Cryptocurrencies are changing the world. They can be used for anything such as buying and selling goods or services and trading for other currencies. While there are a ton of cryptocurrencies to invest in, we’re going to focus on selling Ethereum.
Ethereum is one of the most popular cryptocurrencies available worldwide because of how many ways it can be used. Not only is it a way to buy and sell crypto, but it allows people to create their own applications with smart contracts, making it a valuable cryptocurrency to invest in.
However, if you’re already an owner of Ethereum cryptocurrency, you might be wondering when you should cash out. There are a ton of different factors you’ll want to consider when selling Ethereum, so you’re making the most bang for your buck.
In this article, we’ll discuss the best ways to sell Ethereum and some of the most popular platforms used for doing so. Additionally, we will answer some frequently asked questions (FAQs) about the process of selling Etherem, so you’re prepared to sell your crypto the right way.
What Is Etherum?
Etherum describes itself as "a decentralized platform that runs smart contracts." It's a blockchain-based distributed computing platform that allows users to buy or sell its cryptocurrency, known as Ether or ETH. Since the beginning of 2021, it’s grown more than 450%, which makes it one of the most talked-about cryptocurrencies.
How Do You Buy Ethereum?
Let's start with the basics. Like most cryptocurrencies, you can either mine Ethereum or purchase it. However, mining Ethereum is highly technical and impossible for people who do not know what they are doing or don’t own a strong enough computer. So, if you're looking to invest in the future of this cryptocurrency, purchasing it will be better for you—but where can you buy it?
There are a couple of different ways to purchase Ethereum. The most popular way is to use an online exchange, such as Paydepot to facilitate your transaction. Other ways you might choose to purchase could be person to person, or through an ETH ATM.
How to Buy Ethereum on Coinbase
Coinbase is one of the best exchanges for beginners. They are very secure with two-factor authentication, and they keep 90 percent of their cryptocurrency offline in cold storage (which makes it virtually impossible to hack). There are fees associated with using this platform, but the value of Ethereum will make up for these fees.
How to Buy Ethereum on Binance
Binance is a viral cryptocurrency exchange that has been growing rapidly. They offer low fees and have many cryptocurrencies to choose from. Binance also offers a referral program that gives you 50 percent off the trading fees when your friends sign up.
What Is the Price of Ethereum?
The price of Ethereum changes all the time. It is not as stable as other cryptocurrencies, but it has snowballed in value. For example, in October 2020, you could purchase ETH for $383, and today it’s worth $4,071.16. As all cryptocurrency is volatile, be sure to keep an eye on the prices, so you can make sure you're getting a good deal.
What Makes Ethereum Fluctuate?
Many different factors determine the price of Ethereum. However, there are a couple that you should be familiar with if you're looking to invest in this cryptocurrency:
- There will always be people trying to predict the future, and they try to buy low and sell high—these predictions can affect the prices.
- Political News
- Economic Reasons
- New Updates
- Celebrity Endorsements
How Do I Store My Ethereum?
There are many wallets and platforms to keep your money safe, so make sure you choose wisely! Many of these wallets have a mobile and computer version, so you can access your money anywhere. Make sure to use a trusted, vetted source to store your cryptocurrency, so you know you’re protected no matter what.
What Is the Best Platform to Store Ethereum?
There are many different wallets that you can choose from, but we recommend using Paydepot. Our platform will store your money offline and give you access to the wallet via a private key (which gives you ownership). Additionally, you can easily download our free mobile app for iOS and Android, so you can manage your funds whenever needed.
Can I Use Ethereum to Pay for Things?
Yes! Like Bitcoin, you can use Ethereum to pay for goods and services. Many businesses are starting to accept cryptocurrencies as payment! Make sure to ask your merchant if they’ll accept your ETH as payment before spending your cash.
How to Sell Your Ethereum
Now that you have some Ethereum, what do you do with it? You can either keep it as an investment or sell it for cash! In order to sell your Ethereum, you'll need to find a buyer. There are multiple platforms that allow you to do this, but we recommend using an exchange. It will be much safer than trying to meet up with somebody or dealing with scammers.
Some of the most popular platforms to use are Paydepot, Binance, Kraken, and Gemini. These platforms will help you sell your Ethereum in no time.
How to Sell Your Ethereum on Coinbase
Coinbase is one of the best platforms to use when selling cryptocurrencies. They are secure and have low fees—plus they offer a large variety of payment methods. So, when you're ready to sell, just follow these steps:
- Go to "Sell" on Coinbase.
- Select the currency that you want to sell.
- Next, enter the amount that you want to sell with your payout method (bank account or PayPal)
- Review your sale and click "Sell."
How to Sell Your Ethereum on Binance
Binance is a great place to sell your cryptocurrencies because they have low fees and a large user base. When you're ready to sell, just follow these steps:
- Go to "Exchange" on the top menu.
- Select the currency you want to sell.
- Enter the amount you want to sell.
- Click "Sell” to complete your transaction.
