Buy Ethereum (ETH) in Kenya
How to buy Ethereum (ETH)?
Ethereum is a digital coin that appeared in mid-2015. What makes it special is that it is already in second place after bitcoin in terms of demand and capitalization. Read this article to find out what has driven this growth and whether it is worth investing in Ethereum.
History of Ethereum
The history of the cryptocurrency Ethereum began in 2013, when Vitalik Buterin - a Canadian-Russian programmer - created this digital currency and launched a network based on it.
The main feature of Ether was not so much the Ether coins, but rather smart contracts. These are special programs that are executed when certain events occur. An example was a simple betting game: two members of the network bet on the outcome of a basketball game, for example. After the game is over, a smart contract is executed and the winnings are automatically distributed according to a predetermined algorithm.
A fundraising campaign to develop the platform was launched in 2014. It raised a total of almost 3,150 bitcoins in investment. After that, the team began development. The first live release was presented to the public on 30 July 2015 - the moment the blockchain, the distributed digital base of Ethereum, was launched.
Ethereum was originally created as an accessible platform for the implementation and distribution of blockchain technology in various projects. A payment system of the same name later emerged based on the decentralized algorithm. The speed, reliability and versatility of the network attracted the attention of global corporations such as IBM, Microsoft, etc.
Features of Ether
So, Ethereum is both a platform and a currency, so ETH has fundamental differences from other virtual coins and from its main competitor, BTC:
- The cryptocurrency's role is not limited to payments - the platform can be used to exchange other resources or register transactions using smart contracts.
- Ether is a public database in which any digital transaction can be stored indefinitely.
- No key management systems are needed to maintain the platform - instead, a framework in which individuals make peer-to-peer transactions works.
- Ethereum blockchain, unlike Bitcoin, is able to rebuild itself in the current moment without the need to save data, which speeds up its operation.
- There is no limit to the issuance of ETH coins - this is another fundamental difference from BTC.
Ethereum was the world's first coin with an endless issue. In its time, such a solution from developers created a real furore and made the cryptocurrency unique.
ETH exchange rate dynamics
Since the launch of the project, the price of Ether has steadily increased. In December 2015, it stood at $0.85 per coin. The maximum value was recorded in May 2021 - it reached $4,300.
Of course, ETH, like any active, the more so the currency is volatile. That makes it popular with traders. And many investors want to buy Ethereum for their portfolio as a diversification tool as well as a promising asset.
Many are asking, will we see a change of leader next year? Analysts believe that one thing is certain: the dominance of one cryptocurrency has come to a logical end. Ethereum came later, which means it has learned from the miscalculations of its predecessors.
Ethereum is not just a currency - it is a complete platform for building blockchain-based systems. But the main thing that makes Ethereum stand out is its development plan. The creators and developers know what the end result should be. At the same time, they are not afraid to add innovations that add to its popularity. Ethereum may not be the most expensive cryptocurrency right now. But it is clearly the most technologically advanced.
How to invest in Ethereum (ETH)?
If you are looking to invest in Ethereum in Kenya and make a profit, you need to decide a few questions:
- How long do you want to invest for?
- How much time each day are you willing to devote to this work?
- What is your initial capital?
There are several basic ways of investing in cryptocurrency in general and in Ethereum in particular:
- Trading through an online broker. Usually you trade via CFD contract, and you don't have to buy ETH as an asset. You profit from changes in the price of the asset. This method is suitable for speculating on continuous changes of Ether, you can earn on both rising and falling values. Demo trading is available. You can register with the broker for free and try out a demo account using the link below.
- Organizing your own cryptocurrency mining farm. This option requires engineering skills and a significant investment. There is growing feedback that mining is becoming unprofitable, due to the increasing number of people willing to do so, leading to a more expensive process and a longer payback period.
- You can buy Ethereum in Kenya through an exchanger. One would only need to decide on their reliability. After buying from the exchanger, it is advised to transfer the asset to a cryptocurrency wallet.
