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Ethereum Investment – Introduction
As the cryptocurrency industry continues to grow rapidly, Ethereum has experienced a tremendous growth that has helped it attain the position of the world’s second most popular digital currency. Just barely few years into the cryptocurrency market, Ethereum has managed to garner a large and impressive user base. For users who want to know how to get Ethereum online, there are five confirmed ways to get Ethereum.
5 Best Ways to Get Ethereum
The Five Ways to Get Ethereum Online Are;
- Buy Ethereum Online
- Mine Ethereum
- Cloud Mine Ethereum
- Ethereum Faucet
- Trade Your Services
1. Buy Ethereum Online
One way to get Ethereum is by buying Ethereum. As a user, you can buy Ethereum from any reputable exchange that supports the digital currency. For example, Coinbase, Kraken and other crypto exchanges support Ethereum. One way to buy Ethereum is by using your fiat currency to purchase Ethereum. You can easily purchase Ethereum from Coinbase as it is considered one of the easiest, cheapest and stress-free way to buy Ethereum.
All you need to do is
- Register with Coinbase: To enable you to buy Ethereum, you need to register with Coinbase so that you can open an account with them. This account is for receiving your Ethereum after you have purchased it.
- You will be required to add your preferred payment method. You could choose to make use of your credit card or bank account.
- Once you have added your preferred card, the next thing to do is to click on the ‘Buy/Sell’ button.
- Once you click on that button, fill out the amount of Ethereum you want to buy.
- Then click on ‘Buy ‘
After this, you will be debited and your Ethereum will be deposited in your account. Note that on most Crypto exchanges, credit card fees are usually higher than the wire transfer method.
You may like to read about: TOP 5 CRYPTOCURRENCY EXCHANGE SITES
2. Mine Ethereum
Another way to get Ethereum is by mining it. Note that mining Ethereum could be stressful, expensive and time-consuming thus if you do not want this you could opt for the cloud mining service. To mine Ethereum, you will need to join an Ethereum mining pool to help minimize the volatility associated with your compensation. Ethereum Mining has to do with miners trying to solve cryptographic puzzles in which at the end, they are rewarded for their effort. These miners are given rewards that end up being shared among themselves.
The reward is shared according to the contribution of each person. Mining helps to authenticate transactions and activities that are performed on the Ethereum blockchain.
You may like to read about: 14 STEPS TO MINE ETHEREUM (A STEP BY STEP GUIDE)
To mine Ethereum you will need to:
- Choose your preferred mining hardware: To mine Ethereum, it is advisable to have a dedicated mining computer for your mining activities. Although, there are two types of mining hardware namely: CPU and GPU. As a miner, you will need to get a GPU, which happens to be the available type of mining hardware. When buying a GPU, make sure that you buy the GPU that is the most profitable. Consider the rate at which it consumes power, its hash rate performance and any other expense involved. To calculate your profit, there are mining profitability calculators that are available to miners. This calculator will help you estimate your potential profit.
- Install the Software: After choosing your desired mining hardware, the next thing to do is to install the mining software. Make sure that you are connected to the Ethereum network. After installing, your node can now communicate with other nodes.
- Once you have done the above, it is important to test run it, in other to make sure that everything is perfect.
- Once your node is part of the Ethereum network, and you already have your client downloaded, it is advisable to install Ethminer, which will help your node carry out the duty of securing the Ethereum network for you.
- When mining, it is important to join a mining pool, as the chances of you being able to mine Ethereum on your own are quite slim. In a mining pool, there are other miners who come together to pool their computational power or resources. They pool their resources so that they can increase their chances of solving cryptographic puzzles to enable them to earn either as a form of reward. When choosing a mining pool, there are several factors to consider. As a miner you should consider the following:
- Profitability: When choosing a mining pool make sure you consider the profitability of such pool. It is vital to join the mining pool that has a good amount of hashing power in the Ethereum network. If it has a high hash rate, then it has the chance of generating more blocks.
- Secondly, when considering a pool to join make sure you check out the reputation of such mining pool. What are other users saying about it? How popular is the mining pool? This will help you choose the right mining pool.
- More so, make sure that whichever mining pool you choose, it should have a user-friendly and compatible platform for it users. It should also have an interactive platform
- When choosing a mining pool, one thing you should endeavor to check is if such mining pool gives its users detailed statistics. This detailed statistics will help to ensure transparency in the pool.
- Consider the mining pool fees. Some mining pools have high fees while some have low fees. When deciding on the right mining pool, try to pick the mining pool with a reasonable and affordable mining pool fee.
- Lastly, as a miner ensure that you are aware of the way your preferred mining pool pays out. Does it do a daily payout? Or any other type of payment method? Endeavour to know these things as it will help you to decide the right mining pool.
3. Cloud Mining
This is another good way to get Ethereum. As a user, if you feel that mining Ethereum may be hard for you then you could try the option of Cloud Mining. Cloud Mining is the simplified version of mining Ethereum. There is no need for any equipment, managing or running hardware/software and so on. Cloud mining is a concept that enables users to purchase a share of mining power. This mining power is located in remote data centers where it is kept. Using Cloud Mining, users can earn money with little risk attached to it. More so, Cloud Mining services come with a frequent payout option, which makes it a good option.
4. Ethereum Faucet
Another easy way to get Ethereum is by joining websites that give out free Ethereum. This is mainly for users who can spare their time to watch videos, play games, and fill online surveys, test apps and so on. If you like, doing any of these things and you want to earn Ethereum without having to pay any money then this is the best option. Using Ethereum faucets, users are paid for watching videos, playing games, filling surveys, etc. All you need to do is to sign up for a reputable Ethereum faucet, follow the registration process and start earning by simply doing these things. There are several faucet websites such as; Multi coin, Ethereum.Faucet, Digital gain, Ethereumclix and much more.
5. Trade Your Services in Exchange For Ethereum
If none of the above does suit you then you could consider trading your services in exchange for Ethereum. You could do this by offering your service to a person who is need of it and in exchange, you get paid in Ethereum. This method is a good way of getting a good amount of Ethereum.
Nowadays, people are usually looking for ways to get digital currencies online. The above methods are the ways you could get Ethereum. All you need to do is to decide which option works best for you then follow it.