Ethereum is often called the second cryptocurrency, but it is not actually a cryptocurrency at all. It has many features that make it more scalable than Bitcoin. For example, smart contracts and decentralized applications. To understand ETH in more detail, we recommend reading the article to the end.
Difference between Ethereum and Ether
As we mentioned, Ethereum is more than just a cryptocurrency.
Ethereum is a blockchain system. If you have heard the term blockchain many times, but do not fully understand what it is, then here’s an example.
You work in a call center, you need to call 50 customers in a day, and so you open a database and call people from there. Blockchain is essentially an advanced decentralized database. All records are in blocks, and the system itself is a continuous chain of these blocks. They are in chronological order, so the first customer will always be first in the records. Also, you will not be able to lie about the number of calls or delete a record if the data is in the blockchain.
As a result, blockchain technology can be used to create an immutable register of orders, payments and other transactions. The system has built-in mechanisms to prevent unauthorized access and create consistency between all parties involved in the transaction.
Ether is the token used to transfer data within this network. Simply put, it is the local currency.
The main idea of Ethereum
The main idea of Bitcoin is the ability to have money that does not depend on the state. The main idea of Litecoin is to be able to pay with cryptocurrency at home. But the main idea of Ethereum is the creation of its own economic system that does not depend on politics.
“If crypto becomes successful, it is not because it empowers people. It's because it empowers the best institutions,” - said Vitalik Buterin (Ethereum founder) in his Forbes interview.
So what does Ethereum have that Bitcoin doesn't? The answer is smart contracts.
We have already mentioned how the blockchain works. Since the ETH system is decentralized, this means that users anywhere in the world can run an application that cannot be taken off the network. Additionally, since Ether has value, these apps can set the terms for cryptocurrency exchange. These programs are called smart contracts, and they can be configured to work independently without human intervention.
To finally arrange everything on the shelves, let's use examples again.
You chose new sneakers in the Instagram store. You texted the managers, they sent you payment requirements, you paid everything, but your purchase never reached you. You can file a complaint and even go to the police, and apparently you can even claim some kind of investigation. The law acts as a third party that protects your interests and rights. In Ethereum, the same guarantor is a smart contract. It's just part of the code embedded in the blockchain. But it is it who defines the terms of the "warranty" and can indicate how to perform certain actions. If you follow the algorithm, the transaction is performed automatically.
Should you buy ETH?
When we talk about buying ETH, we cannot fail to mention another technological feature of Ethereum.
It can be used to create:
Why is this important?
Ether can be used as digital money. In addition, many people use this asset for long-term investments and trading. However, unlike Bitcoin, the Ethereum blockchain is more programmable and has more options for working with ETH. It can serve as the lifeblood of decentralized financial applications and markets, exchanges, games, and more.
Where to buy ETH?
If you have decided to buy the second largest currency in the world, here are the instructions. To get started, you will need Any.Cash.
Any.Cash is a multi-currency crypto wallet in Telegram. It has a convenient functionality that makes the purchase of cryptocurrency affordable and, most importantly, understandable. ETH can be bought with dollars, euros, Kazakh tenge, hryvnias and other cryptocurrencies.
Step-by-step instructions for purchasing ether:
Go to the Telegram bot. First we need to make a deposit to the wallet.
1. Go through the verification process.
2. Choose 💼 Wallet → 📥 Deposit.
Choose how we will transfer the currency to the wallet:
🇺🇦 UAH: WhiteBit, KUNA, Visa or MasterCard;
🇺🇸 USD: capitalist, ADVCash, Perfect Money;
🇪🇺 EUR: Perfect Money.
3. Now we buy ETH with this money. Select the 📊 Exchange function → 📈 Buy → 🔹 ETH.
4. Enter the amount we are buying.
5. We are waiting for ETH to be credited to the cryptowallet.
Conclusion
Ethereum is a unique technology, and Ether is a unique currency. Before buying it, you need to do your own research and understand whether this cryptocurrency is suitable for your investment portfolio. Remember that you are solely responsible for your cryptocurrency. No one will be able to return your money to the card if you are cheated.
Invest and store your assets wisely, and then you will be convinced that cryptocurrency is simple and promising.
