Even if you discovered cryptocurrencies recently, Ethereum is a coin you have probably heard of. It currently holds second place among digital assets after Bitcoin and is unofficially considered as the ”world computer”. In this article, we’ll take a deep dive into the coin and give some tips for buying and selling Ethereum on the bitFlyer exchange in the United Kingdom.
What is Ethereum (ETH)?
So, what is Ethereum? The first thing you need to know is that Ethereum itself is not a cryptocurrency. Although you will often see “cryptocurrency Ethereum” used casually, Ethereum is simply a platform created for application developers and those working on blockchain technology. This platform also generates currency called Ether or ETH and is similar to digital currencies like Bitcoin.
Although ETH is traded on exchanges, Ethereum itself -- unlike Bitcoin, which was created as a decentralized person-to-person payment system -- has completely different goals.
Ethereum demonstrates the high potential of the blockchain for business development. The platform uses the Solidity programming language, which is best known for facilitating smart contracts. The relative simplicity of this language offers developers the ability to create smart contracts and launch new start-ups quickly. At the same time, the platform’s simplicity provides entrepreneurs without serious technical training an environment in which people can create a decentralized application.
Smart contracts are special algorithms that are responsible for carrying out all the processes within the blockchain network. Smart contracts ensure that certain actions take place only when certain conditions are present. They are responsible for the interaction of the parties involved, the fulfillment of the conditions needed to proceed, and transaction or agreement to take place.
Where can you buy Ether?
As a top crypto coin, it is not difficult to find an exchange selling Ether. However, not all exchanges offer a simple process for doing this. The bitFlyer exchange drastically simplifies buying Ether by doing spot exchanges in the United Kingdom. This means that when you buy an asset, it is immediately transferred from the exchange to your secure wallet, which is tied to your trading account.
bitFlyer offers significant advantages over other Ethereum exchanges. Both its security and its ease of access make it a top platform for buying and trading Ether, Bitcoin, and other cryptocurrencies. Here are 5 reasons to trade with bitFlyer in the United Kingdom:
- bitFlyer is the sixth largest exchange by Bitcoin trading volume (BTC/JPY), according to Coinmarketcap
- Diverse tools that make it suitable for both beginners and professionals.
- bitFlyer is the first regulated Bitcoin exchange to be licensed in Japan, the U.S. and Europe.
- Open for trading non-stop -- 24 hours a day, 7 days a week, 365 days a year
- Strong value per trade -- low commissions, competitive trading prices, and no hidden fees.
How can I buy Ether on bitFlyer?
You can purchase your first Ether coin in five simple steps.
- First, register with bitFlyer if you have not created an account yet.
- Add funds to your account to use for purchases.
- Open the Buy / Sell Altcoins tab and select the Ethereum logo at the top. This button will take you to the trading interface.
- When you are ready to trade, enter the amount of Ethereum and select "BUY COINS".
- Next, click on "Confirm Order" on the pop-up and voilà – you have purchased your first ETH!
bitFlyer is an officially licensed exchange, which means that financial transactions are entirely transparent and regulated. Accounts can be replenished in fiat (traditional) currency or crypto using one of the available methods:
- Bank transfer, including SEPA transfer
- Credit card
- Debit card
If paying by bank transfer, first confirm that the platform supports your bank. To deposit money to your bitFlyer account via bank transfer, navigate to Account Funding then Deposit EUR. From there, the payment process is the same as for other payment methods.
What to do with your Ethereum?
And now you might have a reasonable question – I bought my first Ethereum coin, so what’s next?
As a popular and relatively stable coin, Ether is used most often for long-term investment until the next bull market or for investment in projects that accept crypto. It can also be used to make payments. A growing number of stores and services allow its consumers to pay with this cryptocurrency.