Australia is starting to warm up to cryptocurrency trading. According to a report posted on Reuters, the country plans to develop a licensing framework intended for cryptocurrency exchanges. It means that anyone who wants to buy Ethereum in Australia will not have a hard time doing digital currency transactions.
At the moment, bitcoin remains the most recognised cryptocurrency in Australia. The 2021 Independent Reserve Cryptocurrency Index (IRCI) survey revealed that 21.1% of Australians own bitcoin, and as many as 89.1% know what it is. However, ethereum has become the second most popular cryptocurrency in the country. About 11% of cryptocurrency traders own it. If you think you are ready to venture into this cryptocurrency in Australia, these facts will help you understand more about it.
What is Ethereum?
In 2015, programmer Vitalik Buterin developed Ethereum. He was inspired by the success of Bitcoin. In his design, Buterin made a blockchain network with a corresponding cryptocurrency known as ether. It also has the full potential to do more than its initial function.
Unlike other cryptocurrencies, Ethereum also comes with a unique feature that allows users to build apps that function on the blockchain system. These apps work like typical software on a computer. For example, you can use these apps to store and transfer data or deal with more complicated financial transactions.
How to Purchase Ethereum?
Buy Ethereum in Australia, and you never have to deal with any challenges in doing cryptocurrency trading. You can do it by doing these simple steps.
Step #1: Pick a Cryptocurrency Exchange
Since Ethereum is one of the most circulated cryptocurrencies in Australia, you have plenty of option where you intend to buy it. So you only need to pick the most convenient one for you.
Some of your choices include buying the cryptocurrency from an online brokerage, centralised crypto exchanges, or decentralised exchanges.
Step #2: Choose How to Pay
There are two options when paying for Ethereum. First, you may use fiat currencies like US dollars to pay for your desired value. But if you already own other types of cryptocurrency, you may look for markets that allow crypto-to-crypto trading to own an Ethereum.
Step #3: Know How to Safeguard Your Ethereum
While Ethereum is a digital asset, it is still crucial to find a way to secure it to avoid the risk of losing your investment. The most common Ethereum storage is through digital wallets, where you can keep the private keys that are necessary during cryptocurrency transactions.
You may also look for online marketplaces offering to store your Ethereum upon purchase. These marketplaces provide different types of storage platforms, which you may choose depending on your requirements. The option includes:
- On-platform Storage – You no longer need to worry about misplacing your wallet’s private key or forgetting your password with this exchange-hosted storage. The host will keep the confidential information to avoid losing your hard-earned money.
- Non-custodial Wallets – If you know more about the technical side of cryptocurrencies, then storing your Ethereum on non-custodial could be the best idea. You can choose among the different wallet options in the market, such as the “hot” online wallets and the “cold” physical wallets. You only need to find the right one that protects your assets from hackers.
Investing in Ethereum in Australia comes with plenty of perks. You only need to know more about this cryptocurrency to ensure that your investment will yield the best results in the long run.