How I bought my very first Ethereum cryptocurrency (for complete beginners)

In my last post, I wrote about how to buy bitcoins for a complete beginner.

Since then, I’ve wanted to buy other cryptocurrencies to diversify my exposure to cryptocurrencies.

I want a basket of cryptocurrencies.

Next on the list is Ethereum.

How to buy Ethereum

Now this wasn’t as straightforward as buying Bitcoins, possibly because it’s a much younger coin.

First up, like with Bitcoin, you need a wallet.

Googling ‘best ethereum wallet’ doesn’t yield good results.

Instead, go to the source again (as we did with Bitcoin). Go to Ethereum.org.

Here, download the Wallet:

How to buy Ethereum
From Ethereum.org

Next, install it.

This isn’t that straightforward, so here are two great videos showing you how to do so for Mac:

Once you’ve installed and backed-up your wallet, it’s time to load it with Ethereum.

Where to get Ethereum?

Google will take you to Coinbase.

Unfortunately, I had the same problems with Coinbase as I did when trying to buy Bitcoin.

I couldn’t even get past the verification stage.

I’ve tried to upload ID documents to Coinbase multiple times and each time I fail.

It’s not user-friendly at all.

So I googled it again and I was delighted to learn that Bittylicious actually sell Ethereum along with other coins.

The only negative I read was that Bittylicious prices can be higher than other exchanges.

The price difference wasn’t enough to put me off though. The fact that I had already gone through the ID verification stage with Bittylicious and wouldn’t have to do it again was a godsend.

At the time of writing, the price on Coingecko for GBP was:

GBP price for ETH at 7.20pm GMT 6th June 2017 – Coingecko.com

 

Whilst on Bittylicious, the price was:

GBP price of ETH on the same date and time

 

That’s a difference of £10 or 5%. It’s not small, but it’s not terrible.

Anyway, follow the instructions for Bittylicious in terms of bank transfers to the seller and use the Ethereum wallet address for delivery/receipt, and you’ll have your first Ethereum.

Like with Bitcoin, start small with your buys and get comfortable first.

Good luck! Let me know how you get on in the comments below.

Next stop, buy some Monero.

 

This article was first published on my personal blog https://edmondchan.co.uk/how-to-buy-ethereum/

You may also like