What Is Ethereum: Where & How to Buy Ethereum in Australia
So you want to buy Ethereum right here, in Australia? Well, that’s great news. You have made the right choice as Ethereum (ETH or Ether) is the second most popular cryptocurrency in Australia and the world. And, you have come to the right place as we will learn everything about Ethereum today.
First of all, you have to understand that Ethereum is a digital currency ecosystem that was inspired by Bitcoin and expanded upon by its well-known founder, Vitalik Buterin. What sets it apart from Bitcoin is the scripting language that it was created with, allowing ‘smart contracts’, ‘dApps’ and other tokens to be built within its ecosystem.
Here’s to understand more about Ethereum.
What is Ethereum?
Ethereum is a digital platform that works through the recognized Blockchain technology, which is classified as an immutable and unbreakable data network. To carry out financial transactions through this software, the ETH token was created, which we can send and receive conveniently within said network. Imagine using an autonomous Australian bank that allows worldwide payments with insignificant fees in only minutes.
ETH, like Bitcoin, is a cryptocurrency that operates under a decentralized system and can be owned by any user. However, many traders prefer ETH over Bitcoin because of the speed and low costs of their transactions.
For this and many other reasons, Ethereum has become one of the most highly-traded cryptocurrencies in the crypto market, having increased its price dramatically over time. This means that traders are having a good time buying and saving ETH since its price is still relatively low in comparison to a whole Bitcoin.
Is Ethereum Legal?
Buying and selling cryptocurrencies like Ethereum through exchange platforms is legal. It is even considered one of the most efficient and immediate options for making international payments, especially through ETH for its good reputation.
There are some countries that limit the activities of crypto exchange’s and vice versa for political reasons, although this is not the case in Australia. In fact, the Australian crypto community is one of the largest worldwide.
It should be noted that crypto adoption is greater with each passing year, which opens new payment opportunities for different initiatives and represents new forms of savings for citizens around the world.
How to profit from Ethereum?
As with fiat currencies on the Foreign Exchange Market (Forex), cryptocurrencies like Ethereum and Bitcoin have price variations. That is, its value increases and declines due to supply and demand within the market.
Each ETH token has a value in AUD, USD and other fiat currencies. Assuming that you buy 1 ETH with AUD 300 and its price increases to AUD 400, we would obtain a profit of AUD 100 when selling said token. Even if Ethereum’s value falls, we could still take advantage of this move to get more tokens with a specific Australian dollar amount, which will confer a benefit if they go up in price.
In the crypto market, the value of an asset cannot rise or fall forever as there is market volume and changes in supply and demand. This guarantees that there will always be opportunities to obtain good returns from these price variations.
Why do Australian buy Ethereum?
There are multiple reasons why Ethereum (like other cryptocurrencies) have become exceptionally popular in Australia:
- Multiple companies that make international payments reduce costs and increase effectiveness through transactions with ETH.
- Users have more online shopping options and can even get discounts for using Ethereum.
- Accumulating ETH tokens means an excellent option in the short, medium and long term, especially if it is purchased at a good price.
- The main objective of the Ethereum platform is to be an instrument for decentralized applications called smart contracts, which is why obtaining ETH tokens is very common among contributors in that community.
Can I buy Ethereum in Australia?
As the years go by, it becomes easier to buy Ethereum and many other cryptocurrencies in Australia, especially considering how fast ETH transactions are confirmed.
If you are going to buy Ethereum you will have to get a crypto wallet to save your tokens. There are many cryptocurrency wallets available on the market, so see what fits you best.
Think of an Ethereum wallet as a bank account except it stores your Ethereum instead of AUD. 🐳
How To Buy Ethereum in Australia?
To buy Ethereum in Australia you will need to register with a Crypto Exchange that is selling ETH. Large exchanges can be a bit difficult to understand and their functions are not the simplest for inexperienced users. There are many cryptocurrencies, many investment methods, and the rates can be very aggressive.
Considering this, beginners to crypto prefer to buy their first tokens through a local exchange like ours Easy Crypto Australia, through a simple and fast process with many options to get started. By the help from Easy Crypto, buying Ethereum in Australia has never been so easy.
How to buy Ethereum with Easy Crypto?
To start purchasing digital assets with Easy Crypto Australia, you must register on our platform and confirm your account through a simple process that will not take more than a few minutes.
Once you reach the Easy Crypto homepage, you can go to the “BUY & SELL” section, where you must choose which currency you want to spend and which cryptocurrency you want to buy. In this case, choose Ethereum. We have guides available to guide you through the entire process, although you can always start now and explore the options.
Buying Ethereum with Easy Crypto Australia will provide you with the necessary tools to exchange fiat currency for cryptocurrencies, which can be useful if you want to enter the crypto market and make profits 🤑. Using the simplest options, we will teach you how to use and become familiar with wallet services for different digital assets.
Ethereum: Frequently asked questions
Before you go, here some bonus information about Ethereum. Enjoy, and take some notes 🙂
$18.4 Million USD.
Ethereum had a code vulnerability in June 2016 which was exploited. The current Ethereum (ETH) ‘forked’ to fix the code and make transactions during the exploit null and void. Ethereum Classic continued on the old blockchain ledger. Currently, Ethereum (ETH) is the dominant of the two.
Bitcoin was created purely as a peer-to-peer cash system. Ethereum was developed to run decentralised applications with Ether as its internal currency.
There is no hard cap for Ether. At present, there is over 100 million in circulation.
This is quite technical, however is interesting to know if you want to complete deeper research. The Casper implementation introduces Proof of Stake (as opposed to Proof of Work) to the Ethereum blockchain.
This change removes the process of mining and makes the validation of new blocks to be complete by block validators, who are chosen dependant on how much they stake.