As the world gets accustomed to the new ways of crypto investment, it becomes necessary to talk about one of the leading cryptocurrencies. Ethereum, the open-source blockchain, is more than just a currency, though.
Unlike its counterpart Bitcoin, Ethereum is a ledger technology that helps build new programs. Founded by Vitalik Buterin in 2014, this software platform has tremendous potential for developers and investors alike.
If you ever wanted a passive income, there has never been a better time to buy Ethereum than now. So how does one do it right?
How Does Ethereum Work?
Before getting into the details of how to buy Ethereum, it is better to first understand how it actually works. As mentioned earlier, Ethereum was not designed to be just another cryptocurrency.
Instead, it was built to provide others with a platform for making their applications. You can say it was supposed to be the second internet for developers with self-sustaining applications.
Ethereum would come with its own email, social networking, online games, and music streaming services. With almost 2000 different applications running on the platform, it is well on its way to achieving that.
Just like any other blockchain technology, Ethereum is also decentralised. That means there is no single point of failure on this platform. This makes it more viable than cloud computing, as the data is spread across a network instead of a device.
This offers enormous scope for the various industries to build apps. Some common sectors include gaming, gambling, and insurance.
Where to Buy Ethereum in Australia
If you are wondering how or where to buy ETH, then firstly, make sure to find trustworthy sources. Otherwise, you will just get scammed.
In Australia, there are only two ways to buy Ether.
From Cryptocurrency Exchange
If you plan to buy Ethereum using your Australian dollars, a cryptocurrency exchange is the best way. Think of them like a foreign exchange office where you convert your dollars into crypto. Just make sure that the crypto exchanges are registered on AUSTRAC (Australian Transaction Reports and Analysis Centre).
As a Part of Cryptocurrency Portfolio Investment
The other method is to invest through a portfolio handled by a manager. When you deal with the currency exchange, you need to keep updated about all the ups and downs in the prices. Moreover, your account automatically buys Ethereum regularly without having to set a schedule manually.
How to Buy Ethereum
Now that you know where to buy Ethereum, the only thing left is understanding how to buy. There are four easy steps to do it.
Research Different Crypto Exchanges
As mentioned earlier, the first step is to find a legitimate and licensed cryptocurrency exchange that suits your needs. You can go through different crypto platforms enlisted on the AUSTRAC and get a feel of how they work to choose.
Create an Account
Once you have made the call, simply create an account on the website. You will have to fill in a few personal details to complete the registration process, and that’s it.
Make Your First AUD Deposit
What’s left now is to make your first deposit once your account is verified. Usually, you can quickly deposit from the menu of the websites, and your AUD will be transferred hassle-free.
Now your currency is available for purchasing ETH. Simply go to the trade options and buy according to your financial limit.
In Australia, buying, selling and trading ETH is a legal method. You can find the cryptocurrency exchanges enlisted on the government website to find the legitimate ones. This way, you can start investing and grow your passive income in no time.