In terms of marketplace dominance, Ethereum is the second-biggest cryptocurrency,right next to Bitcoin. Built on the foundation of a decentralised, open-source blockchain, the concept of Ethereum breaks from the trend. It upholds the functionality of smart contracts, which is the thing that is missing in the case of Bitcoin.
The apps that can be hosted on this platform, are operated on a platform-specific cryptographic token known as Ether. To understand Ether, think of it as a carrier that can be employed to circulate Ethereum. Broadly speaking, Ether is capable of delivering on two fronts: it is just like any other cryptocurrency, which can be bought, sold or exchanged on Ethereum trading exchanges. It is also used by developers to run apps and to monetise the work. The following are some other prominent features of Ethereum:
● Unlike Bitcoin, there is no ceiling on the supply of Ether, and the minimum amount of Ether required for securing the network is decided by the members of the Ethereum community.
● It is the foundation of most of the decentralised applications being developed today.
● It is also responsible for the highest proportion of the entire financial resources being invested in DeFi (Decentralised Finance) projects.
● In the latter half of 2020, Ethereum is scheduled to shift from its current proof- of-work setup into a proof-of-stake setup.
The all-time Ethereum chart you see above summarises the noteworthy milestones and low points that Ethereum has gone through since it went live in July 2015. Given how the prices are continually changing, the all-time Ethereum chart provides a precise outline of the prices at any given point of time.
Before you go ahead and acquire Ethereum, make sure you have gotten yourself an Ethereum wallet, which is basically where you will be storing the Ethereum you acquire.
And if you are trying to figure out where you can buy Ethereum - well, that is quite simple. You can purchase it from any of the several Ethereum trading exchanges out there. These include but are not limited to:
When it comes to Ethereum wallets, there are many different types of them available for you to choose from. This includes:
● Desktop wallets;
● Web wallets;
● Hardware wallets; and
● Paper wallets.
A Summary of Different Kinds of Ethereum wallets
● Desktop wallets
As the name suggests, you can run these on your PC or laptop. But this entire process can take up to 2 days to complete, and as you will acquire more andmore Ethereum, the process will keep on prolonging.
● Web wallets
Ethereum web wallets are easier to use and to update compared to desktop wallets, but they are also a lot less safe. However, some wallet providers are storing the private keys on a device that is not online; this practice is known as cold storage. It makes the wallet easy to use without compromising on the security.
● Hardware wallets
Just like Ethereum web wallets, hardware wallets can secure devices by separating them from the Internet, but they are not that convenient.
● Paper wallets
Paper wallets are also a cold storage option, where you can print or write the private key on a ‘paper wallet’ and put it in a secure location.
The choice of picking an ETH wallet is a tricky one. When it comes to deciding which wallet is suitable for you to store Ethereum, the Jidex service presents a good example. Being one of the largest, most secure, and reliable services providers currently outputting cryptocurrencies, Jidex recommends you to keep the below — mentioned things in mind before you pick a digital wallet.
● User-friendliness(ease of use)
● Added services and options
The first seed of the idea behind Ethereum blossomed in the mind of Vitalik Buterin, who articulated his vision in a whitepaper that was published in November 2013. The project officially commenced in January 2014. Ultimately, the team, responsible for formulating that Ethereum is what it is today, included Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, Charles Hoskinson, Joe Lubin and Gavin Wood.
In terms of acquiring Ethereum, you can easily do that from any of the top cryptocurrency exchanges. These are some popular exchanges that enable Ethereum trading:
If you are still asking – “Ethereum, what is it?” read on to find out more about this type of crypto, including how to buy or exchange it.
If you are contemplating what to use Ethereum for, then these options are just for you. The following are some of the prominent uses of Ethereum:
● Developers, who are creating and deploying decentralised applications, are using Ethereum as the foundation.
● Developers are also using Ethereum to transform any centralised service into a more segregated and decentralised portal that is founded on Ethereum.
● Presently, Ethereum, in terms of its role as a cryptocurrency, permits you to purchase, sell or swap Ether. Investing in Ether for the foreseeable future is another alternative you have at your disposal. Apart from purchasing, you can also mine Ether. To know more about mining Ethereum, read the informative blog below.
● Potentially, Ethereum would enable the users to track the source of the product or service they are utilising. Also, the smart contracts functionality will make sure that the trading is done in a safe manner. It will eliminate intermediaries and make the process more secure.
The recent ETH live news updates are looking optimistic for Ethereum in the short term. Throughout 2020, ETH has outperformed BTC. As per weekly chart, there is a clear price breakout over the moving averages of 100 weeks and 200 weeks previously this year.
The breakout is also responsible for surpassing the important resistance price of $300. For the past two years, this has been the resistance zone. But the trend was finally broken, as we are witnessing the ETH/USD price go beyond $300, hurtling towards the next resistance zone at about $500. Check out our other blog posts for more of the latest news on Ethereum.
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