What is Ethereum?
Ethereum is a blockchain that is decentralized and open source, and it supports smart contracts. Ether is the platform’s native cryptocurrency. Ether is only second in terms of market capitalization to bitcoin.
Ethereum was founded in 2013 by programmer Vitalik Buterin. Ethereum co-founders include Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin. After development work began in 2014 and was crowdfunded, the network went live on July 30, 2015. On Ethereum, anyone can create permanent and immutable decentralised applications with which users can interact. Users of cryptocurrencies can borrow money against their holdings or lend them out for interest using decentralised finance (DeFi) applications without the help of conventional financial intermediaries like banks, brokerages, or exchanges. Users can also create and exchange non-fungible tokens (NFTs), which are one-of-a-kind tokens that represent ownership of an associated asset or privilege recognised by a variety of institutions. On top of that, many other cryptocurrencies use the ERC-20 token standard.
How much is 1 Ethereum coin worth?
1 ETH is now worth $1,218.50 USD. To put it another way, buying 5 Ethereum would cost $6,092.50 USD. In comparison, $1.00 USD gets one 0.000821 ETH, while $50.00 USD gets 0.041034 ETH (not including platform or gas fees).
How to sell Ethereum?
One will probably decide to sell his Ether (ETH), the native currency of the Ethereum network, once he has accumulated enough by buying tokens or mining them.
One can sell his Ether through an exchange to get cash back on an earlier investment in ETH. For instance, he might want to use a credit card to make a straight ETH purchase. He might also want to use some of his ETH to pay for transaction or gas fees for solutions using decentralised finance (DeFi). To process transactions on the Ethereum network, for instance, developers charge a gas price.
Selling Ether on centralized crypto exchanges
The same principles apply to both purchasing and selling Ether on a centralised cryptocurrency exchange. To get started, one must select a trading platform that accepts ETH in their country and create an account there. His date of birth, residence, and a photo ID from the government will almost probably be requested, as well as other personal information.
After putting everything in place, he must choose whether to sell his Ether for fiat money (such as USD, EUR, JPY, etc.) or exchange it for another cryptocurrency.
For each of his cryptocurrency holdings on the site, exchanges have wallets and addresses. Just look for a “sell,” “deposit,” or “deposit into exchange” button on the website. One can access his wallets and the addresses associated with them by clicking on one of those icons. Some tokens are created on different blockchains, such the Ethereum blockchain.
The compatibility of the wallets being utilised for any given transaction must be verified. Send the required amount of Ethereum to the Ethereum address provided by the exchange from your holdings, such as a self-hosted wallet. The fees used and the volume of traffic on the Ethereum blockchain at the moment can affect how long it takes for the transfer to be confirmed.
He can select the price he wants to sell his Ether for and the currency he wants to get in exchange once it has been verified and is in his exchange wallet. On the majority of centralised cryptocurrency exchanges, this is accomplished by using a limit or market order.
The quantity of a cryptocurrency asset to be sold at a particular price is specified in a limit sell order. The order is filled if the market trades at that price and a buyer on the exchange accepts it. On the other hand, a market sell order sells a predetermined quantity of an item at the highest price (for which other limit orders already exist) on the trading exchange. In most cases, the exchange rate is determined automatically using the current market rate, transaction size or other variables.
The money, whether it be in fiat currency or a cryptocurrency, will show up in his account after the transaction is finished. He will be able to deposit the money into his bank account if he decides to exchange his Ether for one of the more established currencies. Depending on the transfer method selected, it can take several days for the money to show up in his bank account.
Spending ETH is simpler and more straightforward with a few payment cards than it is to withdraw funds from a cryptocurrency exchange and then spend them. Several establishments also accept Ether as payment, while daily use of cryptocurrencies is rare.
Steps of selling Ether
On Centralized crypto exchanges
1. The first step is to choose an exchange that supports trading ether.
2. The user needs to register using his selected account.
3. He then has to choose whether to convert his Ether to fiat money or to another cryptocurrency.
4. He needs to look for a “sell,” “deposit,” or “deposit into exchange” option on the website.
5. After choosing one of the aforementioned options, he will be sent to his wallet where he can transfer the required quantity of ether to his Ethereum address on the exchange.
6. Following confirmation, he can choose how much of his Ether to sell and what kind of payment to receive in return by clicking on the corresponding buttons in his wallet.
A peer-to-peer (P2P) transaction can be conducted in person or online via a platform if one would choose to sell their ETH directly to another party. In essence, peer-to-peer (P2P) cryptocurrency platforms are markets where users can post and reply to offers. On these sites, sellers often offer individual crypto assets for sale along with information like their desired price and method of payment.
On such platforms, escrow features typically aid in making the transaction more secure and efficient. With the help of a smart contract, an escrow effectively locks up money during a multi-party transaction in a neutral location. Afterward, the money is released, and the assets are dispersed in accordance with how the duties of the parties concerned have been fulfilled. Additionally, an owner of ether may want to sell his or her ETH to a friend or member of the family in person.
One must check every time and abide by local laws, regardless of the technique he selects. Furthermore, it is crucial to proceed with caution while making financial transactions with individuals, whether in person or online. Completing in-person and online cryptocurrency transactions requires a solid understanding of how wallets, platforms, and transactions work with cryptocurrencies.
How to Withdraw Ethereum as Cash?
- Select a cryptocurrency exchange.
- Sign in with an existing bank account.
- Send Ethereum to the cryptocurrency exchange.
- Send mining rewards to the cryptocurrency exchange.
- Exchange Ethereum for a preferred currency.
- Withdraw funds from the bank account.
- Pay the withdrawal fees.
How long do ETH withdrawals take?
Most of the time, processing withdrawal requests for ETH and ERC-20 shouldn’t take more than two hours.