Ethereum is the second largest cryptocurrency behind Bitcoin. It’s current market cap as of today is ~ 92 Billion NZD. It’s initial release was on the 30th of July 2015 and since then it has grown substantially where in 2017 the price grew over 17,000 percent. It was proposed and co-created by Vitalik Buterin, who was just 21 when it was released publicly.
Where Bitcoin is looking to disrupt banks and other payment institutions. Ethereum provides a decentralised virtual machine looking to disrupt (with the help of the Blockchain) the need for internet third parties that store and transfer data along with value. For example companies like Google and Facebook to name a few, are the very institutions Ethereum can disrupt by decentralising the private clouds and servers owned by them.
Ethereum has been used to power the majority of the ICO’s we see today however as seen above, that is just one of the many applications this platform can provide. The token that fuels the Ethereum ecosystem is called Ether and it is what pays for transaction fees and services on the network.
1. Setting up an Ethereum wallet
An Ethereum wallet can be set up using the app Blockchain.info which can also be used as a Bitcoin wallet. It is important to note that separate Bitcoin and Ethereum wallet addresses must be set up within the app. If you send Ethereum to a Bitcoin wallet address of vice versa, it will be lost forever.
Once downloading and registering with the app you will see balances for Bitcoin, Ether and Bitcoin Cash. You simply need to press the Ether text and you will be directed to your Ether wallet where you will find your Ether address by clicking the down arrow on the bottom right of screen. You can check the address is an Ether address by looking at the top of the app and seeing what icon and name is displayed. It should say ‘Ether’ and display the Ether logo. If not, then you just need to click the dropdown arrow next to it and choose Ether from the options.
From there you are ready to receive some Ether!
2. Finding the right place to buy Ether in New Zealand
There are a few different options to buy Ether in NZ. At MyCryptoSaver we offer the best prices as we buy direct from overseas exchanges that have the highest liquidity and best rates. Also, as we buy in bulk each week a lot of the fees including foreign bank transfer and network fees that other crypto companies have to pay for each individual transaction is not a worry for us as they get absorbed by the bulk purchase and end up being very low for each user.
3. Setting up with Ethereum
Signing up with MyCryptoSaver to buy Ethereum takes no time at all. You just need to register on the homepage, add a Bitcoin wallet address and verify yourself with a Government issued i.d. Once verified you will be given a unique reference number that you put in the reference field of your bank payments. Your payment can be between $20 - $2000 a week, fortnight, month or whatever frequency you like.
As new MyCryptoSaver accounts always start with a Bitcoin wallet address, you will need to manually add an Ethereum address which you can do by going to account settings and clicking the ‘add address’ button next to ‘Ethereum.’
Once you have added your Ethereum address you will see a slider appear on your account page which will allow you to determine what percentage of your payment goes into Bitcoin and Ethereum. You can choose 100% Bitcoin or 100% Ethereum or anything in between.
Any questions you have about Ethereum or how to add it to your account please don’t hesitate to contact our support team at firstname.lastname@example.org