Ethereum is an open-source blockchain-based platform where developers can build and deploy decentralised apps (dApps).
What is Ethereum?
Ethereum is an open-source platform built on blockchain technology where developers can build and deploy decentralised applications (dApps). Enabled by the Ethereum blockchain technology, these dApps are able to run without the presence of any intermediaries or controlling entities; thus, changing the way the internet works entirely.
The idea was proposed by Vitalik Buterin, who sent the Ethereum whitepaper to his friends, some of which showed interest and reached out to him for further discussion. In January 2014, the founding team announced the Ethereum project to the public. The project was funded through a crowd-sale of the Ethereum network’s native token, Ether that was launched a few months following its public announcement.
Ether acts like the fuel that powers the dApps that run in the Ethereum network. On the other hand, it also operates as a digital currency and can be traded in crypto exchanges, like Bitfinex. So, when people say, “Should I buy Ethereum”, it actually refers to Ether, also known by its ticker, ETH.
The Ethereum network has also been used as a platform to launch other cryptocurrencies, known as either ERC721 or ERC20 tokens. Until today, the network has hosted the development of thousands of dApps, including hundreds of DeFi projects, and witnessed the rise of the DeFi ecosystem, which is said to be worth billions of dollars.
Why Ethereum
Ethereum is one of the earliest proponents of the decentralisation movement. Its technology has the potential to disrupt various industries, such as financial, supply chain, gaming, even non-profits, like charity and social funding.
As the blockchain technology and the acceptance of the decentralisation concept grow, Ethereum is likely to gain more followers and popularity in the years to come. What’s more, with the migration to the Proof of Stake consensus, Ethereum 2.0 gives more options to acquire ETH, which may attract more people to explore ETH further.
Ethereum’s perceived value, however, relies on its abilities to bring innovations that have the capabilities to profoundly impact people’s lives, thus, encouraging changes within the community.
How to buy Ethereum on Bitfinex
If you’re looking to buy Ethereum, Bitfinex offers a fast and convenient way. You can also buy Ethereum with credit cards on Bitfinex.
Here’s how to buy Ether on Bitfinex:
Buy Ethereum with crypto
1. Log in to your Bitfinex account or sign up to create one.
2. Go to the Deposit page.
3. In the Cryptocurrencies section, choose the crypto you plan to buy ETH with and generate a deposit address on the Exchange wallet.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can trade them for ETH. Learn how to trade on Bitfinex here.
Buy Ethereum with fiat
1. Log in to your Bitfinex account or sign up to create one.
2. You need to get the full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.
4. Check your Bitfinex registered email for the wire details.
5. Send the funds.
6. Once the funds arrive in your wallet, you can use them to buy ETH.
Buy Ethereum with cards
1. Log in to your Bitfinex account or sign up to create one.
2. Select Payment Cards on the Deposit page.
3. You can choose either of the payment processors to purchase ETH. For OWNR, you will need to get the full or intermediate verification level. Find more info about verification levels here.
4. Select Ethereum, fill in the amount and select the wallet you want to deposit the purchased ETH.
5. Agree to the terms and click Proceed to Payment.
