Ethereum is a decentralised, open-source blockchain network that has its digital currency called Ether or ETH. Ethereum is the second-largest cryptocurrency in the world by market cap. Unlike Bitcoin, Ethereum’s intention is to be more than just a store of value or medium of exchange. Instead, Ethereum is an open-source, decentralised computing platform that can be used by developers to create and run decentralised applications (dApps) and smart contracts.
Ethereum was first launched on the blockchain in 2015 and since then it has pioneered the concept of a decentralised smart contract platform. Ethereum has stated that its goal is to become a global platform for decentralised applications.
Ether (ETH) fuels the Ethereum blockchain network and is mostly used as a method of payment for transaction fees, commonly referred to as gas fees.
You can buy Ethereum (ETH) on the Swyftx crypto exchange. With global liquidity providers, Swyftx boasts small spreads and low trading fees.
Want to learn more about Ethereum? Check out our in-depth Ethereum course, available on Swyftx Learn.
In 2013, a white paper was released by 19-year-old Vitalik Buterin, a computer programmer and co-founder of Bitcoin Magazine. The whitepaper proposed a platform with its own digital currency, that allowed developers to create their own decentralised applications using a built-in programming language.
Vitalik along with a team of co-founders crowdfunded the development of the Ethereum protocol in 2014. Ethereum officially launched in July, 2015.
You can buy, sell and trade Ethereum (ETH) and other digital currencies from Australian cryptocurrency exchanges, such as Swyftx. When trading Ethereum with a Swyftx exchange account, you trade with some of the lowest trading fees and smallest spreads on the Australian crypto market which allows you to keep more in your pocket. We have outlined how to buy Ethereum in this simple step by step guide:
Create your account: Sign up to swyftx by providing your full name, email address, phone number and creating a secure password.
Verify: Verifying your account is quick and easy, usually taking less than 3 minutes. All you need to do is verify your phone number, email address and identification (I.e. passport or driver’s license).
Deposit funds: Once your account is verified, you can make your first deposit of fiat currency (AUD) via your payment method of choice:
Buy Ethereum: Navigate to the trade ETH page and select how much Ether you’d like to buy (either the quantity or the AUD equivalent) and confirm your purchase.
Swyftx is an Australian exchange featuring its own user-friendly mobile app allowing you to buy and sell Ethereum anytime, anywhere. When you purchase Ethereum and other crypto assets through Swyftx’s trading platform, you will pay some of the lowest trading fees compared in the country. With the ability to chart and monitor your crypto investments, set recurring orders and set automatic buy and sell orders, you’ll never miss an ideal Ethereum trade ever again.
If you’re new to cryptocurrency, you can use our demo mode to trade Ethereum and other digital assets with zero financial risk or effect on your own cryptocurrency portfolio. This gives you access to real-time market data and figures, allowing you to learn and understand the markets in-depth. Then, when you are more confident and ready to trade crypto, you can turn off demo mode and purchase cryptocurrencies with real AUD.
Swyftx also has an outstanding customer service team providing personalised, round-the-clock support to all users.
A smart contract is a self-executing agreement that allows two counterparts to set conditions of a contract through a computer code that automatically executes a smart contract when its conditions are met. The code and the conditions contained within the contract exist across a distributed, decentralised blockchain platform, such as Ethereum.
Smart contracts permit trusted and transparent transactions to be carried out without the need for third-party intermediaries such as lawyers. Common uses for smart contracts include; providing individual identity, cross-border payments and supply-chain management.
Ethereum was the first blockchain platform to implement smart contracts and remains the most popular. Smart contracts on the Ethereum network are considered types of Ethereum accounts. These accounts have a balance that can be used to send transactions over the network, without being controlled by a third party. Similar to regular contracts, smart contracts have rules and conditions that are automatically enforced via code.
With Swyftx you can deposit money into your account with a credit or debit card, which can be used when buying Ethereum. To deposit Australian dollars (AUD) from your bank account into your account with your credit card, you will need to navigate to the deposit AUD page. When you are on this page you will need to select the credit card deposit option and then follow the steps to deposit funds.
Once you have money deposited into your account, you can buy Ethereum instantly. You’ll need to enter the amount of Ethereum you’d like to buy and then simply click the ‘Buy ETH’ button. Swyftx also allows you to deposit funds via other payment methods like bank transfer, PayID and instant deposits with POLi.
Ethereum 2.0 is an upcoming upgrade to the Ethereum blockchain. Ethereum 2.0 aims to make the Ethereum network significantly faster, less expensive and more scalable. The key difference between Ethereum and Ethereum 2.0 is the introduction of the proof-of-stake (PoS) consensus model that validates transactions on the Ethereum network based on the number of coins a validator stakes.
The transition from proof of work to proof of stake consensus algorithm is expected to facilitate over 100,000 transactions per second on its network.
Gas fees are transaction fees, paid with Ether (ETH), for every transaction and smart contract made on the Ethereum blockchain. The purpose of gas fees is to compensate Ethereum miners for the computational power used when verifying transactions on Ethereum.
Gas fees fluctuate based on traffic on Ethereum’s blockchain. In moments of high network traffic, gas fees increase.
Ethereum’s price is affected by supply and demand, similar to other assets like stocks and bonds. When there is a high demand for Ethereum due to favourable factors, the price will increase. The price of ETH will decrease if there is a lack of demand for the asset.
The supply of Ethereum will also affect the asset price. When there is high demand but a low supply the price of ETH will increase. An excess supply of ETH with low demand will see the price drop.
View the live ETH to AUD price.
When you buy, sell or swap Ethereum with Swyftx, you’ll enjoy some of the lowest trading fees and spreads in Australia.
Swyftx allows you to verify your identity online instantly without the need to upload any documents. Get instantly verified now and buy ETH.
When you buy ETH with Swyftx, the combination of Two-Factor Authentication and breached password detection helps protect your account and keeps your funds safe from scammers.
Learn to trade and gain experience with Swyftx risk free by enabling the demo mode. We even simulate real life liquidity and market depth.Create a free account
Deposit and Withdraw AUD via PayID, OSKO, Bank Transfer & POLi
Automate your crypto investments.Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
Never miss a trade or get caught out by the crypto market volatility. Set Buys and Sells to trigger at any price you want.
Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.