Developed at the beginning of 2014, Ethereum is a globalized platform for cryptocurrency and other digital applications that is extremely easy to interact with and requires little knowledge of software engineering or computer coding. Though Bitcoin has popularized the use of blockchain, Ethereum also utilizes blockchain to go beyond basic monetary transaction usage and provide a medium for the rapid establishment of complex, globalized applications. The possibilities for this technology are limitless, from electronic voting to digital trade regulation and beyond. In today’s guide we will be discussing how to sell Ethereum for other currencies.
The Ethereum blockchain relies on a cryptocurrency known as Ether, though it varies from Bitcoin in a few ways. While Bitcoin focuses on the ability to track trades, purchases, ownership, and trade distribution in a peer-to-peer setting, the Ethereum network is more heavily concentrated on hosting flexible code for several interdisciplinary applications. Ether comes into the picture by playing a role not only as a tradable cryptocurrency but additionally as a method used by developers to sponsor their transaction fees on the Ethereum platform. While other blockchain networks, such as Bitcoin, are limited in their capabilities, Ethereum was produced for developers to have the ability to create a limitless number of programs.
Two key components factor into Ethereum’s success. First and foremost, there is little room for fraud or third-party interference to occur. Ethereum runs computer codes called “smart contracts,” self-operating systems that initiate the exchange of digital legal tender as long as fixed conditions are met. Secondly, the existence of the Ethereum Virtual Machine (EVM), a Turing software that allows any user to run the application no matter the programming language, makes the Etherum network far more operative and accessible than some other blockchain platforms. A basic understanding of this background is crucial in knowing how to buy and sell.
How to Sell Ethereum: USD
As with any cryptocurrency, knowledge specific to your desired region is critical. Selling Ethereum is far more straightforward when exchanged for fiat currency, for example, U.S. Dollars. The first step in any exchange is to register with a platform or program that lists ETH (Ethereum) to trade for USD, being sure to weigh the available options based on independent needs carefully. Coinbase is a top choice for beginning users, with a portfolio designed to keep track of all virtual currencies in one consistent location, a variety of currencies offered, a user-friendly interface, an insurance guarantee, and a mobile app available for convenience. Conversely, a platform like Kraken focuses on the ability to offers users a wide range of features and low trading fees for use by traders from beginning to advance. U.S. traders might also find a platform like Coinmama more fitting as, despite higher fees, it conveniently allows users to buy digital currency using a credit card.
Depending on the chosen platform, users may be required to verify their identity before buying and selling. Enabling a 2-factor authorization is also recommended, as this account will be dealing in currency and should be protected. After verification, users will need to export their external ETH holdings into the network account. Once these holdings transfer, they can be traded for USD, and withdrawn to an external account. Most platforms furnish their users with current trade rates and other relevant information to assist them in making the best possible trade. Trading and withdrawal fees differ by platform, so be sure to review all transactions before completing them, as well as the methods by which you can trade, transfer, and withdraw funds.
How to Sell Ethereum: EUR
Coinbase, Kraken, and CEX.IO are all platforms available for use when trading ETH to EUR (euros) as well. Of the three, CEX.IO is highly recommended for an ETH to EUR trade, given its ability to provide solid liquidity and process Euro bank transfers quickly, reliably, and directly. CEX.IO also offers direct card transfers with a verified bank card, an adaptable mobile app for convenience, and the ability to make instant trades. Though the site does charge a commission based upon the chosen trade method and amount, it is beneficial for active traders seeking simplicity, due to its clear depictions of European market shifts and easy-to-read market charts, perfect for individual user analysis based upon presented accurate data and statistics.
For those trading in multiple fiat currencies and wondering how to sell Ethereum for the various options in their portfolio, the true reality is that trading ETH to USD and EUR differs only very slightly. Distinct platforms may be required, depending on which platform the user chooses based upon their personal preferences, but this is not always the case. Values may also differ, but may not, depending on the current state of the market. Because the United States and European markets are so similar, regulations may also be similar. It is essential that users looking to trade in both fiat currencies be aware of the discrepancies between USD and EUR, as they are much alike.
