First, let us briefly explain what Ethereum is. Ethereum is a global, open-source platform designed for decentralized applications; a platform for creating blockchains. Meaning the Ethereum platform is the base layer on top of which, different tokens are created to run decentralized applications. So it can be used to decentralize just about anything: voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements, intellectual property and etc.
Now, ‘Ether’ is the currency of the Ethereum platform and it is required by anyone wishing to build upon or use the Ethereum platform. Just like Bitcoin, Ether can be traded around the web and mined. Most people use the term Ethereum to refer to the currency instead of Ether and that’s why it can get a bit confusing.
How to use a wallet to buy Ethereum?
In order to buy ETH, you need to get an Ethereum wallet. There are two types of cryptocurrency wallets—Software and Hardware wallets. It’s nothing complicated. You can get the XAPA software Ethereum wallet from right here, on our website or you can simply download the application to your mobile phone. You can buy ETH with your credit card.
After your purchase, you need to send your coins to your Ethereum address, and you are done.
Just like all the other types of cryptocurrency, you can mine, trade, buy invest, and even hold your Ethereum and you can do all with Xapa except for mining, which is another story. Mining Ethereum is similar to mining Bitcoin in many aspects aside from the fact that you don’t have to buy dedicated hardware to do it. CPU mining using your personal computer will probably not help much either. GPU mining, however, is the best option as GPUs can mine much faster than CPUs.