Ever thought of buying or selling crypto? You must have. That is what brought you here.
Before starting with the topic of WETH, let us first understand what cryptocurrencies are. So, cryptocurrencies are digital currencies that are secured by cryptography which protects them from counterfeit. They operate Cryptocurrency is not issued by any central bank, unlike the normal currency. You can even call it independent. And it becomes immune to government intervention or policies.
Now, let us move on to our topic.
WETH (short for wrapped ETH)
You must already have made your mind on which crypto you want to buy or you are researching that which ones are good and how to buy them. Nonetheless, this information is going to be very valuable to you in your research.
In order to understand WETH, let’s first take a look at what ETH means.
ETH is short for Ether which is a native currency made out of the Ethereum blockchain.
Next is the ALT TOKENS. Any decentralized app made on the Ethereum blockchain has its form of token. The last thing you need to know is- ERC-20. It is a standard that states how a token will be transferred, and it also keeps a record of the tokens transferred on the Ethereum network.
But ETH doesn’t stick to ERC-20 as it was made earlier than the standard ever existed. Therefore you need the wrapping ETH which allows you to trade with alt tokens.
To sum it up and describe what it is – it is a cryptocurrency that is on the Ethereum platform.
Price of WETH
Like another crypto, the price of WETH keeps on fluctuating. For the current period, the price of the crypto is around 4350 US Dollars. This is the WETH crypto price as of October 30, 2021. Check for the prices of the crypto before buying it and research on different platforms or in the end you can avoid the confusion and get your crypto for the best prices possible.
If you want to know where to buy WETH crypto, the exchanges like Uniswap, 1inch Exchange, Honeyswap, are currently used for trading in WETH.
How to Buy WETH
In case you have been wondering how to buy it, you should follow the steps given below.
Step One
Firstly, you will need to buy ETH – Ether from a trusted crypto market. If you don’t have some crypto on your hands already then you will have to purchase it with some cash.
Step Two
The next step you need to do is get a WETH wallet. As Eth can be converted to WETH, you will require a wallet that is compatible with WETH. How to get this wallet? You will need to set up your Metamask, which is a wallet. You can visit their website and then download the browser extension to chrome if you are using a computer and if you are using your phone then download the metamask app for android. You will need to set up a proper Secret Recovery Seed Phrase. It is very important that you set up a recovery phrase as you might lose your data forever if you don’t have it.
Now that Metamask is set, you will need to send Ether to the wallet. Copy the metamask address. Click on,’ Receive’ and then hit ‘copy’. Now withdraw your Ether Balance. Paste the copied metamask address and double-check the address. Now finalize your ETH balance withdrawal.
Step Three
Now your metamask wallet is and you can proceed to buy WETH
Now you just need to find the best price for the crypto
How do find the price for it?
You will need to find the best price of the crypto manually by comparing the price of different decentralized exchanges on Ethereum. You can also use a decentralized exchange aggregator that will save you time and money.
If you don’t have one, you will just have to pray that the price you chose is the best price for it.
There are many other platforms like Coinbase that aid you in buying wrapped ETH. They will provide you will detailed steps on how to buy it and show you all the valuable links for the same, You can definitely check them out. You will need to create an account with them to work on it and transfer your balances to it. You will also have your wallet over there.
You can buy bitcoins from your bank first and then buy wrapped ETH with it. Or you can buy Ethereum and then covert it into Wrapped ETH.
The fastest way to but it will probably be through a credit card but it will cost you more as you will be charged higher.
Exchanging Wrapped ETH with other currencies
Yes you can exchange other cryptocurrencies for Wrapped ETH. If you wish to exchange it for normal currency then you will first need to exchange it for bitcoin and then you will be able to get dollars or euro or other currency that can be exchanged.
What is WETH Token?
Wrapped ETH is basically a token itself. It has ether in 1:1. It also conforms to the ERC-20 standard which ETH does not conform to. That is why there is a need for Wrapped ETH. There are many other tokens like Wrapped WTH that you find alongside it. ALL of them have different conversions and different proportions. So, do not assume the same for everyone and check out which ones you want and how to obtain them.
Also Read: Binance:- The Future of Trading Cryptocurrency
What will I require it for?
Well, apart from the trading, some platforms will allow you to make bids on an earlier date and then the bid is fulfilled at some later date without any further command or action from the bidder. There are some platforms that let you do it and smoothen the process of the auction while others will only give you information on the currency.
The other very simple reason to acquire it is that, it is free from government intervention and thus it becomes one of the more predictable sorts of investments.
Wrapped ETH to ETH
There will not be any difference between the two as 1 WETH= 1ETH. There is only a difference in decimals.
Cheapest ways to Wrap Ethereum
Since Ethereum does not conform to ERC20, you will need to wrap it. Here are some of the cheapest ways in which you can wrap Ethereum.
All the work is done on the Ethereum blockchain and it is going to cut the money from your wallet, so make sure that you always have some balance on your wallet. Since both of them are equal, when you covert wrapped ETH into ETH or vice versa, what the converter does is, lock in one of your currencies and simply give you the other one in equal amount.
You will need to incur some gas fees or you can directly use Metamask and convert your currency.
Conclusion
Cryptocurrency is on the rise. Everyone today, is trading in crypto. One tweet from Musk and the world went into a flurry of excitement. Many people say that crypto is the currency of the future.
Investing in crypto is something everyone is considering and you should too. Researching on your own and. self-educating on the topic can be beneficial. Wrapped ETH is one such cryptocurrency that you need information on. All these investments need to be carefully researched and studied. Compare the prices on different decentralized apps. Always double-check what you have already done and only then proceed.
If you go with the trend today, and actually learn about this, you will find it easier in the future to obtain the benefits from it.