The top trending news in relations to cryptocurrencies is an alternate cryptocurrency called
Ethereum, which is powered by the blockchain in addition to its smart contract performance.
Ethereum was developed by Buterin Vitalik in 2013 and allows developers to build application
because it is a decentralized platform. There are so many uses of Ethereum. For instance it
can be used for financial exchanges, crowdfunding, and business agreement.
Good news right? Let’s get started by getting to know more about Ether.
What is Ether?
Ether is not really that organic chemistry you think you know, it’s simply the currency of the
Etherium platform or the means of exchange on the platform. It can be likened to bitcoin, and
can be used as a means of exchange around the World Wide Web, it can also be mined. The
Ether is basically confused to be Ethereum by people.
HINT (TO MAKE IT SIMPLE)
ETHER: ALTERNATE CRYPTOCURRENCY.
ETHEREUM: THE PLATFORM ON WHICH THE EXCHANGE OF ETHER TAKES PLACE.
After the 2014 presale of ether, the total supply and rate of issuance was decided based on
donations made.
According to the result:
• 60 million ether developed added to the presale and made it significant.
• 12 million were created to the building fund, majority of it went to those who joined the
platform early and the remaining went to the Ethereum foundation.
• Between 15-17 seconds, 5 ethers are created and every block is given to the block
miner.
• 2-3 Ethers are also given as a reward to another miner, if they were able to come up
with a solution but his block wasn’t included. This reward is named UNCLE/AUNT.
The inventors of Etherum in their reports made it clear that Ether is a crypto-fuel, i.e. it has only
one main function which is to pay for the Ethereum platform.
CAN YOU USE IT TO BUY THINGS ONLINE?
Currently, you won’t be able to purchase things online using Ether but you can still trade and
invest in it, while hoping that the cost increases.
ARE THERE MOBILE APPLICATION FOR THE ETHEREUM PLATFORM?
A point to note is that bitcoin is more available, popular and well known in the crypto world
while Ether is yet to mature. So you should not expect so many apps as we have in bitcoins.
However there is an application from GitHub-Ether’s official wallet app, other apps includes,
MyEtherWallet and EthereumWallet. These two applications are available with a simple
interface.
ETHEREUM CLASSIC (ETC) vs. ETHEREUM (ETH).
Ethereum classic emerged due to the disagreement with the process of businesses conducted
by the original Ethereum .According to report, what lead to the division was as a result of a
hacker discovering a means to steal $60m worth of Ethereum coins.
These lead to the two groups: Ethereum (ETH) AND Ethereum classic (ETC). Presently the price
of ETH IS higher and well known in the crypto world.
HOW TO BUY ETHEREUM (cash, credit card and wire transfer).
Buy Ethereum through Coinbase
If coinbase is available in your country, then it is the most affordable and easy means to buy
Ethereum.
Steps while using the coinbase.
• open a coinbase account
• input your payment method(credit card or bank account)
• go to the buy/sell menu and select the amount of Ethereum you can afford
• click on “Buy Ethereum”
Buy Ethereum through Cex.io
CEX.io is a platform which is used to exchange bitcoin and it can sell ETH using a credit card.
This method appears to be higher than others.
The advantage of CEX.io is that it works in almost all the countries and isn’t selective like
Coinbase
.
Steps while using the CEX.io
• Open a CEX.io account.
• Addy your means of payment.
• Go to the buy and sell menu and select Ethereum.
• Select the amount of Ethereum you want to purchase.
• Click on “buy Ethereum”.
Buy Ethereum through Coinhouse.
These Coinhouse is a good pick for individuals who live in the Eurozone and wants to buy
Ethererum.
Payment can be made using a credit card, debit card or Neosurf.
Other methods of buying Ethereum.
- Through trading.
This method is mainly for those who want to make profit from the exchange rate only, it
is known as Ethereum CFDs (contract for difference).
This trade is only offered by one company named Plus500.
- Mining Ethereum.
Quite similar with the bitcoin mining, this method is known as proof-of-work, and every
miner gets a reward for every block mined.
It either you mine using your personal computer (which is a slow process) or you can
mine from Ethereum's official web page.
- Ethereum is also available form bitcoin exchangers such as polonies, Kraken,
shapeshift.io.
Remember that we are in the era of cryptocurrency, Ethereum might be upcoming but its future
promises to be financially rewarding. Those who started bitcoin when it was unknown are
obviously billionaires, you can seize this golden opportunity now, by joining the Ethereum
platform.
Visit social media channels like Facebook, twitter, YouTube, reddit, stackExchange and the
Etheruem blog for more information about Ether.
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