Ethereum is a decentralised, open-source blockchain network that facilitates smart contracts. 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 a 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 runs smart contracts.
The Ethereum blockchain was first launched in 2015. Since then, it has paved the way for other decentralised smart contract platforms like Cardano, Solana and Avalanche. Ethereum has stated that its goal is to become a global platform for decentralised applications.
Ether (ETH) is the native cryptocurrency for the Ethereum network and is used to pay for network fees and reward users participating in the Proof of Stake consensus mechanism. You can buy Ethereum and other digital currencies in Australia in just a few clicks with low fees and minimal spreads on the Swyftx crypto trading platform.
Want to learn more about Ethereum? Check out our in-depth Ethereum course, available on Swyftx Learn.
Who created Ethereum?
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.
How to buy Ethereum in Australia
You can deposit Australian dollars to buy, sell and trade Ethereum (ETH) and other cryptocurrencies from Australian crypto exchanges, such as Swyftx. On Swyftx, crypto investors can trade Ethereum (ETH) in Australia with low fees and minimal spreads, allowing you to maximise your investment. We have outlined how to buy Ethereum swiftly in this simple step-by-step guide:
Create your account: Sign up to the Swyftx cryptocurrency exchange by providing your full name, email address, phone number and create a 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. Swyftx allows you to scan your driver’s license or passport using the in-built scanning feature.
Deposit funds: Once your account is verified, you can deposit Australian dollars from more than just your bank account. You can choose your payment method of choice:
- Bank transfer
- OSKO
- PayID
- POLi
- Debit card
Buy Ethereum in Australia: Once your funds have arrived in your account, you can 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 not only a place to buy Ethereum. You can also follow this process to deposit money and buy other cryptocurrencies with low transaction fees.
Why use Swyftx to buy Ethereum (ETH)?
Swyftx is an AUSTRAC registered Australian exchange featuring its own user-friendly mobile app and web trading platform where you can easily deposit cash to buy Ethereum in Australia. When you purchase Ethereum and other crypto assets through Swyftx’s trading platform, you will pay some of the lowest transaction fees compared in the country.
With built-in charts for Ethereum’s price provided by TradingView, portfolio tracking and market news updates, you’ll never miss an ideal ETH trading opportunity.
If you’re new to cryptocurrency, you can use our demo mode to trade fiat currencies and other digital assets with zero financial risk or effect on your own cryptocurrency portfolio. This allows a place to buy Ethereum and other cryptocurrencies with 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 deposit money to purchase cryptocurrencies such as Ethereum with AUD.
Swyftx also has an outstanding customer service team providing personalised, round-the-clock support to all users.
Understanding the ETH Merge
The highly anticipated ETH Merge was successfully completed on the 15th of September 2022. This involved Ethereum transitioning from a Proof of Work (PoW) consensus mechanism to less energy-intensive Proof of Stake (PoS) model. The transition was made in order for Ethereum to become ‘more scalable, more secure, and more sustainable.’
Both Bitcoin and Ethereum have come under fire for their energy intensiveness which is damaging to the environment. Not only that, but during periods of high network activity on the Ethereum blockchain, transactions are expensive and slow. This upgrade has significantly reduced Ethereum’s energy consumption and laid the foundation for future scalability upgrades to reduce network traffic and transaction costs.
