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How to get started with Ethereum?

15 December 2021

The first most popular and convenient way to buy Ethereum is through online exchanges. Head to CEX, Coingate, Binance, or any other reputable platform. Create an account and verify your identity.  Then go to “Wallets”, find ETH, and click “Deposit”. Select a payment method and enter the required information. Confirm the payment with a message or email and that’s it. 


Buy ETH in Peer-to-Peer Markets


This is a popular exchange method. You buy cryptocurrency directly from other users via cards, bank transfers, or payment systems. During the transaction, the required amount of funds on the seller's account is frozen, so you are guaranteed to receive coins after the transfer. On the positive side: no commissions for buyers (not everywhere); safety; the ability to quickly buy Ethereum. 

Also, keep in mind the presence of commissions for withdrawal from your account; small limits in the absence of verification; only manual exchange is supported, so there may be delays by the seller himself; the rate is higher than the exchange rate. 


Using Ethereum 


Several items can be purchased with ETH: 

agricultural fresh goods at 1000 EcoFarms.

gold, silver, or jewellery in large retail outlets. Small businesses all over the world and several large online stores use different payment systems that support Ethereum.

virtual goods, for example, domain names or connection of services for programmers and designers, and much more. 


Ethereum is used in computer services based on dApps (decentralized applications) and smart contracts. It can be used to perform a wide class of tasks, not just as a currency. It is a payment instrument, a form of holding assets, and an investment asset. 


Can I revert Ethereum transactions? 


When you plan to make a transaction, you should especially carefully check the correctness of the address. If the transfer has already been completed and the data has been added to the block, then it is not possible to delete or change anything. In most cases, you can recover the incorrectly sent tokens. But be very careful when sending cryptocurrency. It can be lost forever, especially if you accidentally send the wrong token to a custodian wallet or cryptocurrency exchange. If you are planning a transaction for a large amount, we advise you to send a small part first to check if the address is correct.


Ethereum transaction privacy


ETH transactions are not confidential. Ethereum is an open-source blockchain-based public platform. The entire system is supported by a global node system. Anyone can download the entire Ethereum blockchain to their computer. A member of the system has different ways of connecting your identity and your address even if your real name is not in the address. 


Earn with Ethereum 


It is considered a profitable option for long-term investments and is second to Bitcoin in popularity. Due to the ever-growing demand for Ethereum, many Internet users are keen to earn these coins. To become the owner of Ether, you can use several options for earning money without financial investment. There are various services on the Internet that allow you to earn Ethereum for free. In essence, these are ordinary sites for online earnings, but they pay with Ether. Native Ethereum coins can be used for additional income in many ways. The most profitable of them are long-term or highly profitable investments and trading on cryptocurrency exchanges. The next option is mining, which is divided into classic and cloud mining. There are also affiliate programs with payment in ETH. 


Storing ETH in an Ethereum wallet


Ethereum is a digital currency that is stored in crypto wallets. In this system, only you are responsible for your funds, since there are no banking organizations here. There are two options for storing coins: on a personal wallet or an exchange. When using a personal wallet, it is imperative to store the seed phrase (login and password) very carefully. After all, it is the only way to recover your funds if you lose access to your wallet. 

First of all, you need to choose the type of wallet. There are cold wallets that have the highest level of security since they do not have an Internet connection. A cold wallet would be a great option for storing large amounts of coins, which you don’t need in quick access. For example, if you choose to invest in Ethereum and hold coins waiting until the price rises sufficiently. 

On the other side, there are hot wallets: desktop, browser, mobile. They are convenient for daily payments but are more vulnerable to hacker attacks because they are connected to the Internet. The recommended choice for storing coins will be the distribution of funds between different wallet options. You can choose Binance as a safe platform for active trading and the storing of coins in your account. 


How to deposit cryptocurrency on Binance.


1. Log in to your Binance account and click [Wallet] - [Browse].

2. Click [Deposit] and you will see a pop-up window.

3. Click [Deposit Cryptocurrency].

4. Select the cryptocurrency you want to deposit, for example, ETH.

5. Next, select the deposit network. Make sure the network you choose matches the network of the platform you are withdrawing from. 

6. Click to copy your Binance wallet deposit address and paste it into the address field on the platform from which you intend to withdraw your cryptocurrency. 

7. After confirming the withdrawal request, it takes time to confirm the transaction. Once the transaction is confirmed, your ether will be credited to your Binance account. 


Withdraw ETH from Binance 


1. Log into your Binance account and click [Wallet] - [Overview]. 

2. Click on [Withdraw].

3. Click [Crypto].

4. Select the cryptocurrency you want to withdraw.

5. Select the network.

6. Next, enter the recipient address or select from your address book list.

7. Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you receive. Click [Withdraw] to proceed. 

8. You need to verify the transaction. just follow the instructions. When the transaction process is completed, ETH will be credited to the address that was specified.


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