Ethereum is a decentralized computing platform, similar to the Bitcoin blockchain, with its own cryptocurrency called Ether – often the cryptocurrency is also referred to as Ethereum. Ether is not issued by banks or governments; instead, the entire Ethereum network is controlled by its users. It has gained major popularity in recent years, becoming the world’s second digital currency that is rivalling Bitcoin. But what makes investors quit on Bitcoin and buy Ethereum instead?
Why you should buy Ethereum?
Buying Ethereum is a great investment. In just 2 years Ethereum has become the world’s second biggest cryptocurrency. It has had a steady and reliable growth and would be considered a relatively safe investment, based on its performance over the past years. Although it did have a slight dip around Christmas 2017, it has made a good recovery.
Ethereum consists of a highly complex and secure blockchain which validates transactions with ultimate accuracy. Unlike other brand new cryptocurrencies, Ethereum has established itself using sound validation methods and has come to be trusted in the world of digital currencies. To add to their credibility, Ethereum is backed by Fortune 500 companies including J.P. Morgan and Microsoft.
Ethereum also has thousands of applications: you can use it for a variety of things. Primarily, you can make online purchases using it, all you need is a compatible e-wallet and you’re ready to start making online purchases using your Ethereum. Ethereum also lends itself to work with banks rather than against them and has even gained interest from Bank of America that aims at creating an Ethereum-based app to assist its customers.
Here’s What Makes Ethereum Different from Bitcoin
Ethereum is in no way the exact same as Bitcoin, but the two cryptocurrencies are similar in many ways. While their differences may be few, they significantly distinguish one from the other. The below points show Bitcoin and Ethereum’s biggest differences:
- Bitcoin was founded way back in 2009 while Ethereum was created more recently in 2015. Although Bitcoin is six years older than Ethereum, Ethereum has proved a worthy competitor in giving Bitcoin a run for its money.
- The difference between BTC and ETH is quite astounding. The difference in prices does show how much further ahead Bitcoin is as one ETH is a fraction of a BTC. However, it does make buying a full ETH unit more accessible than buying one BTC unit for the general public.
- Bitcoin may be better for storing funds, but Ethereum is better for transferring them. Unsurprisingly, more daily Ethereum transactions occur than Bitcoin transactions. Ether transactions are quicker, and other cryptocurrencies can utilize the Ethereum network protocol.
- Ethereum fees are many times lower than Bitcoin fees – another advantage over Bitcoin. However, there is the possibility that Ethereum’s fees will be forced to increase.
- Ethereum is actually a technology which is used in many other cryptocurrencies’ infrastructures. Ethereum has smart contracts whereas Bitcoin doesn’t. The smart contract system allows for Ethereum to handle transactions with code.
Step by Step Guide to Purchasing Ethereum on CEX.IO
1. Register with CEX.IO
Registering at CEX.IO couldn’t be easier, simply go onto the site and create an account either using your email address and password or choosing an option to log in via your Facebook or Google account. CEX.IO has been in the business long enough to be a trustworthy brand, so you can rest assured that your data are safe and secure with them. There are a few different account types you can choose from:
- The Basic account is the simplest one that still allows you to buy Ethereum, but you have fewer options and more limits.
- The Verified account requires you to officially verify your identity, but it grants you access to all payment methods.
- The Verified Plus account gives you unrivalled support from CEX.IO as well as extends your limits.
- The Corporate account is a good choice for people with businesses of their own that want to incorporate cryptocurrencies.
Once you have an account, you’ll have access to the Buy/Sell tab. Here you can choose a bundle of Ether to buy or sell or customize your own desired amount. If you have settled with the Basic account you may experience limits as to how much you can buy and sell. The next step is to either go through with the payment or withdrawal, depending on whether you’ve decided to buy or sell.
3. Make a Payment
At CEX.IO you have the options of paying with Visa, MasterCard and doing a bank transfer. If you opt for the option to pay with Visa or MasterCard, the payment takes place in a similar way to any online purchase – you enter a CVV code and card number, and once the card is verified the payment will go through and you’ll receive your Ether. To make transactions, you need to link a card to the site by simply giving the correct card information and proving that you are the legal owner of the card. You can also make withdrawals using the linked card, and there is the option to link multiple cards to your account.
4. Getting Verified to Upgrade an Account
If you want to make use of the Verified account, you’ll need to get verified. Luckily, it is a simple process. All you need to do is send a few documents and identification proofs.
5. Gain Access to Your Account via the mobile App
CEX.IO has a mobile app that is compatible with both Android and Apple devices. It’s an easy way to quickly log in to your account and see how your Ethereum is doing or easily purchase more if you wish to.
Buying Ethereum is easy with CEX.io
Buying Ethereum with CEX.IO requires just a few clicks. This allows you to join in on a global movement in digital currency. Both buying Ethereum as well as managing your account on CEX.IO is simple and straightforward, making it a pleasure to check on your Ethereum funds.