Everything You Need To Know About Ethereum

ETHEREUM COIN

Even though Bitcoin is known as the original cryptocurrency and currently holds the highest value on the market, it is important to take note of the fact that Bitcoin is certainly not the only cryptocurrency anymore. Many other cryptocurrencies have been developed in the past few years, following the initial development of Bitcoin, and a large number of these cryptocurrencies have attracted millions of people from all over the world. While none of the alternative cryptocurrencies had been able to make as much of an impact as Bitcoin or gain an increase in value like the original cryptocurrency, there are some of them with a lot of potential that is also growing at a rapid rate; thus providing more opportunities for individuals who are interested in cryptocurrencies.

Ethereum is just one of these many alternative cryptocurrencies that has a lot of potential in the modern world, growing at a rapid rate and becoming more valuable on a daily basis. While some features of Ethereum has been copied from some concepts utilized with Bitcoin, the cryptocurrency also made some unique changes to the way it works that has allowed for better flexibility and more opportunity. In this guide, we will take a look a deeper look into Ethereum to allow our readers to better understand this particular cryptocurrency.

What You Should Know About Ethereum

According to Block Geek, one of the most important differences to note between Bitcoin and Ethereum is the fact that Bitcoin has been created as one individual application that utilizes the blockchain technology that was created with this cryptocurrency. Thus, there is only one primary use for Bitcoin, which is to keep a digital, distributed ledger of transactions made on the network; thus ensuring the tracking of Bitcoin ownership can be done accurately. When it comes to Ethereum, however, the digital currency part of the network is only one example of how this technology can be utilized.

In addition to providing a way of tracking ownership of Ether, which is the crypto coins that holds the value of this cryptocurrency, Ethereum can also be utilized by develops in other ways, such as to pay for fees charged to execute certain transactions on the network. Ethereum is also an excellent choice for individuals who wishes to pay for certain services, which enables them to send money from their wallet to another individual’s wallet without having to worry about clearance time or possible expensive fees, which usually occurs with bank transfers – especially when sending money from a bank in one country to a bank in another country.

Smart Contracts EthereumEthereum also relies on smart contracts, a term that is used to refer to programming code that causes specific actions to be triggered based on events. These smart contracts are self-operational, which means once executed, the blockchain technology utilized in Ethereum will ensure the proper actions are executed once certain triggers have been activated. There is no risk of downtime, interference from a third-party or censorship when it comes to executing such a contract, due to the fact that these contracts are activated on the blockchain technology behind Ethereum.

Conclusion

Bitcoin might be the first cryptocurrency to be introduced to the world, along with the first example of blockchain technology, but in recent years, many other companies have launched their own versions of cryptocurrency. Ethereum is a particular cryptocurrency that has grabbed the attention of media websites, news publications, investors and the general public. The value of this coin is continuously increasing, and the fact that the cryptocurrency has several improvements over some protocols utilized by Bitcoin makes it a more opportunistic part of the cryptocurrency market to utilize for many.

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Kevin Lee is a former tech advisor who cut his teeth in Silicon Valley. He now spends his time sharing his passion for investing in diamonds and jewelry. You can reach Kevin for any comments by using the contact form on this site. Don't forget to sign up for his free "Investing 101 Guide" by clicking on the button at the top right of this website.