- Investing in Ethereum on online exchanges. These are larger and more feature-rich platforms than the exchanges. Here you can also buy the asset itself for the long term. One of the most popular crypto exchanges is Binance. Here you'll find easy withdrawals, a large selection of coins to exchange, uninterrupted operations and much more.
Ethereum (ETH) Trading Platform
The benefits of trading cryptocurrency through a broker:
- Licensed and regulated. Experienced brokerage companies are licensed and regulated by an authorized body, so this helps avoid fraud. Choose a trustworthy broker!
- Lead leverage. It means that you can trade with the broker an amount several times larger than you have deposited. Consequently, you can get much more significant profit from larger investments, which is often impossible in the case of usual purchase of "crypto" on exchange, because not all exchanges offer leverage.
- The broker's trading platform includes tools for market analysis. Brokers offer a proven and reliable platform that includes many tools for online analysis of the crypto market. It should be noted that the broker offers its clients charts, indicators and training materials.
- Trading with the broker is not only about cryptocurrencies - there is a huge selection of instruments for you to choose from. Crypto trader can earn on 100+ assets: crypto instruments, classic currency pairs, stock indices, stocks, gold, oil and other liquid assets.
- Comfortable mobile app, with which your account will always be at your fingertips and you will be aware of the market.
- You can start trading digital currency with a minimum deposit of $10 or the equivalent in other available currencies. However, a single trade can be as little as $1.
What affects the growth of the price
Similar to all other cryptocurrencies, ETH is subject to high volatility. This is what makes the virtual money such a highly profitable tool for speculators.
The price can fall several times in a day and rise again, which is what traders who play on the dynamics take advantage of.
Hundreds of factors - from publications in the media to changes in the laws of different countries - affect the price:
- The value of bitcoin. The state of the world's first cryptocurrency affects all other assets. If BTC goes up, so do most other altcoins. There is a synchronicity in the price movements of Ether and bitcoin.
- Primary placement of coins. The emergence of new projects affects investor interest in major cryptocurrency assets.
- Innovations. Announcements of platform hardforces also lead to a surge in exchange activity and affect the price. New tools for decentralised programmes increase the value of assets.
- Changing transaction speeds. Fresh software solutions that speed up currency transactions contribute to a plus in value.
- Participation of formal banking structures in cryptocurrency transactions.
- Predictions by renowned analysts. Even if they do not come true, a temporary investment spike is reflected in price movements.
How to start investing in Ethereum (ETH)?
Cryptocurrency is the fastest-growing industry on the Internet today, and it is expected to grow in double digits in the coming years. In recent years, people have become increasingly interested in investing and trading. Popularity has caused a surge in the emergence of new brokers, and before you sign up with any broker, you should spend some time looking for the right company for you.
To choose the right broker, get to know the platform, you should be comfortable with it. To do so, make a small deposit and try out a few trades or use a demo account.
Registration with the broker
To start with, you need to go to the official website of the broker, where you will open the account. Select the registration menu and enter the necessary data and mail. Be careful when you fill it in. Registration does not oblige you to start trading right away and there is no fee, but it will give you access to the features of the platform.
To make trading more convenient, you can download the application, which is also free. Go to the website of the selected broker. Now you need to download the terminal. To do this is quite simple! On a site we find a tab "trading platforms" or "programs for trade". We go and see the list of trading applications, you need to choose for the PC or laptop.
How to open a demo account?
After registration, the program will offer you to open a demo account with a virtual sum of money, for example from $10000. If you feel the need or are not very confident in your abilities, be sure to take the chance to practice on a demo account.
With a demo account you will be able to pick up a strategy and understand how the terminal works.
How to open a real account?
To do so, go to your personal cabinet and click on the button "Deposit". Most investors prefer to fund their account via their card.
You can deposit the amount specified by the broker as the minimum, or you can put more, it all depends on your wishes. But the bigger amount you will use for transaction, the bigger your profit can be.
In case of unforeseen technical moments, you can always contact the hotline or support chat. Be sure that a good online broker will always help you! Good luck!