Ethereum (ETH) is also an open-source blockchain platform that experts can use to build decentralised applications, or dApps, which could impact just about every industry in some way or other.
Just like other digital currencies, you can use Ethereum to send money anywhere in the world where Ethereum has been adopted as a means of payment. So, how to buy Ethereum in Australia? Read on to find out.
1. Price History and Affordability
Just like any other digital currency, the price of Ethereum fluctuates. You can make some bucks if you buy and sell them at the right time. Like Bitcoin, Ethereum’s price has always been on an uptrend since its inception back in 2015.
It was initially designed as a platform where the gas costs of running dApps would be meagre compared to those of other blockchain projects. Low prices have made it easier for more people to buy the coin and contribute to the network’s overall volume.
2. A Growing Community
In 2017, Ethereum grew from a market capitalisation of US$700 million to US$45 billion. It has surpassed Bitcoin, considered the most valuable digital currency since Satoshi Nakamoto introduced it back in 2009.
This growth is undoubtedly helped because there are now more than 250,000 daily unique users of the Ethereum network. That growth number is expected to rise as more and more businesses, and industries begin exploring blockchain technology’s potential.
3. A Brighter Future Ahead
Many experts believe that Ethereum and other digital currencies will become more widely accepted as time goes by. For instance, the Australian Securities Exchange (ASX), which is also known as the “Australian Stock Exchange” or simply “ASX,” announced that it would be replacing its CHESS post-trade system with blockchain technology.
The new system can manage the clearing and settlement of equity transactions.
4. Entering the Cryptocurrency Market
Ethereum is a great coin to start with. Like Bitcoin, it has consistently increased in value over time, so you can make some money if you buy them when their prices are low and sell them when their prices are high.
5. Ethereum Enables Faster Online Transactions
Ethereum’s features like speed, security, and transparency make it an ideal asset for businesses to carry out their transactions. As stated earlier, Ethereum uses dApps, so once you’ve built one, you can integrate it into the system to handle your customers’ data securely and efficiently.
That’s why Ethereum is fast becoming the number one choice for many businesses looking to enter into the digital currency market.
How to Buy Ethereum in Australia?
If you are wondering how to buy Ethereum in Australia, it is important to remember that buying digital currencies can be time-consuming and complicated. It often takes a lot of patience to get your fiat currency into an online wallet.
However, there are several exchanges where you can buy Ethereum from in Australia. You have to compare their rates and fees structures before deciding on one.
Here are the steps to use:
1. Get a Digital Currency Wallet
Since you’re going to buy Ethereum in Australia, you must get a digital currency wallet. Don’t worry; like buying and selling cryptocurrencies, setting up an online wallet is relatively straightforward.
2. Look for an Exchange Where You Can Buy Ethereum
There are many exchanges where you can buy digital currencies like Ethereum. You must look for one with a good reputation and solid security features.
3. Create an Account with the Exchange
Once you have chosen an online wallet, it’s time to create an account with your chosen exchange. Provide some personal information to the exchange, like your name and email address, so they can contact you if any issues may arise during the transaction. Once done, you’ll be free to buy Ethereum.
4. Get a Fiat Currency Wallet Where You Can Keep Your Money
Since most exchanges require their users to have a fiat currency wallet before they can carry out transactions, it would be best to get one first to use it to buy Ethereum. Remember that you can’t get your money out of an exchange unless you have a fiat currency wallet associated with it.
5. Transfer Your Money into the Fiat Currency Wallet
Once you have created your account and gotten your fiat currency wallet, the next thing to do is transfer some Australian dollars into it so you can buy Ethereum.
6. Buy Ethereum and Transfer Them into Your Digital Currency Wallet
Once you receive the Australian dollars from the exchange in your fiat currency wallet, it’s time to buy some ETH coins using that money.
You can buy ETH by going to the “Buy/Sell” section of your exchange and clicking on “Buy.” You must compare the rates and fees of different exchanges before choosing one. You can get your coins in 30 minutes or less.
Once you get your Ethereum, make sure to transfer them to your digital currency wallet so it’s easier for you to track their value over time. When the value goes up, you can always sell them.