or anything of value to Bitcoin, Ether(ETH), or USDT with zero added cost and vice versa. Go to the trade section and click on “I want to buy” to buy Ether on the platform. People actively buy and sell every day on the platform, so don’t worry.
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