Interested in how to buy Ethereum with cash but have no idea where to start? Don’t worry, you are not alone. Cryptocurrency may seem intimidating, but with the right guidance, anyone can buy and trade crypto. In this article, we will guide you through the process of buying Ethereum with cash and hopefully, by the end of it, you will be ready to take the plunge. Let’s dive in.
Never Mind Buying it… Actually, What is Ethereum?
Before we jump into the pool and learn how to buy Ethereum with cash, let’s briefly discuss what Ethereum is. Ethereum is a decentralized, open-source blockchain that enables developers to build decentralized applications (DApps) and smart contracts. It’s also the second-largest cryptocurrency by market capitalization after Bitcoin.
To be very nerdy about it, Ethereum’s combination of decentralization, smart contract functionality, flexibility, and community support makes it one of the most valuable and promising cryptocurrencies in the crypto market.
How to Buy Ethereum with Cash?
Let’s clear something up. Strictly speaking, you can’t buy Ethereum with cash in the very literal sense of the word. It’s not like you can take some cash out of your pocket, walk into a store that sells Ethereum, and then the shopkeeper hands you a shiny Ethereum coin that you can hold up to the sun and watch it glint before your very eyes.
No, we’re talking about how to buy Ethereum with cash that sits in your bank account. Ethereum is a digital currency, that doesn’t exist in a tangible, physical sense. To buy it, you need to pay with digital funds that sit in your bank account. This means you need to find a place online where you can buy Ethereum.
Where and How to Buy Ethereum With Cash
Now that you know what Ethereum is and why you need to buy it, let’s get into the steps of how to do it.
- Choose a Cryptocurrency Exchange: The first step is to choose a cryptocurrency exchange that accepts cash deposits. Some popular exchanges that accept cash deposits include Coinbase, CEX.IO, and Binance. Do some research and choose the exchange that best fits your needs. We’ve got a big list of the best crypto exchanges for you to choose from.
- Create an Account and Verify Your Identity: Once you choose an exchange, you need to create an account and verify your identity. This is a standard practice for crypto exchanges who need to comply with anti-money laundering (AML) and ‘know your customer’ (KYC) regulations.
- Add Cash to Your Account: After creating an account and verifying your identity, you can add funds to your account. Most exchanges that accept cash deposits offer a variety of payment methods such as bank transfers, debit cards, and even cash deposits at certain locations. Choose the method that works best for you and follow the instructions provided by the crypto exchange to add funds to your account.
- Buy Ethereum: Once your account has been funded, you can buy Ethereum with cash. Simply navigate to the Ethereum trading pair, select the amount you want to buy, and confirm the purchase. Your Ethereum will be deposited into your exchange wallet.
Congratulations on Buying Ethereum!
OK, maybe the congratulations are a little premature. But hopefully now you’ve seen just how easy it is to buy Ethereum with cash, you can go for it. Don’t forget to look through our crypto exchange reviews before you decide which platform you want to go with.