How to Buy Ethereum and Other Cryptocurrency with Coinmama

It’s easy to buy Bitcoin online, but what if you want to buy Ethereum or another coin? Yesterday we took a look at the step-by-step process of how to buy Bitcoin online with Coinmama. But cryptocurrency is so much more than just Bitcoin. In fact, if you look at the cryptocurrency rankings, you’ll find more than 2000 coins. (Cryptocurrencies other than Bitcoin are known as Altcoins.)

Buy Ethereum with Coinmama

So why buy Ethereum (or Litecoin, Cardano, or Ripple) when you can buy Bitcoin? In this article, we’ll look at the benefits of altcoins, the altcoins Coinmama carries, and how to buy cryptocurrency such as Ethereum or other altcoins.

 

Why Altcoins

You may have heard of Bitcoin maximalism, the idea that you should only invest in or buy Bitcoin. Bitcoin maximalists make convincing arguments, saying that investing in any other coin will decrease the value and network security of Bitcoin. Those are valid points, but there are good reasons to buy Ethereum and other altcoins as well:

 

  1. Look at the project.

While Bitcoin is purely a currency, many cryptocurrencies serve to back a project. In fact, if you look back at 2017, when many of the altcoins out there were born, you’ll see that many of them are linked to Initial Coin Offerings (ICOs)—fundraising efforts to back certain blockchain projects. While the majority of the projects that popped up during the ICO craze either failed or were, unfortunately, scams (and as a result, the coins associated with them are worthless), a few legitimate players survived. Ethereum, for example, was one of the first ICOs, and the Ethereum coin served to support the ethereum project of smart contracts, one of the best known uses of blockchain technology. When you buy Ethereum, you are essentially investing not only in the coin itself, but also in the success of the Ethereum project. Ethereum is not alone; many of the altcoins that exist today are linked to blockchain projects, making them more like companies than currencies. In other words, if you see a coin linked to a tangible project you believe in, think of investing in it not as buying cryptocurrency, but as investing in any other company you might put your money behind.

Cryptocurrency Projects

  1. Get more coins for your fiat.

It’s true that Bitcoin enjoys the lion’s share of the market, giving it both the most credence, and often the steepest price increases. But if you look at the price charts of the top altcoins, you’ll see that their patterns are not too dissimilar from Bitcoin’s. And because they’re priced much more cheaply, you can get many more coins for the same amount of money, meaning you’re sitting on much more if they do take off. Take Bitcoin and Ethereum for example. If you were to buy Bitcoin at the beginning of January, 2017, for 1,000 USD, you would have been able to buy 1 Bitcoin, now worth about 11,000 USD. If at the same time you were to buy Ethereum for the same amount, when the Ethereum price was 8 USD, you would have bought approximately 125 coins, now worth about 37,000 USD. True the Bitcoin price is much higher than the price of Ethereum at the moment (11,000 USD vs 300 USD), but when you multiply each by the number of coins you could have bought for the same price, Ethereum would have been the better purchase on January 1, 2017. Of course it’s impossible to predict the markets, to guess which altcoins will succeed and which will fail, and to know how much the Bitcoin price or Ethereum price will rise or fall. And as we mentioned above, many of the ICOs that launched in 2017 or 2018 ended up failing or were scams. Not only that, but the volatility of altcoins tends to be much greater than that of Bitcoin (which is already a very volatile asset). But altcoins as a whole are all less expensive than Bitcoin, and you get many, many more of them for the same price. They need to increase in value by much less in order to be profitable, and you can also invest less and still get a sizeable chunk. Still, as with anything, you should do your research before investing, understand the technology behind the project, and ideally believe that it can succeed.

 

Ethereum, Litecoin, and more at Coinmama

So if you do want to buy cryptocurrency, how do you do so? Coinmama makes it easy to buy Ethereum and other top altcoins. As of this writing, Coinmama carries the following altcoins:

 

  • Ethereum (ETH): Ethereum began as an open source blockchain platform for smart contracts—in other words, it was a technology not a coin. The coin itself came about as the funding source in a crowdsale, one of the first ICOs.

  • Litecoin (LTC): Litecoin, like Bitcoin, is a currency first, and it was one of the first spin-offs of BTC. Like its predecessor, Bitcoin, Litecoin can be used for peer-to-peer payments or for online purchases and considers itself an internet currency.

  • Cardano (ADA): The project behind Cardano is a technological platform capable of running financial applications. Its mission is to bring greater financial inclusion by creating access to all to its platform.

  • Ripple (XRP): Ripple, unlike the other altcoins that Coinmama offers, can’t be mined. It’s a digital asset rather than cryptocurrency, and is owned and maintained by Ripple Labs.

  • Qtum (QTUM): QTUM is another smart contracts platform, which aims to make its users an important part of its community.

  • Bitcoin Cash (BCH): Bitcoin Cash is the result of a hard fork, or split, in Bitcoin. As Bitcoin became more popular, the hard fork allowed for an increase in Bitcoin’s block size. This happened in 2017, and anyone who held Bitcoin at the time, received an equal number of Bitcoin Cash.

  • Ethereum Classic (ETC): Technically, Ethereum Classic is the original Ethereum. Also the result of a hard fork, Ethereum Classic took on the new name, giving the split off coin the old name.

 

How to buy cryptocurrency at Coinmama

You can buy Ethereum and other cryptocurrency online at Coinmama using the steps below:

 

  1. Register for a free Coinmama account

  2. Add your personal information to get verified for purchase

  3. Choose the coin you’d like to buy, and the amount

  4. Enter your wallet address

  5. Submit your payment details

  6. Receive your coins!

 

You can find step-by-step instructions on how to create a Coinmama account, get verified for purchase, and select and buy coins here.

 

When you buy cryptocurrency, the important thing to remember is that different cryptocurrency wallets support different coins, and it’s imperative that you enter a valid wallet address when placing your order. At Coinmama, we want you to have full financial empowerment, so we let you use the third-party wallet of your choice. Before you buy or download a wallet, make sure you properly research the wallet and make sure it supports the coin you want to buy. Your Bitcoin wallet may not support Ethereum, and your Ethereum wallet may not support Cardano. Learn more about creating a wallet and keeping your assets safe here. Additionally, even if you have a multi-currency wallet which holds all of your assets, each coin will have its own unique address. You can usually find your cryptocurrency wallet address by clicking “receive coins” or something similar from within your wallet; if you’re unsure of your wallet address, check with your provider.

 

Altcoins or Bitcoins?

At the end of the day, the decision to buy Bitcoin or to buy Ethereum or other altcoins is yours. At Coinmama, we carry the top altcoins so that if you want to diversify your portfolio, you can do so easily. However, investing in anything, be it Bitcoin, Ethereum, or other cryptocurrencies, carries a risk, and only you can decide if that risk is worth it. If and when you do decide to buy, Coinmama is happy to welcome you into our 1.5 million-strong global community.


Buy Ethereum Today