What is an Ethereum coin? This is what you should know.
Ethereum (ETH) is an open source blockchain-based software platform that enables developers to build and release decentralized applications. It's actually more than just a digital coin, it's just one part of Ethereum's offerings. So, is it like Bitcoin? Well, the answer is yes and no!
Ethereum and Bitcoin share the fact that they are built using distributed public network technology - known as blockchain or consecutive blocks - but this is where the similarity ends. Bitcoin offers one app - peer-to-peer digital currency system that allows online payment. It is in virtually a currency in its primary form.
While Bitcoin uses blockchain technology to track who owns Bitcoin, ethereum uses the blockchain as a platform to run almost any decentralized application. Bloomberg once described it as "a common program that can be used by everyone but that is anti-tampering." Hence, the possibilities are truly endless!
Where did the Ethereum come from and who invented it?
Ethereum was originally created by Vitalik Buterin, a cryptocurrency researcher and programmer who previously worked for Bitcoin in 2013. Crowdfunding crowds online held in 2014 formed the core part of platform financing. The system went into operation on July 30, 2015, and was packed with 11.5 million pieces of ethereum ready to test.
How does Ethereum work?
In consecutive blocks of ethereum, unlike Bitcoin's “mining”, users work to earn Ethereum, a type of digital currency that feeds a wider network. In addition to being an exchange-tradeable cryptocurrency, the ethereum coin is also used by developers to pay for services on the ethereum network.
How can I use Ethereum coin?
Ethereum is increasingly being used to pay for some goods and services online within the ethereum network.
The list is constantly expanding, here are some examples of how you can spend ethereum, including:
Video Games
Gift cards
Travel
Tipping
Donations
Electronic stores
Why did the price of Ethereum move so fast?
What is the reason for the rapid uptrend in 2017? Well, the answer is both simple and complex, and it comes with increased investor awareness. With the public becoming more familiar with cryptocurrencies like Ether and Bitcoin, interest has increased as a result. Ethereum coin is more interesting. It had almost such a hike in price almost exclusively because it looked like Bitcoin, and investors wanted to jump on the boat early when the prices were somewhat low.
Of course, as with all markets, a drop can also happen. Just as the impressive gains of 2017 were driven by the kind of multiplier effect of price hikes that prompted investor demand, which in turn led to price hikes, which increased demand, once the market began selling in 2018, we saw the opposite. The price correction disturbed investor demand, which led to more selling, resulting in lower prices and thus curbing demand.
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