If you have had even a casual look into the cryptocurrency market, chances are you have heard of Ethereum. Ethereum is similar to Bitcoin in that it is a cryptocurrency, but it is also completely different in the way miners gather it. That shouldn’t matter to you though unless you plan to mine it yourself, but that’s not profitable without a massive operation.
From an investor standpoint, Ethereum is very similar to Bitcoin and the price of Ethereum, like most smaller cryptocurrencies, is almost directly related to the cost of Bitcoin. Now, how do you actually buy Ethereum in Ireland? We are going to show you right now, and the process is more straightforward than you may have been lead to believe.
Before you can buy Ethereum, you must first get a wallet. You can either download a wallet or use an online wallet. Both offer advantages. An offline wallet is more secure since only you have access to it, but it is also more vulnerable to accidental deletion or loss. Online wallets are backed up, but you must be careful not to trust your money to the wrong company. Online wallet websites and currency traders have been known to shut down overnight, taking customers money with it.
You can find a list of popular wallets on the Ethereum website here. If you choose to use an offline wallet, we highly recommend password protecting it and having a backup on an encrypted cloud service such as Microsoft or Apple.
Each wallet functions differently, but they all have an option to generate an address. You must create an address to receive your Ethereum. We recommend using a new address for each transaction and never type in the address, always copy and paste. Due to the nature of cryptocurrency, if you enter a wrong digit and accidentally enter a valid address, there is no way to get your coin back. Precision is completely vital.
Buying Online With a Credit or Debit Card
OK, now that we have gotten the wallet information out of the way, it is time to move on to our primary focus, how to buy Ethereum. The easiest, but also slowest, method of buying Ethereum online is to purchase it from an online vendor such as CoinMama. CoinMama also sells Bitcoin, Litecoin, and several other prominent cryptocurrencies.
Before you can purchase from CoinMama, you must first verify your identity. Depending on your bank, you may also be required to whitelist the transaction. If your bank declines your transaction, do not worry. This is entirely normal and happens to most people the first time they purchase cryptocurrency.
Buying With Bank Transfer
Buying bitcoin with bank transfer is actually quite easy too. Both of our recommended services accept bank transfers. CoinMama does support bank transfers and is our favorite option for purchasing Ethereum.
Buying Ethereum using other Methods
LocalEthereum also allows you to buy Ethereum in Ireland from local residents, rather than supporting a mining farm or foreign company. It is important to be safety conscious when making local purchases. We recommend using PayPal or a bank transfer, rather than cash.
Buying coins with cash is reasonably straight forward, and websites such as LocalEthereum have made the process safer for both buyers and sellers. When you agree to a deal with the seller, they are required to deposit the amount into an escrow that is managed by LocalEthereum.
The seller then sends you their bank details which you take to a bank or money transfer service such as Western Union and wire the money to their account. Be sure to get a receipt. If the seller tries to scam you, the receipt is your proof of payment. Once you have transferred the money, the seller releases the escrow, and you can withdraw your Ethereum.
Cryptocurrency is easy to launder and impossible to get back once you have sent it. This is one of the reasons it has grown in popularity; it offers the privacy of cash with the convenience of online transfers. While this is crypto’s greatest strength, it is also the most significant weakness.
We recommend always using an escrow service. Even if there is a small fee for the service, it is better to pay the fee than to get scammed out of your hard-earned money. If a seller ever refuses to use an escrow assume that the seller is a scammer.
When meeting a seller in person, never meet at a private residence, theirs or yours. Always meet in a public place with people around. Most sellers are legitimate, but you must always be cautious. Avoid cash and in-person transactions whenever possible.
PayPal and Skrill are two of the best payment methods. Both companies offer protection for both buyers and sellers. That brings us to our next point, when selling crypto, always keep screenshots of all transactions. Using an escrow is highly recommended for sellers as well. If you do not have proof that you sent the buyers coin, they could attempt to reverse the transaction.
Trading ETH Cryptocurrency?
This is where the real fun come in. You can make or lose money by holding Ethereum, it entirely depends on market trends, but to really make money you must learn to trade crypto.
Earlier, we mentioned that alt-coins, cryptocurrency other than Bitcoin, prices generally derive from the price of Bitcoin. While this is true, each coin also has its own market. The demand for a particular coin is the driving factor of the cost. By taking advantage of market trends, you can make a decent profit. It is essentially no different than trading stocks, except that price fluctuations are much more random.
Trading cryptocurrency profitably is not an easy skill to learn, and it does rely on a certain amount of luck, but once you understand the basics, you should be able to make a decent profit.
If you want to learn more about trading cryptocurrencies, check out our introduction to trading.
Ethereum Trading Platforms
Established in early 2018 Binance has become world's most popular cryptocurrency exchange that provides a great easy to use platform for trading over 100 cryptocurrencies. Since 2018 Binance has been considered as the biggest and safest crypto exchange in the world in terms of trading volume.
CEX.IO is a popular cryptocurrency exchange established in London in early 2013. CEX is a leading cryptocurrency exchange that offers BTC, Bitcoin Cash, Bitcoin Gold, Ethereum, Zcash, Dash and other trading options. CEX.IO offers trading cryptocurrency for fiat money, such as USD, EUR, GBP and RUB.