For those unfamiliar, Ethereum is a blockchain-based platform that allows a person to send cryptocurrency to anyone for a small fee. Ethereum has its own cryptocurrency, which is known as Ether, and has its own programming language, known as Solidity.
Check out what experts are saying about the price of Ether in 2022. ETH Price
Find out how to keep ETH safe after buying it for investment in New Zealand. Store ETH
Find out what are the main risk involved when it comes to investing in ETH. Risk With ETH Investment
Check out some of the main rewards when it comes to investing in Ethereum. Rewards With ETH
Check out the latest scams associated with investing in ETH. Ethereum Investment Scams
Ethereum Investing 101
Ethereum is a blockchain-based network that gives developers the ability to create applications that aren’t maintained or controlled by one entity. Instead, these applications are controlled and managed by code. Ethereum, as well as all other cryptocurrencies, work on the blockchain network. The blockchain serves as a distributed, public ledger for verifying and recording transactions.
The Difference Between Ether and Ethereum : Ether can be used as a digital currency in financial transactions as an investment or as a store of value. On the other hand, Ethereum is the blockchain network on which Ether is held and exchanged.
The price of Ethereum (ETH) in 2022
Ethereum’s own token, Ether, has grown a lot in value since it was created. It was launched in 2015 by Vitalik Buterin. When Ether was launched, its price was $0.311 in 2015 and last year, in 2021, it went around $4800 with a lot of volatility along the way.
Predictions for the price of Ethereum
Even though it is very difficult to predict the price of a volatile cryptocurrency, experts agree that ETH could once again cross the $4000 mark in 2022.
How and where to buy Ethereum (ETH) in New Zealand?
Selecting a platform for trading : The foremost and most important thing is to select a trading platform as per your requirements. The first is a fiat exchange, while the second is a cryptocurrency-to-cryptocurrency exchange.
Ensuring the good reputation of the platform : Before making any investments, you need to ensure that the platform is legit and has a good user base. The more the number of users a platform has, the more it has depth and liquidity, making it easier to trade Ethereum.
Fees : Make sure you’re aware of all of the fees that apply. Some businesses charge transaction or conversion fees to compensate for the expenses paid to payment processors. For example, being free is ideal, 1% is normal, 2% is excessive, and anything more is irrational.
Account creation : After you have selected the exchange to buy Ethereum, you will need to register your account and you will be required to follow certain steps. Depending upon the platform you have chosen, you will be required to verify your identity and address, which is a part of Know Your Customer, also known as KYC, which is legally required for almost all of the exchanges.
Before you can make any purchases, you’ll need to choose a payment method to transfer funds into your account once it’s been approved.
Make a deposit into your account. : To purchase Ethereum, you must first deposit funds into your exchange account. Some exchanges may allow you to register without completing KYC, but you will be required to do so when you want to fund your account with fiat or buy Ethereum using a card.
There are several ways to put money into an exchange account in order to purchase Ethereum. Before payments are made, each method will have a distinct wait time, which might range from instant to numerous days.
Buying Ethereum : To discover your desired Ethereum pairing, go to the markets area of your chosen exchange. Look for the section on buying ETH and enter the quantity of the paired cryptocurrency you wish to spend or the amount of ETH you want to buy in the box provided.
Keeping your Ethereum (ETH) secure after purchasing
The easiest way to keep your ETH safe for a long time is to transfer it to a wallet that you control. If you choose a good wallet and follow the best practices for keeping ETH safe in that wallet, the wallet is the safest place to keep your ETH in the long run. Once the ETH is out of the exchange and safely stored in the wallet, it is no longer vulnerable to being stolen.
Ethereum (ETH) Risks
The risks of purchasing Ethereum Cryptocurrencies are complex and volatile assets, and purchasing any digital coin or token entails a significant amount of risk. Before you buy, be sure you’ve done your homework and can identify the variables that could cause the price of a cryptocurrency asset to rise or fall. The following are some of the risks of purchasing ETH:
New Alt Coins : New projects are entering the market, creating competition and the potential to dilute or overtake the market values of current assets in the industry.
Changes in the law: Government regulation, such as the prohibition of cryptocurrencies in a country, could have a detrimental impact on cryptocurrency prices.
Hacking into an exchange or an account:- While it is rare, there is a chance that an exchange or your account will be hacked and your funds will be stolen.
Ethereum (ETH) Rewards
While volatility was formerly regarded as a negative, experienced investors have recognised market cycle patterns and can profit from market bubbles’ parabolic rewards.
Liquidity: Ethereum is unquestionably one of the most liquid financial assets, thanks to the international emergence of trading platforms, exchanges, and online brokerages. At very low cost, you can quickly convert Ethereum into cash or valuables such as gold.
The risk of inflation is reduced because Ethereum has a well-defined inflation scheme that is less vulnerable to manipulation. Because the blockchain system is endless, there’s no need to be concerned about your Ethereum deflating.
Scams with Ethereum (ETH)
Despite the fact that cryptocurrency is said to be safe, one should always be cautious since wherever there is money to be made, scammers are not far behind. If you hold cryptocurrency or want to invest in it, never believe any unbelievable offers you receive in your inbox or on any website or app. Remember that if an offer seems too good to be true, it most often is.
Before investing, you should double-check such claims. Here are some of the methods used by scammers.
The Giveaway scam :
A formula is used in the most popular social media cryptocurrency fraud. Scammers impersonate large brands and/or celebrities in order to advertise giveaways that offer to double your money if you transfer bitcoin or other crypto assets into a specific wallet address. Of course, this is not the case, and your cryptocurrency is lost permanently once you send it.
Fake accounts that seem verified :
Another typical method used by con artists to steal cryptocurrency is to take advantage of social media platforms’ trust signals, such as blue checkmarks on Twitter. The concern is that scammers will either use a blue checkmark in their profile photographs or expertly use the wallpaper to add a blue check in exactly the right position to appear genuine.
Twitter scams :
Hackers have a history of effectively hacking into Twitter accounts in order to boost the impact of their schemes, as previously mentioned. Hackers frequently break into smaller verified Twitter accounts and change them to look like other valid accounts, despite the large-scale magnitude of the 2020 breach.
Scam on YouTube :
A YouTube Live scam involves fraudsters creating a live video (using stolen content), portraying themselves as a cryptocurrency authority, and posting a link to a “giveaway” in the video’s description, asking users to pay cryptocurrency. The scammers evade YouTube’s content inspection procedure by using the “Live” option until the video is finished.
Crypto catfishing :
Be on the lookout for a new wave of catfishers and phoney accounts attempting to steal your crypto by slipping into your direct conversations, or DMs. While DMs can sometimes lead to legitimate chances, such as Busta Rhymes finding his NFT designer through Twitter DMs, scammers are far more common.
The future of Ethereum (ETH)
Despite Ethereum’s competitors and other factors contributing to its continuous instability, there is widespread belief that the original smart contract blockchain will survive this period of testing.