There are primarily two ways you can buy ether (ETH). You can either buy ether through a crypto exchange, or you can buy ether from a private individual who wants to sell their ether. Regardless of which method you use, you must store your ether in a digital wallet for cryptocurrency.
You can choose between creating an account on a crypto exchange and letting the crypto exchange take care of your cryptocurrency for you, or creating a decentralized Ethereum wallet where you are responsible for the storage and security of your ether.
Buy and store ether (ETH) with a crypto exchange such as Firi.
An easy and cheap way to buy and store ether is through a crypto exchange such as Firi. Firi makes it easy to buy, sell and store your ether and other cryptocurrencies.
When you create an account through Firi, an Ethereum wallet is automatically generated for you. In practice, this means that Firi safely stores your ethers for you and that you do not have to worry about the security of your Ethereum wallet.
You can access your Ethereum wallet by logging in to your user by e-mail or vipps, and by verifying yourself with BankID. You can easily send and receive ether to your Firi wallet from other exchanges or other Ethereum wallets.
Cryptocurrency can be bought every day 24/7, and Firi makes it easy to switch between ether and NOK. In less than one business day, you can also sell your ether and several other cryptocurrencies for NOK to your bank account if you wish.
Store ether (ETH) in a decentralized wallet.
Because Ethereum is a decentralized network, it is possible to create a separate, private Ethereum wallet where you can store your ether.
Only you have access to this. When you create a digital wallet directly on the Ethereum network, you receive what is called a public key and a private key that is associated with your wallet.
A public key can be compared to an account number for your Ethereum wallet. For example, if someone is going to send you ether, they need access to your public key associated with your Ethereum wallet.
A public key might look like this: 0xab5801a7d398351b8be11c439e05c5b3259aec9b
You can safely send others your public key. A public key is a combination of letters and numbers that are unique to your Ethereum wallet.
A private key can be compared to the password of your digital wallet. A private key is a combination of letters and numbers that are unique to your Ethereum wallet.
A private key can also be generated in the form of a seed phrase, which in practice is 12 words that acts as a backup of your private key. If someone has access to your private key or your seed phrase, they will also have access to all of your cryptocurrency.
It is therefore important not to share your private key with anyone. It is important to note that an Ethereum wallet only supports cryptocurrency on Ethereum. This means that it can be used for ether (ETH) or other cryptocurrencies built on ethereum (ERC-20 tokens), but not for eg Bitcoin which has its own blockchain.
For example, if you send ether from an Ethereum wallet to a Bitcoin wallet, the money you sent will be gone forever without access to it.
It is very important that you pay attention to which public key you send and receive cryptocurrency to.
To be able to interact with the majority of decentralized applications such as Uniswap or OpenSea, you need a decentralized Ethereum wallet. For example, if you are going to buy an NFT, you must have a wallet with ETH, go to Opensea or Uniswap's website, connect, and then you have the opportunity to shop by exchanging ETH for what you want to buy.
After you have purchased cryptocurrency from Firi, you can choose whether you want Firi to store your cryptocurrency for you (which is easier), or whether you want to send it to a separate decentralized wallet.
When you create an Ethereum wallet, a public key is generated which acts as an account number and a private key. which acts as a password for your wallet. If someone gets hold of your private key, they will have access to all of your cryptocurrency. No one can help you get your money back.