How to Sell Ethereum: CAD
Once familiar with the process of buying and selling Ethereum, learning how to sell Ethereum in Canada is an equally simple process. Users should explore Canadian-based cryptocurrency exchange platforms such as Coinbase, bitbuy.ca, or Quebex, and become acquainted with the pros and cons of each platform, factoring in details such as transaction fees, transfer time, accepted methods of payment, ease of use, purchase limits, and how quickly trade rates and other related market information update on the platform. Users interested in Canadian-based digital exchange should also possess an open account at a bank within the borders of Canada, and be able to verify this information once they open an account on their platform of choice.
As with any platform, once users transfer ETH into their network wallet, they can sell it in Canada via transactions made on the network. Another viable, less formal option involves the use of a program called LocalEthereum, which promotes peer-to-peer trading that avoids transaction costs. Though not as reliant on a system of codes to make these trades, peer-to-peer trading has gained popularity for fiat and cryptocurrencies for its ease of use and lack of additional cost to the traders.
Is Now a Good Time to Sell Ethereum?
Since Ethereum is a market value cryptocurrency, continuous market shifts can occur that may rapidly alter the current trading value. In addition to this, sales price points are also somewhat dependent upon the currency that ETH is being traded against, and whether or not this currency is fiat or digital currency. Although Bitcoin is still solidly leading the digital currency market, Ethereum is a very close, consistent second, with its honorary title as the first blockchain network to allow the facilitation of smart contracts. Being labeled as such indicates that Ethereum is not only valuable as a cryptocurrency but as a multi-billion dollar business market minded asset. Those seeking long-term investments are, more and more, choosing to back Ethereum.
With this being said, Ethereum, on average, performs slightly above Bitcoin. This is partly because Ethereum more than doubles Bitcoin’s transaction verification rate, and partially due to Ethereum’s status as the pioneer backer of smart contracts. When looking at the factors that analyze whether or not it is currently a good time to buy into Ethereum, sources as of the end of 2020 are optimistic. As with all cryptocurrencies, ETH is, of course, subject to rapid ups and downs; however, it is currently on the rise, and experts predict that a quick recovery will follow even a crash. With patience and attentiveness towards the market predictions and current shifts, even a beginner can become a successful investor in any amount of time.
After a 2018 peak, Ethereum is again on the rise.
Can I Cash Out Ethereum to Paypal Accounts?
As with other cryptocurrency transactions, Ethereum must be exchanged for Paypal credit using an online exchange conversion platform. Because this a cryptocurrency to digitally based currency transfer, it is comparable to selling Ethereum for Paypal credit; however, exchange rates still apply, contingent upon the platform used for conversion. Besides, the usual factors should be closely considered when selecting a conversion platform: ease of use, transaction costs, purchase time, and exchange limits.
Paypal withdrawal options are widely varied. LocalCryptos offers peer-to-peer trading that cuts out most of the fees and mediators while being entirely self-custodial and deeply encrypted for user-upheld safety. Conversely, a platform like eToro acts as a broker and features accommodation for 14 distinct cryptocurrencies, including Paypal credit. Exmo is a currency exchange that trades in real-time and offers numerous payout options. CEX.IO and Coinbase, mentioned earlier in the article, also offer Paypal credit, among other things. LitBit offers Paypal exchange for European vendors. ALFACashier is another option for a reasonably standard exchange.
As the close runner-up to Bitcoin, with a far more comprehensive, innovative user-developed, blockchain-backed platform and an optimistic outlook for the future, there is no time like the present to invest in Ethereum. The recommendations found in this article bring interested parties one step closer to further knowledge of the inner workings of the up-and-coming cryptocurrency trade.