Ethereum (ETH)

fun4everyone · 30 May 2017 at 4:52PM

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With all the hype about bitcoin rocketing to $2700 (and now crashing back to $2200) I ended up reading about a different platform called "Ethereum".

This is interesting because it allows coded contracts to facilitate the exchange of money, content, property, shares, or anything of value. Sort of like little programs that execute “if this happens then do that” at a basic level.

Even more interesting RBS themselves recently built a distributed clearing and settlement mechanism based on Ethereum http://www.ibtimes.co.uk/rbs-builds-ethereum-based-distributed-clearing-house-1589897 with Santander and JP Morgan plus many others right behind them https://www.finextra.com/pressarticle/68258/santander-talks-up-enterprise-ethereum-alliance.

In my opinion this has a huge amount of potential and could definitely take off big time. It could also amount to nowt but I want to be involved if it takes off. When it came to bitcoin I bought a small amount a while back and have just left it alone. Its outright speculation but if it explodes I want to at least have a small piece. The amount is small enough so it is inconsequential really if it goes to 0. Has anybody else here bought a small amount of ETH? Or is considering it?

I definitely do not consider it an investment but I could not find a more suitable forum on MSE. Speculation is the correct word.

stringer_bell · 30 May 2017 at 9:13PM

I'm also interested, but have no ideas where to buy, what is involved etc

fun4everyone · 30 May 2017 at 9:55PM

stringer_bell wrote: »

I'm also interested, but have no ideas where to buy, what is involved etc

Yeah it's not ideal if you want to be 1) Careful and 2) Least amount of fees possible.

I used a place called bitpanda, which accepts something called Neteller to keep my bank out of the equation. I then stored them on the same place as my bitcoin, a TREZOR wallet which is a usb like device which will keep them completely out of reach of hackers. You could use a ledger nano s for the same purpose. You could also just use something like Jaxxx on your phone or laptop for the same purpose if you didnt want to shell out on the hardware wallets.

That all went smoothly enough and I did not have to do any bank transfers or anything so I have some ETH as well as BTC now. I did have to verify myself on bitpanda before I could spend more than 50 euros.

There are other places like bittylicious which are very straightforward and you can just use a debit card. They even got the telegraphs seal of approval. However fees very high and I wanted to avoid using my bank cards.

Interestingly on June 1st OKCoin is going to begin selling ETH. They are a huge bitcoin exchange serving China. It is probably why ETH is going crazy today.

stringer_bell · 30 May 2017 at 11:51PM

fun4everyone wrote: »

Yeah it's not ideal if you want to be 1) Careful and 2) Least amount of fees possible.

I used a place called bitpanda, which accepts something called Neteller to keep my bank out of the equation. I then stored them on the same place as my bitcoin, a TREZOR wallet which is a usb like device which will keep them completely out of reach of hackers. You could use a ledger nano s for the same purpose. You could also just use something like Jaxxx on your phone or laptop for the same purpose if you didnt want to shell out on the hardware wallets.

That all went smoothly enough and I did not have to do any bank transfers or anything so I have some ETH as well as BTC now. I did have to verify myself on bitpanda before I could spend more than 50 euros.

There are other places like bittylicious which are very straightforward and you can just use a debit card. They even got the telegraphs seal of approval. However fees very high and I wanted to avoid using my bank cards.

Interestingly on June 1st OKCoin is going to begin selling ETH. They are a huge bitcoin exchange serving China. It is probably why ETH is going crazy today.

so once you bought you wait for price to rise and sell?

What is this mining all about?

fun4everyone · 31 May 2017 at 12:20AM

stringer_bell wrote: »

so once you bought you wait for price to rise and sell?

Nah I am not trading in either of them. I am just buying and holding no matter what. I don't really mind if what I bought goes to 0 but if it does explode I want to have a small piece.

What is this mining all about?

It is the process of issuing new coins. Anybody can do it, you just use computer power to solve math problems. The transactions are approved this way. If you run enough computations you are issued with a bitcoin. It has got so tough to do you will probably spend more on electricity to get to a bitcoin than you will earn from it.

https://www.bitcoinmining.com/

I am no expert on this stuff at all and my positions are small, I just wondered if anyone else had any ETH on here. I think the platform definitely has a strong future in the financial industry.

sikas · 31 May 2017 at 11:55AM

i own ETH

i used Coinbase and use Exodus wallet

make no mistake its it is extreme high-risk, daily swings are sometimes +/- what your vanguard fund makes in a year

Mojo71 · 31 May 2017 at 12:34PM

I've read about issues with UK banks closing people's accounts if they see Bitcoin (etc.) transactions.

What's the best way to transfer funds between bank accounts and the various cryptocurrency platforms?

markj113 · 31 May 2017 at 2:37PM

Buy bitcoin on localbitcoins, you can even meet in person and do a cash a purchase with local sellers.

Exchange to bitcoin to ethereum on any of the bigger more trusted exchanges like bittrex or poloniex

fun4everyone · 31 May 2017 at 2:40PM

Mojo71 wrote: »

I've read about issues with UK banks closing people's accounts if they see Bitcoin (etc.) transactions.

Yeah I read this also and wanted to avoid my bank being involved. I ended up signing up for something called "Neteller" which is a web wallet. I could use it to purchase ETH and BTC on bitpanda.

This whole thing could completely be a classic "bubble" right? I still want in for the ride

.

fun4everyone · 31 May 2017 at 2:55PM

Spam button clicked

s8nd0 · 31 May 2017 at 2:58PM

im sorry but how is that SPAM?

its advise to the question that was asked and trying to SAVE the person some money. Have you forgot the point of this site?

Ethereum (ETH)

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