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Ethereum 101

Ethereum 101

Mon Jan 20 2020 05:00:00 GMT+0000 (Coordinated Universal Time)

Ethereum is more than just your average crypto. Launched in 2014 by creator Vitalik Buterin, it’s currently the world’s leading programmable blockchain.

This past decade, the Fintech industry has seen the rise of Bitcoin and its by-product, Blockchain. People realized that other centralized functions of society, such as voting, property managing and social networking systems, can be rebuilt into decentralized apps on top of blockchain - the same way that crypto has decentralized money.

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However, to create an app separate from Bitcoin, it would require a huge amount of resources. Developers would need to start from scratch by writing a different program language or code. Consequently, a different system needs to be run on a whole new network of computers. 

To simplify, imagine repeating this cycle every time just to create a new app that serves a different function. It would eat up a lot of people’s resources, time and effort.

This is where Ethereum or ETH enters. The main goal of Ethereum is to become a platform for anyone to create decentralized apps or DApps. By DApps, it means apps that can reach a decision or execute a command without a central authority controlling it.  

Contrary to popular belief, Ethereum is not a digital coin. It is a universal, programmable blockchain, powered by its native currency Ether. This allows anyone to use ETH as a platform to create any kind of DApps for various services.  

Explore the Benefits of Ethereum

Similar to other cryptos, Ethereum offers plenty of benefits that give it an edge over fiat currencies. Currently having the second largest market cap after Bitcoin, Ethereum is part of the crypto revolution towards a cashless society. 

Here are some of the advantages of using Ethereum:

  • Processes transactions faster than other cryptos
  • Data and codes can no longer be changed once written.
  • Smart contracts are self-executed.
  • DApps run without downtime, fraud or third-party interference.

Ethereum’s biggest edge is its adaptability. With its large computer network, Ethereum can run any code if it’s given enough resources. Unlike Bitcoin, ETH deals not only in sales but also in contract codes and data.

Currently, more and more businesses are adopting ETH as a payment method. You can now use ETH in online stores, e-commerce stores, VPS hosting services, cloud hosting, and health care among other services. Another way you can spend ETH is by trading in the crypto market or by using it as a digital ID.

Build Your ETH Fortune

There are several ways you can purchase ETH. You can directly buy ETH with fiat currency via debit, credit or through a bank account. Other methods to buy ETH involve opening an account in one of these exchange platforms:

  • Coinbase is one of the most popular platforms for buying ETH. It acts as a broker service that offers direct and easy buying of ETH. 
  • Coinmama is an exchange platform for ETH, BTC and other cryptos. This app has one of the best customer support.
  • accepts credit cards, wire transfers and other bank methods to buy ETH. With an intuitive interface, buying ETH in this app is quick and easy.
  • Bitpanda specializes in buying and selling ETH within Europe. It is one of the most popular options to buy crypto around Europe.

Buying ETH is just one side of the coin. Storing your crypto on an exchange app is a recipe for disaster. Find a crypto wallet where you can safely store your ETH so you don’t lose your hard-earned fortune. Crypto wallets have a few variations, each having varying levels of safety. From the safest Hardware wallets to the relatively riskier yet still secure Hot wallets, your options of ETH wallets are diverse. 

Listed below are some of the best ETH wallets you’ll find in 2020:

  1. Ledger Nano X (hardware wallet) - This is the most modern ETH hardware wallet in the market right now. 
  2. Ledger Nano S (hardware) - This is one of the most inexpensive ETH hardware wallets available. To spend ETH, the Ledger signs a private key stored on the device.
  3. Trezor (hardware) - It is light, portable and stores ETH offline on a secure electronic chip. 
  4. Atomic Wallet (desktop and mobile) - This wallet allows you to buy, store and trade ETH with a bank card.
  5. Guarda (desktop and mobile) - This wallet offers a high degree of protection and a helpful interface.

In general, secure crypto wallets should always have a set of public & private keys, back-up, and security features. It should also have an easy interface, an active community, and compatibility with different operating systems. 

Keep Your ETH Safe and Sound

While most crypto wallets are secure, your ETH coins are only as safe as you make them. Here are some tips to help build the safety of your ETH wallet:

  1. Use strong and varied passwords for every account.
  2. Enable a 2-Factor Authentication as an added security measure.
  3. Don’t make buy or trade online on public Wi-Fi where anybody can access your data.
  4. Install a well-known and secure VPN to protect your internet connection

With these methods, you can now have the confidence to take over the crypto world and start investing. Try diversifying your portfolio by investing in not just one crypto coin. All successful investors know that it’s better to put your eggs in several baskets. Lastly, create an investment strategy in mind to make the most out of your ETH coins! Have the opportunity to win ETH this week in Bitcasino once you start playing any game you like!

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Ethereum 101