When Bitcoin was first launched, everybody had their doubts about the success of decentralized currencies. However, fast forward one decade later, and now we are experiencing a crypto craze. More people are now investing in crypto coins such as Bitcoin, Ethereum, and Litecoin.
Cryptocurrencies are split into two major categories. We have crypto coins and stablecoins. Stablecoins are not as volatile as crypto coins. The value of stablecoins is tied to a fiat currency such as the USD or Euro. As such, stablecoins allow people to use blockchain technology and enjoy all the benefits of decentralized currencies without being at risk of fluctuations in price.
If you’re planning to invest in cryptocurrencies, then this article is for you. In this guide, we will share with you how you can purchase your first Ethereum coins. The article will also cover how you can earn interest on ethereum or any other crypto coin in your wallet.
Purchasing Ethereum Coins
Purchasing crypto coins is very easy. You can do so through crypto exchange platforms. However, if your country doesn’t support crypto transactions through bank services, you can purchase crypto coins from P2P merchants.
Crypto exchange platforms are very easy to use. First, you will need to register for an account using your email address. After successful registration, you will be prompted to verify your identity. Here, you will need to upload a copy of your ID or driver’s license.
Once your account is verified, you can go ahead and add your preferred mode of payment. Most crypto exchange platforms will allow you to purchase crypto coins directly from your bank account using your debit or credit card. Keep in mind that you won’t be eligible to earn ethereum interest until you have some Ethereum coins in your wallet.
How You Can Earn Interest on Ethereum
For you to enjoy the best ethereum interest rate, you will need to sign up for a pro-savings account on YouHodler. What is YouHodler, you may ask? Well, YouHodler is a crypto exchange service that offers pro-saving services and crypto-backed loans.
Pitting your crypto coins in the pro-savings account means that you’re eligible to earn free interest from your savings. The earned interest is deposited directly to your pro-savings account at the end of every week. YouHodler offers the best interest rates on the market.
Besides earning free interest on Ethereum, you can also request crypto-backed loans. You can apply for a fiat or crypto loan. The fiat loan will be deposited directly into your bank account while the crypto loan is deposited to your crypto wallet. YouHodler uses your crypto savings as loan security. As such, having more savings will ensure that you can borrow larger sums.
Bottom Line
Investing in crypto coins or stablecoins opens up plenty of investment options. Back then, crypto investors relied only on trading to make profits. You can earn interest on ethereum which can be translated as some passive income. Putting your crypto coins in a savings account ensures you’re always earning from your investment all year long.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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