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.
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 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:
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.
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.
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.
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 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 for digital assets 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 blockchain 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. However, they are automatically enforced via code rather than by a person.
With Swyftx, you can deposit money into your account with a debit card, which can be used to buy and sell Ethereum. To deposit Australian dollars (AUD) using your debit card, navigate to the deposit option in the Swyftx app. Select the debit card option and follow the instructions.
Once you deposit Australian dollars into your account, you can buy ETH instantly and store this in your crypto wallet. 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 account transfer, PayID and instant deposits with POLi.
Gas fees are fees paid in ETH for transactions on the Ethereum network. The purpose of gas fees is to compensate Ethereum validators for the computational power used to verify and process transactions on the Ethereum blockchain.
Gas fees fluctuate based on how congested the Ethereum network is. When the network is congested and lots of people are trying to transact on the Ethereum network, gas fees will typically increase.
After buying Ethereum or any digital currency on Swyftx, it will be safely stored in your personal wallet with any other ETH holdings. You can track the progress of your ETH investment as well as the other cryptocurrencies you’ve bought via the portfolio tracker on the dashboard.
You can withdraw your ETH to an external hot wallet, cold wallet or etc. via the withdraw tab in the app. Simply scan the QR code for your wallet or paste in the wallet address. It’s recommended to send a test amount before sending the whole thing. This is to ensure that your crypto is not lost in the case that you use an incorrect wallet address.
Ethereum’s price is affected by supply and demand, similar to other assets like stocks and bonds. When supply is low and demand is high, this drives the price upwards. There is only a limited number of ETH in circulation so during periods of high demand, this is one of the key drives of its price growth. View our live ETH price (AUD) chart.
Proof of Work and Proof of Stake are two different consensus mechanisms used to confirm transactions on a blockchain network.
Proof of Work (PoW) was the algorithm made famous by Bitcoin and was previously used by Ethereum to verify transactions without third party interference. Put simply, this requires computers (known as miners) to compete against each other to verify transactions. This process requires the use of significant amounts of computing power and is therefore costly both financially and environmentally.
Proof of Stake (PoS) is the current model used for decentralised finance by Ethereum, which relieves the need for such high usage of electricity. This method uses an alternative method to verify transactions and reach consensus. While PoW mechanisms reward miners for solving complex mathematical equations in order to verify transactions and create new blocks, Proof of Stake systems select a user to create the new blocks instead.
When you buy, sell or swap Ethereum with Swyftx, you’ll enjoy some of the lowest trading fees and spreads in Australia.
Verify your identity in minutes and deposit AUD to start trading 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.
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.