Ethereum (Ether) is among the major cryptocurrencies available on the market and has been growing in popularity since its July 2015 launch. Originally, it was designed to enforce blockchain technology and push the boundaries, with many agreeing that it has done a satisfactory job.
While Ether is the crypto, Ethereum is actually a blockchain that people use as a means to create decentralized applications. Similarly, it comes in handy when operating smart contracts.
These self-executing contracts help with the exchange of items like money, shares, or property; pretty much anything of value. Smart contracts take place in a transparent and conflict-free manner, all while evading middlemen services.
Many are familiar with how to purchase Ether in countries like the U.S., but what about Canada? How often do we see Ethereum price in CAD explored and learn how we can purchase it in our country?
Buying and selling Ether in Canada is fascinating for many Canadian residents looking to get in on the crypto action while it is still popular. This article will explain the best ways to purchase Ether in Canada.
The Draw of Ether
Ether is frequently used as a payment method for transaction fees, online payments, developments on the Ethereum network, and other things. Moreover, Ether is the leading currency choice for funding ICOs assembled on top of the ERC20 protocol.
Another encouraging use case for Ethereum applies to decentralized finance applications, which is also known as “DeFi”. These applications include such innovations as loans and agreements that are powered by smart contracts, decentralized exchanges, and producing new currencies or stablecoins. A recent example is MakerDAO, which is courtesy of an elaborate utilization of Ethereum smart contracts, has developed a stablecoin (DAI) being backed by Ether. It is also consistently worth USD 1.
An additional reason as to why people flock to Ether and various other cryptocurrencies is because they believe that the price will increase. They look at Ethereum as the premiere Web 3 platform and want a piece of the pie by purchasing the currency fueling the system. Whether their speculation is correct or has not yet been confirmed, Ether has so far overtaken traditional asset classes since its launch.
There are numerous ways to buy Ether in Canada, but the easiest and most practical option is to use Canadian-based crypto exchanges. Alternatively, use exchanges that reach various countries, including Canada. Prior to using the exchange, investors should either have an open bank account in Canada or obtain a credit card that is valid in this country. Next, they must choose among the different crypto exchanges out there, of which there is no shortage and investors will have no trouble finding.
Upon choosing an exchange, investors must create an account and properly verify it. Doing so will allow them to link their bank account or card with a crypto wallet, with which they can store Ether. The process itself is quite simple. Of course, there are differences between exchanges, so investors should check their transaction fees in advance, along with supported currencies and available purchase limits.
After becoming familiar with the operation behind crypto exchanges, learning how to sell Ethereum in Canada is just as easy. Once there is Ether in your wallet, an investor can then sell it by simply following the instructions that the exchange provides for effecting this particular brand of transaction.
A comparatively less formal method of buying or selling Ether in Canada is to use peer-to-peer exchange platforms. Doing so will allow investors to communicate with people who show an interest in buying or selling their Ether. There are no transaction fees, and the parties can negotiate the most appropriate method of payment that will work for both sides.
The Three main steps
Generally speaking, there are three steps to follow for every exchange that allows you to purchase Ether. The platforms differ in various ways, but the way you buy Ether is consistent for the most part.
- Create an account. Signing up usually takes very little time. Users will need to provide some basic information, get their identity validated, and confirm their email address.
- Fund the account. Rather than start buying Ether right away, the user has the option of funding your account.
- Buy Ether. With the account finally set up and verified (and funded if you choose to), the user can start purchasing Ether.