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Discover what Ethereum is and How to buy it
If you would like to know how to buy Ethereum, then, first of all, you need to know what Ethereum is and how it works. In this article, I will explain to you what is Ethereum without going deep into the technical details.
The Ethereum (ETH) development started in 2013, and it was introduced to the world in 2015. Its creator – a Canadian programmer Vitalik Buterin. The basic principles of the work were borrowed from Bitcoin.
But it just means that the basics are the same – Blockchain Technology with a continuous chain of transaction blocks. In simple terms, Ethereum is an open software platform based on blockbuster technology that allows developers to create and to deploy decentralized applications.
At the same time, the possibilities of the ETH are significantly expanded in comparison with traditional cryptocurrencies. Thanks to the introduction of the system, the Smart Contracts into the technology.
Smart Contracts are automatically performing the transaction when the specified conditions are met. The main advantages of this system are speed, transparency, security, and scalability. Besides, the developers left the source code of the platform open. Thus, the cryptocurrency Ethereum is not just virtual money but also a unique platform for solving various business problems.
Today, many large enterprises and financial organizations worldwide have become more interested in this revolutionary technology. Among those companies are Microsoft, Toyota Group, National Bank of Canada, and many others.
The potential of the Ethereum
The potential of Ethereum seems truly unlimited. It is based on the plan to create decentralized courts, the systems for the exchange of solar energy, cloud storage, hosting. In a new way, Ethereum also looks at the market of predictions, and it does not matter in what areas these predictions occur: financial or sports. A vivid example of this is the projects Gnosis an Augur.
The analysts predict that modern cryptocurrency Ethereum will overtake the capitalization of Bitcoin by the end of 2018. In mid-June 2017, this indicator was already approaching the mark of $ 40 billion. At that time, the Etherium, or as it is also called – Ether, was bargaining at a price of almost $ 400. At the beginning of the year, its cost was only about $ 8.
Just within half a year, the value of the cryptocurrency was increased by 2800%. Looking at such rapid growth and forecasts, the first question arises “Where to Buy Ethereum?”
Is Ethereum similar to Bitcoin?
Like Bitcoin, Etherium is a distributed open network based on Blockbuster. Although there are significant technical differences between them, the biggest difference is that Bitcoin and Etherium differentiate in purpose and capabilities.
Bitcoin offers an application based on the blocking technology, namely on the electronic money transfer system between individuals, which allows you to make online payments using Bitcoins. Bitcoin’s blockchain is used to track ownership of digital currencies. An Ethereum Blockbuster provides the work of the program code of any decentralized application.
In the Blockade, Technologies of Etherium, instead of mining Bitcoin, produced Ether. This is a token that “fuels” the network. The Ether serves not only to be converted to cryptocurrency. Application developers also use it to pay for services and commissions for transactions in the network of the Etherium.
Where to buy the Ethereum?
There are several ways to purchase Ethereum. The most relevant options in 2017 are:
- Using Online Exchangers – it is an excellent choice for beginners who are not interested in getting involved in the exchange process;
- At the specialized Cryptocurrency Exchanges: here, you will need to make more efforts, but the plus is that you can buy Ether at the current and profitable exchange rate.
- Besides, those exchanges are also offering two options for the exchange:
- A fast – which allows you to transfer just in a few clicks. A very convenient option if the amount is small;
- It is beneficial for experienced users who operate large-scale numbers and do not want to lose extra money on the exchange.
It is worth noting that you can not just buy Ether, but it can also get mining it. Those who want to earn a lot of money on this even acquire specialized equipment for this purpose. Below you can see the tab with the best sites and exchanges to buy Ethereum.
The Best Sites and Exchanges to Buy Ethereum
If you know other ways to profitably buy Ethereum, share information with other users in the comments below.