Ethereum is the second most popular cryptocurrency in the world and has seen numerous explosions in value over the years, but is it actually worth buying in countries like New Zealand? Here is what you will want to know if you have been considering looking into ETH for yourself.
What is Ethereum?
Ethereum is both a platform and a cryptocurrency, and most people refer to them with the same name unless they need to distinguish between Ethereum (the blockchain platform) and Ether or ETH (the currency).
The Ethereum platform is a software platform running on a blockchain that offers a lot of specialized features to software developers, allowing for decentralized apps and custom tools to be created. These range from lending and borrowing apps to crowdfunding services.
Because of this, Ethereum is based partially around ETH (the dedicated Ethereum currency) and the development process on the platform itself. The Ethereum community is always looking to improve the platform and create new apps, and their actions shape the supply of ETH available.
This is because the Ethereum currency is uncapped, unlike other popular crypto types. There is no maximum amount of coins available, but they are only created at the rate that the Ethereum community creates them.
Should I Buy Ethereum?
Ethereum can seem complex compared to standard cryptocurrencies that are only meant as a trading tool, but people who do not want to be involved in the platform itself can simply ignore it. It still acts like a completely independent currency, regardless of your connection to the platform.
Because of this, you can use ETH like any other cryptocurrency. This means that it is possible to buy, sell, trade, and store the Ethereum at any time, either through cryptocurrency exchanges or a third-party trade with another person.
Once you have Ethereum, you can pay for goods and services with it, as long as the seller takes ETH as payment. This is similar to most other major crypto types, and the popularity of Ethereum has ensured that a lot of businesses are willing to take it as a form of payment.
If you are interested in trying to buy Ethereum in NZ, then it is a good idea to see which businesses take it as an option. Keep in mind that you can always ask the businesses themselves if they do not have a list of payment options anywhere on their website or in their physical premises.
Where Can I Buy Ethereum?
It is best to buy ETH from a trusted crypto exchange platform, such as Swyftx, to minimize the chances of getting scammed or having your details stolen. If you are new to cryptocurrency, it does not take much to get set up – click here to head to an exchange that is great for new traders.
You can buy Ethereum just like any other cryptocurrency. This means that you trade either real money or other crypto types to get it, and the cost will vary based on the current value of a single ETH coin. Most exchanges will update the prices constantly, so you will always get current prices.