Though Bitcoin is still the king of cryptocurrency, there have been contenders that have risen up in competition. Without a doubt, the second-biggest form of cryptocurrency is Ethereum. It has been around for more than a decade and has carved out an impressive share of the market.
At one time, a common question relating to Ethereum would have been wondering about the conversion of .15 ETH to USD. If you have not yet joined the fray, the more important question to ask would be, “Is it still time to invest in Ethereum?”
What is Ethereum?
Before we can worry about whether it is still time to get involved in Ethereum, it helps to first know what Ethereum is. Though Bitcoin has set the stage for what we know cryptocurrency to be, Ethereum has taken it in another direction. It is similar in that it uses the decentralized blockchain technology Bitcoin is built on.
The difference is that Ethereum uses open-source code so that developers and programmers can create applications and transactions directly within the software. In essence, users can have an impact on the Ethereum platform as a whole. Ethereum trades in Ether (ETH), the native coin of the Ethereum platform.
Should You Still Buy Ethereum?
Cryptocurrency, in general, has become known for its volatility. In recent years, that volatility – especially relating to Bitcoin – has levelled out compared to the peaks and valleys at the height (and low point) of cryptocurrency investing. Thankfully, Ethereum has a better long-term investment risk level than others.
In fact, Ethereum is so strong as a long-term investment that it has doubled the return of Bitcoin over the last few years. That said, Ethereum prices have become volatile and there have been some seriously extreme selloffs during that time. The latter especially can have a negative impact on any investment, especially cryptocurrency.
How to Buy Ethereum (ETH)
For those who are still interested in getting into Ethereum, specifically Ether, there are a few simple steps to take. For starters, anyone interested must have a digital wallet and that wallet must be connected to a cryptocurrency exchange in some way. Ethereum doesn’t trade on a major stock platform, and you can’t go to a discount broker to buy Ether. It has to be converted within that digital wallet.
The simplest way to get Ethereum is to join its exchange. Ether is the native coin of the Ethereum exchange, making it easy to buy, sell, and trade. In order to convert Ether into real money, it must be exchanged for fiat currency. There are no payouts or dividends to be concerned with. It isn’t as fluid as Bitcoin but still holds substantial value to investors.
Investing in Ethereum, particularly in Ether, has gained considerable interest among digital currency enthusiasts and investors alike. The process, as mentioned, involves setting up a digital wallet and connecting it to a cryptocurrency exchange to manage Ether transactions. This process highlights the decentralized nature of cryptocurrencies, where traditional financial systems and regulations have a limited role. The value of Ether, like other cryptocurrencies, can be volatile and is subject to market demand, geopolitical events, regulatory news, and technological advancements within the Ethereum network.
Given this volatility, potential investors often keep a close eye on the Ethereum price Canada, as it can provide insights into market trends, potential investment opportunities, or risks. The price of Ethereum in any country, including Canada, fluctuates based on a myriad of factors, making it crucial for investors to stay informed and consider various strategies to manage their investments effectively. Tools and platforms that offer real-time tracking and analytics can be particularly useful for understanding price movements and making informed decisions about buying, selling, or holding Ether.
How to Sell Ethereum
With Ether in your wallet, it is just as easy to sell Ethereum as it is to buy it. All you need to do is place a sell order on an exchange that offers it as a payment option. You don’t even have to sell Ethereum and get cash back in return to cash out.
For most exchanges, you can sell ETH and get back either USD or another type of cryptocurrency, including the very popular Bitcoin. When storing ETH in a cold wallet – one that is not connected to the internet regularly – it needs to be connected back to the exchange in order to sell it. The most common centralized exchanges through which to sell ETH are Binance and Coinbase. For decentralized exchanges, Sushiswap is the most viable option. It can all seem confusing at first, but it becomes quite simple in no time.
