Ethereum entered the world of cryptocurrency through the idea of a white paper by Vitalik Buterin. He is a programmer that co-founded Bitcoin Magazine and came up with the concept of a new platform with a general scripting language, which we know today as the Ethereum.
The cryptocurrency used for payment on the platform is known as Ether. It was founded by the Ethereum Foundation and Ethereum Switzerland GmbH through a public crowdsale in 2014. Ethereum is an open-source platform where developers create decentralised applications.How to buy Ethereum in Australia?Buying Ethereum in Australia is the same as buying Bitcoins or any other cryptocurrency that is offered by the online exchange you choose to use. Once you open an account, get it verified and gain access to the platform, Ethers usually are the second coins you will see, right under the Bitcoin. The price of the Ethereum, as of the writing of this article, is AUD 789, with 99 Million coins in circulation and market cap of AUD 78,176,736,181.What is a smart contract?Another concept you should familiarise yourself with is the smart contract. Think of it as a regular contract but, instead of law, the regulations are enforced and conditioned by cryptographic code.
An alternative way to explain a smart contract is to see it as a program that functions precisely as the coder intended everytime you feed it with data. Smart contracts are used for a number of things from “multi-signature” accounts to storing information about domain registration.
The Ethereum Blockchain network was built so that such smart contracts can be executed. The Ether as cryptocurrency is the “fuel” on which the system runs. It is a form of payment for developers that create the smart contract applications.Sign up for Blockbid trading platform and be the first to be notified when new currencies go live.SIGN UP
Obtaining an Ethereum wallet in Australia
We are going to provide you with a few options for a quality Ethereum wallet in Australia:
- Hardware Wallet – Ledger Nano S or Trezor (you have to instal the MyEtherWallet web interface) are USB sticks that store your Ether offline. They are easy for usage and are portable, so if you want to use your wallet on different computers, without compromising your security, hardware wallets are a good option.
- Desktop Wallet – Exodus or Mist. Exodus is a multi-cryptocurrency desktop wallet, the first of its kind, which allows you to store seven cryptocurrencies inside. Mist, on the other hand, is an official Ethereum wallet which generates a password for you and that is the only way you can access it later. Therefore, you should be careful not to forget it.
- Web Wallet – MyEtherWallet allows you to control Ethereum’s private key on your computer. It is a bit different than the others because it is an open-source wallet that lets you write and access smart contracts. Coinbase also added Ethereum to their list of supported cryptocurrencies.
Each of these Ethereum wallets functions on the same principle of public address and private key, with minor modifications in functionality and personal preference. You can also store your Ether on the exchange, but if you are not trading with them, then the wallet is a better option for safe keeping.
Buy Ethereum in Australia
In the previous section, we answered the question how to buy Ethereum in Australia, so now we are going to focus on the reasons why you should buy Ethereum in Australia.
- Ethereum is written in Turing, meaning it can run any script on the platform, and the Blockchain records are finished in only 12 seconds.
- Ethereum is the most developed network to support any business or program.
- Several Fortune 500 Companies support it.
- Institutions are starting to incorporate the Ethereum Blockchain into their technology, including the Bank of America.
- It is a more stable cryptocurrency than the Bitcoin, with much less price fluctuation.
- You can use it for smart contracts.
- It is the second most famous and valuable cryptocurrency on the market.
- The network is continuously upgraded by very skilled and committed developers and cryptographers.
- Profit.
If you want to buy or sell Ethereum in Australia, you have to open an account on a virtual trading platform. It is very advisable to find a local exchange that is compliant with the Australian law regulations.
Ethereum vs Bitcoin
The Ethereum vs Bitcoin debate has been gaining traction since Ethereum entered the cryptocurrency market in 2014. Fundamentally, they use the same technology, and they are both used as a currency, but as we described above, the Ethereum has a different mission.
The most prominent argument for Ethereum is the upgraded Blockchain technology and the constant development by the programmers. They implemented a new system, which supports smart agreements and its open-source code allows for further expansion. The Ethereum transactions are also a lot faster than the Bitcoin transaction; they only take 12 seconds, while a Bitcoin transaction takes around 20 minutes.
Furthermore, when it comes to the Ethereum vs Bitcoin deliberation, what traders tend to focus on are the market cap and the difference between the coins. Bitcoin is still the most valuable cryptocurrency on the market, while Ethereum is the second, but the price difference between the two is still huge.
It is also visible that the Bitcoin has a more volatile nature then the Ethereum, so if your aim is a bigger profit, you should invest in Bitcoins. However, if you are not prone to risks and you want to capitalise on a more stable cryptocurrency, then the Ethereum is a safer bet.
You now know how to buy Ethereum in Australia, through a save exchange and with an operative Ethereum wallet. Always consider the Australian laws when choosing a virtual platform where you will trade with your cryptocurrencies.