Cryptocurrency has been an exciting development in the world of technology and finance. With so much discussion and activity in the media, it can be hard to know where to start if you are a new user. Luckily while the science behind Ethereum can be complex, using it is not nearly as hard as it first appeared. The following tips will help you with the basics, such as getting a wallet for storage and why you should set up gas alerts. Here is a brief overview of how to start using Ethereum.
Four Steps To Getting Started With Ethereum
- Get an Ethereum Wallet: like any other type of currency or coin, Ethereum needs a wallet for you to place it in. Luckily, there is no shortage of wallets and wallet types to choose from to fit your needs. Wallets come in an assortment of forms, including hardware wallets (these often take the form of USB sticks), software wallets that you can download onto a smartphone or computer, online wallets that are handled via websites, and paper wallets which, while free, are not easy to use and have fallen out of popularity. The best wallet for you will depend on your habits, preferences, and what you want to use Ethereum for.
- Buying Ethereum: now that you have a safe place to store it you’re going to want to buy some Ethereum. One of the most common ways to buy it is through exchanges that sell and trade a broad selection of cryptocurrencies. If you are not new to crypto, you can use existing coins that you own to buy Ethereum. Finally, there is always the option of buying it from someone who is looking to sell, like you would any other item.
- Setting Up Gas Alerts: a part of using Ethereum (and any other cryptocurrency) is the associated fees. Gas fees are the fee you pay to use the computation power of the online network to make an Ethereum transaction. This fee can vary, however, based on network activity. To simplify, gas fees are higher when there is a lot of activity going on. For example, if someone makes a very large sale, gas fees go up due to the network being congested. Setting up a gas alert informs you when fees are at a low point, allowing you to make a transaction when it is most economically advantageous.
- Spending Ethereum: when you want to spend your Ethereum you have options. A lot of stores will simply take Ethereum as an accepted payment format, and you can pay for purchases like you would at any other store. Another way to spend Ethereum is to have it loaded on a card, and then you can use it like a credit card. Finally, there are also investment platforms where you can trade it like you would a commodity.
When new technologies are introduced there is always an associated learning curve. However, with some patience, a bit of research, and some practice, you can use these new tools to improve your daily life. Ethereum is one of the most popular and widely used formats of cryptocurrency and one you’ll want to add to your broader financial profile.