All you need to know about Ethereum

How does Ethereum Work?

 

Everything About Ethereum. All you need to know about Ethereum- A guide for Newbies

 

Cryptocurrrencies are gaining much popularity in the globe. Bitcoin has ruled the market from years. Now, Ether, a cryptocurrency of Ethereum is emerging with greater pace. Being second after Bitcoin, Ether is becoming the choice of cryptocurrency dealers. New investors are also taking much interest in Ether. Here is all you need to know about it.

 

Everything About Ethereum. An Introduction to Ethereum

Before you get to know about Ether, it is better for you to have an idea about Ethereum. Vitalik Buterin invented Ethereum in 2013. As mentioned above, Ethereum offers ether which is much like Bitcoin in term of being cryptocurrency. Apart from serving as platform for blockchain, Ethereum offers developers opportunities to make apps.

Many people know Ethereum for ether only. In reality, it is a platform that offers corporate governance, trading, decentralization and crowd funding. Ethereum is gaining more popularity as being a platform for making secure contracts. Briefly, this online setup offers security to business, traders, innovators, start-ups, dealers and developers.

 

Everything About Ethereum. Basic Information about Ethereum                                                                           Now, it is clear that basically Ether is a cryptocurrency invented by Ethereum. Anyone who wants to use Ethereum for making contracts, or developing apps, required Ether. Ether will be required by anyone wishing to build upon or use the Ethereum platform. Ether can be used to make transaction and for trade purposes just like Bitcoin. Users can also mine it. It is also pertinent to mention that many people use words Ethereum and Ether interchangeably. In reality, both are different.

ethereum

 

Everything About Ethereum. Beginning supply of Ethereum

Ethereum was not circulated in the economy, quite mysteriously. It was the effort of developers of Ethereum foundation, who contributed to initial supply in the form of donations.

Here is how initial supply and issuance rate of ether was decided.

Contributors gained almost 60 million ethers as pre-sale in the name of donations.

20% of these ethers which make up almost 12 million had gone to the developers and contributors.

Rest 40% which makes 48 million, was secured by Ethereum Foundation.

An ether miner creates five ethers for every single block.

Minors who become able of finding a solution can also get 2-3 ethers in the form of reward.

 

Everything About Ethereum. Trading abilities of Ether

Ethereum is a “crypto-fuel” and not the currency; this is what Ethereum founders say about ether. People can use it just to pay for using the Ethereum; this means buyers can’t purchase other goods and services online, by using ethers. But this doesn’t mean that ether is not eligible for trading just like Bitcoins. Ether is a volatile currency, its price often goes up, and hence one can trade in this currency as well. Afterall, there is a reason, why ether is the top second cryptocurrency with higher rate of investment.

 Further, people with less technical knowledge may not find ether as friendly. Features, like EthereumWallet of MyEtherWallet somewhat offer a User Friendly Interface.

 

Difference between Ethereum and Ethereum Classic (ETC)

Very less people know that Ethereum has two main forms Ethereum and Ethereum Classic. Both these forms operate differently, due to difference of opinions.

Well, there is a complete story behind this split. Few years back, hackers managed to access $60 million worth of Ethers. Here, few founder said that code should be changed. While there were those who favoured that code should not be altered. Later group considered that what had happened could not be undone.

Well, those who were in favour of change, created Ethereum (ETH) while those who favoured original code retained it as Ethereum Classic. Both these currencies are active and traders invest in them. But Ethereum (ETH) is more popular.

 

Everything About Ethereum. Buying Mechanism of Ethereum

There are many Bitcoin exchanges that also offer Ethereum. Hence, it is possible to buy ether from them. For instance, there are three main platforms that one can use for buying of Ethereum.

1. Coinbase

2. Coinhouse

3. CEX.IO

Here is a detail about each of them.

 

Everything About Ethereum. Buying of Ethereum from Coinbase

Coinbase offers simple, easy and affordable way for buying Ethereum. Necessary condition is that it must offer its service in your country as well.

Here is how you can buy Ethereum through Coinbase.

First you need to open an account on Coinbase.

Make sure you add any payment method, either through bank account or credit card.

Now, go at the Buy, Sell option and choose the amount of Ethereum you need to buy.

Finally click on Buy Ethereum button and you would get your currency.

 

Coinbase Fee: Coinbase charges almost 1.49%-3.99%. Well, transaction fee also depends upon the method of payment as well. Keep in mind that you are better off while using the credit card, as you need to pay less fee through them. Wire transfers can be a bit costly for you.

 

Everything About Ethereum. Buying of Ethereum from CEX.IO

CEX.IO is another popular platform for buying Bitcoins as well as Ethers. Good aspect about CEX.IO is that it operates in all the countries of the world. Exchange rate of CEX.IO is higher, because it also includes the transaction fee as well.

Here is how you can buy Ethereum from CEX.IO. The process is similar to Coinbase.

First of all, you have to open an account on CEX.IO.

In second step, you have to add payment method and details.

In third step you need to click on buy and sell option

Select, Ethereum amount you intend to buy

In the last step, click on the buy Ethereum option

 

Everything About Ethereum. Buying of Ethereum using Coinhouse

Coinhouse is a company that operates in France. It offers its services to the Eurozone customers. Coinhouse offers ethers as well as Bitcoins. Buyers can use credit cards as well as Neosurf.

Other popular platforms for buying ether include shapeshift, Kraken and Poloniex.

 

How to mine Ethereum?

Process of mining Ethereum is similar to those of Bitcoins. People need to do some work for collecting ethers in their wallets. Usually, a CPU, used in home is enough to mine ethers, but it doesn’t prove too much productive. One needs a strong GPU accompanied with high quality processors to get the task done.

Well Ethereum is said to be something, capable of shaping the “future of internet”. The technology is likely to change the way internet is working in present time. How Ethereum would contribute to alter the shape of internet is a matter of future. If you are interested in getting your share in all this stuff related to Ether, then stay connected with this world. Just use social media and other platforms to get an advanced knowledge about field.

Next Article: 11 Bitcoins Exchanges of 2017

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February 1 2018

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