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What is Ethereum (ETH)?

Ethereum, or ETH, is the second largest cryptocurrency in the world after Bitcoin. Unlike Bitcoin, which is a cryptocurrency that allows traders to buy and sell Bitcoin tokens, Ethereum was developed to function a little differently. Ethereum is essentially a global, de-centralised platform for money and other applications.

Put simply, ETH is a blockchain that runs thousands of finance and game applications. The Ethereum blockchain is so popular that several other cryptocurrencies also run on the network. Thanks to the Ethereum network, these applications can run without disturbances, such as censorship, fraud, theft or other third-party interferences.

On the Ethereum network, traders are able to store, sell and buy Ethereum as well as other cryptocurrencies — they can also support the creation of cryptocurrency tokens. Traders can do this under what is known as ‘smart contracts’ — these are programmable contracts that are only implemented when certain conditions are met.

To use the blockchain, users must pay a ‘gas fee’ using the network’s cryptocurrency, ETH. Their demand determines the cost of these fees — the higher the demand, the higher the gas fees.

How do you buy Ethereum in Australia?

Buying Ethereum in Australia is simple, so long as you use a reliable and secure platform like BTC Markets. You’ll first need to create an account and verify your identity. Once your account is registered, you’ll be able to access our main interface, where you can change markets to buy ETH in Australia — here, you can also see previous price fluctuations of the crypto in the last 24 hours.

The next step is to decide how you intend to purchase the cryptocurrency. On the limits tab, select ‘Deposit’ and add funds into your account via Osko or BPay — you may need to pass a few security checks before moving on, including setting up two-factor authentication and API key creation.

Once all this is taken care of, you’ll then be able to place your order based on either ‘Volume’ (the amount) or ‘Price’ (how much you’re willing to spend). You do not need to purchase whole token units, like Bitcoin or other cryptocurrencies. ETH is subdivided on our interface as either ‘Wei’ or ‘Gwei’. If you purchase on Price, you’ll receive the appropriate number of units.

Who created Ethereum?

Ethereum was developed in 2013 and 2014 by the programmer and co-founder of Bitcoin Magazine, Vitalik Buterin. In 2013, Buterin released a whitepaper where he proposed a platform with its own digital currency, allowing other developers to create applications without hassle.

Buterin and his team of co-founders crowdfunded the development of Ethereum in 2014, and by 2015, the blockchain was ready for public consumption, and traders could officially purchase Ethereum.

Can I buy Ethereum from BTC Markets?

Buying ETH in Australia with BTC Markets is secure, simple and affordable. We are Australia’s largest and most liquid crypto exchange platform on the market and use industry-leading technology to give customers an unmatched trading experience. Customers can trade in over 26 markets on their terms, funding their trades via AUD or BTC.

If you want to learn more about how BTC Markets can help you along your crypto journey, head to our features page. Or, if you’re keen to start trading immediately, sign up to BTC Markets and create your account today.

Frequently asked questions

What do I do after I buy Ethereum?

You’re officially an Ethereum investor with BTC Markets, congrats! The next step is to choose how you intend to store your assets. One popular method among traders is digital wallets. There are two common digital wallet types traders can use to store their Ethereum:

  • Hot wallets — Hot wallets are web-based crypto storage systems that run on a browser-based or app platform. These wallets are typically connected to your trading platform, allowing you to buy, sell and store crypto in one place. However, while this is a convenient option, cold wallet storage is the most secure option.
  • Cold wallets — Cold wallets are external storage solutions that store your cryptocurrency offline. These wallets typically exist in a USB format, making them a more secure way to store your crypto. However, similar to cash, if a trader loses their cold wallet, their crypto vanishes with it. In this case, many traders opt for both a cold and hot wallet to sell, trade and store their Ethereum.

BTC Markets takes security seriously, and it’s why we use industry-leading technology to protect the details of our customers. We also provide actionable security tips traders can practice to keep their trades secure from cyber attacks.

Can I buy Ethereum with a credit or debit card?

For many traders, finding the best platform to purchase Ethererum is only half the battle. The second half is deciding how to buy ETH. BTC Markets gives traders the power to buy Ethereum in either AUD or BTC. If you’re looking to fund your account via AUD, BTC Markets supports BPay or Osko, which use a person’s bank account details, not their credit or debit card details

How do I sell Ethereum?

While BTC Markets is your answer for where to buy Ethereum, it’s also where you can sell your cryptocurrency. If you want to sell your ETH, simply log into your BTC Markets account, select ‘Buy/Sell’ and scroll down to the red-lettered ‘Sell’ form to enter the volume and price you wish to sell.

Start trading in 3 easy steps

  1. 1. Create

    Sign up and verify your free account.

  2. 2. Deposit

    Add AUD or crypto to your wallet using our secure methods.

  3. 3. Trade

    You’re all set. Buy, sell and trade crypto immediately.

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This Week in Crypto: 24th November 2022
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This Week in Crypto: 24th November 2022

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