What is Ethereum?

Ethereum or ether is the name of the blockchain and the cryptocurrency created in it. Today, ether is the second most popular cryptocurrency after bitcoin. Ethereum was founded by Vitalik Buterin, the cryptocurrency, programmer and researcher who previously worked in Bitcoin. The main difference and feature of this blockchain is the ability to create smart contracts.

A smart contract is a set of rules within an algorithm. These rules manage various transactions, including cryptocurrencies. The algorithm automatically monitors compliance with all terms and conditions, ensuring compliance with the agreement.

Ethereum can be used for cryptocurrency exchanging and creating decentralized applications that cannot be influenced from outside. You can either deploy your application or interact with applications from other users.

Ether and Ethereum: what’s the difference?

Initially, Ethereum is the name of the protocol (blockchain), and Ether or ETH is the cryptocurrency. But now more often both blockchain and coins are called the same – Ethereum.

What is gas in Ethereum?

Gas is used for ether transactions. The gas is a denominated unit of ether created to pay for transactions on the blockchain. We can use an analogy with fuel for a car. The car won’t run without fuel, just like transactions with ether won’t work without gas. Gas was created as a reward for miners in Ethereum.

What’s the difference between ether and bitcoin?

Bitcoin is called the blockchain first generation. It is simpler than subsequent blockchains and is quite flexible in terms of security, but limited in working with smart contracts. Second generation blockchains such as Ethereum provide much more freedom in smart contract development.

As for cryptocurrencies, bitcoin and ether are often compared to gold and oil. Bitcoin is gold, a valuable metal that cannot be used in everyday life and its value is determined by the fact that society has agreed to use it as a universal currency. Ether is an oil that can be mined not only for payment options. Oil can be used for heating, obtaining gasoline, and so on. Like ether can be used to implement smart contracts or as a means of payment.

This analogy shows that ether and bitcoin are independent resources that don’t compete with each other and cannot replace each other.

How to make money on the ether?

Ether is volatile, like most cryptocurrencies. Because of this, you can both make money and lose money. To make a profit, track price charts and choose the strategy (when you plan to buy, when to sell, etc.). To profitably buy or sell ether, use our price calculation to compose an optimal ad based on the rates of popular cryptocurrency exchanges.

How to buy Ethereum on Bitcoin Global?

Go to the section “Buy сryptocurency”, there you will see all the available ads for the sale of cryptocurrencies. You can filter offers by location, amount, payment method, and more. If you have not found a suitable ad for your parameters, you can place your own.

How to store ETH safely?

There are hot and cold wallets for storing cryptocurrencies. If you plan to actively trade or buy goods and services with ether, a hot wallet is a better choice. If you are not planning to spend ether any time soon or want to save large amounts, it’s better to choose a cold wallet.

If you are looking for a reliable hot wallet, you just need to sign up on Bitcoin Global and you’ll receive a crypto wallet for all currencies available on the platform. Our wallet is available on the website, in the mobile application and the Telegram chatbot.