Bitcoin’s not the only cakewalk: Buying Ethereum with cash is just as easy

The last months have seen the emergence of numerous Bitcoin ATMs springing up literally everywhere, guides on cashing in on Bitcoin and related profits, products and trading methods to suit any trader’s work style, and other topics and knowledge looking at the first and reigning cryptocurrency, all while leaving Ethereum in the dust.

Suppose you’ve lived under the impression that Bitcoin is the most straightforward cryptocurrency to exchange for cash and vice versa due to the amalgamation of related information spread around. In that case, you are not the only one misled by the appearances. Few talk about the ease with which you can treat Ethereum belongings just the same. You can buy Ethereum online through several straightforward means, which is why there’s an urgent need to tackle this subject, too, given the prominence the second-largest cryptocurrency on the market has gained.

Ethereum, with a current market cap worth $352B and a total circulating supply of over 120.2M tokens, is one of investors’ favorite crypto assets thanks to the resilience proven in the face of unequaled challenges and the potential to break new ground in technology and beyond. Thus, it only makes sense to look at it as one of the wisest and safest bets when seeking exposure to cryptocurrency, especially as new products and developments are being cooked in the oven. So, what are you doing when you want to convert it into cash as a method of protecting it from fluctuations should you not be ready to reinvest it? Once the battle’s done and you feel like the profits made are enough to cash in on your wealth, you’ll have several straightforward steps and considerations to stick to, so let’s dig deeper into them.

As with any other purchase, you’ll need a storage tool for your digital or fiat wealth. Before you turn your intended spendable amount of money into Ethereum, you have to decide on a wallet of choice that will facilitate such transactions and store your digital currency in the safest way possible. For beginners, it is recommended to opt for a centralized wallet, such as those offered by cryptocurrency exchanges, if you’re into a low-maintenance, easily usable storage method.

Nevertheless, if you want complete control over your holdings, you can opt for a cold hardware wallet, storing your Ethers without needing an internet connection. Ethers are the tiny fractions of Ethereum, which is also the terminology for the blockchain itself, so if you’re into using the proper lingo, expect to introduce Ether, Ethereum, and ETH, which is the symbol for the second, into your vocabulary, making the difference between them.

Several other factors must reside in your mind before shaking hands with the best wallet option, so let’s check them out:

Just like with the physical wallets that store your cash and cards, supposedly, you’re not going to go cashless anytime soon; the robustness of their security and certainty that they’re untouchable from foreign hands will mirror the level of heart ease you have regarding your crypto. Your wallet will cache your keys, enable you to authorize transactions, create new addresses, monitor portfolio balances, and initiate transfers. These are just enough examples to underline the vitality of the safety offered by your option.

Depending on the wallet of choice, you can opt for different, strong security features, like two-factor authentication (2FA) or multi-signature authentication. Or you can go for automatic backup and recovery, ensuring you’ll get a unique seed phrase when you try to regain access to your crypto holdings. These features will determine your assets’ level of safety and their incapacity to be stolen.

Probably among the most essential elements, the compatibility of your wallet with your money will determine whether you’ve come across a deal maker or deal breaker. Make sure to choose the wallet that works for your choice of payment methods and that allows you to convert cash into Ethereum.

Unsurprisingly enough, some wallets are only designed to work for specific types of payments, such as credit cards or wire transfers, whereas others can be more flexible.

Last but not least, and certainly among the aspects you’ll observe at first glance, the usability of your wallet also makes an important element to figure out. Wallets that are easily explorable, intuitive, user-friendly, and with sleek interfaces will save you some headaches along the road.

Interested Ethereum investors have several methods available for paying for Ethereum with cash, which often coincides with the practices employed to receive Bitcoin with the same medium of exchange. Some of the most common and reliable include the following ones:

Some crypto platforms and exchanges facilitate the direct deposit of cash into the user’s account, so these amounts can consequently be easily exchanged for Ethereum. Usually, this method implies choosing wire transfers or a bank account as a gate. Ensure you opt for a platform that permits cash deposits if this payment method is your go-to.

Peer-to-peer (P2P) platforms link crypto sellers and crypto purchasers, enabling them to conduct Ethereum or any other type of digital coin transaction. This possibility goes two ways: you can either make a cash deposit at a financial institution or your favorite bank or offer the money in person. P2P apps usually offer escrow services in order to safeguard transactions.

Some specific platforms enable users to buy Ethereum with gift cards or cash vouchers. Such a method implies investing in a gift card or voucher with cash and redeeming the amount for Ether on the platform.

Despite the name, some Bitcoin ATMs aren’t only limited to supporting transactions for the reigning cryptocurrency, but other digital coins are welcomed, too. Seek and find a Bitcoin ATM that facilitates the conversion of cash into Ethereum by locating it on your phone or through any other reliable method you may know. Insert your intended amount of money and use the instructions on the screen to finalize your transaction.

Take heed

Ethereum is a highly volatile and speculative asset, so you only want to invest what you can afford to lose. Always determine your risk tolerance and be cautious with how you’re storing and using Ethereum in order to have a smooth experience with it.