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How To Use Ethereum?

BitForex Editor
Sep 14, 2020

To get a concrete understanding of how to use Ethereum, it's best to first understand what it is. For many across the globe, the idea of using Ethereum comes to them as intimidating. On the other hand, Ethereum is just as rewarding as it is demanding to grasp the full knowledge. Anyone who owns Ether(The leading Ethereum currency) should have access and utilize the platform. Stay focused as we proceed to the details of using the Ethereum.

Ethereum wallets: The Safeguard For Your Ether 

To validate your cryptocurrency investment in Ethereum, you need a secured place for your Ether. The Ethereum wallets do not only store your tokens, they are also the most secured backup for your private keys. In cryptocurrency, misplacing or forgetting your private keys is more grievous than losing your password - it means you lose your tokens forever.

The protection of your tokens and private keys is offered in various wallets by Ethereum. Let's take an in-depth look into the various types of Ethereum wallets and how to use them appropriately.

Mobile Wallets 

Mobile wallets are the easiest way to access your Ethereum tokens. They require fewer data to stay connected to the Ethereum network. Specifically designed to fit mobile smartphones, these wallets present you with a digital currency bank in your pocket. Also known as the 'light client', this option of securing your tokens is often not the safest to a third-party. Sharing your device's password could guarantee anyone access to your funds.

Aside from being easily accessible to a third-party, keeping your private keys on your device makes it difficult to be hacked. This is because your wallet is not always active when on the mobile wallets until you open the app.

Hardware Wallets 

Hardware wallets are physically secured devices used in storing your Ether. They are only as small as the size of two fingers. Hardware wallets can very much be disconnected from the internet, which makes them receive and make offline transactions. However, this finger-like deposit system isn't the best option for frequent transactions and payments on the move.

Paper Wallets 

The Paper Wallets operates like our regular bank cheques, but in a more fun and unique way. By printing or carefully writing out the private keys on a piece of paper, you get your 'Paper Wallet'. The catch to this method of securing your private keys is safely keeping it from anyone's reach. Most preferably in a safe where you lock up your valuables. This method is argued to be the most secure since you have zero fears of being hacked.

Your private keys can be generated using secured online tools directly signed up to your computer. Avoid getting your private keys off the internet with the public's connection to prevent being hacked. Another way of generating your private keys is via the command line. However, this is only for users with the required cryptographic packages installed on their PC. Whichever way you choose to generate the private keys, once misplaced, all access to your tokens is gone.

Buying Ether: A Guide To Buying Ethereum Tokens

Buying and using Ether, varies on each country's currency and exchange rates. Purchasing Ether can be done in one of these various ways.

Traditional Market 

Buying cryptocurrencies, in general, can be done by traditional sourcing for a person with excess coins and willing to sell some. When an agreed date, place, and time are decided for the exchange, you're just one step ahead of owning Ethereum tokens. Never share your private keys with anyone during a purchase meet-up.

The next step following the meet is having your private keys. Whichever wallet method you choose to secure these keys, the private keys have to be written out to access your wallet ID before the transaction. Once you have the wallet ID, present it to the exchanger for funding. He/she then fund your wallet why you pay the equivalent of the tokens with your local currency.

Blockchain Community

With online payment options, making your Ether purchase can be done from the comfort of your home. There Ethereum blockchain community enables you to make a direct purchase of the tokens. The blockchain displays interested buyers and sellers with their amount of tokens per transaction. With these pieces of information made available to you, you can select your preferred seller.

Once you are paired, the blockchain acts as a middleman where you pay with your Debit/Credit card, the equivalent amount of the tokens. Once the payment is confirmed, you get credited on your wallet, and the seller gets paid for the exchanged tokens.

Payment Using Bitcoin

With Bitcoin being the most commonly exchanged cryptocurrency, people across the globe would be willing to trade their** Ethereum** for Bitcoins. If you have some Bitcoins and looking to get Ethereum tokens, you need not worry. There is an ever-increasing market for your bitcoins, and individuals constantly willing to exchange their Ethereum for Bitcoins.

All you have to do is get on the blockchain community, scroll through the Bitcoin for the Ethereum section to decide your paired exchanger. Your decision would be based on the amount of Ether you're willing to purchase. This is faster than the cash for the Ethereum process previously explained.

Now You Can Use Ether

Now you have a wallet, you know how funding is done, the next step is using your Ether for purchases and other transactions. Ethereum being the second lucrative and globally-recognized cryptocurrency can be used for several purchases both online and offline. Today, we've got thousands of merchandise in various countries accepting Ethereum for payments.

Digital currencies are now widely accepted since the credibility created by Bitcoin. If you spot an online store where Ethereum isn't accepted, a few minute's conversion to Bitcoin would help you get your goods. Ethereum can also be used to purchase other cryptocurrencies for future investments. With the thriving success and acceptance of cryptocurrencies over the years, it's no doubt that this is a future investment.

Ethereum can also be purchased by a few cryptocurrency licensed cooperations. Bitforex offers friendly rates and instant credits to your Ethereum wallets. Visit and access our website for your pocket-friendly rates on Ethereum tokens.

Get that wallet created today, have it funded, and shop as much as you can with your Ethereum tokens!  

About BitForex:

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BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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