This year has seen a lot of activity around Bitcoin, Ethereum and other cryptocurrencies. It is evident that blockchain technologies are gaining momentum and people are beginning to invest in them. This could change everything about money and investment. Bitcoin blockchain was created in 2009. Bitcoin was the first cryptocurrency of its kind. It had to be proven through real-world trials.
Fast forward to 2021 and Bitcoin is exploding, along with Ethereum. Ethereum is the second most widely used crypto coin and the home of the entire De-Fi universe.
What does Ethereum actually do? Why is it important for the average person?
What’s Ethereum?
The Ethereum blockchain operates decentralizedly and is accessible to anyone with ETH (Ethernet’s coins) who can verify and check the ledger at any time. This makes Ethereum a lot like Bitcoin. However, there is a big difference. Bitcoin is mined using complex mathematical equations that require a lot of electricity.
Ethereum does not require miners to use power to speed up the formation of new blockchains. The “proof of stake” award ETH to current Ethereum investors and does not depend on who solves the equations first.
Ethereum is just like Bitcoin, finite. It will never exceed the predetermined amount ETH that ever comes into the market. This makes Ethereum an asset.
De-Fi is powered by Ethereum, which allows smart contracts and other blockchains function on its back. Ethereum is the internet. It’s where all other online content is built.
How can Ethereum impact everyday living?
There are many possibilities for Ethereum-powered smart contracts. Ethereum can host any type of smart contract, including finance contracts, messaging apps, navigation systems and payment processing centers.
Decentralized Ethereum makes it uncorruptible like centralized banking today. Ethereum and its smart contract processes are not owned by any one individual, company, or entity. If you have Eth and keep it offline in a cold storage wallet, no one can take your money.
Satellite communications, mobile messaging apps, payment processors and other applications are some of the latest uses for Ethereum blockchain technology.
How to Buy Ethereum (ETH)
There are several ways to purchase crypto coins such as Bitcoin and Ethereum. There are two options: You can either go to Coinbase or Crypto.com and open a new account. Then you can start buying crypto in minutes. You should research any online exchange before you make a decision. They will be able to keep your coins safe and insure your balance against theft or loss.
After you have purchased crypto, you can transfer it to an offline cold storage wallet such as a Trezor One. Your crypto coins will be safe and secure offline, so hackers won’t have an opportunity to steal them.
You can also purchase Ethereum or other crypto coins from UniSwap, and avoid the fees associated with online exchanges.
Decentralized exchanges can be more difficult to navigate. You could lose your coins if you don’t know how to use the exchange or your wallet’s buying suite.
Conclusion
This should help you understand the importance and benefits of decentralized finance as well as crypto currencies such Ethereum. It is amazing that anyone can access Ethereum and send or receive money. In history, so many people have had equal access the most valuable currency ever created.
Not to mention the fact that 2022 will still be considered the ground-floor, and the more cryptocurrency is accepted, the greater the value of Ethereum. The opportunity to transform your financial situation is available for those who are able to grasp this concept.
Before you invest any of your hard-earned cash in volatile crypto markets, it is highly recommended that you seek financial advice from a licensed professional. There is no doubt that Ethereum and Bitcoin will be around for the long-term and can add value to everyone’s lives in many ways.