How to Sell Your Ethereum on Kraken
Kraken is another good platform to use when selling your Ethereum. They have some of the lowest fees and a large user base, just like Binance does, so you will get a reasonable price on your cryptocurrency. When it's time to sell, follow these steps:
- Go to "Account" in the top menu, select "Trade".
- Enter the currency that you want to sell (Ethereum).
- Select whether you're going short or long term with this trade.
- Choose an order type depending on what works best for your goals.
- Finally, enter how much money you are investing/making from this sale.
How to Sell Your Ethereum on Gemini
Gemini is an excellent platform for selling your cryptocurrency. They have lower fees than others and an easy-to-use interface, so you won't waste time figuring out how to use it! Then, when you're ready to sell, just follow these steps:
- Log in or create an account on Gemini.
- Enter the currency that you want to sell (Ethereum).
- Select whether you want cash or Bitcoin.
- Then select "Sell" and enter the amount of Ethereum you want to trade.
- Finally, review all information before submitting the trade request.
What Are the Fees for Selling My Ethereum?
When you sell your Ethereum, a fee will be associated with the transaction. This fee is usually charged by the exchange or platform you are using. Make sure that you understand all fees before entering into a transaction because you won’t be able to undo it!
How Long Does It Take to Get Your Money from Selling Your Ethereum?
When you sell your cryptocurrency, it can take anywhere from a few minutes to 24 hours for the money to show up in your account. The amount of time it takes depends on how busy the network is, how important your transaction is ranked, and how much you’re selling.
Differences between a Public Key and a Private Key
Public and private keys work together as part of most cryptography-based systems. They both use letters and numbers, but each has a different purpose:
Public Keys
Public keys are used by people who want to receive funds from other accounts or platforms. These public keys need an address attached to them which acts as a bank account number that allows others access to send Ethereum on their behalf.
Private Keys
Private keys are used by people who send funds to and from their accounts. These private keys need a password attached to them which allows others to send Ethereum on your behalf. The biggest difference between a public and private key is the amount of encryption and privacy protections enabled, so that you’re protected during a transaction.
FAQs
What Is the Price of Ethereum?
The price of Ethereum is changing all the time, but as of December 27th, it’s currently selling for $4,071.16 per ETH.
What Happens If I Lose My Wallet?
If you lose your wallet or it's stolen, your money is gone forever! So, make sure you always have a backup and store it in a safe place. Also, be sure never to share your private key with anyone.
What Is the Difference between Ethereum and Bitcoin?
Both Ethereum and Bitcoin are cryptocurrencies. However, Ethereum is a programmable blockchain, where Bitcoin was meant to replace regular currency.
What Can I Use Ethereum for?
You can use Ethereum to pay for goods and services and invest in other cryptocurrencies.
How Much Will I Get Paid When I Sell My Ethereum?
The payout amount varies depending on the current market value of Ethereum. So, make sure to check the current value before selling.
Is Ethereum a Safe Investment?
Cryptocurrencies are always a riskier investment and should not be considered a safe bet. However, Ethereum has been growing rapidly in value, so it may be worth investing in.
Is It legal?
Yes, many countries recognize cryptocurrencies as an acceptable form of payment. However, some countries like Vietnam and Bangladesh have banned the use of cryptocurrencies.
Is It secure?
Cryptocurrencies are very safe when in a wallet that is known to be reputable. Make sure you only store your money on an exchange for short periods of time (if you're planning on trading) or in wallets where you control the private keys (ideal for long-term storage).
How Can You Mine Ethereum?
You can use your computer's power to mine Ethereum. However, GPUs are the best option because they have a higher hash rate.
What Is the Difference between Ethereum and Etherum?
Ethereum is an open-source blockchain platform that contains intelligent contracts and allows for the creation of decentralized applications (Dapps). It also has its currency called Ether which acts as "gas" for transactions on the network. Etherum is an incorrect spelling of Ethereum.
What Are Smart Contracts?
A contract written using code instead of legal language is referred to as a smart contract. It is a computerized transaction protocol that executes the terms of a formal agreement by automatically verifying if conditions are met before funds can be released.
What Does the Term H/S Mean When Mining Ethereum?
H/S stands for hashes per second, representing how quickly you are mining on your machine. This number will vary depending on what hardware you are using.
What Does ROI Mean in Terms of Mining?
ROI stands for return on investment, a metric used to measure how profitable a particular venture is in relation to the amount of money invested. This number will vary depending on the price of ethereum and your hardware's hash rate.
Can I Mine with My Laptop?
No, you cannot mine Ethereum with just a laptop because it does not have enough power. You would need a GPU (graphics card) to mine successfully.
What Is a Peer-to-peer Network?
A peer-to-peer network is a decentralized network where all nodes are equal. This means that there is no centralized authority, and users can transact directly with each other.
What Is a Blockchain?
The blockchain is the behind-the-scenes technology of cryptocurrencies like Ethereum and Bitcoin. It is a distributed database that stores every transaction ever made on the network. This makes it impossible to tamper with or change past transactions as they are all verified by the consensus of the network's nodes.