Connect with Ethereum – the Multi-Functional Platform for Everyone
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If you have been trading Bitcoin for quite some time already, you may want to try the second most popular cryptocurrency today: Ethereum’s Ether. But before doing so, it pays if you understand Ethereum first. This international, open-source platform for decentralised applications is open to any interested virtual currency trader. You do not need to know plenty of technical information to engage with Ethereum. All you genuinely need to have is a wallet to participate.
Ethereum is among the foundations of our generation’s digital future. It has the power to revolutionise how you conduct your daily transactions and, indeed, make your life better. Similar to Bitcoin, learning about Ethereum truly takes you on an exciting journey to the ever-evolving financial markets realm. So, read on to learn the fundamentals of this fantastic financial technology!
Fundamental Facts about the Cryptocurrency
Ethereum is a type of financial technology, and Russian-Canadian computer programmer and writer Vitaly Dmitriyevich Buterin is among its founders. Since its inception in 2013, this community-built financial innovation has been behind the thousands of applications that are available for use today.
Buterin and his team desired to develop an open-source blockchain platform that is dissimilar to Bitcoin, the first-ever cryptocurrency. With 73 million Ether pre-mined, which is its cryptocurrency, Ethereum went live on July 30, 2015. As a smart contracts platform, Ethereum permits developers on its blockchain to create decentralised applications or DApps. You can use it to write codes that control digital value, run precisely as programmed, and are available anywhere around the globe. Also, you can utilise Ethereum to power applications that are available for everyone and cannot get taken down online.
Ways to Get Value from the Ethereum Platform
As the world’s programmable blockchain, developers utilise the Ethereum platform to build new kinds of decentralised applications. You can use them to make distributed and independent organisations, form new uncensorable Internet-based applications and digital assets, and many more. You can freely connect on the Ethereum network because it is available for anyone from around the globe, regardless of location and background as well.
Furthermore, Ethereum is the financial technology behind Ether, its digital currency. You can spend this cryptocurrency as virtual money. In an instant, you can send Ether to people you know regardless of where they are around the world. The Ethereum’s native virtual currency is usable as a type of payment mode or a store of value. You can hoard Ether in a cold or hot wallet, or a cryptocurrency exchange. Besides, it is similar to Bitcoin in which you can use it without banks or payment service providers.
Ethereum‘s creators built it on Bitcoin’s technology with some massive differences. You can program it for use in plenty of other virtual assets, including the first-ever cryptocurrency. Besides payments, you can benefit from Ethereum because it serves as a marketplace for applications, games, and financial services where you can relish security. Yes, you do not have to feel worried about getting censored or having your personal information stolen at Ethereum!
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FREQUENTLY ASKED QUESTIONS
If you are not a professional cryptocurrency miner, it can be pricey to mine in the Ethereum blockchain. But you can purchase Ether, its native cryptocurrency, on digital currency exchanges.
Ethereum’s founders pioneered “smart contracts.” For you to understand what a “smart contract” is, think of a technology that functions similar to a self-operating computer program. On the Ethereum blockchain, it automatically executes when particular conditions get fulfilled. Also, the blockchain permits smart contracts’ code to get run precisely as programmed, without any potentials for censorship, downtime, external interference, and fraud.
Ethereum and its native cryptocurrency qualify as a better alternative to Bitcoin. The first-ever digital currency may be more liquid. Nonetheless, Ethereum and its virtual currency demonstrate better technology. Also, they serve more purposes for having more use cases, compared to Bitcoin. Ethereum is openly accessible for everyone, too.