Cryptocurrency

What is Ethereum & How it is Taking over the World

what is ethereum
what is ethereum

What is Ethereum?

Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference. This open-source platform features smart contract functionality, which enables developers to create their own programs.

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How to Invest in Ethereum?

As the market is inconsistent, it’s always a good idea to do your research before investing.

There are two main ways of investing in crypto – mining and trading. Mining is the process of running the computer that processes transactions. Trading involves buying and selling cryptocurrency on an exchange.

One needs to have both hardware and software to mine Ethereum, but no extra equipment is required for trading. It’s best to start with mining as it provides a stream of revenue for decades without fail with proper management, but it requires more initial investment.

For those who want to trade, they are better off with small amounts of money at first as they will be able to invest in various cryptocurrencies on one exchange account instead of having many accounts opened on various trading platforms.

Who created Ethereum?

The Ethereum platform was created by Vitalik Buterin in 2013 while he was just 19 years old. It was designed to decentralize internet services and promote freedom through open-source code.

Is Ethereum growing fast?

According to Google currency record lowest price for Ethereum was $7.22 in 23 Dec 2016 and maximum price for Ethereum is $4,759.82 in 8 Nov 2021. Yes, it’s growing very fast.

What is the difference between Bitcoin and Ethereum

Bitcoin or Ethereum
What is the difference between Bitcoin and Ethereum

Bitcoin is the world’s first decentralized digital currency with no central bank or single administrator.

Ethereum is a decentralized software platform for applications with smart contract functionality.

Pros & Cons of Investing in Ethereum

Ethereum is a cryptocurrency and decentralized computing platform that runs smart contracts.

Pros:

– It has a larger market cap for coins compared to other coins.

– It has been able to give more people access to blockchain technology, including those that cannot buy into the market.

– Smart contracts on the Ethereum blockchain can be coded in any programming language, which makes it easier for developers to contribute on the network.

Cons:

– The system is not as scalable as other blockchain networks, since it would need an enormous amount of computer power all at once in order to make changes on its network without slowing down or stopping the entire system from functioning.

– You pay for transactions, you need to pay (miners) for mining your transaction

– Number of transactions, if too many people are trying to send/receive money at the same time, you might wait for hours or days to get your turn.

ETH as a Fintech Tool?

Blockchain technology is a fintech tool that is changing the way business of all sizes are done. Blockchain technology, in particular, has been known to transform the financial industry over the past few years.

Conclusion: The Future of Money or Just a Trend?

In conclusion, the future of money is not set in stone as it can be inconsistent and unpredictable. What we know for sure is that the way we pay for goods and services will continue to evolve. We have seen how new technologies such as blockchain and AI could change how we view money in the future.

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