Update 06/07/17
The ethereum spring continues today, with the currency rising nearly 10% to reach a current trading price of $267 while its market cap is seemingly headed for $25 billion, a market cap bitcoin had just two or three weeks ago.
The name of the cryptocurrency which “fuels” Ethereum is Ether. There are basically two ways to acquire it. You could mine it with your own computer which is not the scope of this article or exchange it with fiat currency/bitcoin. Why should you invest in Ethereum? The following figures show the increasing exchange rate over the last few month.
May 14, 2017
June 7, 2017
June 17, 2017
December 3, 2017
There are a couple of exchanges that you can use to get a hold of your first Ether. I found Coinbase to be the easiest solution if you are a beginner. I personally used it to buy my first Ether. The process is straightforward. The first step is to verify your identity. If you’re a US citizen you can use your US state-issued ID such as a Drivers License or Identification Card. European citizen can use their Passport, Identification Card or Drivers License.
This is how the Coinbase verification process looks like. In the first step, you choose the type of ID that you want to use for verification. In the second step, you choose an upload method. If you don’t have a webcam connected to your computer, you can use the mobile camera upload method.
After a successful verification, you can buy your first Ether. Coinbase offers two payment methods, credit/debit card or bank account. The credit card fee is higher with 3.99% compared to 1.49% when buying via bank account, but you can start instantly. I used my credit card because a bank account needs to be verified first which takes a few days. Credit card sales are instant. If you want to try Coinbase and get 10$ for free (buy for $100 USD or more), click on the Coinbase logo.
Congratulations, now you can call yourself a crypto investor!