How To Buy Ethereum Name Service (ENS)?

A common question you often see on social media from crypto beginners is “Where can I buy Ethereum Name Service?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Ethereum Name Service on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Ethereum Name Service (ENS)

First, you will need to open an account on a cryptocurrency exchange that supports Ethereum Name Service (ENS).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Ethereum Name Service (ENS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Ethereum Name Service (ENS)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Ethereum Name Service (ENS) or Ethereum Name Service (ENS) trading pairs. Look for the section that will allow you to buy Ethereum Name Service (ENS), and enter the amount of the cryptocurrency that you want to spend for Ethereum Name Service (ENS) or the amount of fiat currency that you want to spend towards buying Ethereum Name Service (ENS). The exchange will then calculate the equivalent amount of Ethereum Name Service (ENS) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Ethereum Name Service (ENS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Ethereum Name Service (ENS)?

The Ethereum Name Service (ENS) is an Ethereum-based project launched on May 4, 2017, by Alex Van de Sande and Nick Johnson from the Ethereum Foundation. The project allows users to display long Ethereum public addresses in a simplified text-based way. This makes it easier to share, use, and remember addresses and other data. Turning machine-readable numbers like 0xcd22e9CB8cEbbe461db06F0B758D0BB86E75b674 into human-readable alternatives is an important part of improving blockchain adoption.

ENS isn’t just limited to wallet addresses, either. It can be used to represent transactions IDs, hashes, and metadata, all commonly found in the cryptocurrency world. You might already be familiar with the Domain Name System (DNS), a naming system that acts like the internet’s phonebook. DNS takes hard-to-remember IP addresses and attaches them to an easy-to-use URL. In effect, ENS is the DNS of the Ethereum blockchain.

How does Ethereum Name Service work?

An ENS domain name uses ERC-721 Non-Fungible Tokens (NFTs) to represent a unique address. You can trade a domain by transferring or selling the NFT to someone else. Wallet addresses and other information are attached to each token, which is manageable by the owner. A top-level domain like .eth is owned by a smart contract called a registrar that controls the creation of subdomains.

To purchase an Ethereum domain name, you can check its availability and rent it yearly. Popular names were, however, initially auctioned off. The highest bidder who won the domain could then attach addresses, create sub-domains, and loan or sell their domain name.

What can you do with ENS?

If you’ve ever got confused with multiple addresses when sending cryptocurrencies, you’ll understand the need for ENS. Like you would save a friend’s phone number under their name, ENS lets users turn long numbers into easy-to-remember words. This creates a more straightforward experience with less chance for errors.

An ENS domain owner can also create subdomains that they can then assign other data to. It doesn’t always have to be a wallet address, either. You could use it to direct to a smart contract, transaction, or metadata.

How to get your own ENS domain?

Nowadays, getting an ENS name is as simple as checking its availability on https://app.ens.domains/ and registering it. Once you click on the name, you’ll see instructions on registering the ENS domain. You can choose your registration period and also see an estimate of the fees.

In ENS’s early days, popular six, five, four, and three-letter names were auctioned off in Vickrey-style auctions. A smart contract ran the whole process over five days. Anyone could participate in a public auction and attempt to purchase the same domain name. Each interested party would send a transaction containing their maximum bid in the open auction’s first three days.

The auction would then enter the reveal phase. Everyone would reveal their bid or lose their locked-up ETH, and the winning bidder would pay an amount equal to the second-largest bid. All revealed bids would then receive a refund.

How much does it cost to get an ENS domain?

There are two possible parts to the cost of an ENS domain: auction costs and rental costs. The price of an ENS domain name in an auction was dependent on the popularity of the name. Recognizable names like God, Car, or ETH, fetched higher prices, and short, three-letter words were typically the most expensive.

Once you own an ENS domain, you’ll need to pay a yearly renewal cost payable in ETH. Fees are denoted in dollars but converted using an exchange rate given by the Chainlink ETH/USD oracle. The annual renewal cost is $5 per year for names with five characters or more but becomes more expensive the fewer letters you have.

Ethereum Name Service development updates in 2023

In 2023, the Ethereum Name Service (ENS) has continued to evolve and expand its capabilities. Here are some key developments and updates:

• ENS Domains and User Engagement: ENS has seen significant growth in user engagement and domain registrations. As of early 2023, there were around 2.8 million ENS domains created, with 70,000 ENS users setting avatars and over $72 million spent on registrations. This increase in activity reflects the growing interest and adoption of ENS in the web3 space​​.
• Governance and Community Participation: ENS has a strong focus on community governance, allowing token holders to vote on key decisions. This democratizes the decision-making process, ensuring that the direction of ENS aligns with the needs and interests of its users. There is active encouragement for community members to participate in the DAO, contributing to rich discussions and influencing the future of ENS​​.
• Legal Challenges and Intellectual Property: ENS developers have been engaged in a legal challenge against Unstoppable Domains, urging them to drop a recently awarded patent which ENS claims is based on its innovations. This highlights the complexities and challenges faced in the domain of blockchain-based naming systems and the importance of intellectual property in this emerging field​​.
• Expansion and Accessibility: ENS is working towards becoming an “every day, everyone” name service, aiming to make the blockchain space more accessible. Efforts are being made to create educational materials and gamify the experience for new users, which will be crucial for bringing more people into the web3 ecosystem​​.
• Technical Functionality: At its core, ENS continues to simplify the interaction with Ethereum blockchain addresses by mapping complex machine-readable identifiers to human-readable names. This system is crucial for making blockchain technology more user-friendly and accessible, a key factor in the broader adoption of cryptocurrencies and blockchain technology​​.

The developments in 2023 demonstrate ENS’s commitment to improving its platform, fostering community involvement, and navigating the legal and technical challenges of the blockchain domain service industry.

Official website: https://ens.domains/

Best cryptocurrency wallet for Ethereum Name Service (ENS)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Ethereum Name Service (ENS)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).